The Best Alternative to Social Security

The best alternative to Social Security is a whole life insurance plan. The next best alternative to Social Security is a universal life insurance plan. I will just focus on the whole life insurance plan today.

A whole life insurance plan provides a life insurance feature which is the face amount of the insurance plan while the cash value feature is your cash build up. Both the face amount and the cash build up is guaranteed for your whole life. A 5% guaranteed interest rate is typical in most whole life insurance plans. You should buy as large a face amount as you can afford. This will allow for a larger cash build up. Remember that the cash build up is tax-free and can be borrowed whenever you decide to do so. No questions asked. However, for the purposes of  retirement, you should not touch it until you are ready to retire.

If you have beneficiaries, you can easily see the value of a plan like this. If you pass away prematurely, your beneficiaries will receive the full face amount which can be annuitized after the death benefit is paid.

Nevertheless, for this plan to work properly, you must tell your Representative and Senators that you want the Social Security System to be privatized and don't accept no for an answer.  Do not equate this strategy with putting your money into the stock market. This has nothing to do with the stock market.

Keep in mind that the Social Security System is already paying out more money than it's taking in and will be totally bankrupt in a just a few years. The politicians don't care. They have arrogated to themselves a fabulous retirement program with our money.

In a coming blog, I will show you what  a great cash build up you can anticipate when you can take the same money you are putting in a dysfunctional Social Security System and choose this alternative.

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