Camille Scott Wiles, RN

Ready to take the next step for your business? New York Life Business Solutions offers expert financial guidance to keep you on track and plan for your future. Click the link below to learn more about who we are.

Ready to take the next step for your business? New York Life Business Solutions offers expert financial guidance to keep you on track and plan for your future. Click the link below to learn more about who we are.

Ready to take the next step for your business? New York Life Business Solutions offers expert financial guidance to keep you on track and plan for your future. Click the link below to learn more about who we are.

Ready to take the next step for your business? New York Life Business Solutions offers expert financial guidance to keep you on track and plan for your future. Click the link below to learn more about who we are.

Are you a small business owner who wants to attract and retain talent? Click to learn how New York Life Business Solutions can help give you a competitive advantage.

Are you a small business owner who wants to attract and retain talent? Click to learn how New York Life Business Solutions can help give you a competitive advantage.

Are you a small business owner who wants to attract and retain talent? Click to learn how New York Life Business Solutions can help give you a competitive advantage.

Small business owners! New York Life’s Group Term Life Insurance is a valuable option to provide your employees security and encourage retention, at a price that may fit your budget. Learn more about its benefits for your business and employees today. #EmployeeBenefits

Small business owners! New York Life’s Group Term Life Insurance is a valuable option to provide your employees security and encourage retention, at a price that may fit your budget. Learn more about its benefits for your business and employees today. #EmployeeBenefits

Preparing for Lifetime Income in Retirement

What is a life insurance retirement plan, also known as a LIRP? * Permanent Life Insurance: LIRPs utilize permanent life insurance policies, which have two key components: * Death Benefit: This ensures your loved ones are protected financially in case of your passing. * Cash Value: This portion grows tax-deferred over time and can be accessed for various financial needs, including retirement. * Tax-Deferred Growth: The cash value in a LIRP accumulates tax-deferred, meaning you won't owe taxes on the growth until you withdraw it. This can lead to significant long-term savings. How LIRPs Work for Retirement * Premium Payments: You make regular premium payments into the LIRP. * Cash Value Growth: A portion of your premium goes towards building the cash value. * Accessing Funds: You can access the cash value in several ways: * Withdrawals: You can withdraw a portion of the cash value, but keep in mind that this will reduce the death benefit. * Loans: You can borrow against the cash value, which you'll eventually need to repay with interest. * Policy Surrender: You can surrender the policy for the cash value, but this will terminate the death benefit. Benefits of LIRPs * Tax Advantages: The tax-deferred growth of the cash value can lead to significant savings. * Flexibility: You have options for accessing your funds, making it a versatile retirement tool. * Death Benefit: Your beneficiaries receive a death benefit, providing financial security for them. * Potential for Wealth Accumulation: With consistent contributions and the power of compounding, LIRPs can help you build wealth over time. Important Considerations * Cost: LIRPs can be more expensive than traditional retirement plans due to the insurance component. * Complexity: LIRPs can be complex, so it's important to consult with a financial advisor to understand all the details. * Early Withdrawal Penalties: Be aware of potential penalties for early withdrawals from the cash value. Who Might Benefit from a LIRP? * High-Income Earners: LIRPs can be a good option for those who have maxed out their traditional retirement contributions and are looking for additional tax-advantaged savings. * Business Owners: LIRPs can be used to provide retirement benefits for key employees or as part of a succession plan. Let me know if you'd like to explore LIRPs further or discuss other retirement planning strategies! The money will grow respectively to the index or indexes that you select it to mirror, such as the S&P 500. You will have access to the gains but not have to be concerned with any potential losses when the markets are down. Essentially, you can make money but you won't lose money, when structured correctly. Contact me for further information and/or your options.

Are you a small business owner who wants to attract and retain talent? Click to learn how New York Life Business Solutions can help give you a competitive advantage.

Are you a small business owner who wants to attract and retain talent? Click to learn how New York Life Business Solutions can help give you a competitive advantage.