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Universal life insurance Universal life insurance is another type of permanent life insurance designed to provide lifetime coverage. Unlike whole life insurance, universal life insurance policies are flexible and may allow you to raise or lower your premium or coverage amounts throughout your lifetime. Like whole life insurance, universal life also has a tax-deferred savings component, which may build wealth over time. Additionally, due to its lifetime coverage, universal life typically has higher premiums than term.

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Financial Management You worked hard now keep what you have! Are you up to speed on all the tax breaks, insurance discounts and other ways to keep more of what your business earns?

There are only a limited number of ways to accumulate assets, tax free that will generate tax free income. As long as we have marginal tax rates it will be very important to have some income that will be tax free in retirement. The biggest reason to plan on tax-free income, is that it will help you maintain your tax bracket so you pay the least amount of income tax as possible during retirement. The most important goal for any person or business is to keep what you earn!

Everyone needs a retirement plan, and within it there needs to be distribution plan. Your distribution plan should be created around your specific financial status and needs. There are five basic distribution options that you can choose from. Don't touch the money If you have enough money saved up in savings to where you don't have to touch your retirement immediately after retiring, then you might be able to leave your money sitting as is. You'll need to speak with your plan administrator to see if this is an option. Open your own retirement account If you prefer, you can create your own self-directed retirement account. You can roll your funds over into this new account; however, do keep in mind that you will be solely responsible for any future investment choices. You can use your money to buy an annuity With an annuity, you are guaranteed that you won't outlive your money, and any leftover funds can be distributed to your spouse. You can have the entirety of your funds distributed to you all at once Need your funds now? If so, you might consider taking advantage of a lump-sum distribution. Do remember, though, that this type of distribution will require you to pay your taxes on the withdrawal all at once. You can spread out your distributions Don't need all of your money all at once? Periodic distributions can be scheduled according to your needs. Generally, periodic distributions can be adjusted annually, meaning if you want quarterly payouts one year and monthly payouts the next year, this distribution preference can be accommodated. The Takeaway Now that you understand the basics of your retirement distribution options, you may need to speak with a financial advisor to determine which option is best for you.

You probably already know the basics, but here are some goals that often go missed. Financial Knowledge Do you know about the Stages of Business Growth? What stage is your business in now? Where do you go next? Are you doing everything you can to achieve your own goals? Financial Management You worked hard now keep what you have! Are you up to speed on all the tax breaks, insurance discounts and other ways to keep more of what your business earns? Financial Perspective Put your money to work for you. Money is a tool, right?

Term life insurance Term life insurance is designed to provide financial protection for a specific period of time, such as 10 or 20 years. Typically, premiums are level and guaranteed for that time. After that period, policies may offer continued coverage, usually at a substantially higher premium rate. Term life insurance is generally a less costly option than permanent life insurance.

Whole life insurance Whole life insurance is a type of permanent life insurance designed to provide lifetime coverage. Because of the lifetime coverage period, whole life usually has higher premiums than term life. Policy premiums are typically fixed, and, unlike term, whole life has a cash value, which functions as a savings component and may accumulate tax-deferred over time.

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