Paying for both life insurance and paying into a retirement savings account is kinda like betting on both teams in the Super Bowl. If you win one bet – you’ve lost the other. It kinda sucks.
How many of you do pay for both life insurance and a retirement savings?
As a person who does like some gambling I’d like to drop the life insurance, but the only problem is that it isn’t me that gets screwed if I lose that bet. I’d like to bet on the retirement savings being the one that does pay off someday.
Maybe I should start a company that combines the two. You basically pay for life insurance but build it up into a retirement savings so you aren’t losing by living your life.
I guess knowing a little something about insurance and 401k/IRA stuff would be helpful in coming up with a plan. I guess I’ll probably keep paying for both of them – or is there something better I should be doing?
I think there are life insurance policies that you can draw from in certain circumstances. Becca and I will be meeting with our adviser on this subject soon and I’ll let you know what I find out.
And, yes, we have both insurance and retirement through our employers but were advised to set up additional of each outside of those plans to have the right amount of benefits when the time comes.
I do both. There are life insurance plans that you can draw out what you paid into at the end of the term, as well as ones that you can draw (or borrow) from. I discovered that both of those options are pretty expensive, so I just put the money into long term investments instead.
My retirement plan relies heavily on gambling. It’s a balanced portfolio of lottery tickets and stocks.
I think we should start taking more trips to the poker room at one of the near by casinos.