Tax Free Retirement [Paperback]

Patrick Kelly (Author)

Book Description

Publication Date: 2007

"Tax Free Retirement will show you how to avoid 9 common Financial Landmines, teach you how to generate tax-free retirement income, explain how to muultiply your IRA two or three fold for future generations and help you leave a lasting legacy beyond your wildest imagination."

Product Details

• Paperback: 173 pages
• Publisher: Patrick Kelly (2007)
• Language: English
• ISBN-10: 1425110827
• ISBN-13: 978-1425110826
• Product Dimensions: 8.9 x 5.9 x 0.2 inches
• Shipping Weight: 12 ounces
• Average Customer Review: 3.9 out of 5 stars  See all reviews (38 customer reviews)
• Amazon Best Sellers Rank: #4,718 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

70 of 77 people found the following review helpful:

5.0 out of 5 stars Tax Free Retirement, March 13, 2009

By 

Book Worm "Book Worm" (Washington, DC) - See all my reviews

This review is from: Tax Free Retirement (Paperback)

I am not an insurance agent or an affluent investor, but was given this book by my financial advisor who wanted me to make up my own mind on utilizing a Univeral Life Insurance policy for more than just the death benefit.

I was very suspicious at first, wondering why he did not just direct me towards a mutual fund or something more 'sophisticated sounding.'

This book was very easy to comprehend and a breath of fresh air.

Kelly doesen't talk over your head, and for once financial advice that makes perfect sense.

Every hardworking person (middle class especially)should read this book.

We are spoon fed our retirement options (401k's and 403b's) and we HOPE that we are doing what's in the best interest of our family and our future.

Kelly asked one question in this book that sent bells off in my head: (paraphrasing) Based on the current and potential future tax implications why is saving all my money in a Tax Deferred account a good thing? Furhter, who's retirement am I saving for, mine or the governments?

22 of 23 people found the following review helpful:

4.0 out of 5 stars I wish I'd read this book sooner, April 18, 2010

By 

Niki Collins-queen, Author "author" (Forsyth, Georgia USA) - See all my reviews
(VINE VOICE)    (REAL NAME)   

This review is from: Tax Free Retirement (Paperback)

Universal Life Insurance is Patrick Kelly's answer to a "Tax-Free Retirement" if you earn over $160,000 and want to save more than $4,000 per year. He says a Roth IRA is better if you save less than $4,000 a year, have no need for life insurance and are close to retirement. Individuals who are close to retirement may not have enough time before the withdrawal phase to properly fund the insurance option.

Kelly says Universal Life Insurance can be structured to work similar to a Roth IRA as the taxes are paid upfront from your paycheck. Both generate interest, allow tax-free withdrawals of earnings after 59½ , don't require minimum withdrawals after age 70½ and the account can be passed on to heirs where they won't owe a penny of tax.

The LIVING benefits of Universal Life Insurance are many. Clients can take out a loan against the cash value with little or no interest and do not need to pay it back during their lifetime as long as they stay under the contribution maximum. This means the first amount of money withdrawn can come out tax-free as a withdrawal up to the total contribution amount. The rest of the money can be taken out as a loan (tax free) from the insurance company for ½ % to 0% interest. (The client is charged 5% interest for the loan and their Life Insurance Policy earns 5% interest.) Since it's a tax-free death benefit it is important that the policy stay in force until the client's death. If the life insurance is used properly there is no need for record keeping or tax forms.

Kelly also shows how to avoid the nine common financial landmines: Planning, procrastination, interest, instant gratification, following the masses, inertia, get rich quick, lack of generosity, acting as if there's no future.

I wish I'd read this book sooner. I'd have chosen a Roth over a traditional IRA.

10 of 10 people found the following review helpful:

2.0 out of 5 stars Reads more like a brochure for universal life insurance, October 6, 2011

By 

Daniel S. Glickman - See all my reviews
(REAL NAME)   

This review is from: Tax Free Retirement (Paperback)

As a fairly sophisticated investor who has been advising others for over 30 years, I find the concept of utilizing permanent life insurance to fund tax free retirement workable only for high income individuals. For the average, middle class investor, this concept is deeply flawed as it disregards the extremely high commissions that are associated with the financial product the author is pushing. I have a much bigger problem with the manner in which the author summarily dismisses the use of high quality, insured and guaranteed municipal bonds. My experience, and those of countless other financial advisors, has proven that a portfolio of carefully selected and diversified high quality municipal bonds will provide solid, reliable tax free income to investors without the high commissions of permanent life insurance.