How not to invest: a field guide to retire poor

This is Chapter 1 of a new series. Each one walks through a money move that sounds smart, feels responsible, and quietly sets you up to retire poor.

Today: the whole life policy.

It sounds like a smart move: buy the policy

A professional in a nice suit will explain that this is a good idea. It’s insurance and an investment. A guaranteed minimum return. It’s “tax diversification.” You can borrow against it. It’s forced savings.

Here is the table you are sitting at. The insurance company has modeled your life expectancy down to the month. They’ve done this for a century. They write the contract. They built the casino, they deal the cards. And the nice professional across the table is paid a very large commission (often the entire premium you’ll pay for the first year) to tell you the odds are in your favor.

If you feel good about being on that side of the table, that says more about you than how good you should feel.

Want the real scoop? Read it here.

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Information is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products, or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this post (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of Tim Corriero, an Investment Adviser Representative of Gemmer Asset Management LLC (“GAM”) and should not be regarded as the views of GAM, or a description of advisory services provided by GAM or performance returns of any GAM client.  References to securities or market-related performance data are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.  Any mention of a specific law firm herein does not constitute an endorsement, recommendation, or favoring by such firm.

Please see disclosures here.

Tim Corriero, J.D, CFP ©

Tim Corriero is an attorney, a Certified Financial Planner ® and founder of Juris Wealth, a financial advisory business for lawyers.

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