What is a LIRP Life Insurance Retirement Plan

What is a LIRP Life Insurance Retirement Plan

A LIRP is a Life Insurance Retirement Plan, and although this is not for everyone, listen to Troy Sharpe, CFP®, as he explains what a LIRP is and whether or not it’s a viable strategy for you to think about when planning for retirement.

Life insurance as a tool in your estate plan or your retirement plan may have many distinct advantages, depending on your circumstances. Along with annuities and bonds, we believe life insurance to be one of the most misunderstood tools in the financial world.

In our view, life insurance in retirement should be thought of as an asset, not an expense. When structured properly and used as part of a plan, it can become a conservative growth tool with unique tax advantages that provide living benefits and death benefits.

The tax code specifically carves out special advantages and tax benefits for life insurance. When used appropriately in retirement, or as part of an estate plan, it may be possible to use life insurance to help protect your retirement, and your estate.

The benefits of life insurance must be weighed against the costs and your objectives. We believe that no financial tool is inherently good or bad, but they do have different purposes, benefits, pros and cons. Understanding the purpose, benefits, pros and cons of life insurance as applied to your personal situation is the first step in determining if life insurance can be an appropriate tool for you.

Troy Sharpe, CFP® is the president of Oak Harvest Financial Group, a local family-owned financial services firm.

Troy leads a team of experienced professionals, analysts, and support staff to help clients create customized financial strategies that align with their unique retirement goals.

Troy holds a Series 65 license as well as a Texas life insurance license. He also earned a finance degree from Florida State University and completed his Certified Financial Planning certification at the Susanne M. Glasscock School of Continuing Studies at Rice University. Additionally, Troy is a Registered Financial Consultant with the International Association of Registered Financial Consultants.

You can hear Troy at 12 p.m. Sundays on KTRH 740AM when he hosts “The Retirement Income Show.”

Do you have a retirement plan that goes beyond allocating funds to truly fit your needs? We can help you create a retirement life plan customized for your retirement vision and legacy. Call us at (877) 404-0177

If you have $500K or more and would like a partnership with a firm to help you manage your investments and financial plan as in these videos, click on this link to connect with our advisors: https://click2retire.com/whatsalirp

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