Posted by LAA on January 06, 2011 at 18:51:20 from (86.51.147.113):
In Reply to: life insurance OT posted by steve terplak on January 06, 2011 at 18:11:35:
Your on the right track debt wise -- zero debt is best. The single best thing you can do at any age is to pay off debt but particuarly in your younger years and you will retire ahead of the pack. Since you have no significant debt you may have better options than term life on your Wife, term life is basically designed to replace lost income in the event of one wage earners death. Whole life as an annuity is a good, conservative, long term investment with income advantages at retirement and also protects lost income if the unthinkable occurs. At your age the investment advisors should have steered you both to Roth IRA's, find a good Roth fund and look at it. Company 401ks are mostly good, especially up to the limit of matched contributions but not to be relied on to heavily because of the fact that the 401k is entirely controlled by congress and the tax implications are subject to change at any time. Savings, CDs, tax free municipal bonds, local real estate, nothing flamboyant here but liquid and under your direct control, in my opinion, even at a young age 30-40% of your savings for the future ought to be cash. You might see a good deal on some land or development property through the years that will pay off at retirement.
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