Life insurance is an essential part of a financial program. One reason most people buy life insurance is to replace income that would be lost with the death of a wage earner.
403(b)/457 – TSA*
The amount you contribute to your 403(b) is not reported as taxable income on your W-2 to the Internal Revenue Service (IRS).
If you contribute $4,000 of your annual salary of $40,000 to a 403(b), only $36,000 is reported as taxable income to the IRS; thus your 403(b) program reduces your taxable income.
Traditional IRAs offer qualified investors the ability to deduct contributions from their federal income tax returns and to invest their savings on a tax-deferred basis.
Long Term Care
Government statistics indicate that 40 percent of Americans over the age of 65 will eventually need some type of long-term care.
Today, a year in a nursing home can cost an average of $40,000. In some parts of the country, that cost can be $80,000 or more. Home health care costs are also extremely high — as much as $20,000 a year.