Retirement Plans, Social Security, and Life Policy Tax

What this video covers

• How qualified and nonqualified arrangements differ, including the creditor risk of an unfunded nonqualified promise
• Why qualified status does not guarantee immediate eligibility, vesting, or tax-free distributions
• How retirement, disability, survivor, and family Social Security benefits differ
• Why Social Security disability approval does not establish eligibility under a private disability policy
• Why personal life insurance premiums generally create no current-year tax savings, while a traditional individual retirement account (IRA) contribution may be deductible when requirements are met
• How life insurance death proceeds generally receive different tax treatment from interest earned on proceeds held by the insurer
• How the seven-pay test, MEC income-first withdrawals, and the age 59 and one-half penalty rule affect policy distributions