THE NO-COMPROMISE RETIREMENT PLAN • 95
• How the death benefit is set : The death benefit is an im- portant consideration. After all, IUL can deliver some- thing your IRA cannot: A legacy above and beyond the account value. In this strategy, it will often make sense to set the death benefit at the minimum allowed by IRS guidelines. Your advisor can help determine what this amount would be. This death benefit structure will pro- tect the tax status of your funds, while allowing your account value to grow as quickly as possible. Feel Good About Your Choice You’ll feel good about your choice if you’re confident it’s the right financial decision for you. Here’s how you can do it: • Follow the results of your analysis . Be sure to follow the results of the analysis above. In my experience, the anal- ysis usually shows IUL to be the superior strategy — but not always. If you’re in a situation where the analysis shows keeping your IRA to be the right decision, re- spect that analysis. • Evaluate cost . Cost is one factor that can help establish why you may be better served by an IRA or IUL strat- egy. Look at the potential cost of both the IRA and the IUL policy over your lifetime. • Learn more . The most important next step you can take? Find an advisor who specializes in tax-diversification, modern retirement strategies, and IUL. He or she can help you evaluate your current approach and, when ap- propriate, design a better approach for your future. If your current advisor does not use these strategies as part of his or her practice, it may be time to find an ad- visor who does.
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