I've noticed an add popping up frequently as of late, proclaiming that "Social Security Sucks", and wondered what sort of scam (or close to it) was being promoted this time. Turns out to be that old standby: whole life insurance.
From the Christian Science Monitor:This account, currently being promoted in flyers and books by an organization called Palm Beach Research Group, is catching interest. The group calls it a way to “retire with an extra $4,098 per month, tax-free.”
In fact, it isn’t a retirement account at all; it’s a life insurance policy. The name, like IRA or 401(k), comes from a section of the Internal Revenue Code — in this case section 7702, a portion that regulates life insurance contracts. The intention, it seems, is to put a tax-code name on a permanent life insurance policy in an effort to associate it with retirement plans.⇒ Da Link
