Tax Free Income For Life @ 70 and Beyond

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1. Delay Social Security: Wait until 70 to start receiving Social Security benefits, resulting in a higher monthly payment. During the waiting period, the case study couple can secure replacement income by investing $362,000 of their 401k into a five-year payout annuity, which pays them $6,600 per month after taxes.

2. Smart Investment Allocation: To optimize their savings, we suggest allocating funds into multi-year guaranteed annuities (MYGAs) with a fixed interest rate of 5.1%. This strategy offers growth potential while maintaining liquidity for any future needs.

3. Income Annuities: To ensure a stable income for life, we propose placing $500,000 of their 401K into income annuities. The longer they wait to start the income, the higher their monthly payment. Additionally, we explore the option of converting a portion of their traditional IRA into a tax-free Roth IRA for future income.

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H E Scheil & Associates doing business as Cardinal Advisors holds an insurance license in all 50 states and DC. Listed below is the license # in each individual state. Alabama 675461, Alaska 100118081, Arizona 1800012348, Arkansas 100104794, California 0K32569, Colorado 464622, Connecticut 2463129, Delaware 1119857, DC 2887040, Florida L087124, Georgia 159539, Hawaii 445296, Idaho 507076, Illinois 100333675, Indiana 721739, Iowa. 1002056691, Kansas. 272705345, Kentucky 738674, Louisiana 614407, Maine AGN249408, Maryland 100048542, Massachusetts 2006645, Michigan 0104206, Minnesota 40411912, Mississippi 15016382, Missouri 8325733, Montana 100126008, Nebraska 100224332, Nevada 1007341, New Hampshire 2315847, New Jersey 1557889, New Mexico 1800010640, New York 1382342, North Carolina 1000092550, North Dakota 2000136230, Ohio 1028975, Oklahoma 100190853, Oregon 100237062, Pennsylvania 589318, Rhode Island 2309277, South Carolina 1907911784, South Dakota 10017719, Tennessee 2252224, Texas 1963111, Utah 513447, Vermont 1038574, Virginia 129027, Washington 864498, West Virginia 100107166, Wisconsin 100192273, Wyoming 275179