Simply put, there are three types of income Americans pay taxes on:
-Earned income – like salaries and wages
-Passive income – like rental or lease income
-Portfolio income – like interest or dividends
Money withdrawn from an IRA or 401(k) falls into these taxable categories, because it’s been deferred.
However, money accessed from a properly structured, max-funded Indexed Universal Life (IUL) policy is different.
It’s not classified as earned, passive, or portfolio income, making it completely tax-free.
If you want to learn more about how this works, click on the link below to order a free copy of my book.
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