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Dr. Tom O'Malley - A Case Study
When he was 45 (and his wife was 42), Dr. Tom O'Malley decided he needed more money for retirement. Dr. O'Malley borrowed $500,000 at prime rate + ½%.
Assuming Dr. O'Malley's investment continues to earn about 8%*, he will have $1,903,500 (more) for retirement, not subject to income taxes under Non-Mec current regulations - IRC 7702(a). He's planning to take out $126,900 per year for fifteen years, beginning at age 66.
What happens if Dr. and Mrs. O'Malley die before reaching retirement?
| Age | Death Benefit for Dr. O'Malley's Estate |
| 45 |
$10,200,000 |
| 65 | $3,500,000 |
| 80 | $800,000 |
A fixed income investment
allocation will probably break-even, recovering the total program
cost.
*Based on variable universal life insurance at 8% net return. Past
performance is not a guarantee of future results. Withdrawals at retirement are not
subject to income taxes based on - IRC #7702(a).
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