ABSTRACT
This chapter looks at employment-based retirement vehicles: the SEP IRA, the 401(k) for individuals, and the SIMPLE IRA. It discusses the Traditional IRA and the Roth IRA. The chapter focuses on insurance-based vehicles, such as variable universal life insurance (VUL) and variable annuities. It considers two tax advantaged education savings plans: the Education IRA and 529 plans. The VUL concept allows the investor to both save for retirement and create an estate for her family in the event of her death with the life insurance death benefit. There are many new opportunities for therapists to help children and grandchildren pay for higher education expenses. Planning early is important, so that the reader is prepared when the time comes to pay the high cost of tuition, room and board, and other expenses. There are exceptions to the gift tax and estate tax exemptions; please contact a qualified tax, legal, or financial advisor for more information prior to investing.
