President Reagan’s Secret 702(j) Retirement Plan is yet one more name that the Palm Beach Group has given to the Bank On Yourself method, which relies on a super-charged variation of an asset that’s never had a losing year in it’s 160+ year history.
Here’s a spoiler alert: The 702 J Retirement Plan is not an investment and not technically a retirement plan. It’s a specialized type of high cash value dividend-paying whole life insurance that enjoys tax advantages spelled out in IRS Section 7702 of the US tax code.
It’s a wonderful retirement plan alternative that has none of the volatility and unpredictability of traditional investing strategies.
So why didn’t The Palm Beach Group call it a “7702 J plan” instead of a “702 J plan”?
[Read more…] “President Reagan’s Secret 702(j) Retirement Plan – What it Is and How it Works”