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[Spyder]

Don't get your hopes up of this thread becoming a Legend like the last one...

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I'm expecting my first child, so I've started thinking a lot about retirement and accumulating wealth for my lifetime...I know, it's a lot more cerebral than our normal discussions, but we all have to get old and responsible and some point. lol

I've been hearing a lot about Universal Life Insurance as an alternative to Traditional/Roth IRA's and 401K's. There is a group in town that promotes them as a "Tax-free Retirement". My wife and I have been stashing cash in the 401K plans offered by our employers, but the more I hear about ULI, the more intriguing they sound. At the risk of emptying our life's savings into a ULI that might just be a local scam, I'm curious if any of the financial savvy members here have experience or opinions on them.

[KYLE THEEE SPINK...]

I'm by no means a financial expert either, but I'll give you my 2 cents. I would personally open up a roth IRA. There is no tax on the growth of a roth IRA. There also is no taxation as you take it out I believe. I understand you can deduct up to $5000/yr (max contribution) from a traditional IRA, but that deduction is not available if you're already an active participant in another retirement plan. However, you assume you're income will rise, so you're really creating a tax benefit as you move in higher tax brackets. That's my 2 cents, I hope Method doesn't come on here and kill me for it lol.