- Thread starter
- #11
MINewBeginning
Expert
- 81
Let's suppose, I can afford $50/month, what's the best IUL out there for my kid that's 6 years old? In 12 years, will it generate at least $25K in cash value?
Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature may not be available in some browsers.
Let's suppose, I can afford $50/month, what's the best IUL out there for my kid that's 6 years old? In 12 years, will it generate at least $25K in cash value?
Let's suppose, I can afford $50/month, what's the best IUL out there for my kid that's 6 years old? In 12 years, will it generate at least $25K in cash value?
Let's suppose, I can afford $50/month, what's the best IUL out there for my kid that's 6 years old? In 12 years, will it generate at least $25K in cash value?
This is the problem with "college funding". The average middle class american does not have the spare income to properly fund for college. Nor do they have any idea how much it costs to save for college.
$50/ month equals $600 per year.
$600/y x 12 years= $7,200
As Vol pointed out, you would need a constant 21% yearly gain to achieve what you want.
Realistically, with an IUL you will have a 4%-5% gain (at best) over 12 years.
So you would need almost triple the $50/m to achieve what you would like to.
Most "college savings" should really have been earmarked as "retirement savings".
I met a guy once who said he saves $5k/year for his 2 kids to go to college. But he only saves $2k/year for his own retirement.
I asked him if his kids will make enough to support him in old age....
(because most dont, and $5k/y for 2 kids is paying for community college, not ivy league)
Can you guys recommend some carriers that have IUL's for 18 and under