|
I saw mention of a “702 plan” as a retirement savings plan to be used in addition to, or as an alternative to, a 401(k) or IRA. I had never heard of a 702 plan before.
After just a little looking into it, I concluded that there really is no such thing as a 702 plan. The “702” in 702 plan is apparently a reference to section 7702 of the Internal Revenue Code. That code section defines life insurance contracts. (I think they left off the first “7” because calling it a 702 plan makes it sound more like 401(k) plan, and it’s easier to say, than “7702 plan.” That’s just a guess on my part.) So it appears to me that if someone is promoting a 702 plan, what they are really doing is selling life insurance. I’m not the only one who has reached this conclusion. I’m not commenting on the merits or demerits of life insurance. I’m just telling you that a 702 plan is life insurance, not a savings vehicle designed for retirement savings like a 401(k) or an IRA.
7 Comments
7/25/2016 08:13:14 pm
Thanks for sharing! Finding a good investment plan can be hard and confusing. You need to have the right investment that will perfectly reflect your economic outlook and returns expectations as well. If you want to know more about wise investments and how to save a lot of money try checking out online investment management services like https://www.macroaxis.com/ to see how it can help you. 10/15/2019 09:57:31 am
Very impressive blog. The people who love to read the books, must want to read this blog. As the name of book “Those people” sound good. Its true that social norms and manners are the glue that keeps us together. I always visit this website and fulfill my needs. This is very unique and helpful website. 10/16/2019 06:52:33 am
This is a common misconception among many people that number of jobs opportunities in the education sector are very limited. This misconception needs to be correction because education sector is providing more opportunities as compared to any other field. 10/17/2019 04:45:05 am
As I was reading your article, you state that drivers must be aware of what is in their auto insurance policy. I agree with you, recently my brother got in an accident, and he realized he didn't have liability coverage. I believe knowing what is in your auto insurance policy is key to understanding your full coverage. Leave a Reply. |
AuthorThe contents of this blog, this web site, and any writings by me that are linked here, are all my personal commentary. None of it is intended to be legal advice for your situation. Archives
October 2019
Categories
All
|
RSS Feed