Maryland pre-retirees with high incomes often hit 401k contribution limits. Life insurance, particularly IUL, provides a tax-advantaged overflow vehicle with no IRS cap.
The gap nobody talks about
Maryland has high household incomes and significant wealth accumulation. Pre-retirees in the 50 to 65 age band face a set of planning questions that 401k contributions alone don't answer.
The 2024 401k limit is $23,000, or $30,500 with catch-up. For a Maryland household earning $250,000, that's a small fraction of annual income. IUL provides an additional tax-deferred and tax-free accumulation vehicle.
Maryland has its own estate tax with an exemption of $5 million. Estates above that threshold face state-level taxes on top of any federal liability. Life insurance in an ILIT addresses both.
A nursing home in Maryland averages $8,400 per month in 2024. An IUL with a long-term care rider provides a dual benefit: LTC funding if needed, estate benefit if not.
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