Quote:
Originally Posted by BMW_TT
I laugh at SS. 
SS will not support my spending habits even when I am old. Since I am paying for this car and putting money into retirement funds, I don't really have a savings account right now. Is that a bad idea to have? I know with the EIUL, I can always take a loan out to myself and pay myself the interest for the loan. From what I understand, that is how it works. I plan to save a couple of hundred to invest in small real estate with my buddies. With them around, it will take the load and stress off just me. |
you can take out up to 90% of what you have saved up in the EIUL at a time. what they do is call it a loan, charge you a small percentage, and then refund almost all of that percentage at the end of the year. since it's a loan, it can't be taxed. also, unless you have three to six month's worth of income already saved up in your EIUL, i'd suggest you have some money in your savings if you loose your job.