How wise is to carry on investing in Insurance Retirement Plan?

Question

I have taken up an ENRICHMENT policy 3 yrs back. In the present market scenario how wise is to keep paying premium for 15 yrs more? Or is it better to surrender it and invest it in other avenues like Real estate? Your opinion please.

Answer 1

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Answer 2

If you are in the USA Insurance retirement programs can give you some of the BEST protections for your retirement.

Not familiar with the "enrichment" strategy under that name.  If it has principal protection, tax advantages and aggressive growth, stay with it.  A much safer place for your money than Real Estate

Answer 3

Since you don't state the Insurance Company (and "ENRICHMENT policy" gives 1,430 'hits' in google) I can't be bothered to track it down and find out how well it's performing ..

Pension Plans are long term (25 years) .. right now the market is depressed so any 'transfer value' is likley to be quite low ..

However you MIGHT be better off transferring into another scheme, especially since it would seem you do not have an actual Pension (which would get Tax Relief at your marginal rate) but rather some sort of 'Insurance' policy (which typically attracts high charges) .. if £10,000's are involved you need to speak to an IFA (Independent Financial Adviser)

Answer 4

Thanks for your question, because I came across Arthur Williams through a google search on your 'enrichment retirement policy plan'. He became my new mentor in my business.

Anyway, to answer your question, the real estate market is not good at the moment. The boom is over and the next one round will be a decade.

As for your retirement plan, stick to it. In the long run, you will be blessed for having saved up all those 18 years.