Hello, my financial adviser recommended MoneyGuard Market Advantage for assisted care expenses when I get old. I wanted to make sure that when I get old, there is someone to take care of me. I am currently 43 years old.
With this plan you pay $3K per year for 15 years, they invest this money for you. The growth on this investment is tax-free. And if you start withdrawing the money at the age of 80 you will get ~$8500 per month (assuming that the growth was around 6%). If you start withdrawing at the age of 85 it is about ~$9700 per month.
You can only use this money for qualified assisted care expenses.
The attractive part is that it’s being tax-free. Is this something beneficial or is there better way to invest this money?
P.S. I can not use ROTH IRA due to income limits.