I hate investing. Shit in general is made up bullshit and is halfway between a scam and gambling, but unfortunately I live in a society and have to play these games for my own survival. Anyways a coworker I generally trust recommended I get one of these for retirement or college funding or whatever: the concept is I pay towards a life insurance policy and after some time I can leverage it for cash to do stuff with. I’m not familiar with all the details of how it works: whether it’s a loan with no interest or an early use of my policy’s pay out. So, I was wondering if anyone here has used one in the past or knows of these matters and can provide advice on it.
Mutual Funds / Index funds are your best bet. (Look for descriptive words like “broad”, “mix” or “full market” in the description).
If you can, pick out one named “target retirement YYYY” with YYYY being within a few years of whatever year you will turn 67.
It will automatically follow investing best practices based on your current age - agrressive earlier, and very cautious later.
Perfect recipe to get ripped off. (Most people I know say that insurance/investment combined products suck. I’ve heard some disagreement whether they’re just a bad deal, or such a bad deal they ought to be a crime.)