Last week, we looked at how life insurance can be a smart tool for building retirement income. This week, let's compare it to something everyone knows: the 401(k). Most people are told to “max out your 401(k)”—and yes, it has its benefits. But what they don’t tell you is that it’s not the only option. In fact, life insurance offers some unique advantages that could make it a powerful complement (or even alternative) to your 401(k), depending on your goals.

Taxes don’t stop when you retire, but with smart planning, you can minimize your tax burden and maximize your income. Understanding how different types of income are taxed and utilizing tax-efficient strategies can help you keep more of your hard-earned money. Here’s what you need to know about managing taxes in retirement.