Overfunding cash value of insurance
I am 47 years old and plan to retire at age 60. I am not a believer in any of the government qualified plans such as 401(k), etc. Ten years ago I bought 3 separate whole life policies with a total face value of approximately 1.5 million. In addition to the regular premiums of about $1700 a month I am paying an additional $1000 a month towards cash value, keeping it just short of a Modified Endowment Contract. My calcualtions are that there will be approximately $750,000 in cash value at age sixty and the policies will be self sustaining at that point in time. My retirement plan is to begin to draw down the cash value over time until death which I've inputted at age 85. How in the world do I get this into ESPlanner? Thanks.
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