Roma Pithadiya discusses highlights of IRS and insurance
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/roma-pithadiya-president-and-ceo-of-affordable-insurance-and-financial-services-discussing-irs-and-insurance/
Roma began by addressing the common fear and misunderstanding surrounding the IRS and insurance. Roma emphasized that while the IRS tax code is extensive and complex, it actually rewards those who plan strategically. She explained how business owners can leverage IRS regulations to their advantage through various retirement plans, income-shifting strategies, and tax-favored accounts.
In today’s financial landscape, many individuals and business owners view insurance primarily as a necessary expense—a cost incurred to protect against unforeseen circumstances. However, as discussed in a recent episode of the “Influential Entrepreneurs” podcast featuring Roma Pithadiya, president and CEO of Affordable Insurance and Financial Services, insurance can be reimagined as a powerful financial ally when structured and utilized correctly. This perspective challenges the conventional understanding of insurance and highlights its potential as a strategic tool in achieving long-term financial goals.
One of the key points made in the podcast is the role of insurance in creating tax-free retirement strategies. Many individuals are unaware that certain types of life insurance policies, such as whole life or indexed universal life insurance, can accumulate cash value over time. This cash value can be accessed tax-free under specific conditions, offering a valuable resource for retirement funding. By understanding the nuances of these policies, individuals can leverage them as a means of wealth accumulation rather than just a safety net against life’s uncertainties.
Roma highlights the significance of strategic financial planning in maximizing the benefits of insurance. Business owners often find themselves overwhelmed by the complexities of tax codes and insurance options, leading them to dismiss these tools as unmanageable. However, Pithadiya argues that with the right guidance and knowledge, insurance can be a powerful ally in navigating the financial landscape.
For instance, the IRS tax code offers various provisions that can benefit business owners when they incorporate insurance into their financial strategies. The discussion touches on how certain insurance premiums can be deducted, and how life insurance can provide long-term care benefits and living benefits. By collaborating with financial professionals, including tax advisors and attorneys, individuals can gain insights into how to structure their insurance policies to align with their overall financial goals. This collaborative approach not only demystifies the complexities of insurance but also empowers individuals to make informed decisions.
Roma shared: “it’s important to understand the strongest financial friend is insurance too, because it’s giving you back if you properly structured, properly planned, and properly maintained.”
The insights shared in the podcast underscore the transformative potential of insurance when viewed as a financial ally rather than a mere expense. By embracing a comprehensive approach to financial planning that includes insurance, individuals and business owners can harness its benefits to achieve financial security and growth. The key lies in understanding the intricacies of insurance products, collaborating with knowledgeable professionals, and strategically navigating the complexities of tax codes. In doing so, insurance can evolve from a source of anxiety into a robust tool for wealth accumulation and financial empowerment. As Roma Pithadiya aptly puts it, when properly planned and maintained, insurance can indeed be one of the strongest financial friends one can have.
About Roma Pithadiya
Roma Pithadiya is the President and Chief Executive Officer of Affordable Insurance and Financial Services (AIFS), a financial services and insurance advisory firm based in the Dallas–Fort Worth area of Texas. She is a seasoned financial professional and entrepreneur with extensive experience in insurance, financial planning, and wealth protection.
Roma immigrated to the United States with limited resources and has built her career from the ground up, becoming a respected advisor to individuals, families, and small businesses in matters of health insurance, life insurance, auto and home protection, and long-term financial planning. She has been active in the financial services industry for well over a decade and is known for her deep commitment to client education and advocacy.
She is also recognized as a Million Dollar Immigrant, a title reflecting her journey from starting penniless in the U.S. to achieving significant success in the insurance and financial advisory business.
In addition to her executive role, Roma engages heavily in community service: she is active with the Lions Club, participates in senior citizen organizations, and serves on committees for cultural and religious groups. She frequently speaks on financial literacy and planning topics at national stages, including events hosted by CNN, the Harvard Club of Boston, New York Life, Nasdaq, and the MDRT (Million Dollar Round Table).
Her expertise spans health insurance (including Medicare and individual policies), life and annuity products, retirement planning, and strategies for tax-efficient financial growth. Roma also works to empower clients to manage their finances wisely and protect their financial futures with well-structured, personalized solutions.
Learn more: https://aifsgroupbyroma.com/
Recent News & Interviews
- Roma Pithadiya Discussed Hybrid Approach to Tax-Free Retirement https://authoritypresswire.com/roma-pithadiya-president-ceo-affordable-insurance-financial-services-on-the-influential-entrepreneurs-podcast-discussing-hybrid-approach-to-tax-free-retirement/
Roma Pithadiya is not an attorney or CPA. Affordable Insurance and Financial Services does not provide legal or tax advice. Any discussion of financial strategies is general in nature and not a recommendation. Insurance and financial products involve risk and may not be suitable for all individuals. Licensing and availability vary by state.