But to make that dream a reality, you have to follow a number of federal tax rules, both when putting money in and when taking money out. (kiplinger.com)
Under current federal tax rules, you generally may take federal income tax - free withdrawals up to your basis (total premiums paid) in the policy or loans from a life insurance policy that is not a Modified Endowment Contract (MEC). (us.axa.com)
Federal tax rules for nonemployees cause most postdocs to be ineligible to contribute monies to IRA retirement accounts; furthermore, no money is contributed on their behalf to Social Security. (sciencemag.org)