One key advantage of a Life Insurance Retirement Plan (LIRP) is its ability to use the cash value to boost your retirement income. This can help you manage taxable income and keep yourself in a lower tax bracket, which is especially useful for retirees on a fixed income. Maximizing the cash value from a LIRP can support your standard of living and help reduce your taxable income. However, be aware that LIRP investments, like other retirement funds, are subject to capital gains tax.