Traditional retirement planning methods often do not provide the level of financial security they promise, with many retirees expected to outlive their savings. The typical retirement account only has around $135,000, which equates to a maximum of $600 per month. Retirement accounts like 401(k)s and IRAs are also associated with numerous uncertainties, such as unpredictable market volatility, … [Read more...]

The article discusses the financial strategy "Bank On Yourself", which uses life insurance policies as a mechanism for savings and self-financing. Dr. Tomas McFie, who employs this strategy in his practice, declined an offer to become a Bank On Yourself agent, citing concerns about the lack of focus on individual client success in some programs. He prefers to work independently, prioritizing the … [Read more...]

The quality of life a retiree can expect from a $1 million savings largely depends on individual spending habits and living costs. For those with modest living expenses, $1 million might provide a comfortable retirement. However, retirees with higher costs may need to reconsider their retirement strategies. It is essential to calculate projected living costs and expenses before … [Read more...]

NBCUniversal and its affiliates use cookies and similar tracking technologies on their platforms, including websites, applications, and services. These technologies are used for a variety of purposes, including analytics, personalization, content and ad selection and delivery, and social media integration. Cookies, which can be placed by NBCUniversal or third parties, play a key role in the … [Read more...]

Retirement planning is a complex task that necessitates a comprehensive strategy. The initial step is to devise a stable income plan to substitute your regular earnings, which involves evaluating your current financial situation, your requirements, and the sustainability of your resources. It's also crucial to take into account risk and tax considerations. Investments can be classified into three … [Read more...]

The AARP Essential Rewards Mastercard from Barclays is offering a $100 cash back bonus for new cardholders who spend at least $500 within the first 90 days of approval. This offer is not exclusive to AARP members and the card has several cash back rewards on purchases. These include 3% cash back on purchases at gas stations and drug stores (excluding Target and Walmart), 2% cash back on eligible … [Read more...]

The infinite banking concept allows individuals to establish their own personal banking system using a properly structured Whole Life insurance policy from a mutual insurance company. Mutual insurance companies, owned by their policyholders, offer guaranteed growth rates of 2-3% and non-guaranteed yearly dividends. In today's low-interest rate environment, the long-term internal growth rate is … [Read more...]

Obtaining a debt-free life is attainable for anyone who is willing to put in the effort and embody certain qualities. These qualities include self-discipline, confidence, and the capability to set and achieve financial goals. Debt-free individuals often deviate from societal norms, managing their finances in a way that enables them to avoid debt and save for emergencies, instead of relying on … [Read more...]

US mortgage rates have reached a 23-year peak, severely affecting housing affordability. The National Association of Realtors (NAR) reveals that housing affordability has been nearly halved since 2021. This surge in rates has resulted in five million American families becoming ineligible for a $400,000 loan. The yearly income needed to qualify for a median-priced home has more than doubled from … [Read more...]

Changes in the rules for required minimum distributions (RMDs) from retirement plans have caused confusion among retirees. Initially, the age for obligatory yearly withdrawals was 70½, but this was raised to 72 in 2019 and will increase to 73 in 2023. The regulations for RMDs from inherited individual retirement accounts are more complex, resulting in the IRS waiving penalties for missed … [Read more...]