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Have You Ever Wondered If You Can Retire, Stay Retired, and How Much You Can Safely Spend Without Running Out of Money?

Perhaps I can help. My name is Michael Paulding Thomas. I'm a German-American independent Investment Advisor and Securities Principal. Since 1989 I've helped over 200 clients build a guaranteed income stream to ensure they don't outlive their money in retirement.When you think of your retirement, does it seem more probable that you will outlive your money or that your money will outlive you?Here's what I offer: a no-cost, no-obligation second opinion to help you figure that out.If you're open to it, I'd like to have relaxed and easy-going conversation with you about your retirement plan. If I think your investments continue to be well-suited, I'll gladly tell you so, and be on my way.If, on the other hand, I think some of your strategies no longer align with your Golden Years, I'll explain why in plain English and recommend some alternatives.

• Start Here: My Process & My Philosophy

With over three decades in the Investment Advising business, I can attest that this is the simplest and most effective investment book I’ve ever read.If this book resonates with you, then you’ll enjoy working with me. If it doesn’t, you won’t.

This is a collection of quotes and thoughts from some of the world's greatest investors.This is a free PDF - just click the image to open it.

The best book on the history of Capital Group. Find out what makes American Funds so special.

Nick Murray says: "I think so highly of this book that I’ve bent my unbreakable rule never to provide jacket blurbs. The compounding of growing dividends is at the core of David’s investment policy. You will particularly wish to consider his recommended withdrawal strategy, which I’ve not seen anywhere else."

The Surprising Secrets of America's Wealthy. One of the best books I've ever read on personal financial success.

How the less affluent have fallen into the elite luxury brand trap that keeps them from acquiring wealth and details how to get out of it by emulating the working rich as opposed to the super elite.

This is my favorite investing podcast from my favorite management company.Want to learn how professional investors do it? The weekly, 30-minute Capital Ideas / American Funds audio podcast brings you the latest investment thinking from Capital Group. Each episode gets inside the minds of portfolio managers, analysts and economists to break down market trends, macroeconomic forces, investing approaches and lessons learned from personal experience.

Capital Conversations is a Capital Ideas video podcast offering an unscripted look into The Capital System.Join Mike Gitlin (CEO of Capital Group) as he hosts in-depth discussions with Capital Group's portfolio managers, analysts and senior leaders from around the globe. Gain unique perspectives on investment strategies and market trends while getting to know the people behind the portfolios.

This essay started over 36 years ago when I entered into the investment business and began cataloging my beliefs and insights. Eventually I shared it with a few clients (on physical paper!) when they asked for a brief summary of my financial philosophy, strategies and service model. What you're reading here is the most current edition of my original notes.

Getting Started ― The Process

Step 1. We'll have a candid, relaxed and easy-going conversation about your retirement, and any other investment goals you have. You can schedule a convenient time here.
 
Step 2. I will collect the information and documents from you I need to create an easy-to-understand plan that is the most efficient, most effective, least complex, and least expensive way to accomplish what you want.
 
Step 3. After I design the plan I'll explain it to you plain English. I'll walk you through the different retirement accounts and ensure you're contributing the right amounts to the right places so that you don't just retire, but you stay retired with a sustainable monthly income designed to weather market swings and rising costs.
 
Step 4. If my strategies resonate with you we will complete the paperwork to get your account(s) set-up. If needed, I will do all of the behind-the-scenes legwork of contacting your old accounts to facilitate the transfers.
 
I will do my utmost to keep the process quick, simple and as painless as possible for you.

My Follow-Up & Service Model

1. First and most important, please don't hesitate to call, email or schedule a time with me for any reason whatsoever. I commit to returning your emails, calls, and voicemails within 24 hours. Note: all account-specific, product-specific and Advice needs to be communicated via email or phone, not text.
 
2. Next, I’ll certainly call/email if something is going on that’s important enough to require a decision of some sort. This will rarely happen, as our whole philosophy is based on not reacting to current events in the economy or the markets.

“Nothing that happens in 90 days can have any bearing on a long-term investment plan.” ―Nick Murray

3. Once a month I will email my client newsletter which includes the current month's Nick Murray's Client's Corner (must read!), among other interesting investing content.In the July and January issues I will include my Mid-Year and Year-End Client Letters.
 
4. Finally, every January I will email a summary of your plan, and most importantly show you the number of shares you own of your mutual fund(s).
 
Other than that: not much. It’s deliberately relaxed, informal, friendly - but most of all open, in both directions.

1: Counter-Cultural

I have a unique point of view that can be described as going upstream to the traditional financial industry and often times against conventional wisdom. I commit to always tell you the plain, unvarnished truth, especially when you may not want to hear it.Investment Philosophy - I am goal-focused and long-term oriented in an industry that will always be market-focused and short-term performance-driven.Investment Strategy - I believe in historically defensible, broadly diversified equity mutual funds vs the current "hot" du jour investment of the moment. I am data-based and fact-driven.

“Successful investing in counterintuitive.” ―Nick Murray“I’m convinced that everything that’s important in investing is counterintuitive, and everything that’s obvious is wrong.” ―Howard Marks

2: Do What's Right

As the name of this site suggests, putting my clients first has been my guiding philosophy since I started in this industry in 1989.I’m a fiduciary advisor. That means I am legally and ethically obligated to act solely in your best interest. As an independent my loyalty is solely to you, not to any company or product vendor. My goal is to help you build a retirement that truly gives you peace of mind.When I sit with a client I ask myself, "What would I do for myself and my family if I were in this situation?" Then that's what I recommend.Doing what's right includes the way I charge fees. Lower costs for you takes precedence over my income.

“I want to be happy by doing well by doing good.” ―Michael“Don’t sell anything you wouldn’t buy yourself.” ―Charlie Munger“The truth tellers have no competition.” ―Nick Murray

3: Make a Complex Subject Simple

I keep my presentations, explanations, strategies and investments as simple as possible. I don't use fancy jargon nor try to impress you with sophisticated language, charts and graphs. I cut through the industry's noise and complexity and provide a straightforward answer.I can help you make sense of the myriad of retirement accounts and investments.

“You don't pay me for the few minutes it takes me to provide you with my best advice - you pay me for the 36 years it took me to know how.” ―Michael Paulding Thomas“Everything must be made as simple as possible, but no simpler.” ―Albert Einstein

4: Behavioral Coaching

At the end of an investor’s life, 95% of his total lifetime return will come from how the investor behaved. And the primary determinant of that behavior will be the quality of the advice he got, or didn’t get. I believe you will do far better in real life with an empathetic, tough-loving behavioral coach than you will on your own.

“An advisor who can modify your behavior is one of the most important investments you make.” ―Chris Davis, Independent Director at Berkshire Hathaway and Coca-Cola“Without an adequately compensated advisor to help with selection and discipline, the individual investor will simply make all the classic and horrendous mistakes.” ―Nick Murray“People make better decisions with financial advisors.” ―Robert Shiller, Nobel Prize-winning economist“Proper investment strategy is as much of a psychological as an intellectual challenge. It is often best to seek professional help to structure and maintain a well-diversified portfolio.” ―Jeremy Siegel

Two Temperaments

1. My expertise is best suited for families who are serious about retiring in complete financial security someday (or those who are already retired and want to ensure they stay that way).2. The clients I most enjoy serving are open to professional relationships and have a genuine desire to be helped, which most reliably manifests as teachability.Because my approach to investing is so very countercultural ― being entirely goal-focused and planning-driven in an environment that is overwhelmingly market-focused and performance-driven ― I am looking for people with the ability and willingness to adopt that approach.If you're interested in delegating retirement planning to an expert so that you can spend time on things that matter most to you then I think we'll work great together.

Investible Assets

Many advisors only work with people who have a substantial amount of wealth. I, however, don't require an asset minimum, so you don't have to be rich to benefit from my advice (I have a quite a number of clients in their teens and 20's).

“Anyone earning more than he is spending is a prospect for managed money.” ―Nick Murray

Geography & Flexibility

Though I reside in Southern California I often work remotely (phone, email, video, etc). In fact, I have more clients outside of California than I do locally. I am licensed in AR, AZ, CA, FL, GE, IN, KA, MI, MN, NC, NV, NY, OK, PA, TN, TX, VA (I can add any state, if needed).

Nick Murray is the Advisor to Advisors and prolific author. With 50+ years of experience in the investment markets he is an expert in the art and science of helping individual investors work toward reaching their investment goals. He is the recipient of the 2007 Malcolm S. Forbes Public Awareness Award for Excellence in Advancing Financial Understanding.

With over three decades in the Investment Advising business, I can attest that this is the simplest and most effective investment book I’ve ever read.If this book resonates with you, then you’ll enjoy working with me. If it doesn’t, you won’t.

Moshe Arye Milesky is a tenured professor at York University. He has a Ph.D. in Finance, a Master of Arts in Mathematics and cum laude from Yeshiva University. He is a lifetime Fellow of the Fields Institute for Research in Mathematical Sciences. Over the last 25 years he has published 15 books and 60 peer-reviewed scholarly articles on wealth and risk management. He currently serves as a member of the editorial boards for the Journal of Pension Economics and Finance (JPEF), and Insurance: Mathematics and Economics (IME).

“I purchased a variable annuity with a guaranteed living benefit and allocated 100% to stocks.” ―End Notes from the book In Defense of Annuities (2021).
“... with a guaranteed and predictable lifetime of income that can't be outlived.” ―Section IV from the book In Defense of Annuities (2021).
“A living benefit is paid to the annuitant for as long as they live and ceases upon death.” ― Section V from the book In Defense of Annuities (2021).
“It protects against the risk of living beyond, even far beyond, life expectancy - without surrendering either upside potential of liquidity of the underlying portfolio.” ―Section V from the book In Defense of Annuities (2021).
“The income is guaranteed to never decline for the remaining life of the annuitant. If the underlying investment portfolio ever reaches zero, the guaranteed income will continue so long as the annuitant or, for a joint product, one member of the couple is still alive. Whatever remains in the account at the time of death goes to the heirs.” ―Section V from the book In Defense of Annuities (2021).

“... to provide an assortment of lifetime income guarantees meant to protect the policyholder against longevity risk as well as what the industry has coined as ‘sequence-of-returns risk’, which refers to the chance that a retirement portfolio, from which cash is being withdrawn, suffers early losses, magnified by the retiree living longer than average. All you need is a bear market at the wrong time, and the sustainability of your income can be cut dramatically.” ―Section V from the book In Defense of Annuities (2021).
“By promising a lifetime of retirement income, insurance companies are taking on the above-noted longevity risk.” ―[Section V from the book In Defense of Annuities (2021).
“Invest aggressively, diversify, exposure to equities, and wrap some protection around it. Optimize your variable annuity by having an aggressive allocation and protecting it with a lifetime income.” ―From his Annuities for a Biological Age webinar (2020).

“Fees and periodic withdrawals are deducted from the VA account as long as there are funds available. But if those periodic withdrawals every fully deplete this account, the insurance component is triggered to fulfill the remaining withdrawals for the lifetime of the investor.” ―Section V from the book In Defense of Annuities (2021).

John Huggard, J.D., CFP, CLU, ChFC, is a sought after expert witness in securities cases and a nationally recognized speaker on the topic of variable annuities.

“Win-Win Situation:
- If the market goes up - you're a winner.
- If the market goes down - you're a winner.
- No more disgruntled clients.―Page 42 from his lecture notes, "Understanding the New Variable Annuity Living Benefit Riders" (January 8, 2007).

“Living Benefits are not new variable annuities, but riders available with existing variable annuities. Often, only a box on the application need be checked to obtain a specific living benefit. Living benefit riders provide long-term investors with:
- An opportunity to obtain stock market gains if the market goes up.
- An opportunity to obtain an upward ratcheting lifetime stream of income regardless of the stock market's future direction without annuitization.
- The ability to avoid the 'longevity problem' for both spouses.
- The ability to avoid the 'sequence of return' trap.
- The advantages of obtaining basic variable annuity benefits (commission-free investing, no transaction costs, death benefit, etc.).”―Page 8 from his lecture notes, "Understanding the New Variable Annuity Living Benefit Riders" (January 8, 2007).

"For the entirety of my half-century career, no mutual fund company has ever championed long-term equity investing as consistently, eloquently and even relentlessly as have the American Funds. Indeed, there's been nobody close; the American Funds group has been in a class by itself. I have always applauded them for this unreservedly." ―Nick Murray
"Welcome to what many believe to be the world’s best fund management organization." ―Financial Times
"American Funds sells mutual funds you could bring home to meet your parents: the funds are described with words like steady, solid, and dependable" ―Boston Globe, September, 17 2004
"The American Funds family of mutual funds is one of the largest of its kind in the world because investors and advisers alike are attracted to the low-cost, high-quality attributes that combine for the best funds to buy. You’ll especially find American funds in retirement accounts like IRAs and 401(k)s because their portfolio managers’ long-term outlook and dozens of years of experience result in portfolios that are built to last."
"Therefore American mutual funds don’t often hit the lists of best short-term performers — they are typically among the best performers for long-term periods, such as over five and 10 years and beyond." ―InvestorChoice, December 2015
"They have funds that have consistently outperformed and consistently been lower-cost versus their active peers." ―Todd Rosenbluth, director of ETF and mutual-fund research at CFRA
“American Funds very visibly accomplishes what index-fund proponents claim cannot be done: outperform year after year, decade after decade.” ―Morningstar, January 30, 2014

"A long-term broadly diversified collection of the world's great publicly-traded, mainstream companies (ie, mutual fund), is the finest, most transparent, simplest, low-stress and most effective of any investment in the history of humankind. And American Funds is the best at it." ―Michael
"The American Funds group has won a legion of admirers for its distinctive investment approach... ‘We like their management and their people,’ says a marketer for one of the fund’s biggest distributors. ‘We like their buy-and-hold philosophy. They don’t surprise us.... They’re defensively managed." ―Barron’s, January 12, 2004
"The American Funds line-up follows an ‘old-school’ approach that is coming back into favor, said an analyst at Morningstar.... ‘They buy for the long-term because they like the business....’ There is also an emphasis on dividend-paying stocks, which is timely because of tax breaks which took effect last year. American Funds wins fans with conservative style." ―Reuters News, January 9, 2004
"American Funds has a strong record of acting in shareholders’ interests, by keeping costs low and focusing on long-term results.... We think that their funds... remain attractive options." ―Morningstar Mutual Funds, January 6, 2004
"American Funds has focused more on retaining the top investment talent... than on gimmicks such as rolling out new funds." ―Morningstar Fund Family Reports: American Funds, December 2003
"As for why they’re steering their clients toward American Funds, advisers mainly say it’s their consistent performance and low annual cost — qualities that seem to engender a considerable level of trust." ―Dow Jones News Service, October 13, 2003
“American Funds gives you Nordstrom service with Tesla performance at Walmart prices.” ―Michael

This book lays out the incredible history of Capital Group. Find out what makes American Funds so special.

"Capital (American Funds) is the best managed investment organization… that I’ve known as a consultant over the past 40 years. I’m confident that Capital is one of the best and quite likely the best designed, best staffed, and one of the best managed professional firms in the world." ―Charles Ellis, author of "Capital""Capital, the parent firm of American Funds, is one of the finest business organizations in American Business. This book was written by an index fund /no-load proponent who was looking to debunk American Funds (which are neither indexed, nor no-load) and instead he (Ellis) discovered their exceptional values, performance and pricing. This story is fast-paced and highly interesting, both to Advisors and clients." ―from the forward of the book.

In this 23-minute video (2024-06), Mike Gitlin, CEO of Capital Group, joins David Rubenstein on Bloomberg Wealth. At a minimum, watch the first 12 minutes and the last 5.

This is my favorite investing podcast from my favorite management company.Want to learn how professional investors do it? The weekly, 30-minute Capital Ideas / American Funds audio podcast brings you the latest investment thinking from Capital Group. Each episode gets inside the minds of portfolio managers, analysts and economists to break down market trends, macroeconomic forces, investing approaches and lessons learned from personal experience.

Capital Conversations is a Capital Ideas video podcast offering an unscripted look into The Capital System.Join Mike Gitlin (CEO of Capital Group) as he hosts in-depth discussions with Capital Group's portfolio managers, analysts and senior leaders from around the globe. Gain unique perspectives on investment strategies and market trends while getting to know the people behind the portfolios.

Nick Murray is the Advisor to Advisors and prolific author. With 50+ years of experience in the investment markets he is an expert in the art and science of helping individual investors work toward reaching their investment goals. He is the recipient of the 2007 Malcolm S. Forbes Public Awareness Award for Excellence in Advancing Financial Understanding.

Start by reading Nick Murray's 20 Investment Epiphanies.

“On my 41st anniversary in our great profession, I did a piece for Financial Advisor magazine called “Forty-One Epiphanies,” listing that number of great realizations I'd experienced during those years. This is an excerpt of the 20 epiphanies that are client-oriented." ―Nick Murray

“Successful investing is counterintuitive.”
“I own mainstream equities for two reasons: (1) second only to love, the most powerful force on earth is human ingenuity; and (2) equities are the only asset class that fully captures human ingenuity.”
“The stock market has been going up all your life!”
“The only way to achieve the full permanent advance of equities is to be willing to ride out their full temporary decline.”
“It is those 'risky' equities that provide the greatest long-term safety of principle.”
“Insure against what can go wrong in order to acquire the luxury of investing for what can go right.”
“It's never the wrong time to put some more money with the right money manager.”
“We are long-term owners of well-diversified portfolios of superior companies that have consistently demonstrated their ability, in time, not merely to survive but to triumph over any and every earthly species of 'crisis.'”“No one knows for sure why the equity market does what it does on any random day. And no long-term, goal-focused, patient, disciplined investor cares.”
“Never interrupt the compounding.”
“The average person's rather bizarre view of the stock market is primarily due to a loss of long-term perspective.”
“The patient, disciplined long-term investor has historically been rewarded for standing fast in a crisis.”
“Those who judge their portfolio by its performance relative to some narrow benchmark are focusing on an issue that is largely irrelevant to their ultimate financial success. The only benchmark that you should care about is one that indicates whether or not you’re on track to accomplish your financial goals.”
“The economy is not at all correlated to the markets. It is one of the best fictions of the culture. The culture believes that the economy drives the market and thus is predictive. Wrong. This is one reason why we invest in companies not countries.”
“An intelligently diversified equity portfolio will always 'underperform' some narrow sector of stocks. That's how you know you're truly diversified.”
“The only way you can lose money is to mistake a temporary decline for a permanent loss.”
“Volatility isn't really risk but uncertainty.”
“The economy is not at all correlated to the markets. It is one of the best fictions of the culture. The culture believes that the economy drives the market and thus is predictive. Wrong. This is one reason why we invest in companies not countries.”
“Without an adequately compensated advisor to help with selection and discipline, the individual investor will simply make all the classic and horrendous mistakes.”
“Defend purchasing power with equities, rather than defending principle with bonds (or other fixed accounts).”
“The cardinal tenet of my philosophy is that all long-term investment success comes from acting on a plan, while all failure is precipitated on reacting to the markets.”
“Volatility is merely randomness around a permanent uptrend.”
“EQUITIES: The only asset class that fully captures human ingenuity, which is the most valuable asset on earth.”
“I suggest that perhaps if we checked our actual dividend income every 90 days instead of checking our account balances every 90 minutes, we might become better investors.”
“Permanent loss of capital in equities has no historical precedent. Permanent loss in a well-diversified equity portfolio can only be triggered by an investor's irrational decision to sell in a decline.”
“The dominant determinant of long-term, real-life financial outcomes is not investment performance. It is investor behavior.”
“You must tune this stuff out, it doesn't matter. The economy and government are uncorrelated to the market. Don't make investment policy out of your distaste for the government.”
“Timing the market is a fool’s game, whereas time-in the market is your greatest natural advantage. ”
“Always make investment policy decisions based upon history rather than on headlines.”
“Every crisis has appeared to be totally unprecedented as we were going through it. Just as this one does. This time is no different.”
“I will never own enough of any one thing to be able to make a killing in it. Nor will I ever own enough of any one thing to be able to be killed by it. Diversify.”

“The Fundamental Retirement Question: Will I outlive my money, or will my money outlive me?The Fundamental Retirement Challenge: To keep my retirement income growing as my cost of living continues to increase.”
“Gold isn't an investment at all, it just sits there. It doesn't produce anything.”
“When stock prices are going down, the enduring value of the underlying companies is going up.”
“Good markets only teach bad lessons.”
“Risk is measured as the probability that you won’t meet your financial goal. Investing should have the exclusive objective of minimizing this risk.”
“We are goal focused and planning driven, in a culture that is market focused and performance driven. We are planning long term, patient, disciplined investors. We build portfolios based upon your goals, we look neither to the left at market volatility, nor to the right at economic news but straight ahead at your retirement.”
“No one knows for sure why the equity market does what it does on any random day. And no long-term, goal-focused, patient, disciplined investor cares.”
“The great truth is that the premium return of equities is earned purely by a willingness to ride out their temporary declines. Yet it is those temporary declines upon which human nature fixates.”
“Volatility is not risk. If you can't sit through a -15% temporary decline every year, and an average -30% temporary decline every 5 years, you have no business being an equity investor.”
“I don’t know what 'the stock market' is going to do over the next 12 months; neither does anyone else. And it doesn't matter.”
“Bull markets go on far longer than bear markets do; they increase equity values far more than bear markets diminish them.”
The economy can’t be forecast. The market can’t be timed. Therefore, the correct time to buy equities for the long run is whenever you have the money. By the same logic, the correct time to sell equities is whenever you need the money. Everything else is commentary.
“Staying fully invested during temporary market declines is the only sure way to capture the entirety of the market’s permanent advance. It is not possible consistently to sell out of falling markets, and later buy back into already advancing markets.”
“The more often you trade, the lower your return. The more often you go in and out of the market, the further below the index your returns will be. Hence we don't do market timing.”
“Never try to make long-term investment strategy out of short- to intermediate-term disruptions.”
“By the time investors become convinced that a crisis has passed, the market will long since have recovered, and they will have missed a huge part of a historic recovery.”
“Today's financial crisis invariably becomes yesterday's news.”
“Every day you hang in there, your reinvested dividends are buying more shares at fire-sale prices from somebody who’s panicking out — who’s making the mistake you refuse to make.”
“The best predictor of the trajectory of a market recovery is the trajectory of the previous decline.”
“No financial, fiscal, monetary, economic or political crisis ever in the history of the world has been capable of inflicting a permanent loss on equity values.”
“Long-term the market is completely predictable. Short-term it is utterly unpredictable. I know two things: 1) The market goes up. 2) The market goes down. I don't know when they happen, nor how long they last (and I don't care).”
“It is the engine that drives the returns. The premium long-term return of equities is simply an efficient market’s way of pricing in their extreme randomness in the short term.Equities pay 10% long-term because in any given year they might be up 20% or down 20%, and you’ll never know which.”
“Dollar Cost Averaging is a strategy in which mutual fund shares are purchased in fixed dollar amounts every month, regardless of the market. Thus, as prices rise fewer units are bought, and as prices fall more units are bought. Dollar Cost Averaging is almost real-time re-balancing.”
“Virtually no portfolio strategy more reliably produces worse returns than performance-chasing.”
“No financial, fiscal, monetary, economic or political crisis ever in the history of the world has been capable of inflicting a permanent loss on equity values.”
“Every crisis has appeared to be totally unprecedented as we were going through it. Just as this one does. This time is no different.”
“We create robust plans by looking back over very long time periods.”
“All the money that has ever been 'lost' in all the temporary equity market declines have always returned to other people: long-term investors with faith in the future; patience, and the discipline to continue working their long-term plan.”

Warren Edward Buffett is the world’s most admired but least imitated investor. He was formerly the chairman and CEO of Berkshire Hathaway.Second only to Nick Murray his investment philosophy has shaped mine the most.

“Do not save what is left after spending. But spend what is left after saving.”
“Every decade or so, dark clouds will fill the economic skies, and they will briefly rain gold." , Berkshire Hathaway's 2016's annual report
“You could take all the gold that’s ever been mined, and it would fill a cube 67 feet in each direction. For what that’s worth at current gold prices, you could buy all, not some, of the farmland in the United States. Plus, you could buy 10 Exxon Mobils, plus have $1 trillion of walking-around money. Or you could have a big cube of metal. Which would you take? Which is going to produce more value?”
“We do not have, never have had, and never will have an opinion about where the stock market, interest rates or business activity will be a year from now.”
“Don't watch the market closely. Buy and hold is the best strategy. The money is made in investments by investing, and by owning good companies for long periods of time.”
“The stock market is a device for transferring money from the impatient to the patient.”
“If you cannot control your emotions, you cannot control your money.”
“If you buy things you don't need, you'll soon have to sell things you do need.”
“If you mix politics with your investment decisions, you're making a big mistake.”
“Be fearful when others are greedy. Be greedy when others are fearful.”
“The stock doesn't know you own it. You have feelings about it, but it has no feelings about you. The stock doesn't know what you paid. People shouldn't get emotionally involved with their stocks.”
“The investor of today does not profit from yesterday's growth.”
“The dumbest reason in the world to buy a stock is because it’s going up.”
“You could be somewhere where the mail was delayed three weeks and do just fine investing.”
“Bad news is an investor's best friend and if you're not ready for stocks to drop by 50%, you shouldn't be investing.”
“Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down.”
“Much success can be attributed to inactivity. Most investors cannot resist the temptation to constantly buy and sell.”
“My favorite holding period is forever.”

“Market forecasters will fill your ear but never fill your wallet.”
“The true investor welcomes volatility.”
“A number of smart people are involved in running hedge funds. But to a great extent their efforts are self-neutralizing, and their IQ will no overcome the costs they impose on investors.”
“Overwhelmingly, for people that can invest over times, equities are the best place to put their money. Bonds might be the worst place to put their money - they are paying very, very little, and they're denominated in a currency that will decline in value.”
“Unless you can watch your stock holding decline by 50% without becoming panic-stricken, you should not invest in the stock market.”
“Gold gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again, and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.”
“My wealth has come from a combination of living in America, some lucky genes, and compound interest.”
“Derivatives are financial weapons of mass destruction.”
“I think the worst mistake you can make in stocks is to buy or sell based on current headlines.”
“Listening to the macro or market predictions of others is a waste of time. Indeed, it is dangerous because it may blur your vision of the facts that are truly important. When I hear TV commentators glibly opine on what the market will do next, I am reminded of Mickey Mantle's scathing comment: 'You don't know how easy this game is until you get into that broadcasting booth'.”
“It's a mistake paying attention to the day to day fluctuations of a stock - it makes no difference. ”
“If Fed Chairman Alan Greenspan were to whisper to me what his monetary policy was going to be over the next two years, it wouldn’t change one thing I do.” (1994)

“Success in investing doesn't correlate with IQ.”
“Do not take yearly results too seriously. Instead, focus on four or five-year averages.”
“We will continue to ignore political and economic forecasts, which are an expensive distraction for many investors and businessmen.”
“Nobody buys a farm based on whether they think it’s going to rain next year. They buy because they think it's a good investment over 10 or 20 years. It's the same with stocks. Think of stocks as a part ownership of a business. It's not that complicated.”

Peter Lynch is an American investor, philanthropist, and he was the manager of the Magellan mutual fund between 1977 and 1990 one of the most successful funds in history).

“I know exactly what will happen in the market in the next 10 - 20 years; it will go up. But I have no idea what will happen Monday morning.”
“Remember that there’s a company behind every stock, and that there’s only one real reason why stocks go up. Companies go from doing poorly to doing well, and small companies grow to large companies.”
“Although it's easy to forget sometimes, a share of stock is not a lottery ticket... it's part-ownership of a business.”
“Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.”

“If you spend more than 13 minutes analyzing economic and market forecasts, you’ve wasted 10 minutes.”
“An Investor's worst enemy is not the stock market but his own emotions.”
“The best way to make money in stocks is not to be scared out of them.”
“When you sell in desperation, you always sell cheap.”

Jeremy James Siegel is the Russell E. Palmer Professor of Finance at the Wharton School of the University of Pennsylvania in Philadelphia.He is the author of the seminal investment book Stocks for the Long Run. This is Nick Murray's favorite investment book.

“Since the end of World War II the longest it has ever taken an investor to recover an original investment in the stock market was the five-year, eight-month period from August 2000 through April 2006 (68 months).”
“Whatever hedging property gold possesses, this precious metal will likely exert a considerable drag on the return of a long-term investor’s portfolio.”
“Stocks are the best financial asset if you fear rapid inflation since many countries with high inflation can still have quite viable, if not booming, stock markets. Fixed-income assets, on the other hand, cannot protect investors from excessive government issuance of money.”
“Not only have fixed-income returns lagged substantially behind those on equities, but because of the uncertainty of inflation, bonds can be quite risky for long-term investors. No one denies that, in the short run, stocks are riskier than fixed-income assets. But in the long run, history has shown that stocks are actually safer than bonds for long-term investors whose goal is to preserve the purchasing power of their wealth. The inflation uncertainty that is inherent in a paper money standard means that “fixed income” and “fixed purchasing power” are not the same thing.”
“To be a successful long-term investor is easy in principle but difficult in practice. It is easy in principle because the strategy of buying and holding a diversified portfolio of stocks, forgoing any forecasting ability, is available to all investors, no matter what their intelligence, judgment, or financial status. Yet it is difficult in practice, because we are all vulnerable to emotional forces that can lead us astray.”
“Are you saying that perhaps I should not look at my stocks too frequently?”You can look at them all you want, but don’t alter your long-term strategy.

“The worst course an investor can take is to follow the prevailing sentiment about economic activity. That will lead investors to buy at high prices when times are good and everyone is optimistic, and sell at the low.”
“From a broader perspective, individual investors should not fear short-term market volatility. Should you not want to shop in a store where every so often it announces '10 percent to 20 percent off the price of all items for the next 30 minutes?; Short-run volatility has always been part of the stock market.”
“Although most investors express a strong distaste for market fluctuations, volatility must be accepted to reap the superior returns offered by stocks.”
“It is easy to overreact to the continuous stream of optimistic and pessimistic news, causing an investor to sell near the low or buy near the high.”
“The importance of dividends for providing wealth to investors is self-evident. Dividends not only dwarf inflation, growth, and changing valuations levels individually, but they also dwarf the combined importance of inflation, growth, and changing valuation levels.”
“Proper investment strategy is as much of a psychological as an intellectual challenge. It is often best to seek professional help to structure and maintain a well-diversified portfolio.”

These are my quotes, thoughts and musings. Surely most of them I picked up over the years and adjusted them, but a few maybe wholly original!

“If you bought a house for $400,000 but then the real estate market dropped and now your house appraised for only $300,000, would you sell it? Of course not. Then why would you do that with your investments?”
“Gold is colored rock which has no intrinsic value. It's value is arbitrary derived from speculation - whatever someone else is willing to buy, or sell it, for. The only two things I know of that actually make money are printing presses and the great companies of the world. Regardless of the irrational value someone bestows upon a company, they can generate profit by just sitting there. Gold cannot.”
“Be careful of monitoring (and judging) your mutual funds' performance daily, weekly, monthly or even yearly. Short-term thinking may lead to the temptation to replace it with one that’s faring better short-term. However, funds with exemplary long-term track records tend to experience periods — often lengthy ones — during which they lag short-term.”
“Everyone wants 30-year returns, but they judge their investments on one-year returns.”
“If you’re not earning at least 6% long-term, then with inflation and taxes you’re losing money.”

“The stock market is like someone playing with a yo-yo whilst riding up an escalator. The secret is to focus on the escalator and not the yo-yo.”
“An individual stock is like a twig. 200 twigs bound together is a mutal fund.”
“When the market has a downturn there are only three actions you can take regarding your investments: 1) Sell your shares at a loss. 2) Do nothing. 3) Buy more shares at a discount. Only two of the three are acceptable answers, and one is the superior answer.
“Live like you're broke, invest like you're wealthy.”
“Never spend your money. Only spend the earnings generated by your money. (Only eat the eggs, not the goose.)”
“Focus on the future-value of your money, not it’s current value. For example, $100,000 isn’t $100,000, but in 20 years it’s approximately $732,000 (at 10%).”
“You wouldn't plant a seed and then dig it up every few days to see if it has grown. So why do you do that with your long-term investments? Have patience, stop overthinking, trust the process and keep watering your seeds.”

“The best investments are 'buy and forget'.” ―Naval Ravikant
“The market is most dangerous when it looks best; it is most inviting when it looks worst.” ―Frank J Williams
“I’m convinced that everything that’s important in investing is counterintuitive, and everything that’s obvious is wrong.” ―Howard Marks
“The big money is not in the buying or selling, but in the waiting.” ―Charlie Munger
“I'm 100% in equities. You're never going to make enough money if you have 40% of your money in bonds.” ―Andy Sieg
“Money is only a tool. It will take you wherever you wish, but will not replace you as the driver.” ―Ayn Rand
“Let me give you a tip on a clue to men's characters: The man who damns money has obtained it dishonorably. The man who respects it has earned it.” ―Ayn Rand
“Don’t try to time the market. It’s very, very difficult to do. There may be a couple of people in the world who can do it, but if there are, they’re not telling you.” ―Ben Bernanke
“The individual investor should act consistently as an investor and not as a speculator.” ―Benjamin Graham
“Individuals who cannot master their emotions are ill-suited to profit from the investment process.” ―Benjamin Graham
“Being free from worry about financial things is a real blessing. Of course, you don't need a billion to get to that point.” ―Bill Gates
“Benign neglect is the secret to long-term investing success. If you change your investment policy, you are likely to be wrong; if you change it with a sense of urgency, you’re guaranteed to be wrong.” ―Charles Ellis
“If you're going to be in this game for the long pull, which is the way to do it, you better be able to handle a 50% decline without fussin too much about it.” ―Charlie Munger
“Much of investing is avoiding FOMO buying and panic selling.” ―Naval Ravikant
“The stock market is the only market where things go on sale and all the customers run out of the store.” ―Cullen Roche
“All of us would be better investors if we just made fewer decisions.” ―Daniel Kahneman
“Investing is like a bar of soap… The more you touch it, the smaller it gets.” ―Darcy Howe
“Personal finance is 80% behavior and only 20% head knowledge.” ―Dave Ramsey
“When you budget, you're spending on paper, on purpose, before the month begins. It simply means, spending your money with intention.” ―Dave Ramsey
“Money is just an entry in a database.” ―Elon Musk
“There are global companies generating revenue all over the world. I'm not overly concerned about where they get their mail.” ―Gerald Du Manoir

“Fidelity has done a study as to which clients had done the best at Fidelity. They were the people who forgot they had an account!” ―James O'Shaughnessy
“I don't predict the rain. I help individuals build financial arks.” ―Jim Rothenburg
“The sole function of economic forecasting is to make astrology look respectable. There are two kinds of forecasters: those who don’t know, and those who don’t know they don’t know.” ―John Kenneth Galbraith
“Remember, the stock price only matters when you buy and when you sell.” ―Joyce Gordon
“For 200 years, pessimists have had all the headlines, even though optimists have far more often been right.” ―Matt Ridley
"Save like a pessimist but invest like an optimist." ―Morgan Housel
“I see myself as buying stakes in companies - pieces of businesses. Rather than pieces of paper which can be easily traded in the market.” ―Michael Cohen
“If you understand the math behind compounding you realize the most important question is not ‘How can I earn the highest returns?’ It’s ‘What are the best returns I can sustain for the longest period of time?’” ―Morgan Housel
“I purchased a variable annuity whit a guaranteed living benefit and allocated 100% to stocks.” ―Moshe Milevsky
“About every ten years, we have the biggest crisis in fifty years.” ―Paul Volcker
“Though it’s tempting to sell when the market begins to drop, giving in to your fear is not a sound strategy. You cannot possibly succeed that way.” ―Ray Dalio
“Why are you checking the market day-to-day anyway?” ―Ryan Holiday
“The stock market is a platform where short term thinkers give their money to long term thinkers.”
“The purpose of wealth is freedom.” ―Naval Ravikant
“Investing is how you make money. Trading is how you lose it.” ―Naval Ravikant
“You make most of your money in a bear market, you just don’t know it at the time.” ―Shelby Cullom Davis
“The four most dangerous words in investing are: 'this time it’s different'.” ―Sir John Marks Templeton
“Never spend your money before you have it.” ―Thomas Jefferson
“The Federal Reserve was founded in 1913. Since then the dollar's value has fallen by 96%. The stock market has risen by 3,138,470%. Invest your money.”
“The stock market is the only market where things go on sale and all the customers run out of the store.” ―Cullen Roche
"Bonds promoted as offering risk-free returns are now priced to deliver return-free risk.” —Shelby Cullom Davis (1909-1994)

This is a collection of quotes and thoughts from some of the world's greatest investors.This is a free PDF just click the image to open it.

Suze Orman

"Here’s the key lesson with life insurance: You want a policy that is called term life insurance — not whole life. And here’s some really good news: Term life insurance is incredibly affordable. You are going to be amazed at how little it costs to buy yourself peace of mind.""Do not let anybody tell you that your life insurance policy is a good way to build extra savings. Fall for that and you will end up wasting thousands of dollars over the life of the policy.”

Dave Ramsey

"I, like most competent financial planners, recommend the purchase of low-cost level term insurance for ten to twenty years, and then invest the difference. I have reviewed many life policies, and I have never seen one that would beat buying term and investing the premium savings in an IRA in a 12 percent average annual return mutual fund.”“Cash value life insurance is one of the worst financial products available.""A cash value policy is an insurance product that packages insurance and savings together. Do not invest money in life insurance; the returns are horrible"."Don't do cash value insurance! Buy term and invest the difference.”

Suze Orman

“I never think a will is enough, I don't care if you have no money. Everyone should have a Living Revocable Trust with an Incapacity Clause inside.”“Get yourself a living revocable trust. A will can be useful - but only if it's accompanied by a trust. Not only is a trust a great way to manage your assets while you're living, but it makes the inheritance process incredibly smooth.”

Estate Planning Smarts
by Deborah Jacobs

“If you’re a parent or about to become a one, get serious about planning.”“Most importantly, be sure you name a guardian for your children and provide for them financially in case something happens to you.”“Estate Planning starts with a fundamental goal: once you have provided for your own needs, take care of those you love.”“The legal bill to prepare a trust can run from $2,500 to more than $15,000.”“It always feel painful to spend money on estate planning because you don’t live to reap the benefits, even if you know your heirs will.”

Estate and Trust Administration For Dummies
by Margaret A. Munro

”Probate accounts are a matter of public record, and anyone with the time and energy to go looking for them, from trust beneficiaries, disinherited heirs, or even newspaper reporters nosing around for some dirt, may access them.”“Living trusts are an estate-planning technique designed to remove assets from the grantor’s estate, either directly to his or her heirs upon the grantor’s death or into his or her trust without ever setting foot in a probate court.””If you’ve created a living trust, your goal should be to transfer as many of your assets as you can into the trust during your lifetime.”

How to Avoid Probate
by Norman Dacey

Norman F. Dacey wrote a best-selling book on ways to avoid probate, angering lawyers across the country. Dacey, an estate planner, showing how trusts could be set up to avoid the delays and expense of probate.

Aretha Franklin

Aretha Franklin Died Without a Will - Her estimated $80 million estate could be in jeopardy.By David H. Lenok. August 2018 for Wealth ManagementDeeply private in life, Aretha Franklin’s estate will be laid bare for all to see, as according to court documents, she died without having a will or trust in place.It’s estimated at roughly $80 million and includes the rights to a number of her hit songs) pass through intestacy. That being said, even if family strife is avoided, the complete lack of wealth transfer planning on Franklin’s part will likely result in Uncle Sam taking a huge tax bite out of that figure.In an interview with the Detroit Free Press , Franklin’s long-time entertainment lawyer Don Wilson doesn’t paint a particularly optimistic picture. "I was after her for a number of years to do a trust," he said. "It would have expedited things and kept them out of probate and kept things private. Any time they don't leave a trust or will, there always ends up being a fight."What is certain is that Franklin should have followed her own advice and taken some time to “Think” about her estate plan—or lack thereof.

Luke Perry

Luke Perry Protected His Family With Estate PlanningBy Danielle and Andy Mayoras. April 2019, ForbesWhen Luke Perry died on March 4, 2019, he was surrounded by family and loved ones. Fortunately, Perry's foresight to do the proper estate planning meant that the tragedy was not made worse for his family.The fact that the hospital allowed Perry's family to end life support means that Luke Perry likely had executed the proper legal documents so that his family could make the decision. Specifically, in California, those wishes generally are made in writing, through an Advance Directive or a Power of Attorney. Without a proper legal document, Luke Perry's family may have needed an order from a probate court to terminate life support, at least if family members disagreed. That would have been a public and emotional process that would have prolonged his suffering and made it even harder for his family.Given that Luke Perry had a reported net worth of around $10 million, it is likely that he created a revocable living trust in addition to a simple will. If he had only a will, then his estate will have to pass through probate court. Instead, if Perry had a trust - which is far more likely - and if his trust was properly funded (meaning that he transferred his assets into his trust prior to death), then his assets can pass onto his children without court intervention.

Anna Nicole Smith

Anna Nicole Smith Leaves Everything to Dead SonBy Susan Candiotti. February 2007, CNNAnna Nicole Smith left everything to her son Daniel, who died in September, according to a will released Friday by a Florida court.The 16-page will was never updated. It does not mention Smith's 5-month-old daughter, Dannielynn.The stakes are huge - perhaps $88 million or more. Smith's heir or heirs stand to inherit a stake in her longstanding claim to the $1.6 billion fortune of her late husband, Texas oil baron J. Howard Marshall II.

Paul Walker

Five Estate Planning Lessons From The Paul Walker EstateBy Danielle and Andy Mayoras. February 2014, ForbesThe probate filing and will reveal that Walker had assets of about 25 million dollars. Second, the filing shows that Walker had a revocable living trust, benefiting his daughter as the sole beneficiary. Trusts, unlike wills, are private documents - so we do not get to see the actual trust document. The probate documents only reveal that the trust exists and that Meadow is the sole beneficiary of it.1. Paul Walker Placed His Trust In A Trust.
2. To Be Most Effective, Trusts Need To Be Fully Funded During Life.
3. Naming A Guardian For Minor Children Is Always A Good Idea.
4. No One Should Wait Until They Are Old To Do Estate Planning.
5. Wills, Trusts, And Other Estate Planning Documents Need To Be Updated.

James Gandolfini

James Gandolfini will a tax 'disaster,' says top estate lawyerBy Dareh Gregorian. July 2013, NY Daily NewsThe taxman is coming after James Gandolfini's heirs. The late "Sopranos" star's will is "a disaster" that could see over $30 million of his estimated $70 million estate go to the government."It's a nightmare from a tax standpoint," said William Zabel, who reviewed the document. The 51-year-old's "big mistake" was leaving 80% of his estate to his sisters and his 9-month-old daughter, Zabel said. That made 80% of the estate subject to "death taxes" of about 55%, and the bill is due in nine months.That means his family will have to start selling off his property and liquidating his assets soon in order to pay the tab, since it's unlikely the actor had tens of millions of dollars in cash on hand. "The government doesn't accept the fact that it's difficult to come up with the money you owe," said the lawyer.

Charles Kuralt

Charles Kuralt Died without a Living TrustCharles Kuralt, American journalist, correspondent, and news anchor, died 4, July 1992 from Lupus.It wasn't until after Kuralt's death that an extramarital affair came to light, and even then only because the woman contested his will. Apparently Kuralt had purchased a renovated schoolhouse on 90 acres in southwestern Montana, where he kept Patricia Shannon, his mistress of 29 years. He also bought her a cottage in Ireland and paid for her kids' college tuition. Over the first decade of their relationship, Kuralt gave her something like $600,000. "Charles always said, his refrain through all of his life, 'Don't worry, we're rich,' he would say. Charles took care of all my needs."After a prolonged legal fight, not only did Ms. Shannon win the property in question, but Kuralt's daughters were forced to pay the mistress's estate taxes, amounting to $350,000.

Jimi Hendrix

Jimi Hendrix Died Without a Living TrustGuitar great Jim Hendrix died in 1970 without a will or living trust, setting up a family fight that would end up in court more than 30 years later. His father, AI, had cut Jimi's brother out of the estate and left the Hendrix legacy in control of AI's adopted daughter, Janie, from his second marriage.Odds are good that Jimi Hendrix would not have expected these turns of events. but he had no say in the matter because he did not leave a will or living trust.^{Source: The Lessons of Famously Bad Estate Planning.}

Sonny Bono

Sonny Bono Died Without a Living TrustWhen Sonny Bono died on January 5th 1998, in a skiing accident, he did not leave a will nor living trust. Sonny's widow, Mary barely had time to grieve. She had to run to court so she could be appointed the estate's executor.Other people, including Cher, lined up to make claims against the estate. Then there was the inevitable love child. They actually had to take a DNA sample from Sonny's body to determine whether this was actually a child of his. Sonny could have saved his widow a lot of grief and aggravation by getting a simple Living Trust.^{Source: The Lessons of Famously Bad Estate Planning.}

Michael Crichton

Michael Crichton Disinherited His Unborn ChildMichael Crichton did leave a will and also excluded any unborn children. This is a typical provision for a high-net-worth man. When Crichton died of throat cancer, his fifth wife was six months pregnant and his will disinherited that child.This highlights the importance of updating your estate planning documents. It should be done as soon as a life event happens.^{Source: The Lessons of Famously Bad Estate Planning.}

Frank Sinatra

Frank Made Sure It Was “His Way”, Even PosthumouslyFrank Sinatra included a very detailed no-contest clause in his living trust. This meant that anyone who fought the will or trust by using any of the 13 legal actions listed would be disinherited.Despite his trust favoring some children over others, no one contested.^{Source: The Lessons of Famously Bad Estate Planning.}

Michael Jackson

Michael Jackson Failed to Fund His Living TrustMichael Jackson named people as executors of his trust who were not in the Jackson family. That ensured a fight from his mother, Katherine.But that would not have gotten much traction had he adequately funded the trust, which he did not do.^{Source: The Lessons of Famously Bad Estate Planning.}

Estate Planning Smarts
by Deborah Jacobs

“With a special needs trust the child can still be eligible for public assistance upon reaching age 18.”“Like other trusts, special needs trusts also protect assets from claims of creditors, and people who may prey on the beneficiary.”

Life insurance ensures that if a breadwinner passes (and thus their income stops) the family has the funds to continue living their lifestyle and doesn't tap into their retirement accounts.There are two types of life insurance:1. Term: Pure insurance. Cheaper.
2. Cash-Value: Insurance + Savings. More expensive.Always buy term insurance and invest the cost difference in equity mutual funds. Never, ever buy any form of cash-value life insurance (whole life, universal life, variable life, etc.) regardless of what the insurance salesperson tells you.How do you know if you need life insurance? Will your spouse/kids will have financial problems if you die? If 'yes' then you need it; if 'no' then you don't.For a deeper-dive read my article Protecting your Family with Term Life Insurance.

When you pass away, your estate normally goes through a process called probate, which can be costly and delay the transfer of property to your beneficiaries.There are only three ways to avoid probate: 1) live forever, 2) don’t own anything, or 3) get a living trust.Briefly speaking, there are three primary benefits of a living trust:1. Private: the size and distribution of the estate remains private.2. Avoids Probate: saves the beneficiaries time, money and hassle.3. Living Benefits: your instructions regarding your health and finances are followed if you are still alive but become incapacitated.Don't rely solely on a will. Wills still go through the probate process.For a deeper-dive read my article Protecting your Family with a Living Trust.

Retirement ― Accumulation Phase

Invest 100% in the World’s Great CompaniesMost people who invest most of their capital in fixed income investments as they go into retirement will run out of money well within their lifetimes. You are not investing to retirement, but through retirement, and very probably on to the next generation. The right answer is to invest in historically defensible, broadly diversified, equity mutual funds.

“Equities are the only asset class that fully captures human ingenuity, which is the most valuable asset on earth.” ―Nick Murray

My equity investment management firm of choice is Capital Group / American Funds (all of my family's money is managed by them).I have a strong conviction in dollar cost averaging.
Sequence of Retirement AccountsAs stated above, always use all-equity mutual funds as the investment "inside" of the tax shelters.1. 401(k). Contribute up to the matching point, then stop. Always utilize the Roth version, if it is offered.2. SEP IRA. If you're self-employed and/or get paid via 1099.3. Roth / Traditional IRA. Fully-fund your IRA. Roth is preferable, if you qualify for it.4. Do all of the above for your spouse, if applicable.5. 401(k). Go back to your 401k and contribute past the matching point up to the maximum allowed.6. Variable Annuity. If you have additional money available to invest for retirement, use a "stripped down" VA for tax-deferral.

Retirement ― Withdrawal Phase

Have an Intelligent Withdrawal StrategyAmericans say that what they want for retirement is safety and income. What they really want is all the income they can get, and the illusion of safety.In many cases the best vehicle to create a guaranteed retirement income that outpaces inflation is a variable annuity with a guaranteed income rider that is invested in 100% equity mutual funds, and yet provides a minimum 5% guaranteed withdrawal for the rest of your life (you only pay taxes on the withdrawals while the balance remains tax deferred).When you pass away, the income continues guaranteed for your spouse. When he/she passes your children inherit the account balance.Tip: When you’re approximately 10-years from retirement consider this product.

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