1-minute Summary of Every David McKnight Book on Retirement
09/27/23 • 10 min
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David gives a 1-minute summary of all his books on retirement.
The Power of Zero: How to Get to the 0% Tax Bracket and Transform Your Retirement.
- The book outlines a step-by-step plan for getting to the 0% tax bracket in retirement, because if tax rates double, as some experts predict, two times zero is still zero.
Look Before You LIRP: Why All Life Insurance Retirement Plans Are Not Created Equal, and How to Find the Right One for You.
- David explains that while various LIRPs may help get you to the 0% tax bracket, not all will do so with the same efficiency or effectiveness. In fact, finding the right LIRP for your tax-free retirement plan can be just like finding the ideal spouse. Just as you likely had a list of qualities you were looking for in a life-long partner, you should have certain attributes and provisions in mind when looking for the ideal LIRP.
The Volatility Shield: How to Vanquish the 4% Rule & Maximize Your Retirement Income.
- In this book, David breaks down financial truths that challenge conventional wisdom and reveal the gaping hole in people’s retirement picture. He also reveals how you can open a volatility shield account that allows you to pay for your retirement living expenses in the year following a down market.
Tax-Free Income for Life: A Step-by-Step Plan for a Secure Retirement.
- David lays out a comprehensive, step-by-step roadmap for a secure retirement and how to shield yourself from longevity risk as well as the unintended consequences of higher taxes.
The Infinity Code.
- This book speaks of the evils of the modern monetary theory, which says that we can print an unlimited amount of money to pay for our nation’s burgeoning debt load.
David shares insights from his upcoming book, Guru.
- Americans love charismatic gurus who dish out one-size-fits-all financial advice that is easy to digest and implement.
- However, the dumbed-down financial advice offered by Dave Ramsey and other gurus is good for bad investors but bad for good investors. David believes that while these financial gurus sometimes dispense good advice, it’s nearly always at the expense of the best advice.
Mentioned in this episode:
David's books: Power of Zero, Look Before You LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code
PowerOfZero.com (free 3-part video series)
@mcknightandco on Twitter
@davidcmcknight on Instagram
David McKnight on YouTube
Get David's Tax-free Tool Kit at taxfreetoolkit.com
Comeback America: Turning the Country Around and Restoring Fiscal Responsibility by David M. Walker
David gives a 1-minute summary of all his books on retirement.
The Power of Zero: How to Get to the 0% Tax Bracket and Transform Your Retirement.
- The book outlines a step-by-step plan for getting to the 0% tax bracket in retirement, because if tax rates double, as some experts predict, two times zero is still zero.
Look Before You LIRP: Why All Life Insurance Retirement Plans Are Not Created Equal, and How to Find the Right One for You.
- David explains that while various LIRPs may help get you to the 0% tax bracket, not all will do so with the same efficiency or effectiveness. In fact, finding the right LIRP for your tax-free retirement plan can be just like finding the ideal spouse. Just as you likely had a list of qualities you were looking for in a life-long partner, you should have certain attributes and provisions in mind when looking for the ideal LIRP.
The Volatility Shield: How to Vanquish the 4% Rule & Maximize Your Retirement Income.
- In this book, David breaks down financial truths that challenge conventional wisdom and reveal the gaping hole in people’s retirement picture. He also reveals how you can open a volatility shield account that allows you to pay for your retirement living expenses in the year following a down market.
Tax-Free Income for Life: A Step-by-Step Plan for a Secure Retirement.
- David lays out a comprehensive, step-by-step roadmap for a secure retirement and how to shield yourself from longevity risk as well as the unintended consequences of higher taxes.
The Infinity Code.
- This book speaks of the evils of the modern monetary theory, which says that we can print an unlimited amount of money to pay for our nation’s burgeoning debt load.
David shares insights from his upcoming book, Guru.
- Americans love charismatic gurus who dish out one-size-fits-all financial advice that is easy to digest and implement.
- However, the dumbed-down financial advice offered by Dave Ramsey and other gurus is good for bad investors but bad for good investors. David believes that while these financial gurus sometimes dispense good advice, it’s nearly always at the expense of the best advice.
Mentioned in this episode:
David's books: Power of Zero, Look Before You LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code
PowerOfZero.com (free 3-part video series)
@mcknightandco on Twitter
@davidcmcknight on Instagram
David McKnight on YouTube
Get David's Tax-free Tool Kit at taxfreetoolkit.com
Comeback America: Turning the Country Around and Restoring Fiscal Responsibility by David M. Walker
Previous Episode
My Review of the Anti-IUL Book "Lapsed"
David reviews an anti-IUL book, LAPSED, written by financial advisor Elan Moas, who believes IULs are designed to fail rather than succeed.
According to David, the book is written with dramatic and highly-charged rhetoric around what will befall you if you make the mistake of purchasing an IUL.
So the big question is, “Are IULs too good to be true?”
For David, IULs do exactly what they're meant to do. Their true purpose is to give you stock market exposure up to a cap with a guarantee against market loss.
IULs are not meant to be a stock market alternative. They are a bond alternative with returns of between 5% and 7% net of fees over the life of the program.
Insurance companies don't make money on Cap Rates. Cap Rates are a function of two things. First is the cost of options, which is informed by the volatility of the stock market. And second, the carrier's options budget, which is a function of interest rates.
David debunks Elan's theory on how IUL providers are intentionally and aggressively working to confiscate your money.
David shares a chart showing return rates from real and highly-rated IUL carriers.
Only when you see that the author is out to sell you a whole life insurance policy will you understand the motivation behind his misinformed book.
David believes the author's goal is to scare people out of their perfectly adequate IULs into a whole life policy that he would be more than happy to facilitate.
If you like whole life insurance, great. If you like IULs, great. But please don't waste everybody's time with intentionally misleading scare tactics.
Mentioned in this episode:
David's books: Power of Zero, Look Before You LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code
PowerOfZero.com (free 3-part video series)
@mcknightandco on Twitter
@davidcmcknight on Instagram
David McKnight on YouTube
Get David's Tax-free Tool Kit at taxfreetoolkit.com
Next Episode
Don't Buy an IUL Until You Listen to This Podcast!
David breaks down a recent article by financial advisor Brian Manderscheid on what insurance agents don’t tell you about Indexed Universal Life (IUL).
David talks about the risk of consuming financial content online without seeking professional advice when making significant financial decisions.
David reveals how the claims made by financial influencers tend to be overly promissory and exaggerate what the IUL can actually do for your retirement portfolio.
He further adds that IULs were never exclusively available to the wealthy, and you should not expect 10% plus returns.
In Brian’s article, he describes why you must have a life insurance need before investing in an IUL.
If the IRS is willing to give you the benefit of a nearly unlimited bucket of tax-free dollars, you have to be willing to pay for life insurance and have the need for life insurance.
According to Brian, you need to structure your IUL correctly if you are to enjoy all the perks that come with owning an IUL.
David agrees with Brian’s views on the proper way to structure an IUL.
In order for the IUL to work, you must buy as little death benefit as the IRS requires and pump in as much money as the IRS allows. Your goal is to go after all the benefits of a Roth IRA without all the limitations of owning a Roth IRA.
According to David, IULs only work when considered as part of a balanced, comprehensive approach to tax-free retirement.
David talks about the lies peddled by financial influencers online - they focus less on creating reliable and accurate content and more on likes and views.
As an investor, it’s very important not to conflate actual historical returns with retro-engineered returns when considering an IUL. Anyone can create a retro-engineered index that looks great on paper.
David is much more impressed with an actual track record, even if that track record nets you only 5 to 7% net of fees over time.
One of the things not discussed in Brian’s article is how most solid IUL carriers give you the ability to receive a death benefit in advance of your death to pay for long-term care.
For David, Brian’s piece is one of the more accurate IUL articles on the internet today.
Mentioned in this episode:
David's books: Power of Zero, Look Before You LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code
PowerOfZero.com (free 3-part video series)
@mcknightandco on Twitter
@davidcmcknight on Instagram
David McKnight on YouTube
Get David's Tax-free Tool Kit at taxfreetoolkit.com
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