Take the guesswork out of financial decisions at every stage of life with Maxifi: https://maxifiplanner.com/. Designed by Economist Laurence Kotlikoff.
Professor Kotlikoff delves into the nuanced world of life insurance with 2 groundbreaking tools that he developed, MaxiFi Planner and Maximize My Social Security. Both tools help individuals and advisors optimize financial planning and Social Security benefits.
Professor Kotlikoff challenges traditional life insurance advice, arguing that it often fails to account for the unique fiscal circumstances of each family. He shows how as an advanced software program, MaxiFi makes intricate financial calculations, breaking down taxes and insurance needs into tangible figures that truly reflect an individual's or family's situation. This revolutionary approach offers a personalized perspective, significantly different from the broad-brush methods commonly used. It is important to note, MaxiFi is an educational tool. Neither Professor Kotlikoff nor anyone at Economic Security Planning, Inc. is a financial professional. Hence, you need to consult a professional before purchasing life insurance. But make sure your professional uses MaxiFi to help in formulating their advice.
Topics Covered:
- Advanced Financial Calculations
- Life Insurance Needs and Living Standards
- Contingent Planning for the Future
- Expert Insights and Practical Advice
Time Stamps:
00:00 Choosing life insurance, software maximizes financial planning.
- 03:24 Study on life insurance, leading to software.
- 10:00 Program timeout caused temporary disconnect, discusses housing expenses.
- 13:31 Discretionary spending drops as child leaves household.
- 16:58 Couple adjusts living standard based on age.
- 20:45 Life insurance declines as wealth accumulates.
- 22:33 Frank's financial plan if Jane dies.
- 28:26 Life insurance coverage and costs as you age.
- 32:11 Jane needs less life insurance due to children.
- 33:22 Comparison of living expenses for three people.
- 38:51 Survivor reports ensure consistent living standard.
- 40:53 Tax implications vary with number of children.
- 46:28 Frank needs au pair if Jane dies.
- 49:47 Jane needs lower life insurance, discretionary spending.
- 51:57 Survivor benefits available, impacts life insurance needs.
- 55:12 Financial advice: be cautious, conservative, and educated.
__________________________________________________
Laurence Kotlikoff is a Boston University Economist, a NY Times Best Selling Author, President of maxifi.com, and Author of Money Magic.
Follow Professor Kotlikoff:
Facebook: kotlikoff
Twitter: @kotlikoff
LinkedIn: laurencekotlikoff
Substack: https://larrykotlikoff.substack.com/
Books: https://kotlikoff.net/books/
Company: https://maxifiplanner.com/
Popular Podcasts
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.