Hi, and welcome to my review of Dr. David Eifrig’s Retirement Millionaire.
I discovered this service through a presentation about creating a better retirement on the Stansberry Research website. In it, Doc says there are many uncertainties facing retirees and that he has the solution to helping you live a healthier, wealthier retirement.
I wanted to learn more, so I spent some time looking into Retirement Millionaire to see if it was worth joining or not. And in this review, I’ll show you exactly what I found.
Retirement Millionaire – The Pitch
Before we delve into what the service itself entails, I thought it would be worth briefly going over my experience in finding Retirement Millionaire.
Because I think this will really help set the scene as to what Dr. Eifrig is offering, and it may help you decide if this is the sort of thing that is going to interest you.
Anyway, as mentioned, I stumbled across this through a presentation on the Stansberry Research website.
Dr. Eifrig uses many different presentations to promote his services, but the one I stumbled across is called “The Retirement Wake-Up Call.”
In it, Dr. David Eifrig (AKA Doc) is talking with host Tom Mustin and his colleague Matt Weinschenk, the lead analyst for Retirement Millionaire, about some of the issues facing retirees.
And, to be honest, he didn’t paint a very pretty picture.
In fact, if you’re someone who’s approaching retirement, or already in retirement, some of what Doc said was downright concerning.
For instance, some of the stats shown in the presentation pointed to the fact that 64% of Americans are set to retire with less than $10,000 in their retirement savings account. And that over 40% of retirees are having to return to work, just to get by.
According to Doc, the reason for this is mostly due to these three things:
- Low bond yields
- Increasing inflationary pressures
- Higher taxes
He continued by suggesting that the typical 60/40 stock and bond portfolio simply isn’t going to cut it anymore, and that he sees a “mass financial reckoning” coming that could make it very difficult for many Americans to retire comfortably.
His colleague Matt went on to state that “over the past 90 years… 91% of the price appreciation in a classic 60/40 portfolio happened between 1984 and 2007” and provided illustrations to show the trend of decreasing returns of both stocks and bonds since 2008.
Anyway, long story short, the “The Retirement Wake-Up Call” event (also dubbed “The Crisis Countdown Begins”) gives you insight into why Doc believes the traditional retirement model is broken, and it really sets the stage for the solution he offers – Retirement Millionaire.
So let’s take a closer look at what this service is about and how it works.
What Is Dr. Eifrig’s Retirement Millionaire?
Retirement Millionaire is an investment advisory service headed up by Dr. David Eifrig of Stansberry Research.
The main focus of the service is on helping retirees (or those approaching retirement) to live a more prosperous lifestyle during retirement, with less money.
Or, as the Stansberry Research website puts it:
Retirement Millionaire is a monthly advisory that shows readers how to live a millionaire lifestyle on less money than you’d imagine possible.Source: stansberryresearch.com
The site states that the service is “The best “how to” guide to set yourself up for the richest retirement possible.”
And upon taking a closer look at the service, I found that it’s quite different to many other services I’ve reviewed over the years, in that it’s not just about getting stock picks.
As a subscriber of Retirement Millionaire, you get some fairly unique insights from Dr. Eifrig and his team about saving money and adding to your income, in addition to investing tips.
For example, Doc shares his tips on the best time to buy goods throughout the year, which he says could save you hundreds or even thousands of dollars.
He shows you how to potentially boost your 401(k) or IRA by hundreds of thousands of dollars.
And how to increase the power of your retirement savings.
So it’s basically designed to help you self-manage your own retirement and take control of your finances, so that you have more freedom to enjoy being retired.
What types of investing opportunities does Doc recommend?
The types of opportunities Doc recommends vary from month to month, but many of them are stocks and they all have the goal of helping you achieve wealth in retirement.
Some of his most notable recommendations include stocks like 3M Co. (204% gain), Walgreens (142% gain), Nuveen Insured Tax-Free Advantage Municipal Fund (201% gain) and Medtronic (130% gain). But there are many other similar recommendations.
These aren’t exactly mind-blowing returns…
But Doc is known for recommending lower risk opportunities, which is an important consideration for many who are planning for retirement.
How much do you need to get started?
On average, there are 20-25 stocks recommended at any given time and according to Stansberry Research, you only need $1,000 to get started.
The general idea is that you can learn about which stocks Doc is recommending, and decide if you want to invest using your own brokerage account.
And you are shown how to do this as part of the service. So you don’t need to know anything about investing to get started. You just need to follow Doc’s recommendations.
Who’s Dr. David Eifrig?
Dr. David Eifrig, also known as Doc, is both an investing expert who spent over a decade on Wall Street, and a medical doctor.
According to Stansberry Research, he started out on Wall Street in 1995 as an investment banker for Goldman Sachs. And, after ten years, decided he was “sick of the greed and hypocrisy of Wall Street” and decided to study medicine.
From there, he earned his MD with clinical honors from the University of North Carolina and helped start a small biotech company which was later sold for $125 million.
It was at that point, in 2008, that he decided to take his passion for helping people live healthier and wealthier, that he joined Stansberry Research.
Stansberry Research is one of the most successful financial publishing companies in the world, and they work with a number of respected finance gurus including Matt Weinschen, Dan Ferris, Ben Morris, John Engel, and Bill Shaw among others.
Dr. David Eifrig is probably best known for his work in Retirement Millionaire, but he’s also the lead editor for similar services called Retirement Trader and Income Intelligence which I’ve reviewed on this blog.
He also shares his insights on health, wealth, and retirement on his blog called Health and Wealth Bulletin (healthandwealthbulletin.com). And as part of that, you can join his free email newsletter service that keeps you updated whenever he posts new content.
What Do You Get If You Join?
The main benefit of joining Retirement Millionaire is getting access to the monthly newsletters and model portfolio. But you also get access to some bonus reports and a copy of his book, all of which is aimed at helping you create a wealthier retirement.
Here’s a breakdown of what you get if you join:
- 12 monthly newsletters: On the second Wednesday of every month, subscribers receive a new issue of Retirement Millionaire which details Doc’s latest stock recommendations, market analysis and provides tips on living a millionaire lifestyle with less money.
- Model portfolio: This is what most people tend to gravitate towards when they join a service like this, the model portfolio, as it shows you all of Dr. Eifrig’s current recommendations. That way, you can see exactly which stocks he recommends the moment you join.
- Reader-only reports: As a member, you get access to a number of reports written by Doc including – How to Protect Your Income From Big Banks, The 5 Second Dividend Boost, and The Best Way to Ensure You Never, Ever Run Out of Money among others.
- Copy of Doc’s book: As part of the Retirement Millionaire membership, you also receive a copy of Doc’s book titled “Dr. David Eifrig Jr.’s Big Book of Retirement Secrets” which details 250 of his favorite health, wealth and retirement secrets.
On top of these, you also get some useful training videos to help you get the most out of your membership, and a subscription to The Stansberry Digest which is a daily e-letter designed to keep you updated on what’s happening in the market.
How much does it cost to join?
Retirement Millionaire costs $199 per year to join.
And according to the Stansberry Research website, you can try the service for 30 days to see if you like it or not. And if not, you can request a full refund.
The only downside is that you need to send them back the book, but they cover the costs of doing so. So they’ve made this a fairly low risk proposition all things considered.
Bottom Line – Should You Join?
All in all, I think Retirement Millionaire could be worth joining, whether you’re looking for some helpful tips on how to enjoy a wealthier retirement with less money, or wanting a more comprehensive guide to growing your wealth through the stock market.
That said, it’s probably not ideal for those looking for more aggressive growth opportunities, because Dr. Eifrig’s recommendations are fairly conservative.
But if you’re looking for a relatively low-risk advisory service, along with some useful insights about making your money stretch further, this could be worth a look.
Keep in mind, however, that even though this is designed to be a fairly conservative service, and even though Doc is a legitimate investing guru, all types of investing are risky.
There’s no getting around it, you could just as easily lose money as you could make it by joining this service, or any service for that matter.
Which is why I always recommend exercising caution and properly educating yourself before rushing into something like this. That way, you can be in a better position to decide what’s right for you one way or the other. And hopefully this article helps you do that.