The complete time horizon for most investors follows a common path; initially, there’s an “accumulation” phase in which positive cash flows are added periodically to their portfolio’s balance, and later, a multiyear “distribution” phase in which cash flows turn negative and withdrawals are made to support the investor’s income needs in retirement.

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Comparing mortgage refinance options with varying terms is a unique mathematical challenge, and also one that consumers face often in a declining rate environment.

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