How Much Income Do You Really Need to Retire?

0:00Good Monday afternoon to you. Welcome to the John Sanchez Show on New Stock Center. You can't wait to blow a laser to be with you and a pleasure to actually say there's green showing up on my computer monitors. That's right. That means it was a positive day today. Finally, finally we got some positive news today. Resulting in some, I won't call up stellar but hey you know what? In this environment we're gonna take any gains that we possibly can get our hands on. That's for sure. We did get those. So I am of course gonna give you all the updates of what drove this market higher. Tell you what would happen with the oil side which is you would probably imagine. Now oil was a an ally to the stock market today. A little work term there for you. I'm gonna get into some big movers that we had today. Some news that coming out in the video. Some news coming out in meta. Give you all the updates of what really moved the markets today and then I'm gonna get into a really really great topic for you. Most people think that retirement planning is about hitting that magic number, right? Used to be a number years ago when I got started in this business. It was like if you had a million dollars when you retired you were considered filthy wealthy, right? That money, you could go do

1:02whatever you want to do, you could party hard, you could go buy things, travel, do whatever you wanted to do. Now it's like most people go a million bucks that's all you have to return it, right? The mindset shift has changed dramatically but whatever that magic member is that you think in your mind that you need I'm gonna correct you just for a little bit. Because the real question isn't how much money you have, a million, two million, five hundred thousand, whatever that number is, is I've emphasized so many times over the years. It's how much income that money can produce for you and your family for the rest of your life. So today what I'm gonna do is I'm gonna break down the math behind the retirement income and why having a large nest egg doesn't quite necessarily mean that you're gonna be ready to retire. Now we want cash flow. We'll talk about that reason why here in a moment. All right let's get down to the market. So last night features were coming down. Oil went back above a hundred dollars a barrel. Today Scott Decent, our Treasury Secretary, went on CNBC and said hey

2:07things are just going fine. I don't know what everybody's worried about. He said you know what the US is gonna is currently not going to but currently allowing Iranian oil tankers to pass through the Strait of Hormuz. Now let's go back to last week on Friday. I think it was Friday or Thursday. The President indicated at that point there was about 125 million barrels of oil sitting offshore in Russian oil tankers. I remember I joked on the show. I said he quote approved other countries for getting some of that oil. Now you would imagine many countries came unglued on this. Wait a minute here. You have all these sanctions against Russia. Look at what Russia has done to Ukraine and that thousands and thousands of people that have been killed and you're giving your approval that the rest of the world meaning most likely China and North

3:08Korea and many others that are not our friends in some situations. They're able to go get that oil off those Russian oil tankers and the response was yeah because someone has already paid that tax and paid Russia before that oil left the oil terminals in Russia. So that's where this whole international thing kind of started. Now we fast forward to the sense comments today. The US is now allowing Iranian oil tankers to pass through the Strait of Hormuz. Soon as that news hit the wire and that was in the pre-market session we immediately saw the oil prices begin to tumble and the stock market begin to rise. Matter of fact we're almost 400 points about 357 right before the stock market opened on the Dow futures. As I sort of 300 SMEs were about 71. So it looked like it was going to be a strong start to the day and the deal was then adding to the downturn in oil prices. The Wall Street Journal reported today that the US is going to announce a coalition of countries to escort ships through the

4:11Strait. Now later to eight presidents indicated that and this coalition isn't quite ready. It's not really put together yet. And he put out a plea over the weekend that look at the world you need to come to our help as an ally and you need to help us escort ships through the Strait of Hormuz. When that's not going too well at this point I want to share with you this Wall Street Journal story because as you will hear here in a second let's just say a lot of countries are not too keen on doing this. So President Trump is pressuring allies to help reopen the Strait of Hormuz to relieve pressure on the global economy. So far most of them are not biting. Germany has rejected taking part. Japan and Australia have indicated that they're unlikely to send us to help. Britain and France and they're accessing possible action but they haven't committed to doing anything before the finding halts. Of course all of these are close US allies. This morning German Chancellor, minister, defense minister, historias, he dismissed Trump's call for help asking rhetorically what Trump

5:11expects quote a handful or two handfuls of those mixed estimates. This quote a handful or two handfuls of European frigates to accomplish in the Strait of Hormuz that the powerful US Navy cannot achieve on its own. He says this is not our war. We did not start it. Trump's center pointed message over the weekend to the allies as I said. If countries refuse to join the effort to open the Strait of Hormuz quote, we will remember. So he told reporters on their first one over the weekend. He said in an interview with the Financial Times that if NATO doesn't help, it'll be very bad for the future of the alliance. White House Secretary Carolyn Levitt said today that Trump quote continues to speak with our allies in Europe and has calling on them for support. That's Iran is threatened of course to attack the vessel trying to cross without its approval. About 20% as I say almost every day. About 20% of the world's oil supply passes to the Strait. At least that it did before the war started. Although this comment from Andreas Craig, an associate professor at King's College

6:12London School of Security Studies says Trump's been trying to weaponize interdependent using the American economic power to coerce partners and allies into doing his bidding. None of Washington's traditional partners give a forward to entirely dismiss White House pressure. European countries are still trying to keep Trump engaged in Ukraine and brought him away from US realignment with Russia out of fears. He would undercut he of sovereignty and help relieve economic pressure on the Kremlin. So you get the gist of this. This isn't going well unfortunately for the president. Now what when I saw the calls for the for the alliance and you know over the weekend and he said it's not basically it's not going to end well for you if you don't participate. I started thinking to myself, how do we need these countries? This is going to be a tough position for those countries to be put into because you know they're you know what at him right now because of all the tariffs and the mess that he has caused with their countries. And now he's saying I want you to come to our rescue and then like the German defense minister said, look it's not our words yours. You

7:14started this thing. But at the same time I think Trump's got a lot of negotiating power because guess what? Empty, single country in this world, ally or not ally, needs oil to operate and to survive. Didn't my mind went down the path of someone who went with the European defense minister said also, what's this really going to do? So put yourself, think about this for a second, put yourself in, unless it's picked Europe in Europe's position. Okay so you send a bunch of frigates. They're going to work in conjunction with the US Navy. But what assurance do they have that they're not going to get hit with drones and everything else that our Navy's of course very susceptible to? You don't really have any, but at the same time the ethical question is do they have a responsibility to come help? Since of course they need that oil coming through the street. The other side of that is, like I said, or like he said, this is Trump's war, it's not Europe's war, or Japan or anybody else's. I mean, think

8:15about this for a second. Japan and Australia. They're not sending anything. Britain and France, those are two very strong allies, said they're assessing possible action, but they're not committing to doing anything before the fighting halls. So this could essentially alienate us from many of our allies that are already very upset at us because of the terror situation. So I think it's going to be absolutely fascinating to see what happens over the next few days, few weeks, and see what countries really do come to the rescue of the United States, or we can end up doing it all alone. If we do do it alone or if you don't participate, what is going to be the repercussions from the Trump administration against your country? But I was shocked when Japan said they weren't going to do it. Britain and France basically are just assessing it. This is very serious. I mean, we can end up doing it all on our own. And then like I said, what are

9:15going to be the repercussions if that happens? So that was the big headline over the weekend as well as today. But the bottom line is all we care about is it drove oil presses down and it drove the stock market up. I'll give you the details when we come back. It's turned over to Kristen Snow. She's in the right now, traffic center. Hello, Kristen. Welcome back to the John Sanchez show in his talk, 780K. I'll be giving you our topic. How much income do you really need to retire? You're certainly prefers to get you an update on the movers of the day. First of all, let's hit the market overall. Eight game on the down is how we finished up 0.83% to a close of 46,946. Nasdaq rose 267 points, 1.22% S&P gained 67 or 1.0, 1%. And the Russell 2000, which was leading the pack earlier, a 0.94% gain up 23 points. So I guess you could say oil, I mean, that stocks kind of hits to ride on an oil tanker today. Oil fell $5.26 a barrel, $93.95. Again, overnight, we did 10 over 100. And gold for the day was down $61.40,

10:15close in a $5,000 and 30 cents amounts. Big pullback and bond yields down seven basis points on the tenure at a yield of 4.22. So everything, everything moved nicely. The way it should go down, bond yields down, oil down, stock market up. So it should be. So let's take it for what it's worth at this point. All right, let's go to some of the movers. We have a lot of activity going on with underliers today on the market. Let's start with the video. Nice move on the stock today, $2.94 rise 1.63% to 183.19. That garnered not only moving that name, but it's other semiconductor names that I'll share with you in a minute. Here's the reason why. The video hosted a what's called their GTC conference. Johnson Wong, of course, the CEO of the video, said that in his keynote speech, I should say, that last year he saw $500 billion of purchase orders of very popular Blackwell and Rubin chips by 2026. He says he now sees at least $1 trillion of the aforementioned chips by 2027. Let's think about that for a second.

11:18From $500 billion to $1 trillion, just in chip sales. I don't know. So that drove the chip names up. They've been restoring names specifically. At SanDisk, rising to $52.42 in a penny, $6.35% gain to $7.63 a year. Western Digital rose $13.92, 5.11% to $286.21, and micron up $15.67, 3.68% to $441.80. Amazing. All of a sudden, everybody loves chips again. All right, let's go to the other news of the day. Meta, they announced this early this morning. Stock just rocketed today. $13.74 gain, not a huge percentage rise, 2.24% 627.45. But here's the reason the stock you got took off. Speaking of AI chips, Reuters reported early this morning that the company is planning on laying off up to 20% of its workforce as AI cost rise. So I have to do a little bit of map on that. So okay, here we are. 20% of their workforce. So what that equates to is this.

12:25They had a little over $76,000 employees at the end of last year. So ran the numbers and that's going to equate to a little over $15,000 people. They're going to lose their job in Meta. Think about that for a second. 15,000 people. And for what I understand, a lot of those people work in the AI department. Now, here's the interesting thing I think no one's really thinking about on this. Okay, so what they said again, lay off up to 20% of the workforce as AI costs rise. Now, we have not seen that comment from any other companies, right? All the speculation, all the concerns before the war started were all about AI spend, the capital spend, all these companies oracle and everybody out there that billions or sometimes hundreds of billions of dollars Amazon throw them in the mix that they're spending on AI. No real return yet. I mean, they're getting some but nowhere near what they've invested. But here you get Meta saying, look at our AI costs are on the rise.

13:30And so we got to start getting rid of people. This is what I've been calling for. You're going to see this over and over again. Remember my call earlier in the year? I said, don't be surprised if over the next one to two years we see that our unemployment, which is hovering right around 4% and some change to run up to six, eight. I can see even as high as 10%. I think when all this AI build out is done, I think it's going to be a norm. No longer is the norm going to be normally we're right around the 3% market unemployment historically. I think the norm is going to be around 10%. I really do because AI. So there's news there on Meta. Let's go to Amazon. $4.77 rise today. 1.96% to 2.11.74. That was after stock moved to a session. Hi, by the way, after in Jensen 1 said, open AI will be brought to AWS, which is Amazon's web services, the climate addition. We saw a good move today in some of the travel stocks. No, we need to cruise lines. Again, this is all triggered into the fallen oil prices. No, we need to cruise lines, which

14:32has been beaten and battered lately. Rose 98 cents 5.17% to 1984. The airlines were strong for pharmacy. I just picked United Era is one of four and a quarter percent. $3.68 and gain there to 98. Now, who are the losers today? So, remember, you've seen Mosaic and CF industries just tearing it up these last few weeks as the war has been going on. Those are chemicals like Mosaic specializes in farmer fertilizers and many other things similar to the CF industries. They were in that one of that comes through the straight of hormones, so there's a point I'm getting to. So, those stocks rose these last few weeks. Thinking that, oh, again, no one's coming through the straight of hormones. So, their inventories, of course, should be worth a lot more. Well, now, again, now that there's stock of other countries helping us and getting the straight open, then you saw these names come down. So, Mosaic was down 5.6% today. $1.64 loss to a price of 27.67 CF industries, falling 5.56% or $7.20 to $1.22.37. And the last one I want to mention, Dollar Tree,

15:37big move on this one. $6.42% gain of $6.90 to $1.14.36 as other good earnings in a pretty decent guidance. All right. On a year-to-date basis, here's where we sit. S of these down 2.1% down 2.3. Nasdaq down 3.7. And the Russell 2000 made a vacuum in positive territory up 19th to 1%. All right. When we come back, how much income do you really need to retire? It's not about the size. It's about the sources and many, many other strategies that I'm going to share with you. But first, let's turn it over to Jack Sabin. He's got new traffic and weather. Hey, Jack, welcome back to the John Sanchez Show in his stock 780K. Wait, tell me, money to all of you. Good money on the street. Finished up 388 on the down. Nasdaq grows 269 and the S will be higher by 67. All attributed to a fallen oil prices $5.26 down to 93.35 of a barrel. All right. Let's we get a nice sustained stock market rally. All right. We got a ways to go as I shared with you the year-to-date number. So that's the case. The today's topic is going to be absolutely perfect for you, which is you have to save a bunch of money. Or do you have a successful retirement? Because I said beginning to show everybody has a magic number and they're like, I need a million,

16:40two million, five hundred thousand. Whatever the number is, it's a absolute wrong way in my opinion to look at a large number like that. Which you need to be looking at is the income that that portfolio can produce. Okay. So I'm going to call this the biggest retirement myth I've ever heard. I just need a million dollars and I'm all set. Like I said, when I started this business years ago, that seemed like a phenomenal number. Now, you know, a million dollars saved up is nothing unusual to be honest with you. I mean, we look at 401k's, etc. So retirement planning is not about the assets that you have. It's about the income. But no matter how much money we have, five hundred thousand, a million, two million, whatever the number is. We have to assign a withdrawal rule. Now, various for everybody, like I told you in our firm, because the way we manage and diversify, we're comfortable with a six percent withdrawal rate. Most firms are around the four percent mark and when things get really loud in the market, a lot of times advisors will cut that number down to about two percent. So we'll just kind of go with the industry norm, four percent.

17:42So I take four percent of my portfolio. That's going to be one of my sources of income. Pretty selfly. Got a million dollar portfolio, forty thousand bucks a year. Cool. How about another source of income? Social security. Plus the investments. Well, there's your retirement paycheck. Social security, you know, if you made a decent amount of money in your job, yeah, especially if you retire after sixty-five or sixty-five and ten months, spend upon when you were born, you're going to be looking somewhere around high two thousand to low three thousand dollar range. So that's issues of the number three thousand. Alright, so we got three thousand coming in from Social Security. We have a portfolio withdrawal of about three thousand dollars a month. Hey, we're now up to six thousand dollars a month. Not too shabby. But here's one of the problems. One of the gatches, as I call it, the inflation problem. Folks, you have to realize that you could spend more time in retirement than you did working. Why? Because through medical breakthroughs and people taking care of themselves, we're all a little longer. I hope I'm going to. So now retirement lasts twenty-five to thirty

18:46years. And then what ends up happening? At hidden Iowa inflation. It begins to quietly erode your purchasing power. So five thousand dollars a month today? That you need to live off of? Probably going to need about eight thousand dollars in twenty years. And that's why I diversified portfolio. And in the assets that stay ahead of inflation, you need the stock market. One of the very few, very few asset categories that stay ahead of inflation. A lot of people don't know that. That's why no matter how conservative you are, you should always have somebody in the stock market. Again, keep ahead of that inflation number. Okay, so let's kind of summarize so far. We've got three sources of retirement income. We have Social Security. We have investment income. And now what about guaranteed income sources? What is that? Well, we'd love to have a pension, but not a lot of people have that offer to them anymore. How about another great guaranteed income source? An annuity. You don't tell me, oh my god, I hate annuities. I hear bad things about them.

19:50I tell you what, I challenge any one of you. Any one of you to call me at my office, seven, seven, five, eight, hundred, eight, two, one. We're sending me an email. John and Sanchez.com.co and say, I disagree with you and I think annuities are bad. I love when people tell me that because that means they don't understand how they work. We love using annuities for guaranteed income sources and our portfolio. And I love breaking the misconception to give when someone says, oh my gosh, no, they're terrible. I heard Bob Breaker. I heard Susie Orman say, oh my gosh, they're terrible. Why read this article about it? Yeah, a whole other story of why those people tell you they're bad. I've used them for, I've been doing this for maybe 37 years in December. So for 35 years, I've incorporated annuities into my portfolios. And let me tell you, I've been extremely but more importantly the clients. Yeah, there's rules to them. They're not perfect.

20:51Early withdrawal penalties and yet understand the taxation, they're very complicated and vessel vehicles. They're not for everybody. But for the right strategy, right type of an account, right type of need for it. I love them. Just my personal opinion. That can be perfect for everybody. But I would love to educate any of you, any of you. That if you want to learn about them, please call me. I'd love to have a one-on-one conversation with you. I really would. All right, so we got some guaranteed income sources. Ooh, a novel idea. That way we would have to rely upon the stock market portfolio. Right, that's only one third of our portfolio or one third of our income. We've got social security, we've got guaranteed income sources, and then we have the investment portfolio income. Now why do investors run out of money? Right, no one's thinking about that now because we haven't been in a bear market for any time period. But I want to highlight why retirees run out of money. First common mistake, they would draw way too much, way too early. I'm going to go into that in a little bit more detail in a moment. Excuse me, they're retired too soon.

21:52Right, they think, oh, it's 62-60-year. Remember not evolving to go? Everyone, when we had more job openings, 10 times more job openings than we did jobs, and so many people were going, oh my gosh, I'm going to retire because I know things don't work out. I can always go find another job. Now it's just the opposite. People are begging to find jobs. So you retire too soon. You have that longevity side of things that I was just mentioning. And you live in 25 to 30 years. And the most tragic thing that you ever see is someone in their 70s, somewhere on their late 60s that maybe retired five years ago, and they're out of money. Regardless of the reason why, that investments, that market timing, both the reasons whenever the case may be. But that's one of the reasons investors run out of money. They retire too soon. Third reason, they ignore the taxes. I'm going to go into that in more details in a moment. Again, it's like inflation. It's a hidden expense that is out there.

22:56And most importantly, they have no income strategy. See, again, Wall Street wants you to just say, I love telling people this and I'll show it to you. Let's you in on a little Wall Street sticker. We were taught earlier in our career to tell you to scare you and say, hey, guess what, Mr. Client? You only have a half a million in your account in your IRA. It's going to be a bleak retirement for you, Mr. Smith. You need, you know, you run a projection. A million, million five, two million, whatever the number is. What does Wall Street do that? Wall Street doesn't give a damn whether you have a successful retirement or not, but they want you investing on a constant basis. That's how they make money off of you. But you see, they don't talk to you about an income strategy. And that's why I created years ago that risk profile. Again, it's a different way to get a cash flow strategy. It's a different way to look at retirement income. Fix expenses versus fixed income. Variable expenses versus variable income. They're different animals. Wall Street doesn't tell you that. Wall Street says, save a bunch of money. Upwork is always going to go up and then take a withdraw of it.

24:00Stories I can give you where that doesn't work. So those are the common mistakes. You would draw too much too early. You retired too soon. You ignore taxes and you don't know income strategy. Now, let's get to another phantom expense or hidden expense. That's some cost that you're going to face in retirement. We'll go down, but you got a whole bunch that are going to go up. What are some of those common expenses that people fail to account for? Number one, first and foremost, listen to me closely. It is healthcare. Now you may be saying, this is what happens a lot of you. You don't retire until you hit 65. So your Medicare eligible. But sometimes you lose your job or for whatever reason you decide to leave early. Let's say you decide to retire at 62. You have three years. You got to go out and pay for medical insurance. But even on Medicare, I hear this complaint from clients all the time. It's not as cheap as people think that it is, especially if you're a high income person. So no matter where you're going to fall, whether you're going to be eligible for Medicare or you're not going to go out and

25:01get your own personal insurance policy, it is expensive. Let's talk about another form of insurance. Something year, the real estate voice talked about every Tuesday and Thursday. Insurance on your home. Insurance on your vehicle. Insurance everywhere. It's not going down. It's only going up. When you're on a fixed budget like most retirees, that can crimp you dramatically. It's a hidden expense out there. Home maintenance. AC unit goes out. Refrigerator goes out. Ruth needs to be repaired. That's why we always consult with our clients before they retire. Do you foresee any major home expenses over the next five years? Because we would rather tackle those in the beginning of their retirement and plan for it, then get two, three years of retirement and come to go on good and then they go, hey, we need to withdraw 50,000 to do a bunch of home repairs. I started a conversation with a client last week. $100,000 plus home remodel. If you've ever done a remodel, you know it starts at 20,000. And before you know it, it's 100,000 because it's like, oh, I don't want to just do my bathroom.

26:02I need to do both bathrooms. Oh, I don't want to just do those. I need to review the kitchen and then my master bedroom and on and on and on. So those home maintenance home repairs can really, really come back and buy you. Oh, I don't see that as a major problem because you can control that. But here's another one. Helping children and grandchildren. We're in a great article the other day. Publication was in. How so many people nowadays? I'm talking people of retirement age are now raising their children, children, their grandchildren. I'm not talking to have them over for a couple days. I'm talking adopting them and raising them using drugs, unfortunately, or involved. But helping your children or your grandchildren out, we know it's tough for the young couples that are out there right now. Hard time coming up with money if we get their home. It's just hard time surviving. And I know a lot of young couples that make well over $100,000 and they literally are paycheck to paycheck. It costs a lot of money to raise children. They have a roof over everybody's

27:03head. And to save for retirement and to pay for medical insurance and home and on and on and on. And a great staff that I'll leave you with is average health care costs for couples in retirement can exceed $300,000 over their lifetime. Scary number isn't it? We're going to come back and talk about taxes. It's another important issue of how much income do you really need to retire? Dropping up a Christmas note right now, traffic center, Christmas. Welcome back to the John Sanchez Show on your stock 780K, which again another good day in the street up 388 out of the down. NASDAQ rose to 69 and the SP higher by 67. Well, again, lost $5.26, 93.38 a barrel. All right, we're talking about how much income do you really need to retire? Just kind of build enough to this, right? Because again, there's so many hidden things out there, so many different ways that you can create retirement income. So let's go to the next one, which is taxes, right? This is another area that a lot of retirees or future retirees fail to account for. So what are your possible taxes in retirement that can eat away your income? I are a withdraws. So remember, for many of you, what you're going to end up doing, you've been saving all these years

28:08in your 401K. When you retire, you want to give it out of there, you roll it over to an IRA account, you start taking withdraws. That money's never been taxed before. It's now in an IRA roll over account. Again, never been taxed before. So every penny you take out of that IRA account, it is going to be taxable to you unless it is a Roth 401K, which very few people do. Your pensions, they're taxable. Your social security above a certain income level is taxable. Your capital gains, there's different tax rates there, taxable. And your Medicare, IRMAA, search charges, those are taxable. So many people in retirement moved from the IRS paycheck to the retirement paycheck. But the tax bill still stays the same and you have to account for that. So you see how all these little things, the inflation, the rising cost, the Medicare, or Medicare medical insurance, the healthcare, all these different things. Yeah, we started off, you know, making $6,000 a month and now it just starts to get eaten away and eaten away and eaten away. We're not going to order that you withdraw money. This is really important also. We call this

29:11the sequence of the draws I did showing this a while back for you. Most people will do this. They'll take money first of all out of their taxable accounts. Secondly, they'll take it out of their IRAs, 401Ks, and the third they'll take it out of their Roth. But don't think that that's the only way to do it. Again, this is where great advisor will work with you and say, look at this is the best way to do it. I've had sometimes where they made more sense for the client to take money out of an IRA account, then out of a taxable account because they were in such a low income bracket for a certain year, right? Or sometimes out of the Roth, right? That's tax-free withdraws, if certain rules have been met. So don't assume anything. This is again where you need to work on a strategy. Market volatility, early retirement, as we've touched on this, so again, sequence of returns to retirees have the same average return, but different timing of losses. One runs out of money. The other succeeds. It's not just the return you earn. It's when you earn it. I touched on the guaranteed income versus the market income. And then most importantly,

30:14the emotional side of retirement, you know, with your time, which your reason for getting out of bed, so on and so forth. So the bottom line is this, how much income do you really need? Every person is different. Sit down with us or sit down with a great advisor and figure this out, figure out, again, how much you can do as far as an absolute, you know, realistic withdrawal, whether it's three, four, five, six, whatever percent it is, back out the taxes, back out inflation, look at what the income sources are, then you can make your decision on how much you can expect in retirement. Because I don't want any of you to have to go back to work. If we could be a help to you, give us a call, seven, seven, five, eight, hundred, eighteen, oh one. Have a great afternoon. We'll see you tomorrow. John Sanchez, show God bless. John Sanchez is a registered investment advisor and the opinions expressed by Sanchez, God Capital Management LLC on this show are their own and do not reflect the opinions of news talks, seven, eighty, orange parent company, cumulus media. All statements and opinions expressed are based upon information considered reliable, although it should not be relied upon as such.

31:15Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments or investment strategies. Investments involve risk and unless otherwise stated or not guaranteed. Information expressed does not take into account your specific situation or objectives and is not intended as recommendations appropriate for any individual. listeners are encouraged to seek advice from a qualified tax legal or investment advisor to determine whether any information presented may be suitable for their specific situation. Pass performance is not indicative of future performance.