Why a Formal Retirement Plan is Crucial for LGBTQ+ Americans

Episode 22: Audio automatically transcribed by Sonix

Episode 22: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Speaker1:
Any examples used are for illustrative purposes only, and do not take into account your particular investment objectives, financial situation or needs and may not be suitable for all investors. It is not intended to predict the performance of any specific investment, and is not a solicitation or recommendation of any investment strategy.

Speaker2:
Welcome to Take Pride in Retirement, the podcast dedicated to helping members of the LGBTQ+ community protect and grow their hard earned money. Get set for a show full of education and insights with your host and advisor, Matt McClure. We recognize every family is unique. The goal of the show is to help you achieve financial freedom so you and your loved ones can have the retirement you've always dreamed of, a retirement you can take pride in, no matter who you are, where you're from, or who you love. So now let's start the show. Here's Matt McClure.

Speaker1:
Hello and welcome once again to another edition of Take Pride in Retirement. I'm Matt McClure, your host, your advisor, your good buddy, your pal, your friend, your confidant. Um, I'm going to apparently go into singing The Golden Girls introduction lyrics here. I'm a pal and a confidant. Um, but no, I do. Thank you so, so much for joining me for another edition of the show. I say this a lot, but I really do mean it that I appreciate you taking time out, wherever you are, to listen to me talk about financial topics that hopefully are important to you, or if they're not necessarily all that important to you, I can tell you why they should be important to you. Um, this show is geared toward the LGBTQ plus community and, you know, finances and retirement planning, specifically all of those things. And I'm going to actually start out this show in a moment today by talking a bit about why a show like this, I believe, is so, so important for LGBTQ plus folks Specifically, there are some fairly new numbers out just within the last few weeks from a study that was done and a report put together by the HRC Human Rights Campaign, and it's pretty darn eye opening and kind of a little scary when you look at it at the numbers here, when it comes to LGBTQ plus folks and finances and how our financial situations tend to compare to others.

Speaker1:
So we'll we'll look at that as we start off with here. I think it'll set a good foundation for our discussions today about several different topics. Um, also just to kind of tease this and put this out there, I've got some new guests in the works for future episodes of Take Pride in Retirement here And yeah, it's those are going to be great. I've got, um, one who is an entrepreneur, actually a couple in the works. They're entrepreneurs, uh, in the Atlanta area or have been in the past. And, um, one of them, who I hope to have on soon is someone who his business, his former business really had a positive impact on me, uh, as a young gay man in the Atlanta area, so I will I'll talk about that, um, when the time is appropriate. But when the time is appropriate right now, uh, is to get in the show, into the show, I should say. And I wanted to tell you, you can always go, of course, to the website. Take Pride in retirement.com. You can give me a call that number Number 855246921185524692 11. You can also go to the web, to your computer, your phone, your whatever you use to connect to the web. And you can send me an email, go to Matt at Take Pride in retirement.com.

Speaker1:
Or just put that in the email address field there, and you can send me an email. And I will gladly answer any questions you may have. And the big thing too, is I would love to meet with you to discuss your financial situation. If you feel like you've got some some issues that you need to be worked out. If you feel like you're not quite where you should be when it comes to your finances for retirement, for retirement planning. Send me an email, give me a call or go to Take Pride in retirement.com. That consultation is 100% free of any charge and any obligation. I would love to sit down and take a deep dive with you and look into your situation and see how we can improve it, and I am pretty darn sure that we could, because in most situations we can. Sometimes you'll be in a good spot for where you are and I'll say, hey, stay this course and maybe come back in a few years and see me. Then when you're maybe closer to retirement, something like that, Or I would love to help you along the way. Improve your situation, get you set up for success by the time you get to your retirement years. That is really what my everyday life is all about now. I love helping people.

Speaker1:
I've always loved helping people, and now I get to help people with their financial picture and their financial situation. So yeah, absolutely. Go to take pride in retirement.com Com and reach out. You can also get your past episodes of the show there. If you've missed any of the episodes here you can also subscribe wherever you listen to podcasts. Just search for Take Pride in Retirement there. Um, a lot to come up here on the show. Uh, just momentarily, as I said, we'll take a look at why I believe a show like this is so important for LGBTQ+ folks. Then we'll get into our quote of the week. It's from one of the richest guys in the world and most successful investors in the world this time around. Um, also, the Social Security forecast for 2025 will take a look at that. It's kind of a good news, bad news situation when it comes to the Social Security, um, forecast for the cost of living adjustment for 2025. Um, so we'll take a look at that also. The big sort of topic that I want to cover here is building a plan. So, you know, Social Security is a stream of income for your retirement. And income really is what it's all about when it comes to planning a successful retirement. Right? So if you've got a big nest egg, great.

Speaker1:
How are you going to turn that into a steady stream of income that's going to be around no matter how long you're around. That is one of the big dilemmas that I love, love, love helping people solve in their everyday lives. Um, and I can help you solve it as well. We'll talk through why that's so important and how you can get started along that road as well. We'll talk about some other things as time allows, but those are kind of the two big things. And I wanted to start off before we get into our quote of the week here with, um, this study that came out fairly recently from the Human Rights Campaign, and it's the Human Rights Campaign Foundation, which is the education arm of the HRC, which is the nation's largest lesbian, gay, bisexual, transgender and queer plus civil rights organization, released a report in partnership with Community Marketing and Insights, and data was collected from almost 2000 LGBTQ+ adults in the US. So these are folks 18 and older, and some of the top findings here are pretty concerning. Um, especially when you look at the number of LGBTQ plus folks who have concerns about their financial situation compared to the situation at large, and the general in the general public. Right. So the kind of the top line here is that almost half. So 48% and change 48% in change of LGBTQ+ adults say that they are financially unwell.

Speaker1:
That's almost half compared to just about a quarter of the general public. So your if you are a member of the LGBTQ plus community, you are twice as likely to feel like you are not in a good financial place. People of color and younger LGBTQ+ folks. So like the Gen Z, uh, portion of the community, like, ages 18 to 24, are even more likely to say that they are financially unwell. 3 in 10 is about 30% of LGBTQ. Plus, adults say they've experienced discrimination with accessing financial services as well. And, um, yeah, I mean, I can attest to that, especially growing up in, in the South. Um, also, Also, LGBTQ+ individuals face unique economic challenges and setbacks, according to this report, often grappling with poverty at a disproportionate rate compared to non LGBTQ+ folks in the country they earn. The members of LGBTQ plus earn only about $0.90 for every dollar earned by the average worker. The persistence of anti-LGBTQ legislation and a patchwork of legal protections at the national and state levels leaves the community vulnerable and lacking fundamental protections against discrimination, according to this report and through the reporting of the Hrc's Public Education and Research Economic Empowerment programs. They are seeking to increase awareness by shining a light on economic inequalities faced by LGBTQ+ people in the country.

Speaker1:
And that is really one of the big reasons that I wanted to do this show. One of the big reasons I wanted to start take pride in retirement was to increase awareness for the the need for information like this. Right. Increase that awareness for financial literacy, financial health, financial wellness. I have been there. I've been in a much, much worse situation financially, to say the least, than I am right now. I mean, I was in a situation this is going a couple of decades back, but I was in a situation at one point where I was literally counting, and this is due in part to some job discrimination that I experienced. Um, but also just not being aware and not being as cognizant of my finances as I have become. But I was literally counting the change in just, you know, cups that I had stashed it away in, you know, or I used to have this jar that my mom gave me for, um, for Christmas one year that I would keep coins in or just literally, literally in the couch cushions, finding quarters, dimes, pennies, all of those things and and using that to go and buy groceries. So that's how bad it was. And as I said, it was due in part to job discrimination. Lost a job when they found out that I am gay.

Speaker1:
Um, and then it was a real struggle just to make ends meet. I had a mortgage at the time, um, I was, you know, in a in just not a good financial place, obviously much better now. And I have taken the initiative to educate myself, to be able to help others, to get the appropriate licenses and all of that, and education and advanced study to be able to help people with their financial situations. And it's really important for me to help the LGBTQ plus community because of my own experience. I mean, it really, really is vital for me to say, if you have experienced any of that type of where there's job discrimination. Discrimination when it comes to finding a financial advisor or in any aspect of the financial industry, or even if it doesn't have anything to do with discrimination at all, you just feel like you haven't had the resources or the education there. I am here, that's why I'm here. Right? I am here because I want to help the community at large, and I want to help you with your individual situation. So let's get into kind of the meat of the show here. And we do that each and every week with some inspiration for our conversations. And this time around, we'll get a quote of the week from someone who has been very successful in his financial life.

Speaker3:
And now for some financial wisdom. It's time for the quote of the week.

Speaker1:
And this week's quote comes from one and only, the one and only Mr. Warren Buffett, who, of course, is, uh, the Oracle of Omaha. He is, uh, someone who has been very, um, successful just to to say it very lightly, uh, in his investment life, he's been one of the most successful and prolific investors of all time and, um, runs Berkshire Hathaway. So there you go. If as if you need Warren Buffett's resume, there it is. But he said this and I thought this was very poignant. Your money can be inflated away, but your knowledge and talent cannot. Your money can be inflated away, but your knowledge and your talent cannot. So, you know, we've been dealing with inflation for several years now. It's finally taming. There are finally a lot of retailers, food establishments, all that who are out there, who are bringing down prices to try and attract back a lot of those shoppers or or patrons that haven't been visiting as frequently because the prices are too high. So we're seeing a lot of that. But I love what what Buffett says here is that, you know, inflation can, you know, take away the buying power of your dollars. But what it can't do is take away your knowledge, your talent, your ingenuity, your, um, willingness to learn and to make adjustments along the way no matter what happens.

Speaker1:
Because if you look just a few years back, I mean, it would have been unheard of. Let's go back to like 2019. It would have been unheard of to have inflation like we've had it here over the past few years. It also was unheard of to have a global pandemic that then shut down supply chains across the globe, and then caused the real and very huge imbalance between supply and demand, huge demand, and not nearly enough supply. And so that's why you saw prices start really climbing. And then, you know, it just kind of was a bit of a snowball there. But here's the thing. You can make adjustments along the way. And you can do that with the help of a financial professional, a financial advisor like myself. I am a fiduciary and that is what I do. I help you with your particular financial situation. I help you make the adjustments along the way as needed. Right. So again, give me a call 855246 9211 855246 9211. You can also go to the website. It's Take Pride in retirement.com.

Speaker4:
Want to know where your hard earned money is going? It's time for an inflation demonstration.

Speaker1:
So a not so fun fact here. To start off our inflation demonstration this time around. Um, it's on a cumulative basis over the past three years. The consumer price index. So that is the sort of uh, headline number as far as the, the measure of inflation. So the consumer price index has risen more than 22% over the last three years. So today's retirees are going to need to spend significantly more now than they did three years ago for the same kinds of goods and services. No matter how much money you have saved for retirement, it's not going to go as far as it did in the past. When it comes to your future dollars, right? So you're going to have to save some more. You're going to have to put your money to work harder for you. You want it to work as hard for you as you have worked for it. That's the bottom line here. And some of the good news, though, as far as the economy goes, um, and this is because inflation has come down in recent weeks and months. Said Federal Reserve Chairman Jerome Powell says that the fed is becoming more convinced that inflation is headed back down to what is its target, which is 2% on an annual basis. Right. That's always the Fed's target 2% inflation. They think that's a good, healthy number. It's not too high. It's not too low. It's it's just the porridge is just right in that Goldilocks sort of scenario.

Speaker1:
Right? Uh, Jerome Powell says the fed would cut rates before the pace of price increases actually reaches 2%. So that is good news. Despite the cooling of inflation, though, retirees who rely on Social Security benefits for income are still contending with higher costs. Beneficiaries typically spend about half their budgets on shelter costs, so half of their budgets on the roof over their head. And that's a category that has stayed higher even as the rate of broader inflation has come down. Yeah, I mean, I can attest right now rents not getting any cheaper. The, you know, the cost of a mortgage not getting any cheaper, at least not yet. Hopefully those will come. Hopefully that will that will follow. Right. Other categories that continue to outpace the overall rate of inflation include. Food, electricity, hospital and outpatient medical services, as well grocery items. Speaking of food outpaced the overall CPI said it was like 22% and change 24%. The average grocery item tracked by the CPI has jumped that much, 24% compared to 22 overall. So how do you manage the risk of inflation during retirement? Well, one option would be to postpone retirement for a year or two, and you could not only make additional contributions to your retirement savings. So that means a bigger nest egg, but you can delay taking withdrawals from that portfolio. And that allows it to potentially benefit from growth in the market.

Speaker1:
Of course, if you are in the market, you are at risk still. So it could possibly go the other way, but you could potentially benefit from that appreciation by leaving it in the market a couple of more years, part time work. Another possibility if you want to. That's the situation that you want to find yourself in, right? If you want to continue working, great. If you love work, if you love what you do, you never work a day in your life, right? So if you do love it, continue to work even, you know, part time. Not a bad idea at all. Keeps you active, keeps you involved, keeps you social. All of those things. But if you don't like it and you don't want to have to work, that's not the situation that you want to find yourselves in. So following a more flexible approach to retirement withdrawals, that's another way to cope with higher inflation. You start with a baseline of 4% on your portfolio's value with an initial withdrawal amount, and then adjust for inflation as necessary. That's the 4% rule, right? 4% four times 25. It's supposed to last you 25 years is 100, right? So or another way to say it is 100% divided by 4% is 25. So theoretically, that if you withdraw 4% of your portfolio's value each year, you should have enough to last 25 years. And that's not even accounting for growth of the money that's still in that portfolio.

Speaker1:
That's the idea. But as we're going to talk about here momentarily, the better thing to do is to make sure that you have an income stream set up in retirement and one that's going to, you know, make adjustments going along to keep up with inflation, especially if that is an option for you. That's a great reason to work with a licensed financial advisor like myself, a fiduciary whose job it is to look out for you, whose obligation is to look out for you, to look out for your particular needs based on your situation. Your situation is unique. Your situation is yours. It's nobody else's. So why would you want to have a one size fits all kind of a plan for your retirement? No. You want it customized for you. And that is exactly what I can do for you if you go to take pride in retirement. Com right. Go to take pride in retirement.com and click on the contact page. You can set up a meeting that way. Um or you can just go to my calendly actually uh, which is calendly which is c a l e n d l y.com slash. Matt. That's Matt. The letter J McClure. Mcclure calendly.com/matt J McClure is the address and you can set up a meeting directly there. You can just schedule it. It's tied into my calendar. So if I'm available the time is going to show up on that page.

Speaker1:
And you just set up a meeting. We can do it remotely. We can do it in the office here. If you are in the metro Atlanta area, you can come into the office in Midtown Atlanta. I would love, love, love to meet with you. And if you're preparing for retirement or if you've just recently retired, you probably saw your assets drop over the last couple of years prior to this year when the market's been on on a bull run. Things were not good, say, 2022 when the markets were down significantly. So you probably saw your assets drop there and then probably had a hard time catching back up to where you were in 2023. So reach out. Once again, the website is Take Pride in retirement.com. You could be at risk of running out of money, and that happens to be the number one fear of retirees. The number one fear of retirees running out of money even more than death itself. So, you know, I teed this up in our introduction, and it's the Social Security cola forecast. No it's not. You know, Coca-Cola or Pepsi Cola or RC Cola or any of those kinds of things. Not even, you know, not even doctor Pepper or, uh, any of those brands. What it is, is the cost of living adjustment, which is something that happens pretty much every year. Sometimes it's a 0% adjustment from year to year if there is no significant inflation.

Speaker1:
Because this is a number, it's tied to the consumer price index, one particular version of the consumer price index. But the Social security cost of living adjustment or Cola, has been adjusted. Again, at least the forecast for it has. So the Senior Citizens League is sort of the group that makes these predictions, and they're saying it could be 2.7% next year, 2.7% now, I said earlier, it's kind of a two edged sword. It's good news, bad news. Good news is that means that inflation has come down because we saw, you know, a higher Cola last year. We saw a much higher Cola the year before um going into 2023. So you know it really has been some big adjustments beans big adjustments though because the the consumer price index aka inflation has been going way up. So now it's come back down and we're looking at a potential 2.7% increase next year. The pace of inflation is subsiding, but you're still dealing with higher costs, so you are getting that adjustment upwards in your monthly Social Security check as of January of 2025. At least, that's the forecast for right now. The estimate is not official. Of course it is subject to change, but the final figures for the Cola are going to be determined based on the average inflation rate during the third quarter of this year. So that is the month of July, August and September. And then the official announcement will be made in October.

Speaker1:
And the adjustments to the monthly payments to Social Security beneficiaries. That is going to be something that goes into effect January of 2025. All right. So you'll see those payments start to kick up by right now. Projected to be 2.7%. Could be a little higher could be a little lower depending on exactly what happens. So that is one stream of income that, you know, if you are, you know, going to be a Social Security, uh, recipient that you will receive. Um, of course, there are questions about whether or not Social Security is healthy enough to be around for the long haul. I personally believe that it is because I think the political fallout from lawmakers and whoever is in the white House, I think them just sort of letting it die a slow death and just go away. I don't really think that's an option, because I think that political fallout would just be too, too high. Um, and the global economic meltdown would be to severe as well, because you think about all that money that that goes out into Social Security recipients pockets each and every month that gets injected back into the economy in the, you know, by them spending it on whatever housing, on food, on goods and services, on all of the things, on travel, whatever you know, you spend it on, it gets spent. And so that's money that goes into the economy and strengthens the economy.

Speaker1:
So I think that the cost, both economically and politically, would just be too high for anybody to just sort of let it go away. Could be adjusted. Of course, that all remains to be seen. So that's one stream of income. That's something that you know you're going to be able to count on. But you may have as well a sizable nest egg. And you say, well, that's you know, I can draw that down over my retirement years and be fine. And that could very well be true. Do you have a plan for that? Is the question. Right. Because having a big nest egg. Boy that's that's great. That's wonderful news. Awesome that you have been able to do that over your working years. So if you're in good shape there, that's amazing and I am extremely happy for you. But do you have a plan to draw that down so you don't run out of money? Do you have a guaranteed stream of income? Because having a big nest egg, as I was saying, is great, but retirement is so much more about having an income that you can count on having those streams of income, whether it's, you know, from Social Security and a pension, if you are lucky enough to have a pension from your job these days, um, or you can create a personal pension that can create a stream of income for you that you can never outlive. So if you have those streams of income coming in, then everything else is kind of the gravy on top, right where we're not counting on you being able to draw that quarter sort of systematically or kind of randomly draw down on your investments over time and having that last route retirement, it takes the guesswork out of it if you're able to create your own personal pension.

Speaker1:
And so, you know, one of the primary benefits of having a strong income plan, of course, are the flexibility that it provides, the options that it provides as well. And increase cash flow really does give you a lot of flexibility and a lot of options. When you have more paychecks and you have more, as we like to call them, play checks as well. Coming into your bank account, you can, you know, make choices like, you know, using money in your personal monthly budget, reinvesting into similar or different investments, leaving it as cash to decide later, or any combination of the above. And so you have to compare that to investments that don't provide you with any income. You know, when you only have two options to hold the asset or sell it for the current market price, there's no income option there. You know, you either draw it down or you sell something or you just hold on to it. So when you retire, what what changes? Well, the recurring income from your employer or from your business that goes away.

Speaker1:
And so the big question is how are you going to replace those paychecks that you were earning during your working years? Of course, we talked about Social Security. That's one source. Pensions which are guaranteed. That's another source. Withdrawals from your current investments that's not guaranteed because those are at risk in the market. Right. And so you could run out of money income from continued employment in retirement. That's not guaranteed. Are you going to be able to hold on to that job? Is your is the company that you're working for going to downsize? Is something else going to happen? Are you going to be not physically able to work forever? Right. So those are all things to consider. So if you're looking for another reliable income stream during retirement, what I can do is look at your particular situation and set you up with something that is going to create that income stream when you retire and be a source of income that you cannot outlive. Something that you cannot run out of those checks or direct deposits are going to keep coming each and every month or six months or a year. However often you elect to get those payments, those checks are going to keep coming as long as you are alive. So as long as you are alive, you're going to have that stream of income. And boy, is that good news or what? And that gives you so much peace of mind.

Speaker1:
And as I said a minute ago, so much flexibility as well. So if you want flexibility, if you want, um, you know, the ability to have those paychecks come in and the paychecks as well, to be able to have fun with your money, you can set up multiple income streams using, um, annuities. And you probably have heard bad things about annuities over the years. People say, ah, annuities are terrible. They're a bad deal. And all this. Well, what I often say is that those people probably don't understand annuities, at least the kind that are around today, you know, used to be you would pay you would give an insurance company your money, and then you would pay them a fee for holding on to it and then giving it back to you in a stream of income. You'd have to pay them for the the privilege of getting your income or getting your money back that you just gave to them, you know, didn't really offer much, if any growth, anything like that. And then if there was still money left in that account and you passed away, well, the insurance company just kept it. Those are the old types of annuities. There are also some called variable annuities, which I generally do not recommend for most people because of the high fee structures that go into it. They could have their advantages in places for particular situations, but for most people I generally don't recommend them.

Speaker1:
I generally like to recommend something else called a fixed indexed annuity, which is not directly invested in the market, so your principal is not at risk. And any interest growth that's credited to the account that's also not at risk after it's been credited. So you don't see the EKG monitor type graph of your earnings in that account like you would in a, in a brokerage account or in, um, stocks or whatever type of investment portfolio you might have. So that is something that gives you a lot of peace of mind. You get growth, you get market like growth without the market risk, and you get the peace of mind that goes along with that. Because I say it's tied to an index. It follows the growth or the performance of an index on the upside, but not the downside. So if it's something that's tied to, say, the S&P 500. S&p 500 goes up 10%. Great. You can share in those gains. If the S&P 500 goes down the next year everybody else is losing their shirt. You still got your shirt on because you did not lose a penny. The following year S&P 500 goes back up. Everybody else is trying to catch up to where they were. But you are sitting pretty because you are growing on top of that growth from the prior year, when you had growth and you didn't lose anything the year before that.

Speaker1:
So, you know, it's just it's it's a stair step approach. It's seeing that growth periodically rather than the ups and downs of the Wall Street roller coaster. That's what I say. Or that's what I mean. Rather, when I say peace of mind that it can give you because you know that the only way it can go is up. The worst you're ever going to do is zero growth in an account like that. And that's again called a fixed indexed annuity. I can walk you through the process and get you set up with one. If you would like to use one for an income stream in your retirement years, you just go to take pride in retirement.com reach out to me. Um, and it may not be a good fit for you. And if it's not, I will tell you. I will be the first to tell you what is right for you and what is not. In my professional opinion, because I am a professional, I am a licensed fiduciary financial advisor. I am someone who is going to have your best interests in mind. Not my own, not my own at all. I have to look out for your best interests. What's going to be best for you in your particular financial situation. So go to take pride in retirement. Com that's take pride in retirement.com. You can also call 85524692118552469211. Uh the initial consultation, the deep dive into your accounts and into your particular situation that is absolutely free of any cost and any obligation.

Speaker1:
We'll sit down. We'll take a look at the numbers, see if we can improve what you have right now, get you on track for the retirement you have always dreamed of, a retirement that you can take pride in. That is why the show is called Take Pride in Retirement, because that's what I want you to do. I want you to be able to take pride in your own situation for your retirement years. So take pride in retirement. Dot com once again is the website. Well that is all the time we have for this week folks. Thank you so much once again for taking some time out of your day to join me here on the show. I really, really, really appreciate it. Always. Uh, you joining me each and every week. I look forward to doing it again next time. Again, some great guests coming up on the show in future weeks, so you don't want to miss those episodes. Make sure you like and subscribe everywhere. You can also go to YouTube and see video highlights from the show and some special content there. Just go to YouTube and search for Take Pride in Retirement. Please do subscribe and like our videos there as well. We really do appreciate that. Well, thank you so much once again for joining me this week. And until next time, take pride in yourself and take care of each other. We'll see you next time.

Speaker2:
Thanks for listening to Tape Pride in Retirement members of the LGBTQ+ community deserve to work with a fiduciary financial advisor who puts their needs first. To schedule a free, no obligation consultation with Matt McClure and the team at Active Wealth Management, call (855) 246-9211 or go online to take pride in retirement. Dot com investment advisory services offered through Brookstone Capital Management LLC, BCM, a registered investment Advisor, BCM and Active Wealth Management Incorporated are independent of each other. Insurance products and services are not offered through BCM, but are offered and sold through individually licensed and appointed agents. Matt McClure at Active Wealth Management are not affiliated with or endorsed by the Social Security Administration or any other government agency.

Speaker1:
Fixed annuities, including multiyear guaranteed rate annuities, are not designed for short term investments and may be subject to restrictions, fees and surrender charges as described in the annuity contract. Guarantees are backed by the financial strength and claims paying ability of the issuer. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products. They do not in any way refer to investment advisory products. Rates and guarantees provided by insurance products and annuities are subject to the financial strength of the issuing insurance company, not guaranteed by any bank or the FDIC.

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