Rubino & Liang: 365 Retirement Radio - Saturday, December 2, 2023

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Episode Transcript

(00:01):
Welcome to the three sixty five RetirementRadio Show and podcast with Sam Lang,
John Conley, and Ryan Marston.You need a strategy that is fluid enough
to move with the ebbs and theflows that's happening in today's world. For
over two decades, Robino and LangWealth Partners have been helping the people of
Boston plan for retirement. We wantto make sure that you create an income

(00:22):
plan that is going to be sustainablefor the rest of your life. And
now the three sixty five Retirement RadioShow and podcast. Hello again, and
welcome to the three sixty five RetirementRadio Show and podcast with Sam Lang and
the team at Rabino and Lang WealthPartners. My name is Randy Cook.
Each week, Sam and I sitdown here and talk through some of the

(00:43):
headlines, but we really want totalk to you. We want to talk
about how those headlines are affecting you. You see things out there, this
is what to do for retirement?Well is it really? We do that
kind of work here on the show. And Sam, how are you doing
today? Doom fantastic? And how'sthe best co host in America too?
That would be you, Randy.I'm trying, but I've tried got a

(01:03):
little bit of a little bit ofa cold today, but I'm working my
way with Yeah. Yeah, that'sokay, but I think great as usual.
It might be all the dust thatis in the house. We still
were getting close, Sam. Julythe twenty if is when the tree hit
the house, and I think nextweek we'll finally be back here. Well,
for those of us that are listening, that have been regular listeners,
they've been following along Randy's little saga, you and your wife deserve a trophy

(01:26):
because I can't imagine living in anhotel room. Yeah, four and a
half months, but yeah, it'sbeen a long anyways. It's it's great
that you're going to be in beforethe holidays. Yeah, so yeah,
yeah. We joked back in September, well, honey, where do you
want to put the Christmas tree inthe hotel? And we were really joking,
we can't close. Let me tellyou, I was gonna say,
you came pretty damn close. Yeahwe did. All right, So let's

(01:47):
get into it here, Sam.We've got a lot to talk about today.
And one of the things I saidat the beginning here is you see
things out there in the media.You're getting your retirement. So you start
to google things and say, youknow, what should I do to get
ready for retirement? And you alwayscome up with things. Yahoo Finance just
recently came out with a checklist ofthings that you can do five years before
retirement, and I kind of boiledit down into Randy Ease here. So

(02:12):
this is what I came like,Randy ees So you got to figure out
what's coming in, you got tofigure out what's going out, and you
have to have a plan for taxesand healthcare. And that's basically what the
list was. And I said,well, that's simplistic. But are they
understating it? It seems like apretty good list. It's a very good
list. You know. As wewere preparing for today's show, I was
thinking, hey, you know,maybe we can talk about the checklist to

(02:35):
do before the year end. Buthere we are, you know, thirty
days away. Yeah, and youknow how that works. Yeah, yeah,
yeah, I'm gonna get around toit. And you never get around
to them before you know, it'sJanuary first, right, So I think
it's probably more prudent and people thatlisten to the show understand that we're all
about preparing for retirement. Helping youreally prepare better, so you have added

(02:57):
confidence when you go into retirement knowingthat you going to be okay. So
you know, five years is nota long time, but five years is
very critical when it comes to preparingfor retirement. To your point, you
know, we want it to sortof dumb down the list a little bit,
but there's a lot of things youneed to do right. But I
think a couple of the first thingsthat people should really think about this is

(03:17):
review your savings. Is it inorder, is it you know what you
want? Is it in the rightplace? And if you're working with a
financial professional, they should be doingthat all along. And I think you
know, as we talk each andevery show, we talk about the three
pillars, growth, protection, andincome, And you know, is it

(03:38):
important across the board equally important?Well, you know, if you're younger,
maybe growth is the most important thing. You know. I'm in my
mid to late fifties and here weare. I'm thinking, Wow, this
five year checklist isn't you know thatout of sort for me either? Right?
For me, it's more like aten year checklist. But as you
get closer, I think one thingthat you and I and a lot of

(04:00):
people that's listening right now, youknow what I'm talking about. Hey,
you don't want to lose any money, right so protecting your money might be
equally important as growing your money.So you kind of sort of see where
you are at that stage. Justmake sure that the money is in the
right place. And then I thinktaking a sort of test run at retirement

(04:23):
during those five years before you actuallyretire is a really good thing. What
do I mean by taking a testrun? First thing you should do is
calculate what your anticipated outflow is,in other words, what your budget is.
It might be a little bit differentfive years from now versus today,
so you can predetermine that and thengo ahead for the next you know,

(04:46):
three or four months, see ifyou can limit yourself based on what you
think is going to be coming in. That's your income source. So you
might be making one hundred and fiftythousand dollars. Now I'm going to get
Social Security of X amount of dollarsand I need, you know, maybe
three grand from my savings. Solet's say your income sources is going to

(05:08):
be seven thousand because your bills aresixty eight hundred. So you want to
do a test run, see ifyou can actually pull that off. See
if you can manage spending only seventhousand dollars, because even though you might
have twelve thousand dollars coming in,pretend you only have seven thousand dollars.
Take that test run, and thenI think the last and most important thing

(05:30):
is with a proper plan to alsoinclude, hey, well if I need
seven thousand, I need to takemore because I gotta pay taxes. And
we'll talk more about that throughout theshow and how that could be a little
bit of a different picture than youanticipated. But then also inflation. You
know, we have people come inand say, well, yeah, I
need seven thousand, but five yearsfrom now, how much is actually you're
going to need to have the samepurchasing power as seven thousand. Maybe it's

(05:55):
eighty one hundred, right, Soyou need to calculate those things in and
then most importantly, see if yournest egg is going to last your lifetime.
This is one of the big thingsthat people say is that they're afraid
of running out of money. Anda lot of times what people will do.
You've been a savor your whole life, it's hard to get into that

(06:15):
mindset. Sam of I Now Ican go out and spend some of this
money, and but we're scared.And I think that one of the things
that a three sixty five retirement plandoes is it gives you the confidence to
say, I want It gives youthe permission, Yeah, I want to
spend ten thousand a months. Ican do it. Yeah. It's you
know, like you said, themindset has always been and we've really trained
our mind to think, save,accumulate, save, don't spend from principle

(06:40):
for like twenty five thirty years.Yeah, so at some point when you
retire, that paycheck stops. Nowyou've got to retrain your mindset and say,
hey, you know what, Iwant to feel comfortable taking money from
my savings that I've saved for thisday today. So you're gotta give yourself
permission to do that. But thosefive years and this, like like you
said, there's a lot of thingsthat you really need to look at and

(07:01):
you can prepare. I mean,if you just put a little time and
effort and prepare now five years beforeyou go into retirement versus you know,
well I'm six months away, whatdo I do now? Generally that picture
is going to be a lot better. You know, we look at we
help people look at sort of theirdebt. Right. You know, if
if you can pull off be amortgage free by the time you retire,

(07:23):
that that situation is gonna look alot better. You know, there's different
types of debt. There's this generalconsumer debt and then there's mortgage debt.
General consumer debt's generally higher in interest, so you might have some of that,
maybe credit card bills, maybe ahome equity line of credit that was
at three percent now it's at eightpercent. So maybe we can put together
a strategy and a plan to sortof knock those things out first and then

(07:46):
go into retirement again with that addedconfidence. And one of the things about
this that makes it so difficult isthe change that takes place. I mean,
taxes are probably going to change.We know that the Trump tax laws
are going to expire in January oftwenty twenty six. There's a change.
We've seen the headlines about social security. That might be a change. We

(08:07):
may have a change in our healththat we've seen inflation. There are a
change in prices. There might bea change in our life situation. So
Sam, this is an ongoing conversationand an ongoing planning, isn't Yeah,
exactly, And to your point,we just said about the Trump tax law
sort of sunsetting and becoming essentially higherin about two years time. So you

(08:28):
know, we're talking about planning forfive years away from retirement. But you
know, there's certain windows of opportunitiesair quotes, windows that are actually going
to close. And you know,one of the things that I think we've
been encouraging our radio listeners to thinkabout is Roth conversions. So here we
are almost at the end of theyear. You know, do you do
it now? Do you not doit now? Do you just wait till

(08:50):
next year? Well, you know, how do you know that? So
one of the things that we atour firm, being on Lane Wealth Partners,
we have some very sophisticated soft thatliterally we can scan in your ten
forty and within seconds. I justI said that seconds, I can tell
you exactly how your tax situation canbe better if maybe you didn't do a

(09:13):
good enough job or your CEPID didn'tdoing good enough job last year. But
probably more importantly, what the amountof money that you can consider doing a
Roth conversion. It might be twentyeight thousand it might be fifty eight thousand,
it might be one hundred and eightthousand before you go into the next
tax bracket. So if you takeadvantage of some of these things, five

(09:33):
years from now when you actually goto retire, you're going to be really
that much better off. Taxes are. Taxes are no joke. You know,
we've talked about the tax situation overand over and over again, and
it's in my humble opinion that taxeswill eventually go up. You know,

(09:56):
I did a tax course the otherday and we had a you know,
a guy that I think he mighthave been an historian, and he was
talking about he was literally leading aclass instead of me, and he was
talking about when we got talking abouttaxes, he said, hey, most
of you, you need to understandSam's absolutely right. You know, the
highest marginal tax bracket was in nineteenforty four. Get ready for this up

(10:20):
to ninety four percent. Wow,right, that's crazy. So if you
and then my input was the lasttime we were there was when the GDP
was about one hundred percent of thenational debt. Here we are and get
ready for this. The national debttoday is much higher, and the GDP
and the national debts about one hundredand thirty two percent. So you know,

(10:43):
there's a lot of writing on thewall that's telling us that taxes aren't
going to go up. So inaddition to income and expenses, you can
just you know, mitigate some ofthe taxes and prepare yourself to have more
tax free money going into retirement.That would be a really big win.

(11:05):
You know, the idea of achecklist. I'm a list maker. I'm
a list maker every day. Thisis what I got to do to get,
you know, through the day.These are the things I want to
accomplish. My wife Julie and Iwe have been doing all these things.
Okay, today we're going to tacklethis room and we're going to tackle that
room. And if you tackle itall at the same time, it becomes
overwhelming. And Sam, I thinkthat when I start to look at this
list, taxes, social security,healthcare, markets, inflation, my life,

(11:28):
all the it does become overwhelming.And I think that's when you start
to either throw your hands in theair and say I don't know what I'm
going to do, or you goout and get some help and you make
a call and you sit down witha financial professional like Rabino and Liane Wealth
Partners and say, guys, thisis I'm over my skis on this thing.
I need help. You know,we have these fifteen minutes strategy and
what we call introductory calls. Allthe time radio listeners call in, Hey,

(11:52):
I got a question. What doyou think? Sometimes it's a five
minute phone call, sometimes it's athirty five minute phone call, but it's
taking the first step if there's certainthings that you're unsure of. Maybe it's
a small question, large question.Maybe it's just you know, a bad
gut feeling, like you know,I'm really concerned about if I can pull

(12:15):
this off. Well, maybe it'scompletely the other opposite spectrum. You feel
like you've done a very good job. You just need somebody to confirm that
for you. Schedule that fifteen minuteintroductory call and we can have you and
I can have an intelligent conversation,and many times that leads to a complementary
consultation, and then sometimes it leadsto hey, we end up doing some

(12:37):
work for you and helping you withyour situation. So again, we want
to offer all of our radio listenersthat opportunity today, and all you have
to do is go to our websitewhich is three sixty five retirement dot com.
And you'll see up in the upperright hand corner of button, this
is talk to an advisor. Youcan click on that and a calendar will
open up and you can just scheduleit right there. Again, those are

(12:58):
at no charge, or you canreach out to us and do it that
way. Six one seven four fourzero nine three sixty five six one seven
four four zero nine three sixty five. If you don't have a full retirement
plan for your future, we canhelp you build that. It's we call
the three sixty five retirement plan andthis is what's involved in that. Are

(13:20):
you worried that a sudden stock marketcrash will wipe out a substantial amount of
your retirement. It doesn't have tobe this way. Our three sixty five
retirement Plan is designed to help easeyour stock market worries and ensure a smooth
transition into retirement. Here's why ourplan stands out diversification. We carefully allocate
your investments across a range of acidclasses. By spreading risk, we aim

(13:43):
to protect your savings from sudden marketdownturns. Active risk management we actively monitor
and manage your portfolio responding swiftly tomarket changes and take proactive measures to safeguard
your retirement savings. Guaranteed income byincorporating certain guaranteed income out shows, ensuring
you can maintain your desired standard ofliving without fear of what the market is

(14:05):
doing. Personalized approach. Every individual'sretirement goals and risk tolerance are unique.
Our job is to work closely withyou to tailor a retirement plan that's aligned
with your specific needs, aspirations,and time horizon. Don't let stock market
worries rob you of the retirement youdeserve. Call six one seven four to
four zero nine, three sixty fiveand schedule a fifteen minute introductory call to

(14:28):
tell us about your unique situation atsix one seven four to four zero nine,
three sixty five, or visit ourwebsite at three sixty five retirement dot
com. The three sixty five RetirementPlan by Rabino and Lang Weealth Partners works
every day of the year, soyou don't have to and Welcome back to

(14:48):
the three sixty five Retirement radio showand podcast with Sam Lang at Robino and
Lang Wealth Partners Online. You canfind us at three sixty five retirement dot
com. If you want to hearthis show, and you got to get
out of the car. It can'thear the whole thing. I get it.
Let's do this on your time.You can listen to our podcast and
if you find us at iTunes,Spotify or Google podcasts, this show and

(15:09):
lots of past shows, segments ofshows, lots of different topics for you
to explore again podcast on your owntime. All right, what do we
do before podcasts? What do wedo before podcasts and Google maps? Oh
that's the truth. That is totallythe truth. Our driving in the car
now is more productive, isn't it. You know, it's funny because in

(15:31):
the summertime, I go to theCape pretty much every weekend, and you
know, it's like an hour anda half two hour drive depending on traffic.
And I used to really dread doingthat, but now it's like easy
peasy because you just get in thecar and you put on a podcast and
you learn some things. Yep.So it's a great opportunity for people that
haven't caught the full show. LikeRandy said, you can listen to our

(15:52):
three sixty five retirement podcasts, lotsof great information iTunes, Spotify, and
Google podcasts. All right there foryou, all right. You all know
the name Dave Ramsey. He's anational radio show votes Okay, so he's
out there all the time trying tohelp people save money and get out of
debt. And Dave has done alot of good work over a lot of
years and written a lot of booksand that kind of thing. He's on

(16:15):
the radio every single day. Well, just recently, Dave Ramsey said something
that just basically set a lot ofpeople's air on fire. I mean people
were going off on this on onYouTube, on Google, all sorts of
different places. So basically what happenedwas somebody called Dave Ramsey's television show and
was using one of his advisors,and he said, your advisor has advised

(16:36):
me to take three percent of mymoney and I should never run out of
money the rest of my life.And this was Dave's reaction. A million
dollars should create for you an eightythousand dollars income boys and girls perpetually,
but if forever, you should beable to pull eighty thousand forever and never
destroy it. All right now,you and listen. I didn't go under
the comments section and go off onhim, but it is my opinion.

(17:00):
Wow, he's out of his mind. Yeah. We always talk about the
four percent rule, and we have, you know, debunked that for the
last couple of years. They're takingfour percent of your money. May be
too much that math. He's sayingtake eight percent of your money. Wow,
I don't think I don't think there'san advisor on earth that would agree
with him. Yeah. The factof the matter, and you listen,
Dave Ramsey's done some good work,right, He's helped a lot of people

(17:23):
that are struggling payoff debt, howto save better. But to go out
on a limb to say that yougot a million dollars, you can take
out eighty thousand dollars forever. That'sI mean, I'll show you more mathematical
models that he's way off. Yeah. And you know the other thing with
Dave Ramsey, it was interesting whatyou said. Somebody called in and talked

(17:45):
to one of his advisors, andthen Dave said different, something entirely differently.
Right. You know, for peoplethat call into a radio show,
you might be calling into this radioshow and say, you know what,
I want to talk to Sam,I want to see Sam. Well,
guess what you talk to me andyou come in and see me, you'll
see my partner is John, You'llsee my partner's Ryan. But if you
call Dave Ramsey, never sees DaveRamsey. And he's got I don't know

(18:07):
how many hundreds of thousands of peoplearound the country. He has a national
syndicated show, and you know,these people are not all raised on the
same page. So that's that's avery different when we talk about working with
small boutique individual planning firms that arethere to support you as f douciaries versus
you know, these big box firms. But to say it's I mean,

(18:30):
clearly he has no clue on thenegative effects of a bad sequence of returns.
You know, we've done some studies, Randy, as you know that
if you leave money alone, eventhrough good times and bad times, you
know what things will sort of kindof work out. But if you're taking

(18:51):
a withdrawal rate, and usually weuse four or five percent and five percent
being very aggressive, it can work, but it can also be very very
detrimental if you have some early yearsof negative returns. You know, if
you listen to a show and youonly caught a piece of it and the
question was, wow, you knowI got a you know, I got

(19:14):
three separate iras and they're in threedifferent places, and two of them went
down and one of them went upby ten percent? Is it okay to
take out eight percent? And that'sall you heard? And the guy says,
yeah, you can take out eightpercent. That would be one thing,
right, But to say to beable to take out eight percent on
all your money, I mean,that's that's absurd. Yeah. His math

(19:37):
was, you can count on themarket to give you twelve percent. Take
four percent off for inflation, thatgives you eight. And that's where he
came up with that. And I'mlike, where does the market consistently give
you twelve percent? Let me knowwhere it is. I'll be the first
in line to sign up for that, okay, because you know, you
and I both know that's not thecase. In Google. You know,

(19:59):
what did the S and P onaverage in the last you know, fifty
years. It's probably closer to ten, it's not twelve. And the other
thing is, you know, averages, and we've talked about this average is
a misleading You know, you canhave you can have a great year,
but if you have a bad yearbefore that I mean, it takes away
from that great year. You know, one plus one is always two.
We'll do the math real quick.If you have a million dollars, and

(20:22):
let's do the math. You've gota million dollars, you have a financial
crisis of the magnitude of let's justsay the two thousand and eight financial crisis
minus forty percent. You got amillion bucks, you minus forty percent.
Now you get six hundred thousand dollars. You take out eight percent of a
million, which is eighty grand.Now you got five hundred and twenty thousand
bucks. What do you need toearn next year to be able to take

(20:45):
out eight percent? Well, whatif you're earn twelve percent? That's not
enough. You got to get backto a million dollars, right, So
now you get to earn like eightyor ninety percent, And that's just an
impossible thing to do. So youknow, do the math, folks.
It's it's not that easy. AndI think the real good way, alternative
option, if you want to callit that, to figure out how much

(21:08):
you can take out and not runout of money is to really do that
math and that analysis. And that'sreally part of what our three sixty five
retirement plan we'll do for you.We'll say, hey, look you now,
given your situation, giving your incomegap of say eighteen hundred dollars a
month, if we inflate that atsay three or four percent, we use

(21:30):
a rate of return, and wealways use a very conservative rate of return,
like four or five percent, noteight or nine or twelve. And
if you hit those numbers, fantastic, But we rather err on the side
of caution, and we can showyou, hey, look, your portfolo
is gonna last you a lifetime ornot. We had a radio caller calling
last week and he said, look, you know my wife, it's a

(21:52):
second marriage. She has a teacher'spensions about six thousand dollars a month.
It's great, but if she diedtomorrow, thousand dollars goes away. So
can you tell me, can canI stand on my own two feet based
on my savings or our savings ifwe take out that six thousand dollars.
I let's assume she's on here nextyear. And I was able to show

(22:15):
him, Look, if you accountfor that six thousand dollars, a monkey
money's gonna go off the chots.You'll have more money than God, don't
worry about it, even if you'llhave beyond one hundred. But if I
took that six thousand dollars out,I was actually able to show him like,
listen, you need kind of needthat. Without that, your money's
gonna run out. In this case, still a long time age ninety eight.
And he was fine with that.But at least he knew, he

(22:36):
knew something bad would have happened.He can stand on his own two feet.
There's a lot of people, alot of people haven't done that,
and that's where I think our threesixty five retirement plan can really bring some
additional added value to your retirement planningprocess. Well, you see these things
online three percent, four percent,Dave Ramsey said, eight percent. You
see sixty forty portfolio or tenty fivepercent of your working year's income. Should

(23:02):
handle it in retirement. These areall rules of thumb. Don't base your
personal retirement on a rule of thumb. Come on in and let's do the
math on your retirement. Let's customizeit, let's do it for you personally.
That's what it is to sit downand build a three sixty five retirement
plan with the team at Rabino andLangwealth Partners, and it starts with a
simple phone call. Give us acall and we'll set up fifteen twenty minutes

(23:26):
where we can talk through what yourconcerns are six one, seven, four,
four zero nine three sixty five oruse our website three sixty five retirement
dot com. All right, Sam, here's something else I found rather interesting.
At the beginning of November, thepeople at morning Star put out an
article and it said, so farthis year, there have been one hundred

(23:47):
and thirteen up days in the marketand one hundred two down days in the
market. That means just eight daysaccounted for the fourteen percent gain in the
S and P. So I lookedat that and said, who can guess
those eight days? You know whatfunny thing is, there's actually people that
think they can do that. Iknow, I think that the day trade
is quote unquote I know it.Yeah, that's that's dangerous. So that's

(24:10):
why you always want to sort ofstay invested. And if you're working with
a good financial team, they canhelp you do that. And you know,
talking about Dave Ramsey average twelve percent, can you imagine if you miss
those eight days, you you wouldn'thave anything right. So that's why you
say time in the market, nottrying to time the market. Yeah,
I mean you look at anything inlife. If you are trying to let's

(24:33):
say, go on a diet andyou try to do a crash diet and
you know, you don't whatever.Maybe you stop yourself for a month,
you know, and and then youbinge eat. No, that's not going
to work right consistently, you know, taking that weight off a little bit
of time, not trying to loseten pounds in two weeks, but maybe
a pound a month is going tobe better in the long run, more
sustainable. No, differently than whenit comes to preparing for retirement, you

(24:59):
know, trying to time to marketin and out and you miss those eight
days, so well, guess whatdidn't work so well? So that's why
it's important to understand how important itis to have what we again talk about
rotation of your different buckets, yourgrowth bucket, your income bucket, and
your protection bucket. You want tomake sure those things are working together with

(25:22):
synergy and to make sure that it'sonly applicable to your particular situation. You
know, what you do might bevery different than say what your you know,
your best friend is doing, orwhat your son's doing. Your son
could have could have a you know, a PhD and went to Harvard,
but he's thirty two years old andhe's taking on a tremendous amount of risk

(25:45):
because he understands it. Well,if you're sixty two and ready for retirement,
you know, don't do what yourson's doing. Yeah, so we
want to make sure that it's onlyimportant to your particular situation. We don't
work with people that are alike.Everybody's uniquely different, so the plan should
be also uniquely different. Give usa call at Ribino and Lang Wealth Partners.

(26:07):
Here is our number six one sevenfour four zero nine three sixty five
sixty one seven four four zero ninethree sixty five or three sixty five retirement
dot com. Have a great weekend, Thanks so much for listening, and
we'll see you next time here onthe three sixty five Retirement Radio Show and
Podcast. Thanks for listening to thethree sixty five Retirement Radio Show and Podcast.

(26:30):
For a complimentary meeting and to buildyour personalized three sixty five retirement plan,
contact Verbino and Lang Wealth Partners atsix one seven four four zero nine
three sixty five or online at threesixty five retirement dot Com. The information
on this program is not intended toprovide legal, accounting, tax or investment
advice, and is not intended toconstitute an offer to sell or serve a

(26:52):
solicitation in connection with a product,security, or service. Any client experience
is discussed during this program are atypicaland unique. They are not meant to
imply or suggests that you will experiencethe same results. Past performance is not
a guarantee of future results. Investmentscan fluctuate, and when redeemed, may
be worth more or less than whenoriginally invested. This program is a service
of Verbino and Lang LLC of Newton, Massachusetts, not affiliates of, nor
owned by any financial company. Rubinoand Lang LLC and Sam Lang are not

(27:15):
investment advisors or registered as such.John Conley and Ryan Marston are investment advisor
representatives of Retirement Wealth Advisors LLC.Investment advisory services offered through Retirement Wealth Advisors,
a registered investment advisor. Insurance isoffered through R and L Insurance Agency
Sam Lang. Of Rabino and LangLLC and rn L Insurance Agency LLC are
not affiliated with Retirement Wealth Advisors,Rubino and Lange Wealth Partners is not affiliated

(27:37):
with, nor endorsed by the SocialSecurity Administration or any other government agency.
Any comments regarding safe and secure investmentsand guaranteed income streams refer only to fixed
insurance products. They do not referin any way to securities or investment advisory
products. Fixed insurance an annuity productguarantees are subject to the claims paying ability
of the issuing company and are notoffered by BWA. For a full disclosure,
please refer to Just Don't Lose theMoney dot com.