Decoding Annuities: Should They Join Your Retirement Portfolio

Episode Transcript

Speaker 1 (00:00):
Join this week by our retirement planning professional CJ Closs
and Malia Quavis. Of course they do come to us
from Class Financial the website Clossfinancial dot com. That's Closs
k l aa Sfinancial dot com. Tellph number for the
office here in Madison six oh eight four four two
five six three seven. No charge for that initial gets
to know you appointment tech Loss Financial. It will be

(00:21):
complimentary to you again their number six oh eight four
four two five six three seven to get on the
air this morning. If you've got a question, whether it's
about our specific topic or anything retirement related. Friends from
Class Financial, they are here for you right now. Love
to have you join us at six oh eight three
two one thirteen ten. That's six oh eight three two
one thirteen ten as mentioned. Joined this week by CJ

(00:41):
Closs and Malia Quavis.

Speaker 2 (00:43):
CJ. How you doing this morning?

Speaker 3 (00:45):
I am doing great, Sean? How are you?

Speaker 2 (00:47):
I'm doing really well. Malia? How have you been?

Speaker 4 (00:49):
Very good? Happy to be here.

Speaker 2 (00:51):
It's great to have both of you along.

Speaker 1 (00:52):
And we've got a very important conversation this week about annuities,
what they are, what you need to know well to
get into detail on annuities and just a moment, A
couple of really cool features of the program. Of course
the class Quiz question the week will be doing one
of those a little bit later on the program. Chance
for you to win a great prize a twenty five
dollars gift cards to red Robin from our friends at

(01:12):
Class Financial. We'll tell you a little bit later on
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pays well and get you a little update, little leg
up on the competition when it comes to the Class
Quiz Qunch League by paying attention to the program because
almost every time the question answer come up during the show.
Speaking of other great great resources mentioned the website cossfinancial
dot com. You can learn more about COSS Financial learn

(01:32):
about their separate divisions. You can also sign up for
the weekly Market Pulse newsletter right at class financial dot com.
That's Coss k LaaS financial dot com. And before we
get rolling and talking about annuities, let's actually take a
look back at last week's program.

Speaker 4 (01:47):
Yeah, so last week we had a great conversation. Of
course our favorite topic retirement planning, and the question was,
according to the Department of Labor, what percentage of Americans
are currently employed at age sixty five and beyond. Is
it five percent or twenty percent? And our first caller
with the right answer was Matt of Madison correctly answered

(02:10):
twenty percent. So not everybody is working as long as
they think. That's kind of the gist of this is
is good retirement planning yet be ready for some some
kind of different different ways on the journey. You might
go left, you might go right. We don't know where
you're going to end up. So sitting with a financial
planner hopefully will help you figure out the right direction

(02:33):
because you might retire sooner than you expect or later.
So listen carefully to last week's program for more information.

Speaker 1 (02:39):
And as Willia mentioned, a very popular topic there as well,
you can get that right at class financial dot com.
That's Class k l aas financial dot com. Don't forget
about there telling for number six oh eight four four
two five six three seven. No charge for the initial
get to know your appointment tech Class Financial. It will
be complimentary to you again the number six oh eight
four four two five six three seven. So like a

(03:00):
lot of you know these familiar words, we're here thrown
around folks discussing retirement planning and one of those words
you hear a lot is annuities. And I think today
we're going to kind of get into explaining what exactly
an annuity is, whether it makes sense for folks, and
you know, do you want those in your portfolio?

Speaker 2 (03:16):
What do folks need to know? CJ.

Speaker 3 (03:19):
Yeah, good question, there, Sean. So a lot of people listening,
annuity may sound like a four letter word to you,
and that's not uncommon. Annuities have gotten a pretty bad
rap over the years because of the complexity and fees
associated with them.

Speaker 2 (03:35):
However, a couple of things.

Speaker 3 (03:38):
Number One, we don't sell annuities, So the good news
is we are just a fiduciary, fee based firm that's
going to give you our impression of them, how we
see them working out in the world for retirees. And
we'll tell you the good, the bad, and the ugly.
And I will tell you at the onset here that
because of the fees and complexity and tax considerations, they

(03:58):
have gotten this bad rap. However, at the very basic
level of what an annuity is, it's pretty simple. It's
kind of like a pension, right, I'm just buying a
future pension, So keep that in the back of your
mind as we go through this. Now, unfortunately there's so
many of them. By the end of the show, you're
going to be like, wait, what about that pension comment.

(04:20):
So they are complicated, but at its most basic level,
annuities can act like a like a pension plan for people.
So annuities have a long history in the US, going
back to the middle of the eighteenth century, believe it
or not, but many people don't understand exactly what kind
of insurance vehicle they represent. So today we do hope

(04:41):
to unravel some of that mystery. Since we interact with
annuities and retire in our retirement planning, we thought obviously
it'd be good for us to kind of dig into this. So,
simply put, an annuity is a written contract, typically between
you and a life insurance company, in which the insurance
company makes a series of regularly spaced payments to you
in return for a premium or premiums you have paid. Again,

(05:06):
think of what a pension is for you. State of
Wisconsin employees or who are part of the WRS system
you worked. Between you and your employer, you're putting money
into the State of Wisconsin and Department of employee trust
funds pension. You then get to retirement. In what happens,
they pay you back a series of payments. So again
often we will refer to pensions as annuities. And then

(05:29):
of course you decide when you want to start receiving
those payments and they begin. It could be monthly, it
could be quarterly, it could be annually. Now, to be clear,
annuity sales in the last few years have been quite large.
In twenty twenty three, there was over three hundred and
eighty five billion, yes billion with a B put into
these vehicles. These annuities include all types such as fixed annuities,

(05:52):
fixed indexed annuities, single premium annuities, variable annuities, equity indexed annuities,
and the less goes on. Although individuals, as I mentioned before,
in our company don't sell these, we are actually insurance
licensed to be able to speak to these with authority.
And as I said, some annuities can make sense for
certain situations, but truly understanding the products and the internal

(06:17):
charges that could be at play, well that's a whole
nother story that you need to be cautious with.

Speaker 1 (06:21):
Talking this morning with our retirement planning professionals, from Class Financial,
CJ Class and Malia Quavis Dolphe number to get down
the air SIXO eight three two one thirteen ten. That's
six po' eight three two one thirteen ten. The website
Class financial dot com. That's coss klaas Financial dot com.
Sorry for interrupting you there, CG. I know there are
some important things that folks need to consider here, aren't there.

Speaker 3 (06:40):
Yeah, Yeah, no worry. Sean knows that I can just
ramble on forever, so I'm glad he stops me every
once in a while.

Speaker 2 (06:47):
Yeah.

Speaker 3 (06:47):
So, a couple of other things to understand before we
kind of move on to the next topic here. With
annuities is something you might want to consider. Annuities are
long term investment vehicles, specifically does for retirement. Remember that
annuities are long term investment vehicles specifically designed for retirement. Again,

(07:11):
if you keep in the back of your brain, annuity
is a lot like a pension. And remember not all
pensions do you put money in and start generating income
right away. Most pensions you actually accrue over many years
that would be known as like a deferred annuity, and
then you generate income in the future. But there's nobody
in their right mind that would say, yeah, I'm gonna

(07:31):
buy one of those pension things for a couple of
years and then move on. No no, no, no no. Pensions,
like annuities, are long term retirement vehicles that are designed
to generate income in the future. So remember that word
for retirement, because here's one of the keys. If you
take money out of an annuity prior to age fifty
nine and a half, you will pay up ten percent

(07:53):
penalty almost all of the time. And beyond that, if
you take money out before age fifve nine and a half,
not only would you pay the ten percent IRS penalty,
but if you take out too much, you might also
pay an early withdrawal surrender charge because most annuities also
have surrender periods where you can't take all of the
money out or move the money. So if you are

(08:15):
basically younger then call it fifty. You probably shouldn't be
messing around with annuities because if you put money in
at forty, you know you're not going to be able
to touch that till age sixty. Now, there's exceptions to
every rule. Obviously, if it's retirement money or if it's
designed for something specific that you're working out with your

(08:35):
financial planner. God bless you. We're not telling you you
can't do that, but just be cautious and always remember
annuities are kind of like pensions. They're long term retirement
vehicles that will generate income in the future.

Speaker 1 (08:48):
Talking this morning with CJ. Closs and Malia Quavis. They
are our retirement planning professionals from Class Financial.

Speaker 2 (08:53):
Learn more online. You can also listen back.

Speaker 1 (08:55):
To this in previous shows podcast subscribe as well at
Clossfinancial dot com. That's clause k l aa S Financial
dot com. Tellphen up for the office right here in
Madison six so eight four four two five six three
seven No charge for the national gets to Know You
appointment tech Claus Financial. It will be complimentary to you. So, Malia,
as we talk about some different types of annuity, what

(09:16):
are out there? What are some of those different areas
that folks need to be aware of?

Speaker 4 (09:21):
Jay said, I mean, these these annuities, the structure of
them certainly can be from A to Z and understanding
the complexity of what you have, I mean we could
probably pull a hundred of our clients who have purchased
annuities in the past from you know, various various banks
and so forth are insurance brokers, and they probably couldn't

(09:43):
tell you the inner workings of the annuity. And to
be honest, even though we interact with them, sometimes it's
really in the details. And so really understanding what you
have at bay there is super super important because you
want to understand what kind of flexibility do you have,
don't have, et cetera. So we're going to on a

(10:03):
high level tell you about two basic types of annuities,
and that would be first of all, deferred annuities and
deferred annuities that actually begins in the accumulation phase. So
what this means is that you're paying as the owner
a premium, you're adding after tax money into an annuity,

(10:23):
and then you're going to choose from available investment options.
So during this phase, this accumulation phase, those earnings typically
accumulate again, which is great. We like growth and that's
going to accumulate on a tax deferred basis. So that's
why people like these because they're like, Okay, I'm accumulating

(10:44):
some gain. I don't have to pay the taxes every year.
It's in this nice little wrapper. So that really is
you know, enticing for people, the owner has the flexibility
to start the distribution or what we call the income
phase later obviously retirement and coinciding with whatever retirement date

(11:04):
they have specified. So within that deferred annuity category, there's
two different types. There's fixed ones, and those fixed annuities
often offer a fixed rate of return for a specified
period of time, and you can select that time period
based on your investment horizon, so it could be a
five year, a seven year, a ten year, or whatever

(11:27):
might make sense for you, and also the amount that
your retirement income needs to be coming from that annuity.
And then there's also variable annudies. Those are very popular,
and within the variable annuities there's professionally managed investment options.
So this is where the clarity gets really muddy. People

(11:48):
think a variable annuity is strictly an investment vehicle, which
it can be, but the overall wrapper of it all
truly is there's an insurance component, so they are a
separate entity. Now, the value of a variable annuity contract
will fluctuate based on the performance of the underlying investment

(12:10):
options that you have chosen as the owner. Now on
top of those, you're going to have optional living benefit
writers that of course come at an additional cost, and
writers that provide perhaps guaranteed lifetime income. And this is
again where things get murky. You might receive a statement

(12:33):
showing a balance and that balance is fluctuating every month,
but within the annuity there's this guaranteed lifetime income. And
again it gets very complicated because people see the waves
of the amounts and they're like, but am I getting
my income? Is that going to continue? And quite honestly,
it is difficult to understand. So within the deferred annuity category,

(12:57):
we have fixed and variable. They're common. When we see
is called an immediate annuities so also known as a SPIA,
a single payment immediate annuity, and that one you basically
put money in and immediately it goes into the distribution phase.
And so you would put a lump sum payment in.
As I said, there's no accumulation phase, and your initial

(13:20):
withdrawal can start usually as early as thirty days, but
usually has to be taken within the first year. So
you might say, well, I need guaranteed income for the
next ten years. I want to buy a SPIA produce
what CJ's referred to as kind of like a pension
income situation and you know that you're going to have
that guarantee. Essentially, you're putting the money in and they're

(13:41):
going to give it right back to you in increments.
So these are two deferred and immediate annuities something to
kind of get a handle on. And within that mix
are the variable annuity products as well.

Speaker 1 (13:53):
So much stuff to know. As we talked this morning
with Malia Quavis and CJ. Closs, our retirement planning professionals
from Classial. You can get to know class Financial and
the team online Colossfinancial dot com. That's colss k l
a a S Financial dot com. Learn more about their
separate divisions. You can also sign up for the weekly
Market Pulse newsletter, all available to you at Cossfinancial dot com.

(14:15):
The telephone number six oh eight four four two five
six three seven, no charge for that initial gets to
know you appointment tech Loss Financial. It will be complementary
to you again their number six oh eight four four
two five six three seven. What about fees? We'll get
some of those details next as Money in Motion with
Coss Financial continues right here on thirteen ten.

Speaker 2 (14:33):
Wi B a.

Speaker 1 (14:38):
Talk this morning with our retirement planning professionals. CJ colossomlia Quavis.
Of course they come to us from COSS Financial the
website COSS financial dot com. That's COSS k l a A
S Financial dot com. Telephone number six oh eight four
four two five six three seven. No charge for the
initial get to know you appointment tech Loss Financial. It
will be complementary to you again their number six four

(15:00):
four two five six three seven. Talking about annuities this
weeknd CJ. Actually, excuse me, Malia, what are some of
the fees that we might find that are nestled within
these annuities.

Speaker 4 (15:13):
Yeah, unfortunately, nothing comes for free. We all learn that
at some point in our life, and so there could
be some disadvantages to annuities, such as high fees and
looking at limited liquidity. So in addition, these products, as
I said, are often complex, hard to understand, so we
say buyer beware, and that goes with everything. You want

(15:36):
to make sure you understand what you're dealing with. So
for starters, almost all annuities have commissions, which can be
anywhere from one to ten percent of the total value
of the contract, depending on the annuity type. Now, this
is where it gets confusing because oftentimes people are like, well,
I put in one hundred thousand, and you know I'm

(15:56):
going to get X amount of income from it, and
there's been there's you know, I'm not really seeing those
internal fees that that are specified are specified within the
contract because again it's in the details. So we want
to be the first to tell you the more complex
the annuity, often not always, but often the higher the commission,

(16:18):
because that commission is can be pretty hefty, and a
simpler and more straightforward the contract often the lower the commission.
So we're not we're not haters on people selling these
products because sometimes they can make sense. But please know
that there is an incentive a commission that's involved in
the sale of annuity. Now, again you don't see this

(16:38):
directly coming out of your investment when you write the check,
but you should be aware that that is an incentive
sometimes for a person that is selling it to you.
There's also trailing commissions oftentimes that go to the selling agent,
and those are paid every year by the contract. So
again nothing's free there. There usually comes a point where
you're going to see some sales charges coming out of

(17:00):
these contracts. Now, the big thing we want to point
out is surrender charges CJ touched upon this again. These
are supposed to be retirement vehicles, So if you opt
to pull your money out of an annuity within the
first several years after you buy it, you may pay
quite a penalty. And we've seen surrender charges typically running

(17:22):
about seven percent of your account value. There's usually a
declining balance over you know, it could be a ten
year or even a twenty year period of time. And
to be honest, we've seen people being sold annuities as
young as in their thirties and what do you know,
life changes, They need to get their money out and

(17:42):
they have this horrendous surrender charge to get their own
money out. So pay attention to if you're looking at these,
make sure your age appropriate, as he mentioned, because those
surrender charges. Again, to get my own money out and
I have to pay a twenty percent surrender that's ridiculous,
so just be careful with that. The next item is

(18:03):
really the high annual fees. So if you put money
into a variable annuity, you'll also encounter sometimes some high
annual expenses, so you'll have an annual insurance charge that
can run as much as one in a quarter percent.
You'll also have annual investment management fees. Those could range
anywhere from a half to two percent. And then there's

(18:23):
also those insurance writers we are speaking of. Could be
lifetime income or an enhanced depth benefit, could be a
multitude multitude of things that can add another half a
percent or more. So ultimately, if you add everything together,
we see these contracts being very, very hefty with their
expenses and it all adds up. So if you compare

(18:48):
the price of these types of insurance contracts to maybe
what you have invested in a mutual fund, you'll see
a significant, significant difference in the yearly am out your
pain on your mutual funds, et cetera. So just keep
that in mind. You want to see the whole picture,
understand what you're getting and and really the liquidity factor

(19:10):
is an important thing under standing surrender charges. Should you
need your money early.

Speaker 2 (19:14):
Know what to know it before you sign it.

Speaker 1 (19:15):
As we talked this morning with Malia Quavis and Cjloss,
our retirement planning professionals from Class Financial. The website class
financial dot com. That's Closs Klaas financial dot com. Great
website to learn more about the team at COSS Financial.
Their separativations also an opportunity to sign up for the
weekly Market Pulse newsletter that available to you at Coss
Financial their telephone number six oh eight four four two

(19:37):
five six three seven. No charge for that initial gets
to know You appointment at Loss Financial. It will be
complementary to you again that number six oh eight four
four two five six three seven. We'll take it down
the home stretch and do the loss quiz question the week.
We'll do that next as Money in Motion with Coss
Financial continues right here on thirteen ten, WIBI talking with

(19:59):
our retirement plan professionals from Coss Financial, Malia Quavis and CJ.

Speaker 2 (20:03):
Closs.

Speaker 1 (20:03):
The website it is Coss Financial dot com. That's Coss
k l a a s Financial dot com. Mention the
weekly Market Pulse newsletter. It's a great little weekly email,
a little snapshot of what's been going on in the markets.
Also a link to the most recent podcasts that available
to you for free at cossfinancial dot com. That's k
l a a s Financial dot com. Speaking of things
that are available to you. The telephone number six O

(20:25):
eight four four two five six three seven. Don't forget
no charge for that initial gets to know You conversation
that first deployment at COSS Financial will be complementary to you.
Again their number six oh eight four four two five,
six three seven. Talking this week about annuities, and we
can't talk can't talk anything about money without talking about taxes.

(20:46):
What do we need to know about taxes and annuities
and what happens then to deferred growth CJ.

Speaker 3 (20:52):
Yeah. So you can put different types of money into annuities.
So remember there's a difference between the structure of an
account versus the underlying investment. So when we talk about
when we talk about an annuity, that's a product type
that's not necessarily the exact tax structure. But annuities get

(21:15):
a little bit wonky when it comes to taxes because
I could take IRA money, So think I have an
old four one K, I roll it over to an
IRA and then I could buy an annuity with that
IRA and if I do that, well, then it's all
of the money is pre tax and then when I
pull it out in the future it's all taxable. That's fine.
Or I could take non retirement money, so think just
excess savings and go buy an annuity, and then when

(21:38):
I do that, the money that I put in there.
I've already paid tax on obviously, and the growth is
then tax deferred. I do not pay tax on the
growth until I go to pull it out. But that's
the key here, right. So Millia mentioned earlier and I
did as well, that you can't typically touch the growth
on these till fifty nine and a half for two reasons.
Because if it's IRA money, IRA money by definition can't

(22:01):
be touched till fifty nine and a half thout a penalty.
If it's not IRA money, then you can't pull out
the growth till age fifty nine and a half because
that's one of the stipulations that the IRS put onto
annuities when they said, hey, we're going to allow you
to get deferral of growth, they said, in exchange for
offering that to you, you know, general public, you can't

(22:21):
pull out that growth until you turn fifty nine and
a half, even though the money you put in there
was not a retirement was not retirement money. So that's
the trickiness of this. And then you think, well, gosh,
I have some after tax money, I have some growth,
and now I want to get my money out. What
kind of tax is it?

Speaker 1 (22:37):
Is it?

Speaker 3 (22:37):
Capital gains? Tax or income tax. It is ordinary income
tax on the growth. So listen, be careful with cashing
out annuities. If you're going to move non retirement also
known as non qualified annuity money around, you may want
to consider things called ten thirty five exchanges just to
avoid getting whacked on the taxes all out. As you

(22:59):
can tell, a big thing to be aware of is
just taxes on annuities, to be cautious.

Speaker 2 (23:04):
Talking this morning with the retirement planning professional CJ.

Speaker 1 (23:07):
Closs and Malia Quavis website Class Financial dot com that's Coss,
k l A A S Financial dot com and CJ.
I think the big question had the big take takeaway years,
when could an annuity make sense? And what happens to
the money if if I, when I ultimately when I pass.

Speaker 3 (23:24):
Yeah, so here's what I'd say to you again. I'm
gonna I'm gonna remain high level, which is what we
did at the at the onset here. Yes, annuities have
gotten a bad rap over the years for good reason.
Right commissions, surrender charges, complexity, taxes, all the stuff, right,
all all the things we just went over. However, at

(23:45):
their very basic level, if you buy the simplest form
of them. Think of this as like a fixed annuity
that's in deferral until you want to generate income in
the future. They're actually quite simple in concept. I give
money to an insurance company, it grows in deferral until
say sixty five when I retire, and then they pay

(24:07):
me back a lifetime income stream, just like a pension
would be. And as we all know, like again back
to you State of Wisconsin employees. By the way, we
work with a boatload of you, so we know your
plans quite well. As you all know, there's pros and
cons to that. Right, if I generate my WRSETF pension
in the future, the good news is I can generate
it from my lifetime maybe mine and my spouses. But

(24:30):
if we both die early, there's often you know, we
take a hit on the dollar amount. So there's pros
and cons to annuities and pensions. But what I'd say
is they are simple in their nature in that you
are taking a group insurance contract and guaranteeing a lifetime
income stream. That's the basis of what an annuity was

(24:50):
designed to do. It's when you get more complicated than that,
it's when you start saying well, I'm going to get
a variable annuity with an income writer, and I'm going
to get variable annuity that allows me to hedge certain
types of investments on the inside, or I'm going to
get a fifteen year locked in annuity. Listen, that's where
these things get complicated and why they have a bad rap,

(25:12):
because commissions get large, surrender charge periods get extended. And
so I guess the point of this whole show is
annuities could make sense. They absolutely could make sense for you,
your household, your family. But you just want to know
what kind of annuity you're getting, what the restrictions are,
and make sure that it meets your needs. So if

(25:33):
you're gonna go this direction, we would just say buyer beware.
Doesn't mean it's bad, just buyer beware and make sure
you're working with somebody you trust.

Speaker 1 (25:40):
Talking this morning with CJ. Closs and Mali Equavis and
CJ real Quick too, what happens if I pass? And
what about taxes on these?

Speaker 3 (25:46):
Yeah, so this I mentioned this briefly in this section before,
but so again, if I put non retirement money, what
we call non qualified money or after tax money into
an annuity, the growth is taxed fer so I put
one hundred grand in say rows to two hundred thousand
dollars over the course of the next you know, ten
years or whatever it is, I get tax deferred growth

(26:07):
on that. But then when I die and I give
that two hundred thousand dollars to my beneficiaries, they have
to pay income tax on that one hundred grand of growth.
Ouch right, ooh okay. It's kind of like taking after
tax money and almost turning a portion of it into
retirement money. Now they would have options for things called

(26:28):
stretch annuities, which is really great. You can stretch out
the deferral of that over your lifetime and just pay
little bits over over time. So again not a reason
to not buy one, but certainly just something to say, ooh,
if I'm inheriting a non qualified annuity again, like pause
and work with a good a good tax expert or
a good advisor who can give you a guidance on that.

Speaker 1 (26:50):
Talking this morning with our retirement planning professionals from Class Financial, CJ.
Closs and Malia Quavis. Learn more onlinethwebsite. Colssfinancial dot com
that's Coss Klaas Financial dot com. Get to know the
team at COSS Financial learn more about their separate divisions.
Also sign up for the weekly Market Pulse newsletter all
online at cossfinancial dot com. We'll also listen back to
this in previous shows podcast. It's a really good website again,

(27:12):
that's Cossfinancial dot Com. Teleph number six oh eight four
four two five six three seven. No charge for that
initial get to know your appointment at Coss Financial. It
will be complimentary to you again the number six oh
eight four four two five six three seven. You're also
going to want to hold on to that telephone number
because it's time now for the Class Quiz Question the Week.
It works like this, In just a moment, I will
ask you the class Quiz question the Week. You will

(27:32):
then have thirty minutes from the ter today's program to
call the Class Financial office right here in Madison at
six oh eight four four two five six three seven.
If you are the first cot correct answer, you win
this week's prize, which is a twenty five dollars gift
card to Red Robin. This week's Class Quiz question Week
is this what is the penalty amount for taking money
out of an annuity prior to age fifty nine?

Speaker 2 (27:55):
And a half.

Speaker 1 (27:56):
Is it ten percent or twenty percent? Telephone numbers eight four, four, two, five,
six three seven first cost correct answer when the twenty
five dollars kift cards to Red Robin dor forgot as well.
That's Coss Financial's office right here in Madison. That number
again six oh eight four four two five, six three
seven C. J. Maleia, It's always great chatting with both
of you.

Speaker 2 (28:15):
Guys. Have the most fantastic of days.

Speaker 4 (28:17):
Thanks Sean.

Speaker 2 (28:18):
Thanks Sean, Go to news next year.

Speaker 1 (28:20):
On thirteen ten WIBI, This is Money in Motion with
Coss Financial Asset Advisors, LLC, a registered investment advisor registered
with the SEC. The contents of this show are for
informational purposes only and should not be considered individual investment advice.
Class Financial does not offer tax or legal advice. Any
opinion offered during the course of this show is the

(28:42):
opinion of that particular investment advisor representative, and not necessarily
the opinion of Coss Financial. News comes your way next
right here on thirteen ten WIBA