Economic Update for the week of 1/20/2014

WEEKLY ECONOMIC UPDATE

WEEKLY QUOTE

“The friend who holds your hand and says the wrong thing is made of dearer stuff than the one who stays away.”

– Barbara Kingsolver

WEEKLY TIP

With a durable financial power of attorney, someone you trust can act on your behalf to manage your finances and investments if you cannot.

WEEKLY RIDDLE

Dave is at the hardware store to buy something for his house. Yesterday, he bought 1 for $1. The week before he bought 10 for $2 and his friend bought 100 for $3. Today he bought 907 for $3. If the prices haven’t changed, how is this possible?

Last week’s riddle:
David put on a white shirt with three large holes in it and went to the grocery store. No one gave him a funny look; no one objected to it. What kind of shirt was David wearing?

Last week’s answer:
A white T-shirt.

January 20, 2014

INFLATION RISES IN DECEMBER
Labor Department reports showed the Consumer Price Index up 0.3% last month (with core CPI rising 0.1%) and the Producer Price Index advancing 0.4% (core PPI went north 0.3%). If these spikes foreshadow greater inflation for 2014, they do little to alter the big picture of 2013 – a year in which consumer prices increased only 1.5% and wholesale prices rose just 1.2%. Annualized consumer inflation is beneath the Federal Reserve’s 2.0% target and hasn’t exceeded 2% for two years. The last two consecutive years in which consumer prices rose less than 2% were 1997-98.1,2

A MILD LIFT FOR RETAILERS
Economists polled by Briefing.com thought retail sales would be flat in December. They rose 0.2% instead (0.7% with auto buying factored out). The Census Bureau revised November’s 0.7% advance down to 0.4%.3

CONSUMER SENTIMENT MISSES EXPECTATIONS
The initial January consumer sentiment index from the University of Michigan took a major dip, dropping to 80.4 from the final December figure of 82.5. The consensus forecast of analysts surveyed by Briefing.com was for a much higher reading – 83.0.3

LESS GROUNDBREAKING AT YEAR’S END
This is hardly surprising given winter weather: the Census Bureau reported a 9.8% drop in housing starts for December, plus a 3.0% decline in building permits. For 2013, housing starts increased 18.3% and permits 17.5%.4

NASDAQ OUT OF THE RED YTD
Thanks to a 0.55% 5-day advance, the tech-heavy Nasdaq became the first of the big three to go positive so far for 2014. The Dow gained 0.13% last week; the S&P 500 retreated 0.20%. Friday, the indices settled as follows: DJIA, 16,458.56; NASDAQ, 4,197.58; S&P, 1,838.70.5

THIS WEEK: Monday is Martin Luther King, Jr. Day and U.S. stock and bond markets are closed; overseas, China’s government releases Q4 and 2013 GDP numbers. Tuesday brings earnings from Delta Airlines, Texas Instruments, Verizon, Halliburton, IBM, Johnson & Johnson, TD Ameritrade and The Travelers. More earnings reports arrive Wednesday from eBay, Logitech, Netflix and SanDisk, and the annual World Economic Forum begins in Switzerland. Thursday offers data on December existing home sales and initial jobless claims, Q4 results from Altera and Alaska Airlines and the Conference Board’s December leading indicators index. Friday, nothing major is scheduled.

% CHANGE

Y-T-D

1-YR CHG

5-YR AVG

10-YR AVG

DJIA

-0.71

+21.05

+19.75

+5.53

NASDAQ

+0.50

+33.85

+34.89

+9.61

S&P 500

-0.52

+24.16

+23.26

+6.13

REAL YIELD

1/17 RATE

1 YR AGO

5 YRS AGO

10 YRS AGO

10 YR TIPS

0.58%

-0.64%

1.81%

1.83%

 

Sources: USATODAY.com, bigcharts.com, treasury.gov – 1/17/146,7,8,9

Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly.

These returns do not include dividends.

 
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This material was prepared by MarketingLibrary.Net Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. Marketing Library.Net Inc. is not affiliated with any broker or brokerage firm that may be providing this information to you. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. The NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. It is not possible to invest directly in an index. NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange (the “NYSE”) and NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx®, and the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services. The New York Mercantile Exchange, Inc. (NYMEX) is the world’s largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals, with trading conducted through two divisions – the NYMEX Division, home to the energy, platinum, and palladium markets, and the COMEX Division, on which all other metals trade. Additional risks are associated with international investing, such as currency fluctuations, political and economic instability and differences in accounting standards. This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. Past performance is no guarantee of future results. Investments will fluctuate and when redeemed may be worth more or less than when originally invested. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. All economic and performance data is historical and not indicative of future results. Market indices discussed are unmanaged. Investors cannot invest in unmanaged indices. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional.

Citations.
1 – forbes.com/sites/kitconews/2014/01/16/subdued-inflation-offers-little-help-to-gold/ [1/16/14]
2 – investing.com/news/economic-indicators/u.s.-ppi-rises-0.4-in-december,-core-ppi-up-0.3-260436 [1/15/14]
3 – briefing.com/investor/calendars/economic/2014/01/13-17 [1/17/14]
4 – esa.doc.gov/economic-indicators/economic-indicators-6 [1/17/14]
5 – thestreet.com/story/12244254/1/markets-hustle-stocks-mixed-amid-lackluster-earnings.html [1/17/14]
6 – usatoday.com/money/markets/overview/ [1/17/14]
7 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=1%2F17%2F12&x=0&y=0 [1/17/14]
7 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=1%2F17%2F12&x=0&y=0 [1/17/14]
7 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=1%2F17%2F13&x=0&y=0 [1/17/14]
7 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=1%2F16%2F09&x=0&y=0 [1/17/14]
7 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=1%2F16%2F09&x=0&y=0 [1/17/14]
7 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=1%2F16%2F09&x=0&y=0 [1/17/14]
7 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=1%2F16%2F04&x=0&y=0 [1/17/14]
7 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=1%2F16%2F04&x=0&y=0 [1/17/14]
7 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=1%2F16%2F04&x=0&y=0 [1/17/14]
8 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield [1/17/14]
9 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll [1/17/14]

The Retirement Group is not affiliated with nor endorsed by fidelity.com, netbenefits.fidelity.com, hewitt.com, resources.hewitt.com, access.att.com, ING Retirement, ExxonMobil, Glaxosmithkline, AT&T, Qwest, Chevron, Hughes, Northrop Grumman, Raytheon, Merck, Pfizer, Verizon, Bank of America, Alcatel-Lucent or by your employer. We are an independent financial advisory group that specializes in transition planning and lump sum distribution. Please call our office at 800-900-5867 if you have additional questions or need help in the retirement planning process.

This material was prepared by Peter Montoya Inc, and does not necessarily represent the views of Albert Aizin, and The Retirement Group or FSC Financial Corp. This information should not be construed as investment advice. Neither the named Representatives nor Broker/Dealer gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. The publisher is not engaged in rendering legal, accounting or other professional services. If other expert assistance is needed, the reader is advised to engage the services of a competent professional. Please consult your Financial Advisor for further information or call 800-900-5867.

Albert Aizin is a Representative with FSC Securities and maybe reached at http://www.theretirementgroup.com.

 

 

Looking Back at 2013

How good a year was it for the economy? Statistics tell the tale.

Was 2013 a terrific year for stocks? Absolutely. The good news wasn’t limited to Wall Street, however: the unemployment rate fell, the economy revved up, home prices rose and inflation pressure was minimal.

Bulls triumphed. Christmas Eve brought the Dow’s 49th record close of 2013: 16,357.55. The S&P 500 settled at 1,833.32 on December 24 – a new all-time peak – while the NASDAQ ended the day at 4,155.42. The YTD gains on Christmas Eve were stunning: DJIA, 24.83%; S&P, 28.55%; NASDAQ, 37.62%. As you read this, these indices may have climbed even higher since.1,2 

GDP improved. Our economy expanded just 0.1% in the fourth quarter of 2012, but things got better in 2013. The Bureau of Economic Analysis measured GDP at 1.1% for Q1, 2.5% for Q2 and 4.1% for Q3.3  

The job market began to turn around. In November, the jobless rate hit a 5-year low of 7.0%. From August through November, non-farm payrolls grew by an average of 204,000 jobs per month, compared to average growth of 159,000 new jobs a month from April to July.4    

Homes grew more valuable. In late November, the September edition of the S&P/Case-Shiller Home Price Index showed a 13.3% year-over-year gain. Prices hadn’t risen so dramatically in a 12-month period since February 2006.5     

The Consumer Price Index barely rose. It was flat in November, and that put yearly consumer inflation at only 1.2%; the annualized gain in the core CPI was also minor at 1.7%. As recently as the summer of 2011, consumer inflation was approaching 4%.6 

The recovery seemed to acquire more momentum. After years of troubling economic developments, 2013 was refreshingly positive. If the economy hasn’t quite healed yet to where it was before the recession, indicators such as these suggest it won’t be long until that day.    

This material was prepared by MarketingLibrary.Net Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

    

Citations.

1 – foxbusiness.com/markets/2013/12/24/stock-futures-steady-ahead-durable-goods-data/ [12/24/13]

2 – usatoday.com/money/markets/overview/ [12/24/13]

3 – money.cnn.com/2013/12/20/news/economy/gdp-report/index.html [12/20/13]

4 – cbsnews.com/news/unemployment-rate-dips-to-7-percent/ [12/7/13]

5 – tinyurl.com/jvl25lh [11/26/13]

6 – marketwatch.com/story/consumer-prices-unchanged-in-november-2013-12-17 [12/17/13] 

Albert Aizin is a Representative with FSC Securities and may be reached at http://www.theretirementgroup.com. 

The Retirement Group is not affiliated with nor endorsed by fidelity.com, netbenefits.fidelity.com, hewitt.com, resources.hewitt.com, access.att.com, Qwest, Merck, Hughes, Bank of America, ExxonMobil, Glaxosmithkline, Verizon, Chevron, AT&T, Raytheon, Pfizer, ING Retirement, Northrop Grumman, Alcatel-Lucent or by your employer. We are an independent financial advisory group that specializes in transition planning and lump sum distribution. Please call our office at 800-900-5867 if you have additional questions or need help in the retirement planning process. 

This material was prepared by Peter Montoya Inc, and does not necessarily represent the views of Albert Aizin and The Retirement Group or FSC Financial Corp. This information should not be construed as investment advice. Neither the named Representatives nor Broker/Dealer gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. The publisher is not engaged in rendering legal, accounting or other professional services. If other expert assistance is needed, the reader is advised to engage the services of a competent professional. Please consult your Financial Advisor for further information or call 800-900-5867

 

 

 

 

Women and Money Paralysis

Not making a move may not be the best move to make.      

A decision not made may have financial consequences. There is an old belief that women are more cautious about money than men, and whether you believe that or not, both women and men may fall prey to a kind of money paralysis as they age – in which financial indecision is regarded as a form of “safety.”  

Retirement seems to heighten this tendency. If you are single, retired, and female, you may be extremely fearful of drawing down your retirement savings too soon; or investing in a way that would mean any kind of risk.

This is understandable: if you are over 80, you likely have memories of the Great Depression, and baby boomers have memories of the severe economic downturn of the late 2000s.

“Paralysis by analysis,” or simple hesitation, may cost you in the long run. Your retirement may last much longer than you presume it will – perhaps 30 or 40 years – and maintaining your standard of living will undeniably take some growth investing. As much as you may want to stay out of stocks and funds, they offer you a chance to out-earn inflation – a chance you forfeit at your financial peril.

Even minor inflation can subtly reduce your purchasing power over time. Of all the risks to quality of life in retirement, this is often the least noticed. Doing nothing about it – or investing in a way that avoids all or nearly all risk – may put you at greater and greater financial disadvantage as your retirement proceeds. 

Keeping a foot in the stock market – in whatever major or minor way you choose – allows your invested assets the potential to keep pace with or outpace inflation.

Retirement is the time to withdraw retirement assets. Some women (and men) are extremely reluctant to tap into their retirement nest eggs, even when the money has been set aside for years for a specific dream. Even though they have saved or dedicated, say, $20,000 for world travel, when retirement comes they may be skittish about actually using the money for that purpose. Buying a car to replace one that has been driven for 15 years, or remodeling part of the house to make it more livable after 70 or 80 may be viewed as extravagances. 

We cannot control how long we will live, how much money we will need in the future, or how well the economy will perform next year or ten years on. There comes a point where you must live for today. Pinching pennies in retirement with the idea that the great bulk of your savings is for “someday” can weigh on your psyche. What does your retirement dream amount to if you don’t start living it once you retire? 

If you fear outliving your money, remember that growth investing offers you the potential to generate a larger retirement fund for yourself. If you seek more retirement income, ask a financial professional about ways to arrange it – there are multiple ways to plan for it, and some that involve little risk to principal.

Don’t forget America’s built-in retirement insurance: Social Security. For every year you wait to claim Social Security benefits after your full retirement age (either 66 and 67 for most people) and age 70, your monthly payments grow by 8%. In contrast, if you start taking Social Security before your full retirement age, it will mean less SSI per month than if you had waited.1

The 4% rule may provide you with a guideline. For many years, some retirement planners have recommended that a retiree withdraw between 4-4.5% annually from savings. (This percentage is gradually adjusted north for inflation over the years.)2

The 4% rule is a worthwhile rule for many retirees, but it is hardly the only yardstick for retirement income withdrawals. At its Squared Away blog, the influential Center for Retirement Research at Boston College notes a study from one of its economists on this topic. It suggests an alternative – termed the RMD strategy – that mimics the Required Minimum Distributions the federal government requires from a traditional IRA after the original IRA owner enters his or her seventies. In this withdrawal strategy, you start withdrawing only 3.1% of your retirement assets at age 65, which climbs to 4.4% at 75 and then 6.8% by 85. (That is just withdrawal off of principal; interest and dividends can be added to that to give you more income.)2   

Are you wondering just how much money to live on in retirement? Are you also wondering how your retirement savings and income may grow? Talk with a financial professional about your options – you may have many more than you initially assume. A practical outlook on investing and decisions to work longer or claim Social Security later can also potentially help you amass or receive more money for the years ahead. 

This material was prepared by MarketingLibrary.Net Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment. 

Citations.

1 – forbes.com/sites/nextavenue/2013/08/22/5-cures-for-womens-retirement-spending-paralysis/ [8/22/13]

2 – squaredawayblog.bc.edu/squared-away/retiree-paralysis-can-i-spend-my-money/ [7/11/13]

Albert Aizin is a Representative with FSC Securities and may be reached at http://www.theretirementgroup.com. 

The Retirement Group is not affiliated with nor endorsed by fidelity.com, netbenefits.fidelity.com, hewitt.com, resources.hewitt.com, access.att.com, Verizon, Merck, Glaxosmithkline, Bank of America, Chevron, Hughes, Qwest, ExxonMobil, AT&T, Raytheon, Pfizer, ING Retirement, Northrop Grumman, Alcatel-Lucent or by your employer. We are an independent financial advisory group that specializes in transition planning and lump sum distribution. Please call our office at 800-900-5867 if you have additional questions or need help in the retirement planning process. 

 

This material was prepared by Peter Montoya Inc, and does not necessarily represent the views of Albert Aizin and The Retirement Group or FSC Financial Corp. This information should not be construed as investment advice. Neither the named Representatives nor Broker/Dealer gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. The publisher is not engaged in rendering legal, accounting or other professional services. If other expert assistance is needed, the reader is advised to engage the services of a competent professional. Please consult your Financial Advisor for further information or call 800-900-5867. 

Rules changes for IRAs, 401(k)s & other savings vehicles

IRS Retirement Plan Adjustments for 2014

Rules changes for IRAs, 401(k)s & other savings vehicles.

 

The IRS has made minor adjustments to retirement plan limitations for 2014. As inflation has been tame in 2013, these COLAs aren’t dramatic; as a result, some retirement plans won’t see any next year. Here is a roundup of the changes for 2014.

IRAs. Not much change here: the 2014 contribution limit is still set at $5,500, with an additional $1,000 catch-up contribution permitted for those 50 and older.1

The AGI phase-out ranges affecting your ability to deduct traditional IRA contributions have been slightly adjusted north: 

* Single & head-of-household filers covered by a workplace retirement plan: $60,001-70,000

* Married filing jointly, you contribute to a workplace retirement plan: $96,001-116,000

* Married filing jointly, spouse contributes to workplace plan, you don’t: $181,001-191,000. 1,2

The limits on eligibility to make Roth IRA contributions have been adjusted. You can make a full Roth contribution in 2014 if your adjusted gross income does not exceed these limits:

* Single & head-of-household filers: $114,000 (phase-out range is $114,001-129,000)

* Married filing jointly: $181,000 (phase-out range is $181,001-191,000) 1,3

  

401(k)s, 403(b)s, most 457 plans & the federal Thrift Savings Plan. Contribution limits on these plans are unchanged for 2014. You will be able to put up to $17,500 in these accounts next year if you are younger than 50, and $23,000 if you are 50 or older (thanks to the catch-up contribution).2,4

 

If you participate in more than one of these defined contribution retirement plans – for example, you contribute to a 401(k) and a 403(b), or two 401(k)s – you should know that the total contribution limit for both employee and employer contributions across all such accounts in 2014 is the lesser of: a) 100% of your compensation, b) $52,000 if you are younger than 50, or c) $57,500 if you are 50 or older.5

With regard to 401(k)s, the above limits apply to both traditional and “safe harbor” versions.5

 

SEP & Simple plans. In 2014, the maximum allowable compensation used in the calculation of SEP-IRA contributions increases $5,000 to $260,000. The threshold for an employee to be included in a SEP plan remains at $550 for 2014 (that is, an employee is eligible if he or she receives at least $550 in compensation from your business for the year). SIMPLE plans see no changes to contribution limits next year: the maximum plan contribution remains at $12,000 for 2014, with catch-up contributions still limited at $2,500.2,6

 

Profit-sharing plans. The 2014 deferral limit is $17,500, the catch-up contribution limit is $2,500, the compensation limitation is $260,000, and the maximum contribution amount across multiple plans is the lesser of a) 100% of your compensation, b) $52,000 if you are younger than 50, or c) $57,500 if you are 50 or older.4,5

ESOPs. Next year, the dollar amount used to figure out the maximum account balance in an ESOP subject to a 5-year distribution period increases by $15,000 to $1,050,000. There is also a $5,000 rise in the dollar amount used to determine the lengthening of the 5-year distribution period – it is $210,000 in 2014.2,4

The dollar limitation used to define a key employee in a top-heavy plan increases. This limit was set at $165,000 for 2013. Next year, it rises to $170,000.2,4

 

Income limits for the saver’s credit are slightly increasing. This federal tax credit is offered to low-income and middle-income workers saving for retirement. In 2014, you will be eligible for the credit if your AGI doesn’t exceed these thresholds:

* Married filing jointly: $60,000

* Head of household: $45,000

* Married filing separately & single filers: $30,000 3

Keep these retirement plan adjustments in mind as you think about your financial moves for 2014.

This material was prepared by MarketingLibrary.Net Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

Citations.

1 – bankrate.com/financing/retirement/new-irs-rules-for-retirement-plans/ [11/1/13]

2 – irs.gov/Retirement-Plans/COLA-Increases-for-Dollar-Limitations-on-Benefits-and-Contributions [10/31/13]

3 – blogs.marketwatch.com/encore/2013/10/31/irs-releases-2014-limits-for-401ks-iras/ [10/31/13]

4 – irs.gov/uac/IRS-Announces-2014-Pension-Plan-Limitations;-Taxpayers-May-Contribute-up-to-$17,500-to-their-401%28k%29-plans-in-2014 [11/4/13]

5 – irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics—401%28k%29-and-Profit-Sharing-Plan-Contribution-Limits [11/1/13]

6 – irs.gov/Retirement-Plans/Retirement-Plans-FAQs-regarding-SEPs-Participation [2/13/13]

 

The Retirement Group is not affiliated with nor endorsed by fidelity.com, netbenefits.fidelity.com, hewitt.com, resources.hewitt.com, access.att.com, ING Retirement, Raytheon, ExxonMobil, AT&T, Qwest, Chevron, Hughes, Northrop Grumman, Glaxosmithkline, Merck, Pfizer, Verizon, Bank of America, Alcatel-Lucent or by your employer. We are an independent financial advisory group that specializes in transition planning and lump sum distribution. Please call our office at 800-900-5867 if you have additional questions or need help in the retirement planning process.

This material was prepared by Peter Montoya Inc, and does not necessarily represent the views of Albert Aizin, and The Retirement Group or FSC Financial Corp. This information should not be construed as investment advice. Neither the named Representatives nor Broker/Dealer gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. The publisher is not engaged in rendering legal, accounting or other professional services. If other expert assistance is needed, the reader is advised to engage the services of a competent professional. Please consult your Financial Advisor for further information or call 800-900-5867.

Albert Aizin is a Representative with FSC Securities and maybe reached at http://www.theretirementgroup.com.