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Transcript
Zach:
You’re listening to Retirement Today. I’m your co-host Zach Holcomb, and alongside me, we have Michael Reese, founder and president of Centennial Advisors headquartered right here in beautiful Austin, Texas. Mike, how are you this evening?
Mike:
Oh, doing great as always, we’re rocking and rolling. And I know we’ve got an awesome show this week, right? Because we’re going to be talking about complete retirement planning aren’t we?
Zach:
And you’ve got some stories, I think you want to share with our listeners. Some things you’ve told me recently that you’ve been hearing about people that think they have a complete retirement plan, but do they really,
Mike:
Anytime something comes up like three times, I know it’s time to talk about it.
Zach:
Right,
Mike:
Right. So I had almost the exact same conversation happen three different times.
Zach:
Okay.
Mike:
So on three separate occasions. I had bumped into some friends once at the golf course, football game, restaurant, and I just, you know, Hey, how are you doing? What’s going on? And three times I heard this well actually I’ve decided to retire.
Zach:
Oh, exciting.
Mike:
And I said, oh, that’s fantastic. Tell me more. Well, my advisor, I sat down my advisor and you know, I’ve got enough money now. So it looks like it should work. And which is great. Right. I love it. When people hit that moment of freedom. I mean, think about it. What’s our role, our job on the show. What do we want? We want to help you make those great financial decisions because we want you to enjoy financial prosperity.
Mike:
Here we have three people. I spoke to three friends who have all hit the same point, right. By the way, as an aside, if you’re a friend and you’re listening here and you haven’t talked to me about this stuff, you probably should do it. Right. I mean, because here’s in all three cases, I said, you know, that’s fantastic. Tell me more. Right. And I heard in all three cases, something that went, you know, a conversation with something like this, Zach, they said, they said, well, you know, I sat down my advisor, we’re kind of going over the numbers. You know, I was, I was thinking, I’d like to retire soon. We were going over the numbers. And every one of them said that, yo, yeah, you’ve got enough money. And so I started asking questions like, oh cool. So I’m curious. So, so, you know, as you know, I do this and I, you know, we have all these ways, we do things, but I’m curious, what did your advisor, you know, what was the plan that they gave you for replacing your paycheck, Mike?
Mike:
Which of your accounts are you going to pull from and, and how you restructuring your money. I’m just curious. How, how did they have you restructure your money? Retirement is a fundamental shift in life. So how did they have you restructure your accounts to reflect that it’s a fundamental shift? Oh, it’s no big deal. Actually we made a few little adjustments. They said, actually, we’re actually really good shape here. We don’t really have to do anything. Instead of adding may, we’re just going to start taking money out on a regular basis.
Zach:
Basically told them yeah, plenty of money. Don’t even have to worry about it.
Mike:
That’s exactly what they said.
Zach:
That’s something we hear all the time too.
Mike:
Yeah. And so, Hey, we’re fine. Don’t worry about it. I said, well, wait a minute. Do you know how much in dividends and interest your portfolio is generating?
Mike:
I mean, usually these days it’s like 1%, you know, if you have a million dollars, that’s only $10,000 a year. I mean, normally we have to make some pretty significant changes here to reflect that we’re paying money out instead of taking money in, they didn’t really make any, now they didn’t make serious changes like, huh. Well, how about this? Taxes are going to probably be a big deal, right? I mean is a lot of your money in like your 401k IRA. Oh yeah. That’s where a lot of my money is. Okay. What out of curiosity, what can you do differently from a tax planning perspective? Well, what do you think? They said, well, we haven’t had that conversation yet. We don’t really talk about taxes. Right. Well, okay. And you know, it’s like, there’s all excited, so I don’t want to like bring him down.
Mike:
Let’s at this point I started thinking maybe I should stop asking questions.
Zach:
Right. You’re digging a deep hole here.
Mike:
But then I had to ask one more question. Right. And I said, okay, so what about like, you know, your health care later on? Like, I’m sure you’re using Cobra now, but you know, you’re going to need the healthcare marketplace or something before you turn 65 and then you’re going to Medicare. And then what about like, long-term care? I’m sure. I mean, did you guys talk about that? And they said,
Zach:
No,
Mike:
No. I would encourage you, you know, just ask your advisor about those things. Like, wait a minute, how are we actually going to make this money last? You know, how are we going to manage taxation? You know, what are we gonna do about healthcare? I just asked him. And by the way, if, if you’re not getting answers that you like, you’re always welcome to give me a shout.
Mike:
I’m happy to sit down with you for free to help you out. But but I am excited for you, right? You might be sitting there thinking to yourself ‘yeah, my advisor said I can retire. I’m fine. I have nothing to worry about.’. I’m good. I can retire. Yay. Everything’s you know, peaches and cream, right. As they say. So what I want to talk about tonight, we’re going to talk about these three areas, right? We’re going to hit them one by one, but we’re going to talk about if your advisor says you’re good to retire, let’s talk about the three questions that you better have answered by your advisor. It is not your job to bring this up. This is your advisor’s job. They’re the ones are getting paid here. So I want you to think if you have an advisor that tells you, Hey, you’re good, you’ve got enough money to retire.
Mike:
I want you to think to yourself, have they have they brought up how you’re going to have to significantly change your portfolio to reflect that you’re going to be taking money out. Have they brought that up? Have they brought up what you’re going to do about tax planning? You know how you’re going to handle taxes in retirement? Have they brought up how you’re going to handle healthcare expenses in retirement? Because here’s reality. They don’t most financial advisors. They don’t want to talk about that because they don’t make any money there. They don’t want to talk about it. And let’s be honest. They also don’t really know much about it. And it’s hard work, but it is their job, right? It is their job. And if they’re not bringing it up, maybe it’s time for you to get a second opinion because you want to make sure when you retire, if you are going to retire that you retire right the first time, right?
Mike:
We don’t want to have to retire a second time unless it’s by choice. So one of the ways that we make this super easy for you. So we have a free offer here. Let’s say you’re in that position, right? I’m going to tell you that you should be calling us to get a free, prosperity planning, blueprint. So this is what we’ve done is we’ve tried to figure out like, what is the easiest way for you to know that you’re making the right financial choices, especially if you’re facing retirement, what’s the easiest way. And we brought it down to one page on one page, we help you say, Hey, is your money structured the right way? Can you replace your paycheck comfortably? And what are you gonna do about taxes, right? We’re going to hit those three. And if you’re facing retirement, this is a free service. It’s customized to you. It provides the easiest path to financial prosperity. You got to take advantage of it. This is the time. Zach, In order to do that, what do they have to do
Zach:
Oh, Mike, it’s super easy. All you have to do is give us a call at (512) 886-5850. Again, that number is (512) 886-5850.
Mike:
Give us a call. Get your prosperity planning blueprint done. And we will see you on the other side.
Mike:
This is awesome. You have enough money to retire, but what you need to recognize is that retirement is a fundamental shift in life. While you’re working, you are adding money to the pot. You’re adding money to your savings. It’s kind of like if you’re in a sailboat, the wind is at your back. Now sometimes the, if you’re on the ocean, you know, the waves are rougher because there’s a storm. Maybe they’re smoother because you know, times are easy, but the wind is at your back, right? Everything, you know, you’re adding money into the pot. It everything’s a lot easier.
Zach:
It’s the accumulation phase. We’re just putting it away.
Mike:
Growth and accumulation. But this is what your advisor needs to tell you. They need to say ‘But now that you’re retiring or you’re thinking about retiring either one, we have to start to make some fundamental changes in how we manage your money.’
Mike:
We’ve got to manage money very differently because instead of adding money to the pot, what do you think is happening now?
Zach:
Well, we got to take some of that money out.
Mike:
We got to take money out. It is though the wind has shifted. You are in a sailboat. The wind has shifted 180 degrees. The wind was at your back. Now suddenly it’s facing you. Again, it is not your responsibility to ask it is their responsibility to bring it up and tell you, because again, you’re paying them not the other way around, right? Nothing drives me crazier than when someone comes in. And I say, you know, what is your advisor say about this and their response is? ‘Well, I haven’t asked them.’ Well, who cares if you’ve asked them or not? It doesn’t matter, right? It’s not your job to ask them, it’s their responsibility, not yours.
Mike:
Okay. So step one, they should be having that conversation, right? Here’s another red flag. Let’s say they bring up that conversation and they say, now here’s what we’re going to do. We’re going to invest your money in a balanced portfolio. You know, roughly 60% stocks, 40% bonds or something like that. And we’re just going to take regular systematic withdrawals. And those withdrawals might be around 4% perhaps. Right? So that’s called the old 4% rule in our industry. So if you have a million dollars, that’s 40,000 a year, they say, we’re just going to invest in a balanced portfolio. And we’re just going to yank out 40 grand a year, pay it to you monthly. That’s it. That’s what we’re going to do. Zach, why is that a red flag, do you think?
Zach:
Because that’s not a plan.
Mike:
So by the way, this is something that came up in the financial industry back in the mid nineties.
Mike:
We’re talking at this point 25 years ago. So 25. Think about the stock market in the mid nineties, by the way, we had the eighties and the nineties, 20 years of a bull market run. And back then, these guys were looking at past performance, these, these different you know, financial analysts. And they’re saying, Hey, you know, because, and that’s when people were starting to retire, right? And they’re starting to worry about longevity and how long am I going to live? And they did this back test. And they said, no. If we just do a balanced portfolio and we take out 4% each year and adjusted for inflation, we’re golden, this works.
Zach:
Money will last clients happy.
Mike:
This is awesome. Everybody’s happy. We’re happy. We know how to set up the portfolio. The clients are happy. Everything is awesome.
Zach:
We can’t lose.
New Speaker:
See here’s what happened.
Mike:
People took that approach in the late nineties and then 2000 hit, which was the dot com crash closely followed by 9/11. The stock market lost half of its value over a period of like three years. And if you were in the NASDAQ, you lost up to 80% over a couple of years, all these models that were built on past performance suddenly collapsed. In addition to that guess what happened to interest rates? Well, interest rates started going down and then 2008 hit and everything collapsed again, and interest rates went down to about nothing. So in 2013, so, so here we are in the mid nineties, this idea just build a diversified portfolio. Pull 4% systematically. That happened in the mid nineties. 20 years later, roughly in 2013, Morningstar said, you know, maybe we should like revisit that. Cause this is what all the big firms are doing.
Mike:
They’re all doing this 4% rule thing. And you know what they learned. They said, if you follow this approach, you might as well flip a coin. Heads, congratulations, your money lasts for your retirement. Tails, oh, you run out of money. You got to go back to work.
New Zach know, I prefer my retirement not to be left to a flip of a coin.
Mike:
Well, that’s what it is. And they said, well, how much can you take out? It was like 2.8%. It’s like some really small number. Right. You know, I was on Vanguard on their website the other day. And you know, and I was on Fidelity’s website the other day. And I started typing in, what if I were retiring today? What advice would they give? And when you type it in and you kind of do their planning that they provide online, guess what they recommend? You should use about a 60/40 portfolio in retirement and just withdraw.
Mike:
How much do you think?
Zach:
4%?
Mike:
Yeah. And then I had a couple of people come in recently. They, I talked to, they were working with some of these big firms. Right. And they’re getting ready to retire. What do you think the big firms were recommending?
Zach:
Same exact thing.
Mike:
Same thing, bounce portfolio. 4%. It’s like, it’s like the financial industry doesn’t learn.
Zach:
Nothing’s changed.
Mike:
They’re a bunch or mor- I almost said a word shouldn’t have said it. I just what is it? I just beeped myself. Beep don’t say that Mike, they’re a bunch of dummies, right? It’s like, they don’t learn. It’s like, they don’t care. That’s not good enough. You need to have a better plan. And that brings up our blueprint. Right? One of the things that we do for you, let’s say you’re in that position. You’re saying I plan on retiring in the very near future.
Mike:
Maybe it’s in a couple of years, you know, if you’re within 10 years of retirement, you’re going to want to give us a call. You want to get this personalized prosperity planning, blueprint we’ve developed. It is the easiest way for you to make sure that you have a complete retirement plan, a plan that not only make sure that you’re investing your money properly, but you’re also making great choices with your taxes. I’m going to talk about that one before the show’s over. Right. And it makes sure that you’ve got that paycheck replacement, planning, like all of the decisions that you have to make that you have to get, right? We’ve got it on one page. As they say, easy peasy. All you got to do is call us. It’s after hours, so you’re going to get our answering service, but give us a call. Let’s set up a quick 15 minute conversation with the team and let’s see if we can help you make this easy. Zach, all they gotta do is dial a phone number here, right?
Zach:
Yep. It’s easy Mike. It’s (512) 886-5850. Again, that number is (512) 886-5850. Now don’t go anywhere. You’re going to want to stick around for our next segment. When we’re going to tell you how you need to get your taxes right in retirement, we’ll be right back.
Zach:
Today’s show, we’re talking all about what it means to have the complete retirement plan. And if you have any questions about the things we’re talking about today throughout the program, you can always give us a call at (512) 886-5850. Now remember it is after hours, you’re going to get connected to our answering service and you can schedule a quick 15 minute call with our team. We’d love to help get your retirement questions answered. All right, Mike, I know you’re really excited for the segment cause we’re talking about your favorite topic. Sometimes. It’s your favorite topic
Mike:
We’re talking about taxes?
Zach:
We’re talking about taxes.
Mike:
By the way when you were talking about our phone number. I was just thinking we got to get a jingle for that, right? Like 5, 1, 2. And that’s why I don’t sing.
Zach:
We’ve got the jingle right there.
Mike:
Anyway, there we go. So let’s talk about taxes, right? So in relation to today’s conversation, right? So one of the things, so again, going back, what started this whole conversation today? Three friends, three different venues, all telling me they’re excited, they’re retiring. And I made the mistake of asking them a couple of questions. And one of the questions I asked them was, well you know, is, you know, is a lot of your money in your 401k IRA. Yes. What is your advisor telling you to do about taxes? Because that’s going to be a big deal and each time the answer was, that’s not something we’ve really talked about.
Mike:
Yeah. Well, yeah. It’s like we haven’t talked about it yet, right? I say, well, make sure you talk to them about it. That’s going to be a big thing, knowing darn well, I know when I say that, that their advisors don’t know anything about taxes because 99% of advisors, that is not a scientific study that I have backed by data. But in my experience, right, they are not as knowledgeable about tax planning as they should be. And the reasons are very simple. Number one, if they work at a really big company that big company’s compliance department does not want those advisors talking about taxes because they don’t get paid to do that. And it opens up a can of liability risk. Right? Right. So like if you work at a big company, Merrill Lynch, Wells Fargo, American express, you know, you name it big company.
Mike:
If an advisor works at a big company, the powers that be at those large companies say guys, gals advisors, you are not to talk about tax planning because that’s not what you do. That’s not what you get paid to. Do. You are there quite frankly, investment advisors, they’re not financial planners. They’re investment advice. I don’t care what they call them. Like they love to give them names. Like you are a financial planner. Are you really, when you can’t talk about taxes, right? I mean, come on. But there are some of us, you know, nerds out there. My kids call me a nerd all the time. Why can’t I call myself? I guess I am. There are some of us out there who are a bit nerdy who actually get excited about helping our clients do tax planning, because if you do it right, you could save up boatload.
Mike:
And I mean a boatload of taxes over time. So let me give you a little example of what I’m talking about. And I’m just going to use a million dollars as a number because it’s a round number. Sure. Let’s imagine that you’re getting ready to retire. You’re in your early sixties and you’ve got a million dollars in your 401k or your IRA money that has never been taxed. And you go into retirement and you want to live on, oh, I don’t know, maybe 8,000 a month, right? Something like that. Seven, 8,000 a month, maybe 10,000, somewhere in that range. This is not super rich living by the way. Right? For a lot of people, you know, a hundred grand a year in Austin, Texas, for both husband and wife working or one spouse working, that’s not crazy money. Right? So let’s imagine you retire somewhere around a hundred grand a year.
Mike:
And you’ve got income from social security income from your 401k income from maybe a rental unit that you might have. Maybe you’ve got a pension who knows, but when you all added up, it’s about a hundred K say, yup. And you’re going to live a 30 year retirement. It’s crazy because if you do the math very often, you find that, and this is during the current tax code. If taxes go up, Hey, it’s going to be more, it’s very common. You sit back. If you add up all the taxes, you’re gonna pay over your 30 year retirement. It’s very common. You sit there and like, holy cow, I’m projected to give the IRS like $1.7 million or something. It’s a lot. And it might be less. It might be more depending on your situation. Right? But I see those kinds of numbers all the time. So like I’m retiring with a million or maybe it’s this number, Hey, I’m retiring with a million dollars in my 401k. And over the next 30 years, I’m going to have to give the IRS 1.3 million. We see that happen a lot.
Mike:
That’s what happens when you ignore tax planning, when you do conventional wisdom, you just kind of to say, yeah, I can retire. I’ve got enough money and I’m going to ignore tax planning. Sure. Now, alternatively, these very same people where if they actually pay attention to tax planning, where we sit down and we start asking questions like, well, gee, should we start? What if we maybe move some money to a Roth IRA now? And instead of wait to pay tax later on, what if we said, no, we want to pay some tax now in order to maybe save some tax later on what would happen then? And in cases like that, where we start running the analysis, it’s very common where, oh, look, instead of paying the IRS 1.3 million over your retirement years, maybe you only pay them like 600,000. Hey, you still got to pay him something.
Mike:
Right. But maybe you only pay him 600,000. And that would mean what? That $700,000 that does not go to the IRS. So Zach, if it doesn’t go to the IRS, where does it go? It goes right back in my wallet. It goes in your pocket. So the question is, is tax planning beneficial? A hundred percent. Yeah. So often people just ignore it by talking to a financial advisor. I a true financial planner, someone who does complete financial planning, which includes everything and we’re out there, you know, maybe you talk to us or somebody else, but talk to somebody that does complete planning, by the way, if you’re sitting there and you say nobody’s ever talked to me about tax planning, then here’s what you need to do. You need to pick up the phone, you need to call us. And when you call us, we will put together for you, a personalized, prosperity planning, blueprint. It is a one-page piece of paper. It is the easiest way to get all your financial planning questions, right? To get your financial ducks in a row so that, you know, you’re making the right choices with your prosperity sack. How do our listeners get this free prosperity plan blueprint? Mike, it’s super easy. All they have to do is give us a call at
Zach:
(512) 886-5850. Again, that number is 5 1 2 8, 8, 6 58 50.
Mike:
And then when we returned from the break, we’re going to talk all about healthcare planning. You don’t want to miss out. We’ll be right back.
Mike:
When it comes to retirement, you can’t just manage money. You can’t keep doing what you’ve been doing because as they famously say, someone famously said this, I don’t know who, but what got you. There will not get you to the next place. You know, what got you to where you are today? When it comes to retirement planning, the types of strategies that got you to where you are today, growth and accumulation strategies. They are not the strategies that you need to get you through retirement. And you have to think about managing your money differently. You’ve got to think about taxes and let’s talk a little bit about healthcare, right? And by the way, Zach, I know if people have questions throughout the show, they’re supposed to call the number here.
Zach:
Yeah. They can always reach out to us 5 1, 2 8, 8, 6 58, 50 it’s after hours bikes. So we’ll get our answering service, but we’ll set up a quick conversation with our team when we’re open. And we can answer any questions that you have. Yes.
Mike:
So any questions, let us know. I mean, we, we would love to help answer your questions. So if you have a question, call that number and we’ll get them answered. So let’s talk a little bit about healthcare. So let’s imagine the following scenario. So I had this come up just a couple of weeks ago. So we’ll use it as our example, the husband is 61. The wife is 59 and he is looking at a buyout package. His companies they’re looking at saying, okay, it’s getting closer to the end of the year. We’re going to start doing buyout packages for those people that maybe want to retire a little early. And he said, Hey, I’ve enlisted you guys on the radio. And you know, I’m getting this buyout package. I would, you know, could you talk to me to see if it’s something I should accept or not?
Mike:
So he had a lot of questions, things like, how do I manage? Hey, if I stop working, how am I going to replace my income? You know, how do I know my money’s going to last? You know, should I take this package? And one of his questions had to do with healthcare, right? Because the way it worked was the company said, we will pay, you know, we’ll pay for your Cobra, which is a year and a half of healthcare. Now, the way it works, if you work for a large company, which most people do when you retire, your company has to give you Cobra. If you’re under the age of 65, what is Cobra? Cobra’s basically, they say, you can continue the health insurance that you have for the next 18 months, but you have to pay for it. Now in this particular bio package, the company said, we’ll pay for it, you know, as an incentive, right.
Mike:
As one of the incentives. And, but his deal was, remember he was how old 61, his wife was 59, his wife wasn’t working. So he’s like, Hey, if I take this deal, this is great for the next year and a half. But then I’m 62 and a half. She’s 60 and a half. We’re not on Medicare yet. Cause that doesn’t kick in until 65. What do we do? What do we do? We say, okay, you go for a year and a half on Cobra. They pay for it. That’s a no brainer. So what do you do in this case, John and Mary, when you are 62 and a half and Mary’s 60 and a half, what do you do? Well, what you do is you go to healthcare.gov and you go to the marketplace and you start looking and you just start comparing all these different health insurance plans.
Mike:
Well, what’s that going to cost? Well, it’s going to depend, right? But don’t be surprised if you’re a couple in your early sixties, it could easily cost you gosh, thousand bucks a month, $1,200 a month. That could cost. I mean, that’s a serious number, right. But it’s not 3000 or 4,000 a month. It’s you know, 1,012 hundred a month. And it’s only until Medicare kicks in. Right. Cause here’s what happens next. So let’s say so in his case, right. We just had to plug those numbers in. I think it was 1200 for them and we plugged in the numbers. Right. And we said, okay, here’s, let’s add that as an additional expense until you hit Medicare, then once, how would you have to be to hit Medicare 65, right? Yep. So when your Medicare like, well, what is he’s like, okay, well what’s going to cost me then.
Mike:
Well, here’s how Medicare works today. Base rate of Medicare, basically 150 bucks a month part, a free part B 150 a month. I think it’s officially 1 48 and 50 cents. I’m going to call it one 50, close enough, right? 150 bucks a month. That’s Medicare part a and B. But then, you know, most people, they have to go out and get what’s called a Medigap or a supplement. And that’s saying another a hundred bucks a month. And then they get a drug plan. Maybe that’s 30 bucks a month. You add it all up. You’re at about somewhere less than $300 a month per person sure. Is where you’re at. So like, okay, I go from now, now remember his wife in this example, a couple years younger. So, you know, when they, when he turned 65, their health insurance premiums will be reduced because his portion gets reduced. And then when she turned 65, they’re down about 600 bucks a month, total, but heads up Medicare, the premiums for Medicare are based upon how much money you make for a married couple. If your AGI is over 176,000, you start paying more for your Medicare and for single people, it’s only 88, pretty
Zach:
Easy to cross that 88, if you’re single.
Mike:
Yeah. And or if you’re doing Roth conversions because they count or what if you sell some property for big capital gain, it counts. So you always have to watch that, you know, whenever you’re doing your planning, remember when you’re on Medicare, basically Medicare plus your supplements are going to be about 300 a month per person. But if your income shoots up, for some reason, you sold some property for capital gain, you’ve got Roth conversions, whatever it is, your premiums could go up. Yep. And by the way, none of that covers long-term care. And I don’t have time to even go into that. So the point is, there’s a lot of issues with healthcare. You’ve got to resolve and you’ve got to incorporate them in your planning. And you want to make sure you’re working with an advisor that does complete financial planning, complete means it’s not just about investments.
Mike:
It’s also making sure that your taxes are right, that your healthcare is right. Hey, it’s also making sure that you’ve got your estate planning up to snuff, right? It’s all that stuff. And one of the things we’ve done to make it easy for you. So I want to make it easy for you to have a complete financial plan, to make sure that your I’s are dotted, your T’s are crossed, so you’re not missing anything. And the way we’ve done that, the easiest way to have a complete financial plan is just get our one page blueprint. It’s a one-page prosperity planning, blueprint. It is customized to your unique circumstances. And what’s a cost sack. It’s free. It’s free. Like how do you not do this? I’m trying to make this a no-brainer for you all you gotta do to get it. You just, here’s how it works.
Mike:
You call the number. That’s actually going to give you an a minute it’s after hours. So you set up like a 15 minute discussion with one of the advisors here in the office. And in 15 minutes they say, Hey, tell me a little bit about your situation. And you tell them, and they say, okay, based on your situation, here’s we need these documents from you. They might even set up another meeting to learn even more and they help walk you through the process. It is so easy. Why would you not do this? Right. Easy peasy. So Zack, all the ideas. One thing that’s give us a call. What’s that number?
Zach:
It’s 5 1 2 8 8, 6 58 50 again, (512) 886-5850. Give us a call today, today to get your free prosperity planning blueprint. One more time. 5 1 2 8, 8, 6 58 50. Hey, that’s our show today. We’ll see you next week on retirement today.
