Hello everyone. We’ll give it a few minutes here to allow everybody to join. Thank you for attending today. Still see some people filing in here. Give it a few more seconds before we get started. All right, let’s go ahead and get started here. Hello everyone. Thanks for joining today’s webinar presented by Alliant Retirement and Investment Services in partnership with Alliant Credit Union. We will have a live question and answer session at the end of the presentation. Please submit your questions regarding today’s topic midyear money moves building a personalized financial plan or about Alliant retirement and investment services in the chat or the Q&A. The presentation is recorded and a link will be provided later by email for ondemand viewing. Our speaker today is Bill Rosito who works with members in Northern California and the San Francisco area. Bill joined the team at Alliant Retirement and Investment Services in 2019 and focuses on helping members with the whatifs, whether it’s unexpected expenses, changes in the economy, or potential healthc care events along with retirement and estate planning. Please make sure to adjust your volume to an appropriate level as settings may vary by user. Let’s go ahead and start our presentation on midyear money moves. Welcome everybody to today’s presentation. My name is Bill Russo. I’m one of the financial consultants here at Alliant Retirement Investment Services. Now, before we get started, it’s important to acknowledge that there’s no single perfect planning strategy. Every option comes with its own advantages and limitations and no one approach is going to work for everybody. Here at Alliant Retirement Investment Services, or we like to say ARIS, we understand that everybody’s situation is unique and different. In this presentation, we’re going to share key insights to help you make informed decisions about planning and saving for college, retirement, or frankly anything else you want to plan for. Our team at Alliant Retirement Investment Services is focused on helping you understand the ins and outs of investing, saving for retirement, and so much more. A great place to start is at our website ais. That’s aris.allioncreditun.com.
There you’ll see a list of our weekly webinars, our podcast, Investsavvy, our blog, as well as other financial resources and all of our bios as well. We help most of our clients by planning for long-term events. Long-term events is anything beyond 18 months. Why 18 months? Because once you go beyond 18 months, you’re starting to compete with the long-term effects of money. Inflation. Inflation is the rate at which prices go up over time. Gas, food, housing. We’ve been getting a crash course in that in the last few years. Well, what we do here is we help you plan for the major events and get you there as quickly as possible while limiting your taxes, your risk, and your fees. Today, I’m going to talk to you about how you can work towards achieving your various financial goals, whether they be retirement, college savings, or anything else, while still managing your debt, emergency reserves, and competing priorities. Now, before you can save and achieve all your financial goals, you have to have money to put away to do so. So, I encourage everyone to try to live off of 70 to 80% of your income to create some capacity to save. Now, I get that this may mean making some small sacrifices, especially in the short term, to free up money to put towards other goals. However, we also have budget worksheets at Alliant that we can kind of share with you that give you an idea of where you are seeing your money go just to put up a financial mirror to see this is where your money’s going so that you can be the boss of your money instead of your money being the boss of you. So, when you are starting to goal, the first thing you got to do is define the goal. You want to see what it is you’re saving for and then determine when you’re going to want to need it. You know, so if it’s 5 10 years down the road, then you have to consider how much it’s going to cost. Not today, but at the time you’re going to want to buy it. Once you define the goal, now it’s time to make a plan on how to achieve it. So you want to know how much to save. The entire amount, a portion, a down payment. Obviously, this going to depend on your goal. Next you want to do is figure out which account makes the most sense for the goal. There are different advantages for different account types, which I’m going to get to in a second. You also want to use an appropriate investment strategy for the goal. You got to invest appropriately for the timeline and diversify. Now, as I just alluded on the screen before, there are different advantages for different types of accounts. Regarding retirement and college savings specifically, there are potential tax benefits that exist when you’re saving in certain qualified accounts. I don’t know too many people who want to work into their 90s, so almost everybody can agree that the number one savings goal that most people are going to have is retirement. Now, there are two simple factors that can help you answer the question of how much is enough. Your age and your salary. In order to retire and maintain the same lifestyle that you currently have, I believe you should aim to save the specified multiples of your current salary by your respective ages. So, the savings target shown here assume that retirement age is going to be 65. They also assume that most retirement savers should plan to replace about 75% of your pre-retirement income to maintain your lifestyle during a 30 some odd year retirement. So I get that those numbers may look intimidating especially in those later years. But remember compounding is your friend and it’s working for you. So it’s important to focus on saving early and often. You should save at least try to save at least 15% of your salary each year for retirement. Now, that that doesn’t all have to come from you. Some of it can come from your company contributions and things like that. If your budget, you know, doesn’t allow for that. Well, then save what you can now. We I suggest at least 6% and then increase your contributions by 2% or more each year. Over time, you’re going to get up to that 15% target savings rate, and you’re going to feel a lot more confident about your progress towards your retirement vision. The best way to manage risk is to understand the concept of asset allocation. Asset allocation is investing your money in spreading it out and diversifying into different investments. Now, the more risk you take, like say in stocks, you’re going to earn a lot more money over time, but it’s also going to fluctuate a lot more. So, you need time to make up for that risk. Whereas shorter term assets like bonds and well, short-term assets like checking accounts and CDs and things like that, they have less risk, but they may not necessarily beat inflation over time. So, you need to balance this out. Now, most of us invest within our 401ks or 403bs or retirement accounts in mutual funds. And in those different types of accounts, you’re going to have two different ways to invest. Age-based investments, you may have heard of target funds. Those are age-based investments where it’ll have a target date. Now, the further that target date is, the more aggressive that fund will be. As it gets closer to that date, it’ll automatically pull back on the risk to be more in bonds and less risky investments. The other type is if you want a little bit more control over your investments, you can build your own portfolio and pick your own mutual funds yourselves. Now, this gives you more control, but it also gives you more responsibility because now you’re responsible for balancing it out. And periodically, usually every quarter or so, you should go in and rebalance and make sure that it’s performing the way you want it to. Everybody needs emergency savings or a cash reserve account. Trust me, you do not want to be the one who their car breaks down or you have a short-term need at home and you have to pull out your credit card without having the money to back it up or worse yet have to liquidate your 401k to take care of a short-term need. That is a super super expensive way to fund a short-term need. Okay, so how much cash is enough to keep in a cash reserve? Well, I suggest saving between 3 to 6 months of living expenses in cash at all times as a cash reserve. Now, that’s how much you spend, not how much you make. So, if you spend 5,000 a month, you probably want to keep between 15 and 30,000 in cash at all times. If it’s less, well, you may need a little less. If it’s more, if it’s 10,000 a month, you may want to keep between 30 and 60,000. But the right number is up to you. If you have no idea how much your expenses are, well, you may want to consider setting a goal of 20, 15 to 20% of your income would be a good target to start with. College savings is often top of mind for a lot of parents. Let’s I get it. I have three in college right now. I have one in New York, one in California, and one in Nevada. So, I understand how important it is to save. However, when it comes to saving for a child’s education, I encourage parents to continue saving towards retirement and only consider reducing your retirement contributions to fund a college account if your retirement is already on track. When I talk about being on track, I’m going to go back to that chart I showed you earlier with the X time salary figures depend on your age. If you’re not on track for retirement, you really could end up jeopardizing your future by stopping to save for a college education. Now, if you’re already positioned well to save for education, great. I encourage you to set aside a savings goal of a kind of a down payment, which is a target of saving approximately 50% of your child’s education costs. There are all sorts of calculators online that can that can help you figure this out. And frankly, you can, you know, we can help you with this as well. So, once you decide that you want to start saving for college, there’s a couple of different ways to do it. You can do it in a regular taxable account where you contribute money to the account. You invest in whatever you want. Your options are endless. Now, you’re likely to pay taxes on any earnings along the way via 1099. And then you’re also going to pay taxes on any other earnings when you pull it out via capital gains. Then you get to spend whatever’s left over after paying your taxes. There are other tax advantage accounts as well though that you can contribute to. The most popular of which being a 529 where you invest in something, typically it’s mutual funds. You pay no taxes on any earnings when you withdraw as long as you spend the money on qualified education expenses. And then you get to spend the entire balance since you don’t pay any taxes on any of the earnings. Also, as an extra added bonus, many states offer additional tax benefits for contributions to a 529 plan as well. So either check it out with your local state or ask one of us for advice on it. Now switching gears a little bit. Managing debt is a common goal that I hear about all the time. Often debt prevents people from being able to save for retirement or achieve the other different financial goals you have. Now debt itself is not necessarily a bad thing. It just needs to be managed. I have a saying that I say you know there’s good debt and bad debt. Good debt are debt that earns equity over time like a mortgage or if you’re, you know, funding a business or something like that. Bad debt is credit card debt. It’s super expensive. Now, I’m not saying credit cards are bad. Credit cards are fine. I use them all the time. you get the miles, all that great stuff, but when that bill comes at the end of the month, you have to pay it off because otherwise it’s very expensive money. It comes to paying off debt, you want to target highinterest credit card debt first and work hard to pay that off as quickly as possible. understand that, you know, you may not be able to pay off all your credit card debt in a month or two, but I really encourage you to to make a plan to try and pay off credit card debt or any highinterest debt within 1 to 3 years. Now, there are a couple approaches on how best to tackle debt. The first school of thought is the behavioral approach. That’s where a person tackles the lowest balances first and works hard to pay them off while continuing to make payments on all the other cards. Once the smallest card is eliminated, then you take all the amount that you were paying towards the smallest card and you take that and add it to your next highest balance. What this does is this creates a little momentum where you see the progress you’re making of paying off your bills. Now the economic approach is when a person targets the highest interest rate card first and then accelerates payment. Again once that highest card is paid off then you reallocate the payment to the next highest interest rate. It’s kind of plugging the biggest leak approach. Now as you’re working to pay off the high interest debt you want to keep making regular payments on other kinds of debt. Don’t stop paying your student loans or mortgages to pay off your credit card debt. Once the debt is eliminated, now what you want to do is start working to get your retirement savings back up to that 15% target. All right. Well, now that we’ve talked about some financial goals that you have and how to go about achieving them, now I want to talk about prioritizing between them all. Now, I get it. We have all these great goals, but we only have one paycheck. How do you prioritize one of the o over the other? I’m going to give you this chart to kind of help you figure it out a little bit to how best to prioritize. When it comes to choosing between retirement and an emergency fund, consider reducing your retirement savings to the minimum. Now, you want you don’t want to go below. You want to still maximize your company match. You don’t want to throw away free money, but once your emergency reserve, you know, over the next 1 to two years or so, once it gets up to a certain amount, then you can consider increasing the retirement savings back up towards that 15% target mark. If you’re trying to figure out between retirement and debt, again, maybe reducing your retirement savings to the minimum. Don’t give up that free money from your company and then pay down the credit card debt within three years and then you can get that savings back up to, you know, again 15%. If it’s between having a cash reserve and debt, well, consider reducing your retirement savings again to the minimum. build up your emergency reserves over the next 1 to two years and then pay down that credit card debt within 3 years. Try to do it and then again you can kind of go back up into saving back up to a normal um normal load. What you need to do is you don’t you have to have that cash reserve in there because you don’t want to have to dip into that credit card and build it up again. So, you need to have a cash reserve in place. When it comes to retirement and college savings, confirm that you’re on track for retirement first. If you’re close to the recommended benchmarks, then you can reduce your retirement savings temporarily and contribute towards that college down payment. Hopefully, you’ve gotten today some clear ideas that you can take action on. Just know that you’re not alone. We’re here to help you. whether or not you’re trying to figure out when’s the best time to take social security. Should you take it early or should you hold on and wait later or whether or not you should convert your traditional IRA or 401k to a Roth? And if you decide to convert to a Roth, well, how do you avoid the tax pitfalls that can happen if you’re not careful? Or if you’re looking for new ways to invest your money, get your money earning more, or if you’ve had a new job or a major life event like a wedding or a birth, or if you’re already have everything else set and you just want to do some generational planning, making sure your estates’s in order, we’re here to help. Ultimately, our job is to help guide you to your goals with a tailored plan that can meet your needs and timelines. So, on that note, why not feel free to reach out? If you want to make an appointment, feel free to scan the QR code here. It’ll get you to my calendar where you can schedule a time to talk. It doesn’t cost anything to talk or ask questions or even make a plan. Or if you have a question, another way is you can dial me directly or you can reach out via email. Either way, thank you for your time and I look forward to seeing you all soon. Right. Thank you. Let’s go ahead and get started with our live question and answer session. Uh if you do have a question for Bill about financial plan options, Alliant Credit Union or his role as a financial consultant, please submit it in the chat or the Q&A tabs. We do have a few questions that were asked during the event. Why don’t we go ahead and uh start with those. bill. Why do you recommend only having enough to cover 75% of your pre-retirement income?
The reason is is because, you know, a lot of people think, well, wait a second, I got to continue my salary. But there are some when you retire, there are some expenses that are going to go down. Primarily, you’re not going to have to save for retirement anymore once you are retired cuz well, now you’re retired. So, you’re just living off the fruits of it. You’re also not going to have to save for social security anymore as well. Um, the commuting costs are going to go down. Um, now over time, some expenses are going to go up like medical costs and hopefully your vacation budget in your first few years of retirement. But um for the most part, if you’re you know, if you’re saving if you’re saving 15% of your income every year for retirement, well then, you know, that’s that’s kind of how we usually figure how much you’re going to need saved for retirement. In addition, you’re also going to have supplemented in there like your social security, you know, you’re going to have pensions, things like that that are also going to make the difference as well. So, that’s just a rough amount. If you really want to find out how much you’re going to need, then, you know, sit down and make an appointment and we’ll we’ll go through what your plans are. And the one thing is it’s going to change. I guarantee it’s going to change because our goals, my goals 10, 15 years ago have changed a lot since they are today. And 10, you know, 5 10 years from now, they’re going to change as well. So it’s important to just kind of take a look and see where we are and adjust accordingly. Thank you for that. Sure. Next question. How did you come up with those saving benchmark numbers? Okay. Well, if you go back to that slide, the um so when you have I think at 65, we judged it on retiring at 65. So, if you’re at 65 years old, you’re going to need, as I said, about 70 70 75% of your income. So, if you’re making a 100,000 a year, then you’re going to need 7 to about, you know, 1.3 1.4 times that amount. So, you’re going to need between 700 and 1.3 in there. That’s the range of what you’re going to need to retire at that point. And then what we did was we just worked backwards from that to make sure you’re on track. Now, if you’re if you’re way off from where you where it says you should be, don’t panic. It’s okay. I have some people who come to me who haven’t saved a dollar since, you know, and they’re 50 years old and they want to retire on time. Can you still do it? Absolutely. Now it may require you know super funding your retirement plan but uh you know a lot of times when you get into your 50s you have you know the limits of what you can contribute are a lot higher a lot of the things that you were spending your money on earlier like your mortgage or your kids you know they go away cuz the kids go away. Well the kids don’t go away but they go away from the house. So as they get older, those expenses tend to go down, which allows you time to catch up. So yeah, it doesn’t matter what age you are. The best time to start is now. Great. Why do you recommend funding retirement accounts over college savings accounts? because ultimately your retirement is your big there are other ways to fund college. Um you could take loans you can take that are deferred and stuff like that and as I said about you know the debt there’s good debt and bad debt. Well the best debt is no debt. That being said you know debt is a part of life. So, you know, if you have to take on college debt, you want to be smart about it. But, you know, it is better debt than credit card debt, you know. So, with that, I would say your most important goal should be your retirement accounts, your retirement savings, because hey, your kid has a degree, but if you’re, you know, if you’re working at Walmart until you’re 80, then how what’s that going to do good for them? So with that, you know, you it’s it’s just a better way. I’m not saying don’t save for college. I’m saying make sure you’re on track, your retirement’s on track before you kick in for the college. Great. A question we just had pop in here very recently. Would you also recommend opening a HSA looking to offset future health care costs after retirement? It’s a fantastic idea. Yeah, an HSA is a health savings account, which is essentially it’s it’s it’s kind of like a 401k for only for specifically for health savings. So, what happens is you put money in, it’s pre-tax, right? So you don’t pay tax on, you know, it comes off your paycheck. you preund it and this way it allows you to when you do have I mean we have it with um I I we have it I have one at Alliant that I have my I have a card where when I go to the doctor I just use my HSA to pay for my things you know for my down payment and you know things like that my prepaids and all that stuff because it allows me to get all that stuff pre-taxed alto together so I don’t have to worry about it. It comes out and because a lot of times these days all those deductions that we used to get, they’re going away or they’re getting the thresholds are going higher and higher. So doing that is a great way to pay for medical expenses, you know, pre-tax. So it’s a great idea. Great. I missed this uh initially here. This one kind of piggies piggybacks on the question uh prior to the HSA question. Uh but the recommendation is to take care of retirement funding first before college. Do you recommend stopping on college funding until you contribute the max allowed per year and then start the college funding? Um is too late. Uh is it is there ever a point where it’s too late for kids to start on the college savings is what it looks like they’re asking here. Never too late. No, it’s never too late. The um No, I mean um you can No, because anytime you get tax benefit, it’s going to I mean, obviously the more time you have, the more benefit you’re going to get out of it, but even if you have a year or two, it’s still going to be a better benefit than just putting it in a regular account and paying taxes on it. you’re going to be saving, you know, you’re going to be saving at least 15 to 20% on capital gains, whatever amount you make. So, yeah, even if it even if you only have a few years, it still makes sense. Just make sure all I’m saying is make sure that your your retirement is on track. It doesn’t mean that you have to max out your 401k before you start saving for college. That’s not what I’m saying. I’m saying that based on that chart that I had, just make sure you’re on track to whatever number you want to be at for retirement. Make sure you’re on track to that number before you start contributing to 401k. I mean, listen, I’ll be the first to admit for me, I’m a, you know, I’m a single dad. Um, I got divorced about 15 years ago or so and you know I didn’t have that I didn’t have the money to, you know, I was busy paying mortgages and stuff like that. So I didn’t have that money to put away for that. Um, and then later on as I got, you know, more established, started making more money, got more on my feet, then I contributed later. And and I didn’t have I wasn’t maxing out my 401k orig, you know, when I was starting to save for college. I just made sure that I was on track and then I was saving for college. That’s that’s what the point I’m making. Great question, though. So, I kind of have two questions here that kind of bleed into each other. Um, what’s the difference between a Roth and a traditional IRA and which would you recommend? And in addition to that, can you talk about moving funds from a 401k to a uh private investing investment portfolio like an IRA? Um, well, the first question is um the difference between a traditional IRA and a Roth. traditional IRA, it’s pre-taxed. So, you get the deduction up front. So, while you’re, you know, it goes in pre-tax money, it grows, it grows, it grows. When you pull it out, it’s taxes ordinary income. As if you went out and got a second job. That that gets added to your income. Now, the idea behind it is is that, well, when I’m retired, I’m going to be in a lower tax bracket, right? That’s that’s the idea at least. Um, now the difference with a Wroth is is that a Wroth you don’t get the deduction up front. You you pay your taxes, then it goes into a Roth. So, it’s after tax money going in, but it grows. It grows, it grows. When you pull out, it’s tax-free. So, which is better? It really depends. If you’re in a super high if you’re a super high earner, you may want to get that deduction while you’re there. If you if you’re So, a lot of times when people are first starting off, I say get the Roth because if you’re first starting off and you’re not in a high tax bracket, do the Roth because you’re getting in, your taxes are lower, and you have the benefit of time. Time is the best. I use a parable. Um, I I do a uh a money I started what the club called the money club at a local high school. And I use a parable where we have two brothers. Both started working at uh 20 years old. One of them used the first 5 years to play. The other one used the first 5 years and maxed out his 401k or maxed out his um IRA, right? His Roth IRA. After 5 years, the other the brother who was playing the first 5 years, he started contributing every year. The other brother stopped and just kept it invested. The brother who waited, even though he’s contributing for the rest of his life, he’s never going to catch the brother who started 5 years earlier. And the reason behind that is compounding and compounding. So it’s called the rule of 72. The more time you have in it, by the time that second brother gets the amount that the first brother had, the other brother’s money is already doubling over and he’s never going to catch him. That’s that’s the time value of money. So that’s the first answer to the first question. Um, I would say in your first few years of or when you’re getting closer to retirement, then you may want to start converting some of that pre-tax money over to a Roth IRA. Um, which we could talk about, you know, make an appointment with me. I’m happy to talk about that, but that’s a whole another that’s a whole another conversation of how to do that efficiently. Um, but the uh the other question, what was the second half of that question, Brandon? Uh, moving funds from a 401k over to like a private IRA, for example. The advantages of moving money over from a 401k to a private IRA, especially abandoned, if you change jobs and you have an abandoned 401k or something like that. Um, and a lot of companies allow in inforce um, distributions where you can take some of your money and put roll it over to an IRA. Why would you want to do that? Choice primarily because in a 401k you typically have usually about 10 to 15 different mutual fund choices, right? On average, when you when you open your own IRA, you can invest in anything. the options are limitless and you know stocks, bonds, mutual funds, annuities, whatever you want. And that’s that’s the advantage a lot of times of having your own IRA because you just have a lot more choice and there’s ways to protect your assets as well in an IRA that you just simply don’t have in a 401k. Great. Um, next question I think is a very very good question here. Um, are Roth conversions going away or will they always be an option? Oh, I mean I never say with Congress the way it is, I never say never. Um, but right now it’s it’s Roth conversions are it’s the they’re actually good for the government. The government likes Roth conversions. Why would they like a Roth conversion? because they’re getting paid. We have a debt. We have a debt that’s through the roof right now. So, the more people that the more people that can, you know, convert their IAS to a Roth, that means you’re paying your taxes now. Government wants that. Um, but listen, I don’t know. You know, there there was all sorts of thing. I don’t I put on my disclaimer hat. I’m not qualified to give tax or legal advice. For tax or legal advice, please talk to your qualified tax professional. And anyone who knows what Congress is going to do in the next 10 years, well, get your lottery ticket. Oh, I could, you know, definitely throw out uh that if any changes like that were to be proposed down the road, we would definitely be talking about them uh for members. Yeah, absolutely. All right. Um, kind of going back to the HSA question. Um, are there HSAs that don’t require a deductible minimum?
Do you know the answer to that? I don’t believe so. I I mean, um, HSAs are generally going to be geared towards high deductible plans and you typically don’t have the ability to access an HSA unless your employer offers a high deductible plan typically. may be incorrect there, but that’s just been my experience with that. Yeah. Let’s see. Um, you mentioned a budget tool from Alliance. Is that free and where is a where is it available? Um, we do have a budget worksheet on our website. I can go ahead and paste that link in the chat here.
And final question, when it comes to paying off debt, which approach do you recommend, the behavioral approach or the highinterest approach? Well, I recommend my answer to that is yes, whatever works for you. You know, there are some p it’s just how your how your brain works. If you’re someone who says, you know, logical, I want to pay off the highest interest first because I want to um you know, I want to save the most amount of money. Well, then the economic approach is going to be the best because you’re taking care of the biggest leak first. You’re you’re plugging the first the biggest leak first. However, you know, humans are not always logical, you know, and I’ll be the first to admit this. like when I had sometimes the the the the benefit of doing the behavioral approach is you can actually you’re easily you’re more easy to see the progress. So when I um when I was younger, what I had is when I first got my mortgage, what I did was I printed out my amorization schedule and and what I did with my amorization, I put it on my calendar. I mean, I put it right on my refrigerator and then every time I made an extra payment, what I do is I just look at the principle of how much I paid down and I zap off. So, that one extra payment may have taken care of three or four payments that I just paid in one shot. So, that’s an approach that for me really motivated me to kind of pay it off as soon as I could, you know, but it’s whatever works for you. Yeah. Um, looks like we uh got an additional question. I think the question asker wants a little bit more of an elaborate answer regarding moving funds from a 401k to an IRA. Uh, maybe talk about taxable events, things like that.
I’m sorry again. What was that? Uh, so they’re asking a little bit more about moving funds from a 401k to private investing or like an IRA. Um, okay. I think they might be uh interested in maybe the tax dynamics behind that. Okay. Well, as long as it’s like to like, so if you have a 401k that’s, you know, part like a lot of us have some that’s in Roth, some that’s in traditional, you know, pre-tax, and you can have both. Well, when you roll that over, it’s you want to have it usually what you want to do is you want to do what’s called a direct rollover where it goes right from the 401k provider to your private, you know, IRA. So, they may even send you a check, but the check will not be made out to you. It’ll be made out to whatever. Well, if you’re with Alliant, you know, it’ll be retire, you know, Alliant Retirement Investment Services for the benefit of your IRA. So, they’ll send you the check and then it goes right into the other account as long as it’s like to like. Um, so that’s that’s typically how they work. Call me or ask me individually and I’ll I’ll I’ll walk you through specifically how you do it. I just had another question come in here. If you want to actually open an IRA, what is the best approach? And does Alliant provide this? Yes, Alliant provides all advice when it comes to investing and planning and all that, you know. So, yeah, if if just sit down, talk to one of us. We can help you open an account, determine what accounts best for you, and uh and point you in the right direction of how to open the account. And um you know, if it’s with us, obviously, we’d be happy to help you as well.
Looks like that wraps up all the questions we have here today. So, this concludes our Q&A session. If you do have any additional questions or would like to schedule some time with Bill, please reach out to him. We will include his contact information in our follow-up email. Have a great day, everybody, and thank you for your time today. Take care. Thanks, everybody. See you soon.