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Revamping Retirement Podcast

Hosted by CAPTRUST Defined Contribution Practice Leader Jennifer Doss and CAPTRUST’s institutional business head, Scott Matheson, this podcast breaks down the opportunities and challenges facing plan sponsors and fiduciaries to provide actionable insights and best practices.

Let’s face it, crafting an innovative retirement plan benefit that optimizes outcomes, minimizes risk, improves employee engagement, and manages costs—all while navigating the compliance nuances of today’s employer-sponsored retirement plan landscape—is no easy feat! In Revamping Retirement, we explore timely and relevant topics related to plan design, fiduciary process, vendor management, investment oversight, and participant engagement.

Episode Library

In episode 41 of Revamping RetirementJennifer Doss and Scott Matheson check in on their 2022 predictions and discuss what the second half of the year may have in store for the retirement industry. Find out where we are with the DOL Rule, environmental, social, and governance (ESG) guidance, the Securing a Strong Retirement Act of 2022—better known as SECURE 2.0—and the newly proposed Rise and Shine Act—formally known as the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for The Nest Egg Act.

In Minute with MikeMike Webb discusses the types of investments permitted in defined contribution retirement plans.

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We explore some of the key trends affecting the retirement plan marketplace from the unique vantage point of Shawn O’Brien. As the associate director of retirement research at Cerulli Associates, a strategic consulting and market research firm focused on the financial services industry, Shawn’s research spans the supply and demand spectrum—from participants and plan sponsors to recordkeepers and asset managers.

In episode 40 of Revamping RetirementJennifer Doss and Scott Matheson are joined by Shawn O’Brien, associate director of retirement research at Cerulli Associates, a strategic consulting and market research group focused on the financial services industry.

With extensive research across industry stakeholders—from plan sponsors and participants to recordkeepers and asset managers—Shawn shares Cerulli’s latest insights on key topics like the adoption of environmental, social, and governance (ESG) investing in retirement plans, plan sponsor reaction to inflation, and the prevalence of managed accounts. He also discusses what he considers to be the biggest disconnect between the demand and supply sides of the industry.

Later, Mike Webb provides an overview of the taxation of Roth distributions in Minute with Mike.

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In many regards, this year is off to a turbulent start. From the war in Eastern Europe and its effects on the markets and economy to continuing inflation and labor market concerns to retirement-related regulatory and legislative developments, there is no shortage of headlines for plan sponsors to consume.

In episode 39 of Revamping RetirementJennifer Doss and Scott Matheson are joined by Chief Investment Officer Mike Vogelzang to provide context around the challenging environment investors now face. Mike recaps where we are with the bond market, interest rates, and inflation and why maintaining a long-term focus during unsettling times is key.

Later, Jennifer and Scott discuss the recent and expected regulatory and legislative developments—like the House’s passage of the Securing a Strong Retirement Act of 2021 (SECURE 2.0), the DOL’s cryptocurrency bulletin, and final guidance on environmental, social, and governance (ESG) investments in retirement plans—that may impact retirement plans this year.

In Minute with Mike, Mike Webb breaks down the tax penalties associated with early retirement plan distributions.

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In episode 38 of Revamping RetirementJennifer Doss and Scott Matheson are joined by John Diehl, director of applied insights at Hartford Funds on behalf of the Massachusetts Institute of Technology (MIT) Age Lab. The Age Lab is a multidisciplinary research program that works with businesses, nonprofits, and the government to understand the challenges and opportunities of longevity and emerging generational lifestyles. Its work is focused on driving innovation and practical solutions that improve the quality of life for older people.

John shares the Age Lab’s latest research on how shifting demographics, technology innovations, and new employee expectations are shaping the workplace of the future. With the Great Resignation and tight labor market top of mind for many employers, John explains why understanding employees and their life-stages is essential to designing benefits that attract and retain talent. He digs into what the future is female means for employers and how companies can leverage an aging population’s desire to stay involved to help retain business critical expertise—and why flexibility may be the answer to both.

Later, Jennifer and Scott discuss the impact of the challenging labor market on retirement plan design. The two recap our latest webinar on the topic, discuss recent plan design and employee benefit trends, and share key plan sponsor takeaways.

In Minute with Mike, Mike Webb reflects on the definition of compensation in retirement plans—which is one of the leading causes of operational errors.

To learn more about the MIT Age Lab, click here.

To watch the webinar recording, click here.

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In episode 37 of Revamping RetirementJennifer Doss and Scott Matheson sit down with Rosalyn Brown—equity, diversity, and inclusion director for WE Inspire. Promote. Network. (WIPN)—to discuss why creating a culture of inclusivity can help differentiate organizations in a tight labor market. Rosalyn talks about the importance of looking at retirement plan benefits through the lens of DEI, why the culture of money matters, and why communication is key to maintaining an inclusive culture.

Later, Mike Webb joins to discuss plan sponsor considerations when it comes to vesting schedules and eligibility for employer contributions.

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In episode 36 of Revamping RetirementJennifer Doss and Scott Matheson tackle one of the predominant themes of 2022—the tight labor market. As organizations react to the newest supply chain issue, many retirement plan sponsors are scrambling to understand what they can do to differentiate their retirement plan in an effort to recruit and retain talent. Jennifer and Scott provide context on the employment squeeze and the drivers behind it. They also offer actionable ideas on how organizations can ensure their plan is competitive, highlight distinguishing features, and maximize the impact of their benefit dollars.

Chief Investment Officer Mike Vogelzang joins the conversation to discuss why we should manage our market expectations in 2022 following the banner period of the past few years.

Later, Mike Webb provides insight on how plan sponsors can navigate and prevent loan overutilization in Minute with Mike.

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In episode 35 of Revamping Retirement, our hosts are joined by Jeff Bush, a Washington insider known for his ability to decode the often confusing tax and fiscal legislative landscape.

Jeff provides an overview of what we can expect out of Washington in 2022—including a breakdown of the Infrastructure Investment and Jobs Act (IIJA) and what the Senate may cut from the House’s version of the Build Back Better Act. Jeff also shares a recap of where Congress is on mandatory year-end legislation—like increasing the debt ceiling, approving government funding, and the National Defense Authorization Act (NDAA).

Later, Jennifer and Scott share the key takeaways of the Securing a Strong Retirement Act (known as SECURE 2.0) and discuss what this and other proposed legislation could mean for retirement plan sponsors.

In Minute with Mike, Mike Webb talks about how to prevent hardship distributions from destroying your participants’ retirement savings.

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In episode 34 of Revamping Retirement, our hosts are joined by Sarah Harris and Jenn McCabe from Armanino, one of the top-25 largest accounting and business consulting firms in the U.S. Armanino is challenging the status quo by tackling the diversity, equity, and inclusion (DEI) conversation head-on—with transformative results.

Sarah and Jenn share why Armanino is dedicated to DEI, the changes they’ve made to their retirement plan and benefits package, and why helping diverse people benefits all people. They also share their perspective on how other organizations can initiate or elevate their inclusivity efforts.

Later, CAPTRUST Chief Investment Officer Mike Vogelzang provides an update on the markets and economy, including his thoughts on inflation and where it is likely to be ongoing versus cyclical. He also shares why wage inflation has a silver lining despite being a loathsome topic for many employers.

And don’t miss Mike Webb’s Minute with Mike, where he recaps the retirement plan types available to different organizations.

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Did you know that October is National Retirement Security Month? In episode 33 of Revamping RetirementJennifer Doss and Scott Matheson talk with Matt Petersen, executive director of the National Association of Government Defined Contribution Administrators, Inc. (NAGDCA), the sponsoring organization of National Retirement Security Month (NRSM). Matt talks about the history of NRSM and why plan sponsors of all types may want to participate. He also shares his perspective on the legislative landscape and the key issues on the minds of his member plan sponsors.

Later, Sandy Blair, director of retirement readiness at the California State Teachers’ Retirement System (CalSTRS), joins to discuss CalSTRS’ award-winning NRSM campaign. Sandy also shares some best practices on how plan sponsors can leverage their NRSM efforts to drive financial literacy throughout the year.

In Minute with Mike, Mike Webb highlights the common mistake that plan sponsors make with small-balance cash out provisions.

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In a special edition of Revamping RetirementJennifer Doss hosts live from the National Association of Plan Advisors (NAPA) 401(k) Summit in Las Vegas, alongside Phyllis Klein, senior director of Retirement Plan Services at CAPTRUST.

Joining our hosts are two of the industry’s most prominent ERISA attorneys: Fred Reish, partner in the Benefits & Executive Compensation practice group, the Investment Management group, and the Financial Services ERISA Team at Faegre Drinker; and David Levine, principal and co-chair of the Plan Sponsor Practice at Groom Law Group.

Following our panel’s robust conversation around current plan sponsor concerns, the latest areas of industry focus, and key takeaways from the NAPA conference, Mike Webb shares his take on the most common retirement plan loan taxation misconceptions in Minute with Mike.

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In episode 31 of Revamping RetirementJennifer Doss and Scott Matheson talk with Greg Middleton, senior director of business development and sales enablement at CAPTRUST, to discuss his recent webinar on advisor requests for proposals (RFPs).

Middleton provides unique industry perspective on why challenging times often drive plan sponsors to assess providers and their services and the ways RFPs can help plan sponsors understand recent market trends, cybersecurity, selection process, and more.

In Minute with MikeMike Webb shares what plan sponsors need to know about health savings accounts (HSAs) and how they can help support successful retirement outcomes.

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In episode 30 of Revamping Retirement, Jennifer Doss and Scott Matheson circle back on her predictions for 2021 and discuss where the retirement industry sits at the halfway mark of this year. Find out how plan sponsors are reacting to the increased interest in environmental, social, and governance (ESG) investing and regulatory ambiguity, what the industry expects for the SECURE Act 2.0, the benefits and pitfalls of technology, and more.

Later, CAPTRUST Chief Investment Officer Mike Vogelzang chimes in to regroup on the uniqueness of this past year’s market environment and provide his team’s latest thoughts on the markets and economy, including interest rates, inflation, and taxes.

In Minute with Mike, Mike Webb shares what plan sponsors need to know about required minimum distributions (RMDs) and why they can be such a pain point for plan participants and plan sponsors alike.

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In episode 29 of Revamping Retirement, Jennifer Doss and Scott Matheson are joined by Jenny Eller, principal and chair of Groom Law Group’s Retirement Services Practice Group and Fiduciary Practice. Jenny shares her perspective on plan sponsor considerations for selecting a nondiscretionary or discretionary advisor, the reasons behind the trend toward 3(38) investment manager discretionary services, and how outsourcing investment responsibilities can impact—or even mitigate—risk in this litigious environment.

In Minute with Mike, Mike Webb discusses what plan sponsors need to know about in-plan annuities. Later, Jon Meyer, CAPTRUST’s chief technology officer, provides some actionable steps based upon the DOL’s recent guidance that retirement plan sponsors can take to protect themselves and their participants from cybersecurity threats.

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In episode 28 of Revamping Retirement, Mike Webb passes the hosting torch to Jennifer Doss and Scott Matheson, who lead the employer-sponsored retirement plan practice at CAPTRUST. The two discuss CAPTRUST’s recent fee benchmarking webinar, including the future of fees, structuring fees to make retirement plans more attractive, and what tops the list of fee-related concern for plan sponsors.

Later, Mike Webb shares what plan sponsors need to know about pooled employer plans, or PEPs, in Minute with Mike. To close out the episode, Doss and Matheson are joined by lead investment strategist Sam Kirby to recap the markets, discuss what’s on the minds of plan sponsors, and talk about the retirement tools that can hedge against inflation risk.

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In episode 27 of Revamping Retirement, Mike Webb is joined by Nevin Adams, chief content officer of the American Retirement Association (ARA). In addition to curating content, Adams serves as a prolific author of ARA’s publications. Adams has gained notoriety for correcting many of the common retirement misconceptions perpetuated by the media—an area of increasing concern as social media recirculation ramps up. Tune in to hear more about retirement myths and other key issues, such as coverage availability, state run auto IRAs, and automatic enrollment.

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In episode 26 of Revamping Retirement, Mike Webb chats with Jennifer Norr, President of WE | Inspire | Promote | Network (WIPN), formerly known as the Women in Pensions Network, to discuss the organization’s mission, the impact of COVID on women in the workplace, and what WIPN’s recent research findings identify as the key areas for improvement to ensure the retirement industry is more reflective of the general population.

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In episode 25, Mike Webb chats with, Bob Toth, author of the popular Business of Benefits blog and founder of Toth Law and Applied Pension Professionals.

With more than 35 years of experience practicing employee benefits law, Bob Toth is an expert to the experts—particularly in the areas of 403(b) plans and annuity products. Mike and Bob discuss the key to moving the needle on annuities, including how to effectively communicate the benefits of these products, the importance of pricing opaqueness, and how the SECURE act provision allowing portability may help address participant concerns. Bob also shares some of the new products being developed in the marketplace and explains why beer is essential to solving the annuity puzzle.

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In episode 24, Mike Webb chats with David Levine, Principal at Groom Law Group, and Rebecca Moore, managing editor of PLANSPONSOR Digital, to discuss the popular and long-running PLANSPONSOR Ask the Expert column.

With more than a decade worth of plan sponsors questions answered by industry experts, the column continues to be one of the most popular features on PLANSPONSOR’s website. Mike, David and Rebecca share the history of the column, contributing factors to its success, and tips on how plan sponsors can have their questions featured.

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In episode 23, Mike Webb chats with Christine Roberts, a prominent ERISA attorney and author of the popular E is for ERISA blog.

Christine shares the backstory of her blog, the “DB-ification” trend in defined contribution retirement (DC) plans and the movement toward more employer-control versus employee discretion of DC plans to better provide a sustainable source of income during retirement, and the one provision she would change with a magic retirement wand.

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In episode 22, Mike Webb chats with Mary Beth Franklin, contributing editor to InvestmentNews and a nationally recognized expert on Social Security claiming strategies.

Sharing the current funding concerns and potential future reforms for social security, Mary Beth provides tips on when to claim and when to delay social security benefits in order to maximize value, particularly in the current low-interest rate environment. She also highlights the specific need for women to carefully consider their social security claiming strategy to ensure sufficient retirement income.

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In episode 21, Mike Webb chats with arguably one of the coolest guys in retirement, J.D. Carlson. Learn how J.D. went from surf shop owner to CEO of TPA firm Plan Design Consultants, Inc., and host of the notorious Retireholi(k)s, a weekly show where retirement industry professionals notoriously get together for a few beers and “talk shop”.

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Let’s face it, for most, ERISA and retirement plan law can be somewhat dull. However, this episode’s Revamping Retirement guest has found a way to weave sports, pro-wrestling, soap operas and general ’70s and ’80s pop culture into his practice.

Ary Rosenbaum practices ERISA and retirement plan law at The Rosenbaum Law Firm P.C. and is also known by industry insiders as “That 401(k) Guy,” infusing personality into his practice through his That 401(k) Site websiteconference series, and podcast.

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In episode 19, Mike Webb chats, once again, with J.Money, an award-winning personal finance blogger, about the impact of the pandemic on the FIRE (Financial Independence, Retire Early) movement.

FIRE is a lifestyle movement that embraces the goal of achieving financial independence by decreasing spending and/or increasing income.

Mike and J.Money discuss why now, in the middle of a pandemic and recession, individuals may want to consider adopting some of the key FIRE tenants. Will the pandemic light a flame for future FIRE movement participants?

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According to a recent survey, more than 70% of employees would have some level of financial difficulty if their next paycheck was delayed by one week. Thus, the need for emergency savings to cover unforeseen expenses is clear. But how can employers encourage their participants to take control of their own financial wellness?

One option, growing in popularity among retirement plan sponsors, is to offer an emergency savings account through the retirement plan recordkeeper. But are these “sidecar” accounts the best approach?

In episode 18, Mike Webb and Jack Towarnicky of the American Retirement Association discuss differing views over utilizing sidecar accounts for emergency savings.

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Automatic enrollment has gained significant traction over the past two decades, with nearly 71% of plans with 1000 or more participants utilizing the feature. Two recent studies by Vanguard and John Hancock share statistical data that helps highlight the overwhelming case for auto-enrollment as a defined contribution retirement plan strategy.

In episode seventeen, Mike Webb discusses the statistical case for adopting auto-enrollment, as well as how finding the sweet spot for default deferrals and auto-escalation can help improve participants’ retirement readiness.

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Target date funds have experienced increasing popularity and growth in recent years, becoming an important investment option in many defined contribution retirement plans.

In episode sixteen, Mike Webb gets back to the basics to discuss the two primary types of target date funds—“off the shelf” and customized—and shares the key components used to evaluate these investments.

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On March 27, 2020, the House passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), a $2.2 trillion dollar relief bill to counter the economic impact of the COVID-19 pandemic. The legislation contains several retirement plan-related provisions aimed at helping plan sponsors and participants deal with the implications of the pandemic.

However, the nuances of three of the provisions may have some unintended consequences. In episode 15 of Revamping Retirement, Mike Webb discusses the potential issues with these CARES Act provisions.

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The market volatility and uncertainty surrounding the coronavirus pandemic have many retirement plan investors concerned. In episode 14, Mike Webb shares some perspective on the recent market downturn and its impact on retirement plans.

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Revenue sharing refers to the practice of investment providers sharing revenue with recordkeepers in exchange for performing some of the duties that the investment provider would typically have to do. Understandably, this can be a confusing topic for retirement plan sponsors. In episode 13 of Revamping Retirement, Mike Webb simplifies the concept of revenue sharing and explains the importance of understanding a fund’s net cost.

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The Setting Every Community Up for Retirement Enhancement Act of 2019, better known as the SECURE Act, aims to improve retirement security for many Americans. Since its passage in December of 2019, it has readily been at the center of retirement plan dialogue. In episode 12 of Revamping Retirement, Mike Webb shares the major provisions and discusses the impact the Act may have on retirement plan sponsors and participants.

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Over the past decade, the WMCHealth Network has grown significantly through mergers and acquisitions. In episode 11 of Revamping Retirement, Mike Webb chats with Jordy Rabinowitz and Tracy Tillery about how the organization successfully integrated plans and effectively communicated to participants to ultimately enhance the overall benefits for both its existing and incoming employees.

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In episode 10 of Revamping Retirement, Mike Webb talks with Lisa Schwartzenburg, the Assistant Director of Benefits, Wellness & Safety at Gonzaga University, about the role the university’s unique culture plays in regard to their retirement plan and other employee benefits.

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In episode nine of Revamping Retirement, Mike Webb chats with J.Money, an award-winning personal finance blogger and owner of the popular Budgets are Sexy website.

As a notable member of the FIRE (Financial Independence, Retire Early) movement, J.Money shares his journey towards financial independence and the key tenants of FIRE, including how to adopt the philosophy without entirely sacrificing your lifestyle.

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In episode eight of Revamping Retirement, Mike Webb chats with Dean Carson and Roger Smith from the State of Oregon Public Employees Retirement System (Oregon PERS) about their innovative and highly regarded Retirement Savings Expo, an annual event that provides Oregon public employees an opportunity to learn about their various benefits all in one place, with a creative and fun approach.

At the Expo, employees have direct access to valuable retirement planning activities, resources, and other useful information and can meet with PERS and Oregon Savings Growth Plan (OSGP) retirement counselors, health insurance experts, and investment professionals. There are also workshops and resources tailored for everyone—from the newest public employee, to someone ready to retire.

While many retirement plan sponsors struggle to engage participants, the PERS Expo has amassed a following among their employees, exceeding attendance expectations every year. Learn how the Expo got its start, how they keep their members coming back, and what the future holds.

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In episode seven of Revamping Retirement, Mike Webb explains the significance of missing participants.

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In episode six of Revamping Retirement, Mike Webb explores the the importance of financial wellness programs to engage retirement plan participants.

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In episode five of Revamping Retirement, Mike Webb attempts to demystify 403(b) plans by sharing the basics, exploring why they exist and how they differ from 401(k) plans.

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In this three-part series, we take a look back at how the retirement plan industry has evolved over the past 25 years and what that means for plan sponsors today. We conclude with the one thing that has likely changed the most—fees.

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In this three-part series, we take a look back at how the retirement plan industry has evolved over the past 25 years and what that means for plan sponsors today. Our second topic: plan design and investments.

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In this three-part series, we take a look back at how the retirement plan industry has evolved over the past 25+ years and what that means for plan sponsors today. First up: technology.

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In episode one of Revamping RetirementMike Webb explores why the stock market’s short-term movements shouldn’t scare retirement plan investors, the importance of staying the course and maintaining a diversified portfolio, and why retirement plan sponsors should concentrate their efforts on increasing participation and savings rates, rather than being hyper-focused on investments.

Note: The content in this podcast is for institutional investors and plan sponsors. This information is intended to be educational and is not tailored to the investment needs of any specific investor. All examples of investor gains and losses are hypothetical and intended to illustrate the importance of early saving and consistent retirement contributions over time. Investment decisions should be based on an individual’s own goals, time horizon, and tolerance for risk. Nothing in this content should be considered as legal or tax advice and you are encouraged to consult your own lawyer, accountant, or other advisor before making any financial decision.

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