Latest / The Jon Sanchez Show / When Two Become One: Could Your Retirement Plan Survive The Death Of A Spouse?

Transcript

When Two Become One: Could Your Retirement Plan Survive The Death Of A Spouse? · The Jon Sanchez Show

• Jon G. Sanchez: Good night, too. Welcome to the John Sanchez Show on News Talk 780KOH. It's a pleasure to be with you on TGIF. I feel like it was a long week, even though it was a short week. It does to me. Feels like we were here all five days, maybe six or seven. I think it had to do with all the market volatility that we experienced this week. But, anyways, it's behind us, right? Here we are at 3 07 p.m. Pacific Standard Time on Friday, September 11th, the day that so many of us want to forget that our thoughts and prayers are still with. Those that were lost and the families and everybody impacted by that. You know, every year. Here we are twenty five years later. Gollies, I can't believe it. And I still remember where I was. I'm sure you remember where you were. I was I was living in Bakersfield at the time and I was in my office and one of the one of my brokers was was in and we were having a a brief meeting and looked up on the on the T V that was above my microphone and my computers and there it was, the the towers collapsing and Just that fear. I just remember calling my wife and saying, Get to the ATM as quickly as you can. Remember you remember going through that? Remember how we just didn't know what was gonna happen if our entire country, you know, further attacks were gonna occur or just what what was gonna happen, right? What none of us had ever, ever been through something like that in, you know, in our generation. And it's just remarkable to think all the events that unfolded afterwards. And you know, here we are today, you know, twenty five years later. And again, It just it it it it's a wound that seems like it'll never go away for this country. I I just I I don't know. I'm sure I'll be long gone when maybe that wound does go away, but it just seems every year it's as strong as it was the previous year. So anyways, that's I don't want to go down that tangent on a Friday, but yeah, God bless everybody on that situation. Okay. Boy, what a day it was today. What a day a day makes. a what a what a difference a day makes, is what I'm trying to say. Meaning Yesterday we had hot PPI numbers. Today we had I won't say cold, I won't even say lukewarm. I'm I'm kind of one saying it was hot, CPI number today, the retail side of inflation. But the street went, you know what, not that big a deal. All these attacks going on in in the Red Sea and the Houthis taking over, you know, some major transit areas and stuff. And what happens? Oil prices go down today. This was one of those days where you think you, you know, you got things figured out and it just smacks you across the face. Now, luckily, again, this was very good news today, as I'll share with you. But it was a day in my mind, as I was telling a client today, I think excuse me, I think today could have been a day where we had a lot of short cover. protection going on. I think there was so much likelihood in people's mind, in traders' minds, that today was going to be another down day that, you know, PPI was hot, so CPI is going to be hot. And therefore it's going to be a day where, you know, the market's going to continue its trend of this week, which was going down, you know, almost every single day. Matter of fact, I think we did drop every day other than today. So for people were short the market and traders were short the market. Now remember, what shorting the market means is you're betting that the market's going to go down. And and you can do it on indices, you can do it on individual stock names, et cetera. But bottom line, you're voting that the market's gonna go down. Well, when the CPI data came out this morning, you know, we were already up you know, three to four hundred, actually, yeah, about four hundred points right before the report was released. And it just it fueled momentum to it. And like I said, I think today caught a lot of people off guard. I have a feeling a lot of traders got hurt very, very bad today. So what they have to do when you short the market. So remember, let's just use a stock as an example, right? Again, you can use it for indices, et cetera. Usually when you're gonna short indices, you're gonna use options, you're gonna use derivatives as we call them. So you're gonna buy puts on the Dow, the NASDAQ SP, whatever indice that you want. But as far as true shorting, that's where you're shorting a stock, right? So remember, when you're shorting a stock, what you're doing is I'm just gonna pick a name, I'm gonna pick Apple. If you think Apple is going to go down, you will sell Apple. You don't own it, but you'll sell it on margin. And then on the hopes that you will buy it back, let's say you you let's see, let's see, Apple closed today at about 332.27. So let's say this morning you shorted it and today it was up about five dollars and seventy cents. So let's say today you shorted it when the stock was, I don't know, let's just say $326 a share, right? You think it was gonna go down for whatever reason. Well, you sold it, you did it on margin. Now all of a sudden the stock's going up. So when it goes up, now you're losing money. So it's remember, it's opposite of what normal investors do, right? We want it, we buy it, we want it to go up. Shorting, you sell it and you want it to go down. So what happens when the market has a day like today where everything starts going up for whatever the catalyst could be, all the institutions that have shorted the market, shorted individual names, et cetera. They've got to react very quickly and they have to come in and they've got to buy that stock, right? They sold it, they didn't own it, but they got to come back and buy it. So that buying is what we call a short squeeze or short cover rally. And therefore, that creates momentum to the upside when it was really nothing based upon fundamentals or news or anything like that. It was just you had a lot of investors that were very short this market, thinking it was going to continue to go down day after day. And they were wrong. They got caught, you know, what we call flat footed and they had to come in and buy those shares back. And that creates again momentum under the upside. That's just my theory. We'll see come Monday. you know, again, next week's gonna be a very, very important week. We of course have the Fed interest rate decision on Wednesday. folks, we are now you know, I'll just gonna round it up. We're just a few basis points below a ninety percent probability of a quarter percent increase next Wednesday when the Fed meets. I think people now are starting to finally get it in their mind that we are going to have an interest rate increase. And, you know, as I've said many times over the last few weeks, probably not one, probably two this year is what the street's calling for. But when you get up to this high a probability, as I've always said, you you get north of say sixty percent probability of a of an interest rate increase, it's pretty good likelihood it's gonna happen. And when we get up here in this relative basically 90% range, it's pretty much a sure thing. Now, the good side of that is investors start to look at it and go, okay, there's nothing I can do about it. I can't control the Fed. I can't control what the Fed's gonna do with interest rates. I just need to react to my portfolio and so on and so forth. So this could very well be a non-event. We're gonna talk about it, I'm sure, every day next week leading up to Wednesday, but it would realistically could turn around to be really a non-event. Why? Because we were so prepared for it. you know the the the bond traders have done so much of the work for the Fed that again A quarter percent is really nothing. Because listen to this. Today we closed up three basis points on the 10-year to a yield of 4.98%. For the week, the 10-year treasury yield, which again, mortgages look at them. It's not the only thing a mortgage company will look at to determine its rates, but auto lenders, credit cards, so on and so forth. That's why I always talk about the 10-year. It was up 20 basis points for the week. 20 basis points. That's almost a quarter percent. In really four trading days. So there you are. The the the bond traders again kind of did it for the Fed. Now remember, when the Fed raises interest rates, what are they theoretically doing? They're not doing anything related to the bond market like this. What they're doing is it's the Fed funds rate. And we haven't touched on this in a while because we haven't had an interest rate increase in a while. So remember, if the Fed does come out on Wednesday, raises interest rates a quarter percent, all they're doing is raising the overnight borrowing costs that banks charge one another. To borrow money. Because remember, banks have capital. Sometimes they need capital, sometimes they have excess capital. So they will lend to one another. That's what the Fed funds rate is. That's what the rate is that the Fed changes. Again, the Fed has nothing to do with the bond market. The bond traders are the ones, again, that really truly set the bond yield. So once again, as I've said, you've got the bond traders that have really done all the heavy lifting for the Fed. And then, you know, especially if you look at the short end of the of the curve. You get down into what we call the two year and and so on and so forth, listen to these numbers. So the two year remember is really your best gauge as far as what the Fed is going to do next. So if you're starting to see the two-year and the three year and the five-year yields going up, that tells you, again, good probability that the Fed's gonna raise rates. But listen to these numbers. The two-year today closed up nine basis points. Now remember the 10-year closed up three. So let's give you a perspective. The two-year closed up nine basis points. That's a huge move. Usually that hardly budges at all to a yield close of 4.64%. But for the week, already did better more than what the Fed was going to do. For the week, the two-year was up 26 basis points. Remember, if you're new to the market, there's 100 basis points and 1%. So up just a fraction over a quarter percent on the two-year. The three year was even worse, up 28 basis points for the week. Today up eight basis points to a yield close of 473. Five year today was up six basis points to a yield of 479, up 24 basis points for the week. Get the picture? It's not just one certain maturity out of the bond curve, it's everything. The most calm, which it should be, is the 30 year. That's really more indicative of the overall economy. Its yield actually dropped today down one basis point to yield of 536, but up 11 basis points for the week. So, you know, less than half of what the other maturities did. So again, just looking at the bond market, looking at the CME's Fed Watch tool, all signs. I mean, it would take, I I don't know what it would take, to be honest with you, for the Fed to change their mind. But this is gonna be interesting. You know, Kevin Wirce, the chairman of the Fed, he's brand new at the helm. Many again criticized him in the beginning, saying you're gonna be a puppet man for Trump. And he's like, Nope, nope, nope. And he's you know, really set the stage to make sure he's not. so this is gonna be interesting to see the president's comments if we get a quarter percent increase. This will be really, really interesting to see the president's comments. Also, Scott Besent, the Treasury Secretary's comments, if worse does end up and the Fed ends up raising interest rates next week. So we got a lot of things in store. It's going to be a fun week, no doubt about it. All right. When I come back, let me I'm going to get into what happened today in the market. Bottom of the hour break when we come back. This is a I I I kinda I got I'll be honest with you. You know, I I kind of hesitated to do this topic on a Friday because I like to keep Fridays light, happy, right? We are in a good mood. We're going into the weekend. But but I had a situation happen with a client the other day. And and it's it it really made me realize that I need to share this experience. Right. That's that's why I do this. This is why I sit, I give you so many hours of my week every week to sit behind this microphone. Cause I'm trying to share with you what I deal with as a financial advisor, as a CEO of a company, and an entrepreneur. Right. I'm trying to share with you real life stuff. And so I had a situation happen the other day where a client was. Really, you know, we had a long discussion that that a spouse has a pretty good probability of dying. And so we we had a discussion in regards to cash flow, right? I mean, obviously we talked a lot about life and what would happen, so on and so forth. But then we had to get into the discussion of cash flow because they're both retired. And I and I told them, I said, look, it here's one of the one of the problems that a lot of people don't realize. When you lose a spouse, you've got to really watch that social security benefit because remember, the survivor is if the survivor You what, I'm gonna take a break because it's gonna take me a while to explain that. But so I I've titled today's show, When One Becomes One, Could Your Retirement Plan Survive the Death of a Spouse? I know I I hate using the word death, but I couldn't come up with anything else. But listen closely. And then this what I'm gonna teach you today is really gonna apply even to to divorce and so on and so forth. So really important. It's a it's an area that's very, very unfrequently touched on in the world of retirement planning. What happens when you lose a spouse, right? We go through the heartbreak, but financially, what really happens? So I'm going to lay that out for you today to kind of help you prepare. God forbid if that time ever happens with you. All right, let's get down to the action of today. And then like I said, when we come back from the break, we'll move into our topic. When one becomes one, could your retirement plan survive the death of your spouse? All right, but here's the news of the day. All right, strong daily day. Again, not enough to make us or put us into positive territory for the week. we had a lot to do a lot of damage to overcome around that one. But for the day we finished at 509 on the Dow, 0.98% to a close of 52,573. NASDAQ gained 251.96%, closed in at 26,333. And the SP finished the day higher by 65 points or 0.86% to close at 7,656. Russell 2,000, by the way, up a 0.45%. Now turning things to the commodity side, we lost $2.31. Yes, you heard me correct. We actually went down on oil today. down $2.31 to $100 and 8 cents a barrel. Gold was quiet, $1.10 gain is all at $4,409.10 per ounce. As I said earlier, a three basis point increase on the 10-year to a yield close of 4.98% and up 20 basis points for the week. Now, here's a kind of a bizarre thing. gee, mortgage rates continue to move up. Big move as we discussed on the show yesterday with with Aaron and Dwight. Just checked them in today. 30-year mortgage according to Mortgage News Daily national average today up another five basis points, now to seven point one two percent. And that's just painful. 30 year VA up six basis points to an APR of six point seven, and I mean just right across the board. So yeah, very, very tough. All right, let's get down to the the main report of the day today. The CPIs I was mentioning. So here's how the numbers worked out. And again, you know, Wall Street can s think a glass is half full or a glass is half empty. Today they wanted to be optimistic, I guess, and say the glass is half full based upon the CPI data, which again quite surprised me. But CPI, again, retail inflation, increasing four tenths of a percent month over month. That was right in line with expectation. Core where we store out few food food and energy rose a slightly hotter than expected, three tenths of a percent. if we look at the year over year numbers, this is again where it's very, very painful. on the on the headline number, year over year, we're up three point four percent and on the core up two point four percent. Now, you know, if you go to the grocery store, if you go shopping pretty much for anything, you're gonna go, yeah, duh, no kidding. I I feel it every time I go to this store, don't care what kind of store it is, I'm feeling inflation. So I pulled up some data and I wanted to see where where did we have some big numbers in the month of August? in that fed into this hotter than expected overall core number. So here's just a couple of areas I've picked up. cereals and bakery products up 2.6%. And again, these are all for the month. So I'm not gonna say the month. I'm just gonna say up 2.6% for that area. meat, poultry, fish and eggs, up 1.1%. Dairy actually dropped about three-tenths of a percent, but a big run up in fruits and vegetables, 3.2%, non-alcoholic. Beverages and materials rose 3.7%. Other food at home items, 2.4%. Food away from home, wondering why that Big Mac cost you more? 3.4% increase. Now remember, folks, this is just for the month. This is just for the month. So food away from home up 3.4% for the month. Energy, obviously, no surprise here. This was the largest category. Energy overall for the month up 16.3%. Gasoline, all types rose 27.4%. Electricity up 3.8%, piped gas services higher by 4.4%. less food and energy, we get down to apparel. It had a gain of 3.6%. Rent or of primary residence, 2.7%. New vehicles only rose six tenths of a percent. That tells you the you the consumer are tapped. used cars and trucks actually fell down 2.3%. Motor vehicle maintenance and repair, 5.2%. Got to pay the price of that one this week, picking up a vehicle. let's see. Airline fares, obviously attributed to the rise in energy prices. Get this 23.4% increase in airline fares just in the month. medical care commodities down 2.7, medical care services up two and a half percent, tobacco and smoking products up six point three percent. So, like I said, pretty widespread. Overall, 3.4%. you know, is where we sit. So, you know. What do we do here? I again, I don't know how far much further the consumer can be stretched. I really don't know. It is mind blowing to see where these numbers are. And again, I I get very cynical, as you can hear by the tone of my voice, when Wall Street gets happy that we can sit here and say, hey, you know, our prices are up only 3.4% year over year. Really? Is that exciting? But remember yesterday the wholesale side was up over five percent. So you know, again, n it it has just become a norm. In America, as sad as it sounds, that we are, we as a consumer are to just accept with open arms that everything around us is going up in price, except wages. Right? Remember, 3.4%, that's the increase year over year. That so what was it, you know, from 2025, August of 2025 to August of 2024? It was up, right? And it just keeps going, it just it never stops. And that's why you have to look at this and you go, look at why why am I not getting ahead financially? Well, because overall it's costing you 3.4% more to you to live this year than it did last year. If you take all your products. And as you heard, you know, some of those numbers are you know broken down, very substantial. So it's not you, it's just the economy that we are in at this point. and and like I said, I I can't remember the last time. I have to go back into the end of the numbers. I can't remember the last time. I've ever said, hey, inflation, you know, year over year is down. I I I don't even know if that's happened, to be honest with you. I can't think of any time, but maybe it has. But but again, Wall Street got very, very, you know, very pleased with this number. And like I said, gave us a nice little rally. But as I said at the beginning of the show, I want to see if this was a short cover rally. There's no way to know unless the momentum does not continue on Monday and Tuesday. But we will see it come that. All right, we're gonna get into the world of retirement planning. God forbid if you lose one of your spouses, what happens at that point to your retirement plan? Welcome back to the John Sanchez show on Newstock 780KWH Happy Friday to all of you. Wishing you a great weekend. Sounds like we've got some high winds ahead of us here, so buckle down. All right, once again we finished with a gain of 509 on the Dow. The NASDAQ rose 251, the SP higher by 65. All right, time to move into our topic today. What happens to your retirement plan if you lose a spouse? It's a difficult question. And again, I apologize for bringing this to you on a Friday, but again, as I showed at the beginning of the show, I'm dealing with this with a client right now, and it really prompted me and kind of just gave me this feeling that I needed to. Talk to all of you about it. So again, difficult question. So what I want you to be thinking about as I progress through this is could your retirement plan, for those of you that have one, could your retirement plan survive the passing of one of you? Cause here's the major question that a lot of people don't realize. Now there's only one of you. So we think, geez, our expenses are gonna go down dramatically. In reality, they really don't. Does the property tax bill get cut in half? Nope. How about homeowners insurance? Does it go away and get reduced? Nope. Does the roof cost half as much to to get replaced? Mm mm. You get the picture. Not only do your expenses really not get adjusted down. And I'm going to get to the income side in a moment. But some of your household income may disappear. And this is what I'm finding that really surprises widows. Your tax situation can change substantially. Your Social Security payment can change substantially. So can your Medicare cost. Maybe your investment strategy changes. And the person who wasn't managing the finances may suddenly be responsible for all of it, as I covered earlier in the week, while grieving. So today we're going to do something a little bit uncomfortable, but incredibly important. We're going to take a happily married, retired couple with a financial plan that works. And then one of them one of them is no longer there. So I want you to meet our hypothetical clients. Mike and Susan, we're gonna call them. Mike is 70, Susan's 67, been married a long time, about 40 years. They're retired. Their house is worth about $750,000 and the mortgage is paid off. Their investment portfolio is valued at about one and a half million. As far as income, Mike brings in about $3,500 a month in Social Security, and Susan brings in about $2,500 a month of Social Security. So combined, Their social security payments are $6,000 a month or about $72,000 a year. Not bad. Portfolio income supplements their lifestyle. Everything looks good. Financial plans says, retirement's working. Everything's fine. That is until Mike dies. What happens Monday morning? So my first surprise is the Social Security surprise. So as I said, Mike received $3,500 in Social Security, Susan $2,500 for the total of $6,000. But as I discussed with my client the other day, after Mike's death, Susan doesn't simply continue receiving both checks. The stories I could give you of clients that I've seen try to do this, Social Security will catch up with you, and they don't like when you've stolen from the system. So here's how it works. Their surviving spouse can receive the higher applicable benefit, but not both benefits stacked together. Social Security explains that if the survivor qualifies for both their own retirement benefit and a survivor benefit, they generally receive the higher amount rather than the two benefits added together. So in my simplified example, again, before they were bringing in a total of $6,000 a month. But now, since Mike is gone and his Social Security was $3,500, that's all Susan is going to get. She's gonna get his 3,500. She's no longer gonna receive her $2,500 a month. So now Susan is short, $2,500 a month. And I could expand on this even further if Mike was receiving a pension plan or pension payment, excuse me. And it was single life, meaning when he dies, that pension stopped. Again, I've shared stories with you in regards to that area also. Let's go back to Mike and Susan. So now Susan's down twenty five hundred dollars a month. thirty five or excuse me, about thirty thousand dollars a year. But has Susan's expenses fallen by thirty thousand? Of course not. My next area. But there's only one person now, Susan. So let's kind of test this theory a little bit. Did any of Susan's expenses really fall dramatically to make up for that Social Security short shortfall? Groceries? Yeah, maybe down a little bit. Dining, possibly. Travel? Possibly. Maybe she's down to one vehicle, so there's some savings. But the big expenses, the property taxes, they're going to be the same. Homeowners insurance, HOAs, Roof, HVAC, internet. Landscaping, home maintenance, all those things to keep a household going, those are going to remain the same. But actually, on the home maintenance side, now that I think about it, maybe Susan now needs to hire people to do the things that Mike used to do himself. So when one spouse dies, the household gets smaller, but the house, of course, does not. My next area, the survivor's tax trap. Now this one is huge. While Mike and Susan were married, they filed a joint return, right? Joint filing or married filing joint. But after Mike dies, depending upon the timing of the circumstances, Susan will most likely be filing single. And this folks is where people get the biggest shock of their life. Because federal tax bracket standard deductions are completely different for single taxpayers than for married couples filing jointly. Give you an example. For this year, the standard deduction is what $32,200 for married filing jointly versus half of that, $16,100 for single filers before applicable additional deductions. So you see how that right off the bat, you're single and you're getting punished on the tax. bracket side of things. So let's stop here for a second, think about what just happened. Susan just lost Mike. Her income just went down by twenty five hundred because she's getting his social security, but she gave up hers. So household income is down. And now she's gonna face a less favorable tax structure. Now let's add in something people always forget about, and that is the RMD, the required minimum distribution. I said Mike was 70, but let's hypothetically say Mike was 73. Now he's having to take RMDs. Okay. Suppose Mike and Susan have substantial IRA money. Not Roth, but traditional IRA. Eventually, required minimum distributions are going to come into play. You know, again, if Mike is seventy three, they're in play right now. So when Mike dies, assets move to Susan under the applicable beneficiary rules, right? She'll inherit his IRA, which will become a spousal continuation or beneficiary IRA. Spousal continuation is the normal term. Now she may eventually have a really large IRA. She was younger than him, but remember, since he was older, she has to start taking RMDs on his portion of the money as if he was still alive. So now we have one taxpayer, one tax return, filing single, and substantial, potentially substantial RMDs, meaning taxable income. And that leads to my next segment Medicare Irma. touch on that when we come back. Back to the John Sancho Show on NewStal 780 KOH. Once again, a nice day in the market today, but unfortunately not enough to really put a severe dent in the losses of the week. We finished up 509 on the Dow, and as I gained 251, the SP higher by 65. All right, we're gonna get back to our topic today, which again is a little bit of a heavy topic on Friday, but I like I said I'm dealing with this with a client right now, and I want to kind of share this with you. So we have our hypothetical clients, Mike and Susan. Okay. So Mike just passed away. Now, I'm going get into an area that we don't get a chance to talk a lot about. And I will try to do a little bit more on it because it's very important. It's called Medicare Irma, I R A A. Now, Medicare's income related monthly adjustment is what that acronym stands for, can increase your Part B and your Part D cost for higher income beneficiaries. And the income threshold for the individuals are much lower than a married. Joint threshold. So again, another penalty if you are by yourself. So in theory, what can happen is Susan's income is going to go down, her Social Security is going down. Yet the tax rate potentially is going up because now she's filing single, not joint, and her Medicare premiums potentially are going to go up because of Vermont. What happens to the portfolio? Well, before Mike died, portfolio would draws, you know, like I said, is a little bit of supplemental income. So he was making, you know, again, combined, they were making seventy two thousand social security. After Social Security is roughly $42,000. There's now approximately a $30,000 annual income hole since Mike died. That's before accounting for huge expense changes. Like I said, not really any major ones. But the portfolio. So now what happens? Susan's withdrawal requirements are gonna rise, right? She's like I said, she's $30,000 in the hole compared to when Mike was alive. So now she's gonna call her financial advisor and go. Hey, we've got to increase the the amount of income that we're taking out port or that I'm gonna take out of the portfolio. So now the question comes into the retirement plan. Does her portfolio have enough in there to substantiate a higher withdrawal rate and therefore enough? assets in there to last her her lifetime. Remember my discussion with you on Wednesday? Women on average live longer than men by basically about four point nine years. So in this example, you know, when she's in her late 60s, this portfolio is gonna need to last her, you know, at least another 20 years. Let's move on to the house. The house might become part of the problem. She now lives alone. Let's say she was in a 3,500 square foot house. Four bedrooms, three baths. Doors, you know, and three out of the four bedrooms are closed all the time. Maybe she's on a large lot or maybe some small acreage. When Mike was alive, he handled a lot. The repairs, the maintenance, the vehicles, the landscaping, mud the line every Saturday morning. Now Susan's having to pay somebody to do that. So the question we always receive is do I stay? Maybe. But financially, the property taxes, the insurance, the maintenance, utilities, all these things, that could be a major draw on the retirement plan. So that's where we have to really get into a tough discussion and say, do we want to stay in the house for emotional reasons? Or do we want to stay in the house for financial reasons? And there's another complication. Susan may have lived in the house for 30 years. It's the family home. Kids grew up there. All kinds of memories are there. Mike died there. So just saying, hey, you know what, get rid of it, Susan. You can't you can't afford it. It's too big for you. That isn't financial planning. That's spreadsheet planning. I don't operate that way. The other thing she has to be cognizant about again, she's now single, and now the two hundred and fifty thousand dollar tax free exclusion would apply, not the half a million, depending upon when she sells the house. So you've got to be very careful about that one also. Finally, don't make big decisions while you're grieving. I you've heard me say this many times. I like to tell people, unless there's something extremely urgent, try not to make any major financial decisions for at least six months after you lose a spouse. That gives you a chance to kind of somewhat get your hair head clear a little bit, get an idea what the cash flow needs are, and so on and so forth. But boy, if you jump into it, like I've told you before, I had one client years ago, her husband died, and literally the next day she was in my office, closed that. Every one of his accounts, every one of her accounts, and she was going to take a cruise around the world and spend every penny of it. I'm sure he was turning over in his grave. So to wrap up, keep in mind there's a lot of changes that happen when you go from married to single. A lot of these ideas, concerns, etc., apply not just to death, but also to if you get divorced. So keep in mind a lot of moving parts. If we can be of help to you in your retirement plan, give us a call at the office seven seven five eight hundred eighteen one. And don't forget on your estate planning needs, please check out our website, specialized trust dot com. Love the opportunity to sit down with you for a thirty minute video call, talk about your estate planning needs. And of course, if you have an existing estate plan, how about a review? Let's do that also. God bless, have great weekend. It's been so much fun being with you this week, and I'll see you on Monday on the John Sanchez show. Take care.