Latest / The Jon Sanchez Show / How Much Income Do You Really Need to Retire?
Transcript
- Bailey Sanchez: Good Monday afternoon to you, welcome to the John Sanchez Show on Newstalk it's a pleasure to be with you and a pleasure to actually say there's green showing up on my computer monitors. That's right, that means it was a positive day today. Finally, we got some positive news today. Resulting in some I won't call it stellar, but hey, you know what? this environment, we're gonna take any gains that we possibly can get our hands on that's for sure We did get those so of course gonna give you all the updates of what drove this market higher until it would happen with the oil side Which is you would probably imagine that oil was a a an to the stock market today Little war term there for you. We get into some big movers that we had today some news that coming out in the video some news coming out of Metta ⁓ give you the updates of what really moved the markets today and then I'm get into a really, really great topic for you. You know, most people think that retirement planning is about hitting that magic number, right? Used to be, I remember years ago when I got started in this business, it was like, if you had a million dollars when you retired, you were considered filthy wealthy, right? That money, you could go do whatever you wanted to do, you could party hard, you could go buy things, travel, do whatever you wanted to do. Now it's like most people go, a million bucks, that's all you have for retirement? The mind has changed dramatically. But whatever that magic number is that you think in your mind that you need, I'm going to correct you just for a little bit. Because the real question isn't how much money you have, million, two million, 500,000, whatever that number is. I've emphasized so many times over the years, it's much income ⁓ that can produce for you and your family for the rest of your life. So today I'm gonna do is I'm gonna break down the math behind the retirement income and why having a large nest egg doesn't quite necessarily mean ⁓ that you're be ready to retire. Now we want cash flow. We'll talk about that reason why here in a moment. All right, let's get down to the market. So last night, futures were coming down. Oil went back above $100 a barrel. Today, Scott Bissett, our Treasury Secretary, went on CNBC and said, things are just going fine. I don't know what everybody's worried about. He said, you know what? The US is currently not going to, but currently allowing Iranian oil tankers pass through the Strait of Hormuz. Now let's go back to last week on Friday. I think it was Friday or Thursday. The president indicated at that point there was about 125 million barrels of oil sitting offshore in Russian oil tankers. Remember I joked on the show I said he quote approved other countries for getting some of that oil. Now you would imagine Many countries came unglued on this. a minute here. You have all these sanctions against Russia. Look at what Russia has done to Ukraine and the thousands and thousands of people that have been killed. And you're giving your approval that the rest of the world, meaning most likely China and North Korea and many others that are not our friends in some situations, able to go get that oil off those Russian oil tankers. And the response was, yeah, because someone has already paid that tax paid Russia before that oil the oil terminals in Russia. So that's where this whole ⁓ international kind of started. Now we fast forward to Baset's comments today. The US is now allowing Iranian oil tankers to pass through the Strait of Hormuz. Soon as that news hit the wire, and that was in the pre-market session, we immediately saw oil prices begin to tumble and the stock market begin to rise. Matter of fact, we're up almost 400 points, about 357, right before the stock market opened on the Dow futures. Nasdaq's were up 300, S &P's were up about 71. So it looked like it was going to be a strong start to the day, and indeed it was. Then, adding to the downturn in oil prices, the Wall Street Journal reported today that the U.S. is going to announce coalition of countries to ships through the Now later today, the president indicated that, well, this coalition isn't quite ready. It's not really put together yet. And he put out a plea over the weekend that, at the you need to come to our help as an ally, and you need to ⁓ help escort ships through the Strait of Hormuz. Well, that's not going too well at this point. I want to share with you this Wall Street Journal story because you will hear here in a second, let's just say a lot of countries are not too keen on doing this. So Trump is pressuring allies to help reopen the Strait of Hormuz and relieve pressure on the global economy. So far most of them are not biting. Germany has rejected taking part. Japan and Australia have indicated that they're unlikely to send us to help. and France said they're accessing possible action, but they haven't committed to doing anything before the fighting halts. Of all of these are close U.S. allies. This morning, German Chancellor Minister, Defense Minister, Pistorius, he Trump's for help, asking rhetorically what Trump expects, quote, a handful or two handfuls It doesn't make sense, but it says, a handful or two handfuls of European frigates to accomplish in the Strait of Hormuz that the powerful U.S. Navy cannot achieve on its own. He says, this is not our war. did not start it. Trump sent a pointed message over the weekend to the allies as I said. If countries refuse to join the effort to open the Strait of Hormuz, quote, we will remember. That's what he told reporters on Air Force One over the weekend. He said in an interview with the Financial Times that if NATO doesn't help, it'll be very bad for the future of the alliance. White House Press Secretary Carolyn Levitt said today that Trump, continues to speak with our allies in Europe and is calling on them for support. Now, Tehran has threatened, of course, to attack any vessel trying to cross without its approval. About 20%, as I say almost every day, about 20 % of the world's oil supply passes through the strait, at least that it did before the war started. I love this comment from Craig, an associate professor at King's ⁓ London School of Security Studies. says, Trump's trying to weaponize interdependent using American economic power ⁓ to partners and allies into doing his bidding. None of Washington's traditional partners can afford to entirely dismiss White House pressure. countries are still trying to keep Trump engaged in Ukraine and prod him away from U.S. realignment with Russia. Out of fears, it undercut the key of sovereignty and help relieve economic pressure on the Kremlin. So you get the gist of this. This isn't going well, unfortunately, for the president. Now, when I saw the calls for the alliance over the weekend, and he said, basically, it's not going to end well for you if you don't participate, I started thinking to myself, how many of these countries? This is going to be a tough position for those countries to be put into. Because you know what at him right now. because of all the tariffs and the mess that has caused with their countries. And now he's saying, want you to come to our rescue. And then like the German defense minister said, look, it's not our war, it's yours. You started this thing. But at the same time, I think Trump's got a lot of negotiating power because guess what? Every single country in this world, ally or not ally, needs oil to operate and to survive. Then my mind went down the path of, similar to what the European defense minister said also, what's this really gonna do? So put yourself, think about this for a second, put yourself in, let's just pick Europe. in Europe's position. Okay, so you send a bunch of frigates. going to work in conjunction with the U.S. Navy. But what assurance do they have that they're not going to get hit with drones and everything else that our Navy's of course very susceptible to? You don't really have any. But at the same time, the ethical question is do they have a responsibility to come help since of course they need that oil coming through the strait. The other side of that is, like I said, or like he said, this is Trump's war, it's not Europe's war, or Japan or anybody else's. I mean, about this for a second. Japan and Australia? They're not sending anything. Britain and France, those are two very strong allies. Said they're assessing possible action, but they're not committing to doing anything before the fighting halts. So this could essentially alienate us from many of our allies that, quote, quote, are already very upset at us because of the tariff situation. So I think it's going to be absolutely fascinating to see what happens over the next few days, few weeks, and see what company our countries really do come to the rescue of the United States. Or are we going to end up doing it all alone? we do do it alone, or if you don't participate what is going to be the repercussions from the Trump administration against your country? But I was shocked when Japan said they weren't gonna do it Britain and France basically are just assessing it This is very serious I mean we could end up doing it all on our own and then like I said what are gonna be the repercussions if happens So that was the big headline Over the as well as today, but the bottom line is all we care about is It drove oil prices down and it drove the stock market up. I'll give you the details when we come back. Let's turn it over to Kristen Snow. She's in the Right Now traffic center. Hello, Kristen. Welcome back to the John Sanchez Show and his talk 780K which I'll be getting to our topic how much income do you really need to retire here shortly but first let's get you an update on the movers of the day. First of all let's hit the market overall. 388 gain on the Dow is how we finished up 0.83 % to a close of 46,946. Nasdaq rose 267 points 1.22%. S &P gained 67 or 1.01 % and the Russell 2000 which was leading the pack earlier a 0.94 % gain of 23 points. So I guess you could say Oil or I mean that stocks kind of hits the right on an oil tanker today oil fell five dollars and 26 cents a barrel 93 dollars and 95 cents again overnight We did touch over 100 and gold for the day was down 61 dollars and 40 cents closed in a five thousand dollars and 30 cents an ounce big pullback in bond yields down seven basis points on the 10-year at a yield of 422 so Everything everything moved nicely the way it should gold down bond yields down oil down stock market up It's the way it should be so let's take for what it's worth at this point. All right, let's go to some of the movers. We have a lot of activity going on with underliers today on the market. We'll start with Nvidia. Nice move on the stock today. $2.94 rise, 1.63 % to 183.19. That garnered not only move in that name, but it's other semiconductor names that I'll share with you in a minute. And here's the reason why. Nvidia hosted a, what's called their GTC conference. And Jensen Wong, of the CEO of Nvidia, said that in his keynote speech I should say that last year he saw 500 billion dollar of purchase orders their ⁓ popular Blackwell and Rubin chips by He says he now sees at least one trillion of aforementioned chips by 2027. Think about that for a second. From 500 billion to a trillion dollars just in chip sales. I don't know. So that drove the chip names up, the memory storage names specifically. Yeah, Sandisk rising $42.00 in a penny, 6.35 % gain to $7.0363 a share. Western Digital rose $13.92, 5.11 % to $286.21. And Micron up $15.67, 3.68 % to $441.80. Amazing. All of a sudden, everybody loves chips again. Alright, let's go to the other news of the day, Metta. They announced this early this morning. Stock just rocketed today. $13.74 gain. Not a huge percentage rise, 2.24%. $627.45. But here's the reason the stock took off. Speaking of AI chips, Reuters reported early this morning the company is planning on laying off up to 20 % of its workforce as AI costs rise. So I had to do a little bit of math on that. So, okay, here we are. 20 % of their workforce. So what that equates to is this. They had a little over 15, I'm sorry, they had a little over, I think it was 76,000 employees at the end of last year. So I the numbers and that's gonna equate to a little over 15,000 people. going to lose their job in Metta. Think about that for a second. 15,000 people. for what I understand, a lot of those people work in the AI department. Now, an interesting thing I think no one's really thinking about on this. OK, so what they said again, lay off up to 20 % of the workforce as AI costs rise. Now, we not that comment from any other companies, right? ⁓ All the speculation, the concerns before the war started were all about AI spend, the CapEx spend, all these companies, Oracle and out there, that billions or sometimes hundreds of billions of dollars, Amazon, them in the mix, that they're spending on AI. No real return yet. I they're some but nowhere near what they've invested. But here you got Meta saying, it, our AI costs are on the rise. And so we got to start getting rid of people. This is what I've been calling for. You're going to see this over and over again. Remember my call earlier in the year? said, don't be surprised if over the next one to two years, We see in our unemployment, which is hovering right around 4 % and some change to run up to 6%, 8%, I can see even as high as 10%. I think when all this AI build out is done, I think it's going to be a norm. No longer is the norm going to be, you know, normally we're right around the 3 % mark on unemployment, historically. I think the norm is going to be around 10%. I really do, because of AI. So there's news there on Meta. Let's go to Amazon. $4.07 rise today, 1.96 % to $211.74. That was after the stock moved to a session high, by the way, after Jensen Wong said OpenAI will be brought to AWS, which is Amazon's web services, the Cloud Division. We saw a good move today in some of the travel stocks. Norwegian Cruise Lines, again, this is all attributed to the fall in oil prices. Norwegian Cruise Lines, which has been beaten and battered lately, rose $0.98, 5.17%. to 1984. The airlines were strong performers. United Era is won 4.25%, $3.68 gain there to 9028. Now who are the losers today? So remember you've seen Mosaic and CF Industries just tearing it up these last few weeks as the war has been going on. Those are chemicals like Mosaic specializes in farmer fertilizers and many other things similar to CF Industries. they were, and a lot of that comes through the Strait of Hormuz. I'm getting to. So those stocks rose you know these last few weeks. Thinking that oh, you know again. No one's coming through the straight of our moves so they're they're Their inventories of course should be worth a lot more well now again now that there's stock of other countries helping us and getting the straight open then you saw these names come down so mosaic was down five point six percent today dollar sixty four loss to a price of 2767 CF industries falling five point five six percent or seven dollars and 20 cents to one twenty two thirty seven and the last one I want to mention Dollar Tree big move on this one six point four two percent gain of six dollars a night cents to 114.36 as they're reporting good earnings and a pretty decent guidance. All right on a year-to-day basis here's where we sit. S &P is down 2.1 percent Dow is down 2.3 NASDAQ down 3.7 and the Russell 2000 made it back into positive territory up nine tenths of 1 percent. All right when we come back how much income do you really need to retire? It's not about the size it's about the sources and many many other strategies that I'm going to share with you. But first let's turn it over to Jack Saban he's got news traffic and weather. Hey Jack. Welcome back to the John Sanchez Show on his stock 780k weight. Happy Monday to all of you. Good Monday on the street. Finished up 388 on the Dow. Nasdaq rose 269 and the S will be higher by 67. All attributed to a fall in oil prices. down to 93.35 a barrel. All let's hope we get a nice sustained stock market rally. We got a ways to go as I share with you the year-to-date numbers. So if that's the case, the today's going to be absolutely perfect for you, which is you're going save a bunch of money. Or do you? To have a successful retirement. I said at beginning of show, everybody has a magic number in their mind. I need a million, two million, 500,000, whatever the number is. But it's the absolute wrong way, in my opinion, to look at a number like that. What you need to be looking at is the income that portfolio can produce. Okay? So, I'm going call this the biggest retirement myth I've ever heard. I just need a million dollars and I'm all set. Like I said, when I got started in this business years ago, that seemed like a number. Now, know, million dollars saved up is nothing to be honest with you. mean, when at 401Ks, et cetera. So retirement planning not about the assets that you have. It's about the income. But no matter how money we have, 500,000, a million, two million, whatever the number is, we have to assign a rule. Now it varies for everybody. Like I told you in our firm, because of the way we manage and diversify, we're comfortable with a 6 % withdrawal rate. Most firms are around the 4 % mark. And when things get really lousy in the market, a lot of times advisors will cut that number down to about 2%. So we'll just kind of go with the industry norm, 4%. So I'd take 4 % of my portfolio. That's going be one of my sources of income. Pretty simply, got a million dollar portfolio, $40,000 a year. Cool. How about another source of income? Social Security. Plus the investments. there's your retirement paycheck. Social Security, if you made a decent amount of money in your job, and especially if you retire after 65 or 65 in 10 months, depending upon when you were born, you're going be looking somewhere around high $2,000 to low $3,000 range. So let's just use the number 3,000. All right, so we got 3,000 coming in from Social Security. We have our portfolio withdraw of about $3,000 a month. Hey, we're now up to $6,000 a month. Not too shabby. but here's one of the problems. One the gotchas as I call it. The inflation Folks, you have to realize that you could spend more time in retirement than you did working. Why? Because through medical breakthroughs and people taking care of themselves, we're all living longer. At least, I hope I'm going to. So now, retirement lasts 25 to 30 years. then what ends up happening? That hidden I-word, inflation. It begins to quietly erode your purchasing power. So $5,000 a month today that you need to live off of, probably gonna need about $8,000 in 20 years. And that's why a diversified portfolio and then assets that stay ahead of inflation, i.e. the stock market, one of the very few, very few asset categories that stay ahead of inflation. A lot of people don't know that. That's why no matter how conservative you are, should always have somebody in the stock market. Again, just keep ahead of that inflation number. Okay, so let's kind of summarize so We've got three sources of retirement income. We have social security, we have investment income, and now what about guaranteed sources? What is that? Well, love to have pension, but not a lot of people have that offered to them anymore. How about another great guaranteed income source? An annuity. And don't tell me, oh my God, I hate annuities, I hear bad things about them. I tell you what, I challenge any one of you, any one of you, to call me at my office, 775-800-1801, or send me an email, john at sanchezgon.com, J-O-N, and say, I disagree with you, and I think annuities are bad. I love when people tell me that because that means they don't understand how they work. We love using annuities for guaranteed income sources in our portfolio. And I love breaking the misconception again when someone says, ⁓ my gosh, no, they're terrible. I heard Bob Breaker, I heard Susie Orman say, ⁓ my gosh, they're terrible. Well, I read this article about it. Yeah, a whole other story of why those people tell you they're bad. I've used them for... I've been doing this for 37 years in December. So for 35 years, I've incorporated annuities into my portfolios. And let me tell you, I've been extremely, but more importantly, the clients. Yeah, there's rules to them. They're not perfect. There's early withdrawal penalties and you gotta understand the taxation. They're very complicated and investable vehicles. They're not for everybody, but for the right. Strategy right type of an account right type of for it. I love them Just my personal opinion that can be perfect for everybody, but I would love to educate any of you any of you That if you want to learn about them, please call me. I'd love to have a one-on-one conversation with you. I would All right, we got some guaranteed income sources. ⁓ what a novel idea that we would have to rely upon ⁓ the stock portfolio Right? That's only one third of our portfolio or one third of our income. We've got social security, we've got guaranteed income sources, and then we have the investment portfolio income. Now, why do investors run out of money? Right? No one's thinking about that now because we haven't been in a bear market for any time period. But I want to highlight why retirees run out of money. First common mistake, they would draw way too much, too early. I'm going to go into that in a little bit more detail in a moment. Excuse me. They retire too soon Right, they think oh, it's 62 63 remember not long ago everyone when we had More job openings, you know ten times more job openings that we did jobs and so many people were going. Oh my gosh I'm gonna I'm gonna retire Because I can I know if things don't work out. I can always go find another job now It's just the opposite people are begging to find jobs So you retire too soon, you have that longevity side of things that I was just mentioning, and you live in 25 to 30 years, and the most tragic thing that you ever see is someone in their 70s, somewhere around there, or late 60s that maybe retired five years ago, and they're out of money, regardless of the reason why. Bad investments, bad market timing, health reasons, whatever the case may be. But that's one of the reasons investors aren't out of money. They retire too soon. Third reason, they ignore the taxes. I'm gonna go into that in more details in a moment. Again, it's like inflation. It's a hidden expense that is out there. And most importantly, they have no income strategy. You see, again, Wall Street wants you to just say, I love telling people this and I'll share it with you. Let's get in on a little Wall Street secret. We were taught earlier in our career to tell you, to scare you, and say, hey, guess what, Mr. Client? You only have a half a million in your account, in your IRA. going to be a bleak retirement for you, Mr. Smith. You need, you you run a projection. A million. Million five. Two million. Whatever the number is. Why does Wall Street do that? Wall Street doesn't give a damn whether you have a successful retirement or not. But they want you investing on a constant basis. That's how they make money off of you. But you see, they don't talk to you about an income strategy. And that's why I created years ago that risk profile. Again, it's a different way to, or risk cashflow strategy. It's a different way to look at retirement income. Fixed expenses versus fixed income. Variable expenses versus variable income. They're different animals. The Wall Street doesn't tell you that. Wall Street says, save a bunch of money, stock market's always gonna go up, and then take a withdrawal off of it. Stories I could give you where that doesn't work. So those are the common mistakes. You withdraw too much too early, you retire too soon, you ignore taxes, and you have no income strategy. Now, let's get to another phantom expense or hidden expense. That's some cost that you're gonna face in retirement will go down, but you got a whole bunch that are gonna go up. What are some of the most common expenses that people fail to account for? Number one, first and foremost, listen to me closely, it is healthcare. Now you may be saying, know, I'm not, frankly this is what happens with lot of you. You don't retire until you hit 65, so you're Medicare eligible. But sometimes you lose your job or for whatever reason you decide to leave early. Let's say you decide to retire at 62. You got three years, you gotta go out and pay for medical insurance. But even on Medicare, I hear this complaint from clients all the time. It's not as cheap as people think that it is, especially if you're a high income person. So no matter where you're gonna fall, whether you're gonna be eligible for Medicare or you're gonna have to go out and get your own personal insurance policy, is expensive. Let's talk about another form of insurance. Something you hear the real estate boys talk about every Tuesday and Thursday. Insurance on your home, insurance on your vehicle, insurance everywhere. It's not going down, it's only going up. When you're on a fixed budget like most retirees, that can crimp you dramatically. It's a hidden expense out there. Home maintenance, AC unit goes out, refrigerator goes out. Roof needs to be repaired. That's why we always consult with our clients before they retire. Do you foresee any major home expenses over the next five years? Because we would rather tackle those in the beginning of the retirement and plan for it, then get two or three years of retirement and comes going good and then you go, hey, we need to withdraw 50,000 to do a of home repairs. I just had a conversation with a client last week. $100,000 plus home remodel. If you've ever done a remodel, you know it starts at 20,000 and before you know it, it's 100,000, because it's like, oh, I don't want to just do my bathroom, I need to do both bathrooms. Oh, I don't want to just do those, I need to redo the kitchen and then my master bedroom and on and on and on. So those home maintenance, home repairs can really, really come back and bite you. Trouble? I don't see that as a major problem, because you can control that. But here's another one. Helping children and grandchildren. Read a great article the other day, forget what publication it was in. How so many people nowadays, I'm talking people of retirement age, are now raising their children, their And I'm not talking having them over for a couple days. I'm talking adopting them and raising them. Using drugs, unfortunately, or involved, but. Helping your children or your grandchildren out. We know it's tough for the young couples that are out there right now. Hard time coming up with money to get their home. Just hard time surviving. I know a lot of young couples that make well over $100,000 and they literally are paycheck to paycheck. It costs a lot of money to raise children. They have a roof over everybody's head. And to save for retirement and to pay for medical insurance and home and on and on and on. And a great stat that I'll leave you with is average health care costs for couples in retirement can exceed $300,000 over their lifetime. Scary number, isn't it? We're gonna come back and talk about taxes is another important issue of how much income do you really need to retire. Dropping off of Kristen Snow right now, traffic center, Kristen. Welcome back to the John Sanchez Show on Newstalk 780K. Which again, another good day in the street. Up 388 on the Dow, NASDAQ rose 269 and the S &P higher by 67. Oil again lost $5.26, 93.38 a barrel. All right, we're talking about how much income do you really need to retire. Just kind of building up to this, right? Because again, there's so many hidden things out there. So many different ways that you can create retirement income. So let's go to the next one, which is taxes, right? This is another area that a lot of retirees or future retirees they'll do account for. So what are your possible taxes or retirement that can eat away at your income? Your IRA withdraws. So remember, for many of you, what you're gonna end up doing... You've been saving all these years in your 401k. When you retire, you want to get it out of there, you roll it over to an IRA account, you start taking withdrawals. That money's never been taxed before. It's now in an IRA rollover account. Again, never been taxed before. So every penny you take out of that IRA account, is going to be taxable to you, unless it is a Roth ⁓ which very few people do. Your pensions, they're taxable. Your social security above a certain income level is taxable. Your capital gains, there's different tax rates there. and your Medicare IRMAA surcharges, those are taxable. So many people in retirement move from the IRS paycheck the retirement paycheck, but the tax bill still stays the same and you have to account for that. So you see how all these little things, the inflation, the rising cost, the insurance, the healthcare, ⁓ these different things, ⁓ we started off making $6,000 a month, and now it just starts to get eaten away and eaten away and eaten away. What about the order that you would draw money? This is really important also. We call this the sequence of draws. I did a show on this a while back for you. Most will do this. take money, first of all, out of their taxable accounts. Secondly, they'll take it out of their IRAs 401ks and the third they'll take it out of their Roth But think that that's the only way to do it. Again, this is where a great advisor will work with you and ⁓ look, is the best way to do it. I've had sometimes where it made more sense for the client to take money out of an IRA account than out of a taxable account because they were in such a low income bracket for a certain year, right? Or sometimes out of the Roth, right? That's tax-free withdrawals if certain rules have been met. So don't assume This is again where you need to work on a strategy. Market volatility early in retirement. Well, as we've touched on this one again, sequence of returns. Two retirees the same average return but different timing of losses. ⁓ One runs of money, the other succeeds. It's not just the return you earn, it's when you earn it. I touched on the guaranteed income versus the market income. And then most the emotional side of retirement. with your time, what's your reason for getting out of bed, so on and so forth. So the bottom line is this, much income you really need? Every person is different. Sit down with us or sit down with a great advisor ⁓ and this out. Figure out again, how much ⁓ you do as far as an absolute, realistic withdrawal, whether three, four, five, six, whatever percent it is. back out the taxes, back out inflation, look at what the income sources are, then you can make your decision on how much you can expect in retirement. Because I don't want any of you to have to go back to work. If we can be of help to you, us a call, 775-800-1801. Have a great afternoon. We'll see you tomorrow on the Jones Sanchez Show. bless. John Sanchez is a registered investment advisor and the opinions expressed by Sanchez Gaunt Capital Management LLC on this show are their own and do not reflect the opinions of News Talk 780 or its parent company Cumulus Media. All statements and opinions expressed are based upon information considered reliable, although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments or investment strategies. Investments involve risk and unless otherwise stated are not guaranteed. Information Express does not take into account your specific situation or objectives and is not intended as recommendations appropriate for any individual. 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