retirement savings plans

Retirement Math: Save Early and Often

Plus sensible catchup strategies if you’re behind

By Robert Pyle

Key Takeaways

  • The money you sock away during the early years of your career will likely grow the most.

  • Do you know your income replacement rate?

  • Don’t get bogged down in the math—keep it simple.

  • Don’t panic if you’re behind in your retirement savings—there are plenty of ways to catch up.

 

A recent Transamerica study found that “running out of money” was the chief retirement concern for almost half of Americans. What’s more, only one-third of American workers (36%) said they were “very confident” about the ability to retire comfortably. Today’s workers change will jobs more often than their parents and grandparents did—and have more temporary disruptions to their retirement savings. But an even bigger hurdle for achieving a worry-free retirement is that people are simply living a lot longer than they used to. It’s not uncommon to have a retirement lasting three decades or longer. That’s a long time to support yourself after leaving the workforce--even before you factor in the ever-rising cost of healthcare and eldercare.


Keep it simple
You’ve had a successful career. You’re very good at making money. But, you’re probably not an expert in financial planning. Just don’t think you need to do it alone.

When clients ask me how much they should budget for retirement I always tell them to keep it simple. You don’t need to calculate how much your spending on cable TV, cars, groceries and dining out. It’s nice to know that information—and I’m sure you could economize--but all you really need to know is what your (net) paycheck is—i.e. how much are you putting in your bank account every month and then subtract any additional savings from that amount. Example: If your net paycheck is $5,000 per month after 401(k) contributions, that means you’re spending $60,000 per year. If you were saving $400 per month in a taxable account from your net deposit, your spending would be $55,200 per year.    

Example: I recently started working with a new 401(k) plan enrollee. He had a nice military pension and wanted to have $7,000 per month in retirement (i.e. $84,000 per year). I told him he’d need to accumulate 25-times that $84,000 a year in retirement -- $2.1 million—if he expected to have $7,000 per month in his golden years. How did we come up with 25x?  That the reciprocal of 4 percent (.04), the recommended annual drawdown rate for many people.


Just don’t let retirement math overwhelm you. Again, the simpler you keep it, the easier it is to follow. For instance, this back-of-the-napkin estimate can get you pretty far down the road:

      How much do you need in retirement? $7,000

      How much do you expect from Social Security? $3,000

ANSWER: You’ll need $4,000 per month (i.e. $48,000 per year) from sources other than a paycheck and Social Security. Multiply that $48K by 25 and you get $1.2 million. That’s how much you’ll need to accumulate in retirement savings before taxes. This took less than a minute to calculate.

How do I know if I’m saving enough?

A good rule of thumb is to try to save one-sixth of your gross pay (16%) for retirement. I realize that’s tough when you might be savings for your first house and/or still paying off student loans. But look at ways to save. Do you really need the newest iPhone or other tech gadget every year? Could you eat at home more instead of dining out three or four times per week?

Do what you can. Your goal is to replace at least 40 percent of your pre-retirement income. Here are some recommended savings benchmarks:

Source: Dimensional Fund Advisors, How Much Should I Save for Retirement? By Massi De Santis, PhD and Marlena Lee, PhD, June 2013

Source: Dimensional Fund Advisors, How Much Should I Save for Retirement? By Massi De Santis, PhD and Marlena Lee, PhD, June 2013

For example, if you’re 65 and making $100,000 per year, you should have accumulated $1 million in your retirement accounts by now (10x $100K). If so, then you’d realistically be able to withdraw 4 percent of that nest egg every year (i.e. $40,000). The targets above are designed to replace 40 percent of your pre-retirement salary. Hopefully, your Social Security benefits will make up the rest, along with your spouse’s retirement savings and Social Security benefits. If not, you’ll need to set a higher income replacement rate.

See short video for more on income replacement rate https://videos.dimensional.com/share/v/0_r2tsjqhg or click on the video below:

 

According to Dimensional Fund Advisors, if you want to have a 90-percent probability of reaching your retirement goal (say 40 percent replacement of income) you would need to save 19.2% of your income every year if you start saving for retirement at age 35. If can start saving earlier in life--say age 30--you only need to save 15.4% of your income. If you can start at age 25, you only need to save 13.2% of your income.

I realize even 13 percent is a big chunk of your paycheck, especially when you are young. But, the data above shows how powerful compounding can be when it’s working in your favor.

 

Importance of saving early
I can’t stress enough the importance of saving early. Let’s look at three different savings scenarios: 

  1. Start saving $4,500 per year from age 18 - 25 and then no savings afterward.

  2. Start saving $6,000 per year from age 25 - 35 and then no savings afterward.

  3. Start saving $6,000 per year from age 36 – 65 without interruption.

    Assume an 8 percent annual rate of return under each scenario

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Clearly there is a big difference between in accumulated savings between Scenario 2 and Scenario 3. Under Scenario 3, you have $322,000 less in retirement savings with the same $6,000 annual contribution than you did under Scenario 2--even though you saved $120,000 more over your working life. This illustrates the power of compounding. Scenario #1 may not be realistic, but it further emphasizes the power of starting early.


Retirement savings catchup strategies

There are a wide variety of reasons that people don’t start saving for retirement until later in life. The reasons are too complex to go into in this article, but it’s never too late to play catchup. The simplest way to catch up is to max out your 401(k) by socking away $19,000 a year ($25,000 annually if you’re over age 50). Then set up an an IRA or Roth IRA for yourself (and your spouse) and make the maximum $6,000 annual contribution to each IRA ($7,000 each if you are over 50).

Your IRA contribution may not be deductible. But a non-deductible IRA will still grow tax deferred and you will pay tax on the gain only when you take it out of the IRA. Just note that with a nondeductible IRA, you aren’t allowed to deduct your contribution from your income taxes like you can with a traditional IRA.

Maxing out your 401(k) and contributing to an IRA could give you $31,000 to $39,000 per year. And, you can still contribute to a taxable account as well. The taxable account will grow partially tax deferred. You pay tax on the dividends and capital gains each year, but not on the price appreciation of the securities. Only when you sell the assets do you pay gains on the price appreciation of the securities.

The key to making any retirement strategy work is having an “automatic savings” plan in place. I can’t stress the importance of automating your retirement savings – i.e. automatic paycheck deduction—so you don’t have to think about it and so you can’t procrastinate.

Just make sure you don’t over-save. The risk with over-savings is that you don’t have enough ready cash available for your rainy-day emergency fund. We recommend having three to six months’ worth of living expenses on hand for your emergency fund—six to twelve months’ worth if you’re self-employed.

“Retirement age” likely to get pushed out

As record numbers of Boomers reach retirement age every day—and strain the Social Security system--policymakers continue to suggest raising the minimum age to receive full benefits. The minimum age is currently 66 years and 2 months for people born in 1955, and it will gradually rise to 67 for those born in 1960 or later. There’s a strong likelihood that the minimum age to draw full benefits will be pushed out to 70 by the time today’s young people reach retirement age. These changes are based on both increasing life expectancy and the government’s chronic mismanagement of the Social Security program. 

Bottom line: if you’re going to retire early, (say age 60), you’re going to be responsible for funding your own retirement longer--until your Social Security benefits kick in. By the way, the longer you can delay taking Social Security benefits the better. Did you know your benefit amount goes up by 8 percent a year for every year you wait between age 62 and age 70?


You don’t always get to decide when to stop working
Clients who are behind in their retirement savings tell me they’ll just keep working until they’re 70. Great, but you don’t always control that decision. Health complications can come out of left field at any time as you get older and sometimes your employer has the final say on when you stop working—not you. One of my clients who was intent on working till age 70 was forced into retirement at 67. Another who planned to work until 70-plus got an early buyout package at age 60. You need to be prepared for these scenarios. If you haven’t saved enough for retirement you have to keep your skills current and be prepared to switch careers late in life.

Conclusion

When it comes to saving for retirement, the variables are many and the math can be complex. If you take nothing else away from this article, start saving as early as you can and make your savings plan as simple and automatic as possible. If you or someone close to you has concerns about your retirement savings plan, please don’t hesitate to contact me.

Robert J. Pyle, CFP®, CFA is president of Diversified Asset Management, Inc. (DAMI). DAMI is licensed as an investment adviser with the State of Colorado Division of Securities, and its investment advisory representatives are licensed by the State of Colorado. DAMI will only transact business in other states to the extent DAMI has made the requisite notice filings or obtained the necessary licensing in such state. No follow up or individualized responses to persons in other jurisdictions that involve either rendering or attempting to render personalized investment advice for compensation will be made absent compliance with applicable legal requirements, or an applicable exemption or exclusion. It does not constitute investment or tax advice. To contact Robert, call 303-440-2906 or e-mail info@diversifiedassetmanagement.com.

 

The views, opinion, information and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc.  The selection of any posts or articles should not be regarded as an explicit or implicit endorsement or recommendation of any such posts or articles, or services provided or referenced and statements made by the authors of such posts or articles.  Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting or tax advice.


Exit Planning for Business Owners

You’ve poured your blood, sweat, tears (and personal savings) into building a successful business. Congrats! You are considered a leader in your community, and you enjoy a sense of personal achievement that no corporate, government or non-profit employee could ever have. But there comes a time when taking some chips off the table—if not all of them—starts to sound appealing.

Most folks imagine you are quite wealthy by now but are you? Sure, you skimped on salary in the early years and didn’t put as much into your retirement account as you could have. But that shortfall will come back to you in spades after you sell, right?

With a median sale price of $225,000 for business, one can infer that only a small fraction of small business owners can cash out with enough money, so they never have to work again.

In fact, more than one-third of business owners (34%) have no retirement savings plan according to Manta, an online resource for small businesses owners. According to Manta data, many owners don’t feel they make enough money from their business to save for retirement. Others feel the need to tap all their savings to keep funding the business and don’t have enough left over to put toward retirement. More concerning, almost one in five owners told Manta they plan on using the expected proceeds from selling their business to retire on.

Supercharge your retirement savings especially if you’re in your 40s, 50s or 60s.

At a minimum, you should set up a 401(k) plan. If the plan is a “safe harbor” plan, then you should be able to contribute the maximum $19,000 a year to your 401(k)--$25,000 per year if you’re over age 50.  (A Safe Harbor 401k plan allows employers to provide a plan to its employees and avoid the annual testing to make sure the plan passes nondiscrimination rules. In this type of plan, employers contribute a minimum required amount to the employees to avoid testing. A non-safe harbor plan involves expensive annual compliance testing.)

Typically, if you make an additional profit-sharing contribution to employees, you should be able to max out at $56,000 a year, or $62,000 if over age 50. If this is still not enough to put you on track for your retirement goals, you can start a cash balance plan and contribute up to $200,000 a year or more to your retirement savings, but this requires an even larger employee contribution. See my article about Cash Balance Plans.

The exit planning process starts 3-5 years out

Rare is the owner who receives a buyout offer out of the blue that’s simply too generous to pass up.
You don’t just wake up one day and decide to sell. You don’t just pace a “for sale” sign on the door outside your offices and expect buyers to line up. It’s going to take some planning and spit and polishing beforehand….just like selling a house or a car. Research shows most owners don’t come close to getting an offer that’s commensurate with what they think the value of their business is. In fact, surveys indicate that one of the biggest deal breakers for prospective buyers of a business is the sloppy record keeping of the owner. It is critical to keep great financial records, so the buyer knows what they are purchasing. In addition, you should have audited financial records.

An AES Nation survey of 107 corporate attorneys three fourth (77%) of them said failing to prepare companies financially was a common or very common problem for business owners. AES Nation says that the three most important ways owners can prepare for a sale are:

1. Improving the balance sheet. This means being more effective with cash management and receivables and getting rid of non-performing assets.

2. Addressing the cost of funds. This means getting the right loan covenants and maximizing working capital.

3. Getting audited financial statements. This reduces the likelihood that you, the entrepreneur, will have liabilities after the sales closes.

I recently gave a presentation to a group of CPAs, and they told me one horror story after another about business owner clients who try to sell their businesses without telling their CPA beforehand. Even worse, the CPA doesn’t hear about the planned sale until the frantic owner calls with a last-minute question on the way to the closing. That is NOT the time to ask your CPA questions or to seek advice. You really need a professional team to strategize with before the sale. I’ll talk more about the kinds of specialists you need in a minute.


Preparing your business for sale—don’t wait until the last minute

In addition to getting your cash flow and financial statements in order, it’s very important to manage your human capital, too. Nearly three fourths (72%) of lawyers surveyed by AES Nation said it was very common for owners to forget to prepare their key personnel for the transition to new ownership. Your key employees are among the most valuable assets you can offer to new ownership. Make sure you have employment contracts in place that incentivize key personnel to stay with the company. You also need non-compete and non-solicitation agreements.

According, to Sheryl Brake, CPA/CGMA, CVA, CEPA of Encompass Transition Solutions, LLC, “The biggest mistake that business owners make when planning to sell their business is not beginning the process early enough.  The ideal time to start the process is 3 to 5 years before they actually want to transition out of their business. Beginning the process early gives the owner ample time to educate themselves, identify their options, and prepare the business for sale so that they maximize the value of the business and exit the business on their terms and their timeline.”

 

Avoid seller’s remorse

According to AES Nation, approximately half of business owners are unhappy after the sale of the company. To maximize the value of your business, you must improve the balance sheet, address the cost of funds, enhance the profits and make yourself “operationally irrelevant.”

One of the best books on business operations is called The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It by Michael Gerber. This book walks you through the steps from starting a business, growing a business and running a mature business. Until you can take a three-week vacation from the business and still have the enterprise run smoothly without you, all you really have is a demanding job. You don’t have a great business.


Don’t give your windfall to Uncle Sam


Selling a business is not all about getting the best price. It’s about maximizing the amount of money you and your family pocket after the sale is completed and what you do with that wealth—including planning the next chapter in your life.

According to an AES Nation, about 85 percent of business owners have not taken steps to mitigate taxes before the sale of a company. One way to lower your tax hit after selling is to utilize a “freezing trust.” This is a trust that passes on the value of your business to your children or grandchildren free of estate tax. I can tell you more about this technique when we meet.

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The general idea of a freezing trust is to gift some of your company stock to a trust and to sell more of the stock to the trust for a promissory note. When you gift the company stock to the trust and sell the company stock to the trust for a promissory note, you are getting the assets and future appreciation out of your taxable estate. When you sell the company, the value of the shares in the trust escapes estate taxes.

Your life v2.0

One of the hardest parts of retirement is deciding how to spend your time in your post-working retire. It’s even harder for successful business owners whose personal identify, values and reason for getting up in the morning is so intertwined with the business. Again, this process must start three to five years (not months) before you plan to sell. Some owners retire completely. Others stay on with the business in an advisory capacity. Others go back to work in another position—some even start a brand-new venture.

Don’t be a DIY when it comes to your exit

While it’s hard for many entrepreneurs to think they can’t sell their own business—who else knows it better? —countless studies show this is not a good idea. Selling a business successfully requires special skill sets that even your CPA and attorney often won’t have, let alone you.

You need a strong team including a CPA with experience in business transactions and possibly an investment banker. According to an AES Nation survey of corporate attorneys, nearly 92 percent strongly recommend using an investment banker if your business is valued between $1 and $10 million and almost all surveyed attorneys recommend using an investment bank if your business was valued at over $10 million. In fact, nearly half of surveyed attorneys (41.1%) recommended using an investment banker even if your business is valued at less than $1 million.

Conclusion

If you or someone close to you is considering selling their business, please don’t hesitate to contact me. I’d be happy to help.

Robert J. Pyle, CFP®, CFA is president of Diversified Asset Management, Inc. (DAMI). DAMI is licensed as an investment adviser with the State of Colorado Division of Securities, and its investment advisory representatives are licensed by the State of Colorado. DAMI will only transact business in other states to the extent DAMI has made the requisite notice filings or obtained the necessary licensing in such state. No follow up or individualized responses to persons in other jurisdictions that involve either rendering or attempting to render personalized investment advice for compensation will be made absent compliance with applicable legal requirements, or an applicable exemption or exclusion. It does not constitute investment or tax advice. To contact Robert, call 303-440-2906 or e-mail info@diversifiedassetmanagement.com.

 

The views, opinion, information and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc.  The selection of any posts or articles should not be regarded as an explicit or implicit endorsement or recommendation of any such posts or articles, or services provided or referenced and statements made by the authors of such posts or articles.  Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting or tax advice.

Will My Roth IRA Conversion be Penalty-Free?

There are several situations in which a Roth Conversion could benefit your future tax situation.  Whether you have lower income this year or want to take advantage of low tax rates, you will want to make sure you avoid any penalties.  Let’s take a look:

Are you converting a Traditional IRA?

If your answer is “yes”, move on to the next question.  If you are converting a SIMPLE IRA, the answer is a bit more complicated depending on how long you have had the Simple IRA.  Check out our chart to learn more.

Are you expecting to take a distribution within 5 years of your conversion?

If you are far from retirement, then your answer to this will likely be “no”, then you can convert any amount.  Remember that any conversion amount is taxed as ordinary income and could increase your Medicare Part B & D premiums.  If you plan to take distributions within 5 years and are under 59.5, you may be subject to a penalty. If you are taking Required Minimum Distributions then you will have to take your RMD before any conversion.

Advantages of a Roth IRA

Roth IRA’s are particularly advantageous if there are changes (increases) in tax rates. Here are ways you could be subject to higher taxes in the future.

1.      The Government raises tax rates.

2.      One spouse passes away and now you are subject to single rates instead of married rates. When a spouse passes away, your expenses are not cut in half but the brackets are cut in half.

3.      Your expenses dramatically increase because you are in an assisted living facility or a nursing home.

If you’ve made it this far, there is a good chance you can make a Roth IRA conversion penalty-free.  Check out this flowchart to learn more.

If you would like to schedule a call to talk about the best strategy for converting a IRA to a Roth IRA, give us a call at 303-440-2906 or click here to schedule a time to speak with us.

Robert J. Pyle, CFP®, CFA is president of Diversified Asset Management, Inc. (DAMI). DAMI is licensed as an investment adviser with the State of Colorado Division of Securities, and its investment advisory representatives are licensed by the State of Colorado. DAMI will only transact business in other states to the extent DAMI has made the requisite notice filings or obtained the necessary licensing in such state. No follow up or individualized responses to persons in other jurisdictions that involve either rendering or attempting to render personalized investment advice for compensation will be made absent compliance with applicable legal requirements, or an applicable exemption or exclusion. It does not constitute investment or tax advice. To contact Robert, call 303-440-2906 or e-mail info@diversifiedassetmanagement.com.

 

The views, opinion, information and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc.  The selection of any posts or articles should not be regarded as an explicit or implicit endorsement or recommendation of any such posts or articles, or services provided or referenced and statements made by the authors of such posts or articles.  Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting or tax advice.

Will My Social Security Benefit be Reduced?

Social Security has been undergoing changes due to funding concerns, and it looks like there may well be more in the future.  This leads to many of our clients asking us “Will I receive the Social Security benefits we planned for?”  Let’s take a look:

At what age can you collect Social Security?

For anyone born in 1960 or after, your Full Retirement Age (FRA) is 67.  If you were born before 1960, you will be eligible for a full Social Security benefit between 66-67 years old, depending on your birth year. 

Can you collect benefits on your own work history?

The answer for most people is yes, but it depends on how long you have been in the workforce.  If you haven’t paid into Social Security for at least 10 years, your benefits will be reduced. 

Special Situations

If you are married and don’t have a work history see the “Am I Eligible for Social Security Benefits as a Spouse?” flowchart.

If you are widowed see the “Am I Eligible for Social Security Benefits as a Surviving Spouse?” flowchart.

If you are divorced see the “Am I Eligible for Social Security Benefits as a Divorced Individual?” flowchart.

At what age will you start taking Social Security?

As discussed above, the Full Retirement Age is typically around 67 years old.  You can, however, elect to start Social Security as early as 62 or as late as 70.  The later you postpone your benefits, the larger your monthly check will be going forward.  To learn more about how much benefits you can expect to receive, and how you can increase your Social Security payout during retirement, check out our chart here.

If you would like to schedule a call to talk about the best strategy for taking Social Security, give us a call at 303-440-2906 or click here to schedule a time to speak with us.

Robert J. Pyle, CFP®, CFA is president of Diversified Asset Management, Inc. (DAMI). DAMI is licensed as an investment adviser with the State of Colorado Division of Securities, and its investment advisory representatives are licensed by the State of Colorado. DAMI will only transact business in other states to the extent DAMI has made the requisite notice filings or obtained the necessary licensing in such state. No follow up or individualized responses to persons in other jurisdictions that involve either rendering or attempting to render personalized investment advice for compensation will be made absent compliance with applicable legal requirements, or an applicable exemption or exclusion. It does not constitute investment or tax advice. To contact Robert, call 303-440-2906 or e-mail info@diversifiedassetmanagement.com.

 

The views, opinion, information and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc.  The selection of any posts or articles should not be regarded as an explicit or implicit endorsement or recommendation of any such posts or articles, or services provided or referenced and statements made by the authors of such posts or articles.  Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting or tax advice.

Avoid These Financial Traps -- They May Be Hazardous to Your Wealth

Money. It's hard to get and easy to lose. It doesn't take long for the wealth you've accumulated to disappear if you don't manage your money well or have a plan to protect your assets from sudden calamity.

Snares like the ones mentioned below could easily threaten your financial security. Planning ahead can protect you and your loved ones from getting caught.

Undisciplined Spending

The more you have, the more you spend -- or so the saying goes. But not paying close attention to your cash flow may prevent you from saving enough money for your future. Manage your income by creating a spending plan that includes saving and investing a portion of your pay. Your financial professional can help identify planning strategies that will maximize your savings and minimize your taxes.

High Debt

With the easy availability of credit, it isn't hard to understand how many people rack up high credit card balances and other debt. Short-term debt will become long-term debt if you're paying only the minimum amount toward your balances. If you can't pay off your credit card debt all at once, consider transferring the balances to a card with a lower interest rate.

Unprotected Assets

Your life, your property, and your ability to work should all be protected. Life insurance can provide income for your family if you die. Homeowners and automobile insurance can help protect you if your home or car is damaged or destroyed and provide liability coverage if someone is injured. Disability insurance can protect your income if you're unable to work.

Unmanaged Inheritance

A financial windfall is great, but it also can be dangerous. Without solid advice on managing and investing the money, you could find that your inheritance is gone in a much shorter time than you would have thought possible. Your financial professional can help you come up with a plan for managing your wealth. Setting aside a portion of the money to spend on a trip or other luxury while investing the rest may be one way to reward yourself and still preserve the bulk of your assets.

Neglected Investments

Reviewing your investments to make sure they're performing as you expected -- and making changes in your portfolio if they're not -- is essential. But it's also essential to periodically review your investment strategy. You may find that your tolerance for risk has changed over time. You'll also want to assess the tax implications of any changes you plan to make to help minimize their impact.

Retirement Shortfall

If you're not contributing the maximum amount to your employer's retirement savings plan, you're giving up the benefits of pretax contributions and potential tax-deferred growth. Maximizing your plan contributions can start you on your way to a comfortable retirement -- hopefully with no traps along the route.


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Robert J. Pyle, CFP®, CFA is president of Diversified Asset Management, Inc. (DAMI). DAMI is licensed as an investment adviser with the State of Colorado Division of Securities, and its investment advisory representatives are licensed by the State of Colorado. DAMI will only transact business in other states to the extent DAMI has made the requisite notice filings or obtained the necessary licensing in such state. No follow up or individualized responses to persons in other jurisdictions that involve either rendering or attempting to render personalized investment advice for compensation will be made absent compliance with applicable legal requirements, or an applicable exemption or exclusion. It does not constitute investment or tax advice. To contact Robert, call 303-440-2906 or e-mail info@diversifiedassetmanagement.com.
 


The views, opinion, information and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc.  The selection of any posts or articles should not be regarded as an explicit or implicit endorsement or recommendation of any such posts or articles, or services provided or referenced and statements made by the authors of such posts or articles.  Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting or tax advice.