Hosts: Nancy Hecht, CFP®, AIF® and Jim Hachadorian, CFP®
Good morning, it’s an Ask The Experts Saturday morning on WDBO, and this is On The Money, brought to you buy Orlando’s oldest and largest independent firm of certified financial planning professionals, The Certified Financial Group in Altamonte Springs. And with us this morning, we have two of the twelve certified financial planning pros. Say good morning to the lovely Nancy Hecht, author of the Hecht Effect and The Man Is Not A Plan. Good morning, Nancy.
How are you?
I’m good, I’m good, and I’m very thankful that Jim Hachadorian has decided to co-host with me today.
Here is a face we haven’t seen in awhile. Where have you been, Jim Hachadorian?
I sort of sit in the background of the office and keep everybody sane.
Well listen, Nancy, let’s get people up-to-date here. What are you and Jim here to take calls about?
Well, we’re here to take calls about any of the listener’s pocketbook questions. We’re more centered on retirement planning and investment management. But any questions about your 401(k)s, your IRAs, your Roth accounts, stocks, bonds, mutual funds, long-term healthcare, life insurance, annuities, any of the financial concerns that people have on their minds at this very close end of the year.
Mmm-hmm. 844-220-0965, 844-220-0965. And <?> you can text us from your mobile device. Send us a short text at the numbers 21232. 21232, or if you’re so inclined and you want your voice on the program, use the Open Mic. You’ll find the Open Mic on the News 96.5 app. I went in for some shoulder surgery and I left with my identity stolen.
This is a topic that’s dear to your heart because I know you’ve had your ID ripped off.
Yes, I have. This is an actual phone call I got from one of my clients during the week. He called me and asked me if I had any experience with identity theft, and sadly, as people know, I do. We narrowed down that the big change that occurred in how he spent or events in his life was shoulder surgery. He was very upset because the Medicare has your Social Security number on it, so all of his information was up there. What happened was he was shopping and his card was declined for the first time ever in his life. He called his credit card company. They said that he was delinquent on his second credit card and has not paid the bill, and he said what second credit card? So somebody had applied for another card with the same company in his name and my client asked what address had been used and it was not his address. So immediately, everything was frozen. All the charges that had gone through between when he had the surgery and he discovered that his ID has been stolen and his credit was compromised had been taken off. But he has to start over again. So my first advice to him was to go — to speak to somebody in management at the surgery center and the rehab facility and let them know what occurred and it had occurred a day after he had been through this procedure. And then I also encouraged him to look into one of the services that help protect and monitor your identity and your credit. There’s free services that are valid, there are ones that you pay for that are very useful. He had not gone on to the annual credit report at all this year. There is an annual credit report by the government that is free. There’s clones <?> that are not free, and I encourage that does that <?>, and when I’m there just to look at everything, and told him that he now has to regularly, diligently, monitor everything —
— until he can see that everything has been taken care of. But this is how things are today. I mean it’s just really sad. I had the occasion to be a car rental place a couple times this week, my daughter got into a car accident, and it amazes me how many people sitting there, waiting there to get their cars were using their phones and were online. It’s an unsecure place.
And if you’re checking your Facebook or checking your credit card or your bank balance because you want to make sure you have enough to pay for the rental car, you’re just opening yourself up to anybody who’s sitting next to you to clone whatever you’re doing online in an unsecured area. So people have to be really, really careful.
You got to be careful with public wifi, for sure. In fact, I just went to the website this week myself, it’s annualcreditreport.com, that’s the only one that’s free. You get a free credit report from the three major credit bureaus once a year, so you can pick one and then three, four months from now go for the other one, three, four months go for the other one, and by that time, you’ve cycled around to another year and then you can start all over again. But definitely you’ve got to start keeping track of your credit.
And apparently, there is some way that you can blank out the numbers on your Medicare card and still have it be valid. I have it in the office if somebody wants the information on that, they can e-mail me.
Because your Medicare number is just your Social with an alpha character at the end of it.
It’s crazy. You’d think something like that would be changed.
I’ve got some questions about ID theft, and you just mentioned freezing the accounts and also about signing the back of your credit card. I want to talk about that in a minute.
But first, we have a caller here who wants to ask you a question about a windfall.
Michael in Oviedo, good morning Michael.
Good morning. How are you doing? Thanks for taking the call.
Hey, how are you?
What’s your question?
I’ve sold a business — I had a business and I’m going to net like $100,000, and I just want to know what’s the best way to invest it? I’m 58 years old. I don’t have any 401(k) or anything. So that’s where I’m at.
Okay, so you sold the business. How was the business registered?
It was an LLC.
Okay. And have you thought of maybe setting up a solo 401(k) or a SEP-IRA, something along those lines, where you can defer some of the earnings from the business for 2016 and reduce your taxes a little bit?
Well, I haven’t thought of anything.
I didn’t know what to do with it.
Did you have any employees?
No, I was self-employed.
Okay. Alright. So, if you were to do something like a SEP-IRA, you can defer 25% of your adjusted gross income up to $53,000 for 2016, and that will all be deductible. So that can help reduce maybe some of the gains from selling the business and then give you an idea of what to do with a portion of the assets. If you — and the feeling is 53. So it doesn’t mean that you have to put that much in there.
A solo 401(k), you’re limited to the 401(k) limits, which for somebody who’s 58, is $24,000.
So, just a question, Michael. You did have earned income in 2016, correct?
Right. I had earned income, correct.
And how much of that income — how much was it, roughly?
Okay, so you’re well covered then.
Because there has to be earned income.
Right, right. Okay. So I mean doing something like —
And I bought another business, so I bought another business that cost me more than the business that I sold.
Mmmhmm, okay. But the 100 is what’s net and you can invest it.
Right. And then what I had to do is put a down payment on a new business.
But you have 100,000 that you can invest clear from — net of all that?
Clear, right, yeah. It’s like 180, to be exact.
Okay. Well Michael, what we do is planning first. So what we would want to look at to be able to answer where should you put this money is how you’re living your life, how much longer do you plan on working, what are your living expenses, what would be the impact of taxes and inflation and what’s your risk tolerance? And then all of those answers, once we have this blueprint in place, would help direct where might be a best place for you to invest the 100,000 that you have left. I would invite you to contact our office and take advantage of a complimentary consultation and sit down a do some planning. I’m going to assume, since this net, you have an emergency fund beyond the 100,000?
Okay, great. Okay, so. We would love to help you. There’s no quick answer to go to ABC mutual funds. It really depends on a lot of factors that are particular to your life.
Okay? So if you’d like to —
So how do I contact the office?
Okay, you could either go our website, which is financialgroup.com and request a complimentary consultation, or you can call our offices on Monday through Friday, 8:30am to 5:30pm at 407-869-9800.
1-800-EXECUTE. Like you’re executing your financial plan, or 407-869-9800. Nancy Hecht and Jim Hachadorian are both certified financial planning professionals with the Certified Financial Group and are here for your phone calls. Here’s the number: it’s 844-220-0965. 844-220-0965, if you’d like to talk with Jim or Nancy. Hey, Wall’s <?> in the news center, he’ll be joining us in about in about three minutes with more on today’s big story. There’s going to be a big change in the weather this weekend. Actually, I’m <Inaudible>.
You didn’t move from Michigan for this.
No, not at all.
I’ll have to stop wearing little boy pants — shorts for a little while, at least. 844-220-0965. Before we go to Dave <?>, Nancy, we were talking about ID theft.
You had a personal account of ID theft.
How long did it take you to — what happened and how long did it take you to get it all together?
It took probably close a couple years, but there was not the mechanisms in place then that there are now. One thing that really, really aggravated me was some product was sold — sent to my house because they used our address. I guess a lot of times they would assume nobody’s home during the day, they get a product delivered, drive by, pick them up, and that was it. Sadly, my husband’s office is in our house. So he was there to pick it up. And I was able to trace the purchase to a specific company’s e-mail address and I contacted the company to let them know that my ID had been stolen and this was the e-mail address that was used, and I would like to try to find out who is behind this e-mail address, what measures do I have to do? And I was told it was a breach of that person’s privacy to divulge any information as to who set up that e-mail address.
And it did not matter if I had hired an attorney or anything. And that tapped by hide <?>, to be polite about it. But it’s a pain. I mean you have to contact every place where something was bought and let them know that it was not a valid purchase. The credit card company will certainly put a freeze on everything and not hold you liable for anything over $50, but then you have to go through getting new cards and being so diligent about watching everything.
Do banks treat the debit cards the same way as the credit card if somebody rips it off? Do they have a limit like $50 or something like that?
I think they are — they do help you.
Unfortunately, for some folks that use a debit card, though, the money is — once that money is lost out of your account, the bank doesn’t put it back there overnight.
It takes awhile for them to do that, so if you’ve got bills and it’s coming out of your checking account, you could be in trouble. So —
You should always limit your exposure and your checking account whether you have a debit associated with it.
I mean, I’m happy to see that the chip is being used a lot more widely, and then if you go to a gas station, a lot of them will have tape over — I mean one of the places that my card was swiped was a gas station, and it was not one that I normally went to, but somebody said oh, they have really cheap gas you should go there.
Alright. Nancy Hecht and Jim Hachadorian are both certified financial planning professionals with the Certified Financial Group and have come in live this morning to be with you, take your phone calls about any pocketbook issue. Here’s the number: it’s 844-220-0965.
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A as in <?> Ask The Experts Saturday morning on WDBO. Good to have you with us. On The Money with the Certified Financial Group. In the studio with Nancy Hecht, author of The Hecht Effect and A Man Is Not A Plan. She’s here to take your calls, along with Jim Hachadorian. Both of these people are certified financial planning pros who give up their time to come in and answer your pocketbook retirement questions and all that nice kind of stuff. So here’s — let me give out the phone number. Let’s put them to work. 844-220-0965. Text us at 21232, 21232, or you can use the Open Mic on the News 96.5 app. We were talking about ID theft there.
How does our consumer warrior Clark <?>. Now granted, Clark is nowhere near being a certified financial planner.
But he’s got the basics down pretty much. He talks about freezing your credit card.
What does that process entail and what if you want to use your credit card again?
Well, I think the — I’m aware that you can contact the three credit bureaus – Equifax, Experian, and TransUnion directly and you can get each one of them to freeze your credit. I don’t think it affects your credit card as it is unless it’s already been terminated and you have to go get another one. Because what it does is it prevents anybody from accessing your credit card report for purposes of getting you newer, additional credit. So I think as long as you’ve got a credit card in force and it’s still working and you want to freeze your credit, you’re okay, but if you wanted to go apply for a loan, apply for a new credit card, you’re going to have to unfreeze it before you do that.
Another question about credit cards while I’m at it. A lot of people, including my older brother Sean, have on the back of their credit card See ID.
I used to have that on mine.
He does not sign his name. I’m just wondering what’s the deal with that.
Well, you really need to sign your name because you need the signature on the card to match the ID on whatever you’re presenting, driver’s license. If it just says see ID, then it really could be almost anybody could make a fake ID. So yeah. I used to do that, but that’s not the proper thing to do. You need to sign it. And I think that there’s some liability clauses that if it’s not actually signed, that the credit card company has a little bit of wiggle room.
I just think if somebody finds your credit card that’s blank on the back, they could sign it their own way.
Right. Exactly. So that’s it. And then another thing to be careful about this holiday season, and I read a blog about it last week, I think, was apps. I mean, people are very, very into using apps on their phone to purchase, and there’s a lot of clone apps or legitimize businesses coming out. The big department stores are targets. So if you’re a regular shopper, for example, at Macy’s, go to Macy’s website and purchase directly from the site as opposed to using a Macy’s app, and then you’ll know that you’re actually shopping with the place that you want to and it’s not some shadow thing that looks like Macy’s and you’ve just opened up everything that you have for the whole world to see.
Oh Lord. Tis the season to watch your wallet.
Alright, we’ll talk a little bit more about this. Plus, we’ve got your calls coming up, and a question about retiring next month, and the person wants to know how do I roll my 401(k) into an IRA? We’ll answer that. We’ll take your phone call at 844-220-0965, and we’ll tell you about this workshop that’s coming up, I think in a couple weeks maybe.
Healthcare Options In Retirement. It’s a free workshop, leave your checkbook at home. Healthcare Options In Your Retirement. That’ll be very interesting .
Probably get it <?> next Thursday.
Is it next Thursday?
December 1st. No, two weeks.
And then I then <Inaudible> to you as well.
This is On The Money, brought to you by Orlando’s oldest and largest independent firm of certified financial planning professionals, The Certified Financial Group in Altamont Springs. And with us this morning, we have Nancy Hecht, author of The Hecht Effect and A Man Is Not A Plan. And teaming with Jim Hachadorian this morning. Jim and Nancy are both certified financial planning professionals and are here just for your phone call. So give us a call if you want to talk about — well what, Nancy? What can He wanted to talk about, well what Nancy, what can folks call and ask you about?
Retirement planning, estate planning, long-term care, stocks, bonds, mutual funds, IRAs, 401(k)s, rollovers, all of the pocketbook questions that are burning in your brain right now.
I’ve got a ton of them, but I don’t want to ask them. I want you to ask them. 844-220-0965. 844-220-0965. Or text us at 21232. Speaking of a text, here’s a couple here. Should or may my homestead be in a trust? Will it qualify for homestead exemption?
The answer is perhaps. And it really depends on what kind of trust. If it’s a revocable living trust, where you’re protecting yourself by using the trust, but you’re not giving up rights to the ownership of the house, then you do not lose your homestead exemption. If for some reason the home was put into an irrevocable trust, then you’re giving up the rights to the assets, so then you would lose the homestead exemption. There have been some recent revisions in the homestead law that you might want to look up just to double check your <Inaudible>.
Alright? Here’s another question from our text board and by the way, text us at 21232. Hello, I have a defined pension plan that I intend to take the monthly payment for life. I have moved to Florida and would like to know if the taxes — and it stops because we only have a limited —
Okay, I’m going to assume that this person is moving here from a state that has state income taxes, and we do not have state income taxes <Inaudible> which is why a lot of people like to retire here. So CPA Jim Hachadorian, what kind of taxes would — excuse me, not a CPA. He’s a tax expert. I will stand corrected. What kind of taxes would this person pay, moving from a state that had a state income tax to the great state of Florida as far as their defined benefit goes.
Well if it’s assumed that the taxes — or the pension was set up by an employer without any contributions from the employee, then any withdrawals from that pension plan is going to be federally taxable.
Okay, but there would be no state income tax?
There will be no state income taxes in Florida, obviously, and no other taxes that I’m aware of, so just the federal really.
Here’s a quick question that came in this week. I am retiring next month. How do I roll my 401(k) to an IRA.
This is actually a question I’m getting from a lot of people. I have a lot of clients that are hanging it up in December. So rolling over to the 401(k) or a 403(b) to an IRA is really not a hard process at all. I am not a fan of leaving money where you no longer are. Some people don’t mind leaving it there. One thing to consider is if somebody is cleanly retiring, meaning that they’re having no — there’s no severance which would allow them to potentially still make 401(k) contributions, that there’s an opportunity after you leave, because of whatever type of deal you’ve made, for contributions to still be made, you’re going to want to wait until you’re contributions are made, and then roll over the 401(k). But it’s as easy as setting up a rollover IRA and then contacting the HR department, getting the paperwork required from your employer’s plan, completing that, often with the help of somebody like us, and then the assets will get transferred directly to the new rollover IRA. Sometimes they will transfer in-kind, meaning if you have ABC Mutual Funds, all the shares that you have in that will transfer. Oftentimes the 401(k) is completely cashed out and everything is transferred over in the form of a check, but it’s really not a hard process at all.
You do not want the money to come to you. You want to go — to go directly from the 401(k) to the rollover IRA.
What happens if it come to you?
There is an automatic 20% withholding, and you can make up that 20% out of your pocket, but that’s what you would have to do.
One thing you want to make sure is the check is made out to the new custodian, FBO your name. FBO stands for for the benefit of. That way it’s still considered a trustee to trustee transfer and it’s not taxable.
If you want any more information about that, give Nancy a call at work.
What’s your office number?
407-869-9800 or they can go to our website, which is financialgroup.com. They can click on request a complimentary consultation. They could look at all the upcoming workshops that we have on the calendar, read all of our different blog entries, a lot of information on there.
Cool. I don’t know how you guys — in all of the United States, you guys were able to get that domain name. Financialgroup.com. That’s a tough one to get.
Been in business forever.
Yeah, 30 years or so here in central Florida. Yeah.
Let’s talk to Jane in Orlando. Good morning, Jane.
Good morning. Thanks for taking my call.
My question is about Roth and traditional IRAs. The scenario my husband passes away before I do, he has both a Roth and a traditional. He has me listed as the beneficiary. Will I have to pay any taxes on his monies that I inherit. Well the traditional can either just be changed to your name as the spousal beneficiary and you won’t have to take anything out therefore, you wouldn’t have to pay any taxes until you hit 70 and a half. If you have your own separate IRA, you can blend his into yours, and again, would not be taxable. And then as far as the Roth goes, there are no required minimum distributions on a Roth account right now and the same scenario would happen. If you have a Roth in place, you can just blend his into yours. If not, you have to present a death certificate to whoever the custodian is and as the beneficiary, you change the name. <Inaudible>
So when I withdraw it is when it becomes income and that’s when I pay taxes on it?
Right, right. Now for the Roth, if the assets have been deposited for five years or longer, then you do not pay taxes on the withdrawals. But an IRA, anything coming out is going to be taxable and it will be taxable at your ordinary income tax rate.
Okay, and back to the Roths, you said it has to be five years or more.
Okay. Alright, thank you so much.
And please make sure that you list primary and contingent beneficiaries on your own retirement account.
Here’s the number if you’d like to join us, 844-220-0965, 844-220-0965, or text us at 21232. Here’s a text for you. I am 50 and have $125,000 in my 401(k). How’s my retirement looking?
Well, what else does the person have set aside for their retirement? How long do they plan on working?
Getting a new car maybe one day?
What other kind of obligations do they have? I mean it’s —
What happens if you get sick.
It’s a tough question to answer.
This is what we’re all about, planning tomorrow today.
Well $125,000 would qualify me as being temporarily rich, because it’ll go fast.
Well let’s assume for a second that that 125 is all you had, and we use that vague rule of thumb about a 4% withdrawal, take the 125, divide it by 4%, and see how long it lasts, and 4% of 125 isn’t going to be much.
But, if the person is 50, chances are good they’re going to work 17 or more years, you know if you’re looking at full retirement age according to Social Security, which I think is probably going to be pushed back to 70.
So leave that money in the 401(k), then, you think?
And <Inaudible> for sure.
Yeah, you’ve got a lot of years to go.
The other thing he needs to know, or she needs to know, is how much Social Security he’s going to get when they do get to be 67 or whatever the number is for them.
And how much are they contributing to the 401(k)? What percentage? So there’s a lot of questions that we would be happy to answer.
Of course, you’re a big proponent of not taking your Social Security at the first or second opportunities. You’re a big proponent of holding off until you’re 70 to take your Social Security, right?
Well I think if you can do that, yes, and then right now there is a ridiculous credit of 8% per year for every year that you defer up until 70. And if you can take advantage of that, because I think that that will be lowered, I would hope that it — I mean even lowering to 5% is a nice guarantee.
Not bad, yes.
But I think full retirement age is going to go up from 67.
Well there are a lot of considerations on that 70 and the age of taking Social Security obviously, is when you retire, when do you walk out the door from your employer and do you need the money? If you need the money, you might want to go ahead and apply and take it. If you don’t, you can wait until 70, keep working, whatever, and as Nancy said, it will accumulate significantly for that year — what’s called your full retirement age up to age 70.
There’s a couple of more texts to get to, but first let’s take a caller. This is David in Orlando. Good morning, David.
Hey, how are you doing?
Got a quick question for you. I’ve done the math on, I think I know the answer. I’ve got a very small pension available to me from 10 years working a local banking. If I start drawing it at age 55, it’s a defined benefit, I would lose have my monthly value. If I wait until normal retirement age, 62, I’d receive 100% of it. But I’m getting a divorce, so if I pass away, it just vaporizes on me, and what I’ve done is the math that if I start drawing it now, and invest that money into another investment, looking at a grocery stocks, <Inaudible> have green signs all over the place, I can buy their stock and they’re historically returned 18% since their inception. Over the last 5 to 10 years, it’s 29%. What I’m thinking about is going ahead and taking the retirement at this stage. I don’t live on that money now, forgetting I have it, and reinvesting it into this stock that’s had a tremendous historical return to grow it, rather than just taking it <Inaudible> or it would pay to age 72, according to my calculations equal the same if I waited to age 62.
Well I’d have to say that, I mean given the opportunity to buy that company’s stock, which the general public can’t, it is a nice opportunity. So I know what you’re talking about. I’ve crunched the numbers on that. It’d be nice if everybody could buy stock in that company, but that’s part of why the performance is the way it is.
So David, is your pension subject to the divorce court.
No, it’s not subject to the divorce court, because — it’s not subject to the divorce on that and it’s so small.
You get to keep it all?
Yeah, I get to keep it all.
But again, it’s — I’ve just looked at it and because it’s a defined benefit, I can’t leave it to my kids. If I pass away before age 62, I don’t plan on passing away, but it goes away. Whereas if I start drawing it now, at least I’ll have drawn something out of it.
Yeah, I think sometimes people are shocked to find that the crossover point is at a young an age as you’ve realized it is. You know, if you’re comfortable with it, I don’t think that there’s anything wrong with the math that you’ve done. Go for it.
Okay, thank you.
And thank you for the phone call. You can have that line at 844-220-0965. 844-220-0965. I’m going to ask Karen in Orange County to hang on. He has a question about annuities.
Then, I’m going to ask you to pull out your crystal balls and surprise us. What do you think is going to be happing in 2017? Hmm? We’ll ask the experts next here on WDBO.
Alright we’ll get back to Dave Wall in the News Center in about five minutes. Also coming up in the next hour, it’s Florida Homes and Gardens with Bill Burke from SNW <sp?> Kitchens coming in today, taking your home fix-up, home repair questions. That’s in the next hour. Right after the news here on WDBO. Real quick before we get back to the callers, and incidentally, if we run out of show before callers, you hang on, you get a private consult afterwards. But I mentioned whipping out your crystal ball. Tell me, you’ve got any predictions for 2017?
I’ll be a year older.
Are you saying that you don’t have a crystal ball?
No I don’t. I don’t.
I got you.
A lot of people will say it, but don’t question her.
Like me, I guess. If you want to make God laugh, tell him where the markets going to be in a year, right?
My gut tells me interest rates are going up, in fact long-term rates have already gone up. If you look at bond prices, they’ve come down, which means yields on long-term bonds have gone up. So short-term, everybody’s talking The Fed’s going to do it next month for sure.
I hope so.
I’m tired of hearing it. I really hope they do it.
<Inaudible> three or four years now.
Karen in Orange County, good morning.
What can we do for you?
So I’m 60 years old. I’m still working, but I want to retire, and I’ve been looking into annuities. I went online. So I know the basics, but my question is I had one employment website said if you can manage it on your own, you’d be better off doing it yourself, and I wondered if you agreed.
Well annuities can be very tricky. There’s a lot of ifs, ands, buts, and rules written into annuities. You have to be very careful which one you would pick. If you are confident managing your money on your own, then you can certainly try that to start with. Outside of something as restrictive as an annuity, if you feel like you don’t have the confidence that you thought you did, then you can contact a CFP and have them help you. But annuities have gotten so convoluted that I’m just not a huge fan of many of them anymore.
I know, and my concern is who I trust my money with. I don’t want to be on American Greed in five years because I made a bad decision.
One thing about annuities is the insurance companies offer a guarantee and it’s the — the guarantee is the claims paying ability of the insurance company, so that’s why people go with them. They’re not all bad, but they’re not all good.
We’re just about out of time. I hope that helped you out there. I’m going to ask James in Orman Beach and Robert in Kissimee to hang on. You’ll get a private consult. Real quick text question answers plans.
I’m 29, have 100,000 just sitting in the bank with no investments. Where do I begin?
Well this is the question of the day. Yeah. You know. Sit down with a certified financial planner and put a plan in place and then you can get to where to invest the money.
How can I get a recap of my earnings the last 35 years and Social Security taxes paid?
The website. You go to ssa.gov, create an account called MySSA, and you’ll get your earnings if you’re not already getting it in the mail every so often from Social Security.
And you will find out how much you’ve contributed. How much of my medical bills do you need to have to withdraw from SIMPLE IRA and not get penalized by the IRS. How much medical bills can you take from your SIMPLE IRA and not get hit with penalties for medical.
I think — is it 17%?
I’m not sure.
<Inaudible> we are not CPAs and do not have the answer. I’m very sorry.
But you can call Gary Avery at the office. Here’s the number, 407-869-9800. And what’s the website?
Okay, if you’re on hold hang on, you’ll get a private consult. But we right now have to get to Dave Wall in the news center.