Top 10 Myths of Retirement (Part 1)

Speaker 1 (00:00):

Welcome, everybody to the Retirement Power Hour. My name is Joe Allaria, and this is episode 14. And today we are gonna be joined by my co-host, my periodic co-host, Jay Waters. Jay is a wealth advisor here at Carson Allaria Wealth Management. Jay, thanks for coming back to help me out today. Yeah,

Speaker 2 (00:19):

Absolutely. Looking forward to our discussion today, Joe

Speaker 1 (00:21):

And Jay, today we are hitting a topic that I love talking about because I love to debunk a lot of narratives that are out there that are really not true because, uh, we're doing this to help the common investor, to help the everyday investor. So what we're gonna talk about today, Jay, is uh, some myths, some myths of retirement. And this is gonna be a two part series here because there are just so many myths out there. So we're gonna cover the first five myths of retirement today, and then we'll come back for a part two and cover a few more. So I'm excited. I think there's, like I said, there's a lot of, a lot of things out there, a lot of rules of thumb, a lot of narratives that you hear, Jay, that I don't know about you, but when I hear them, you know, I, I just cringe because people are taking these things as gospel and they're not true. It's not that they're false all the time, but they're not true a hundred percent of the time either,

Speaker 2 (01:21):

Right? Yeah. There's so many different things out there that say you have to miss it, do this, right? Have to hit these marks where again, yeah, just not true. There's every different scenario for each person. So yeah, people throw out the blanket statements and they try to apply it to their situation.

Speaker 1 (01:37):

Yeah, absolutely. And before we jump into the first one, Jay, I wanna remind everybody that's watching, if you want the entire episode, which will include, uh, a frequently asked question or a question from a listener, go to Spotify, go to Apple. You can listen to the entire podcast, uh, on those platforms. Or you can go to retirement power hour podcast.com as well, and listen to the full episode there. So Jay, the first myth that we're gonna talk about today, if you reach a certain dollar amount, let's say a million dollars, or whatever number you've been hearing lately, but I've, oftentimes I've heard a million dollars. If I reach a million dollars, I can safely retire. Why is that not true?

Speaker 2 (02:20):

So when it comes to the number that you need to have for retirement, it's all gonna be based on what your living expenses are going into retirement. All depends on if you have any, you know, pension, social security depends on what those amounts are too. Typically what we see is, you know, depending on those expenses, you may need more than a million dollars, or you may need less than a million dollars. Um, I've seen lots of times where clients only have four or 500 grand live below their means, live a simple life, or maybe they have no deaths. And between social security and, you know, withdrawals from the 500, you know, they're completely fine. They have no chance of running out and, you know, they can sleep easy at night. And then again, there's people that have, you know, a million and a half and they spend, you know, they try to keep up with the Jones that's next door, and, uh, they spend a million half ain't gonna do it. So it all depends and boils down to what your expenses.

Speaker 1 (03:18):

Absolutely, yeah. Expenses one are one thing. Yep. And I think you, you touched on it, but what income sources do you have coming in? I, I speak with a lot of people and I have a lot of clients that they not only have a 401k, but they also have a defined benefit pension plan from either their time, uh, working at a, at a company for a public institution, for the government and their military service, whatever it may be. They have these pensions. So that would change things drastically in terms of how safe are you to retire or not. And that's why you, you definitely can't just base it off of the size of your portfolio. I've seen people that had basically nothing in a portfolio, but between one or two pensions and two social security benefits between a husband and wife, they're doing just fine.

Speaker 1 (04:19):

They don't need any portfolio. They don't need anything in a portfolio. They certainly don't need withdrawals because they already have more than enough coming in every month. So if you get to a million dollars, great, that's, that's fantastic. But it doesn't mean that you can automatically safely retire and everyone has their own number and you really need to get a detailed retirement plan done to figure out what that number is for you. Jay, you said some people retire safely on 400,000. I'm 500,000. The second one. Jay, your investments should be conservative in retirement. And we might make some people mad on this one because we're saying that's not true. Why is that? Why are we saying that's a myth?

Speaker 2 (05:03):

Yeah, so, you know, you, everyone probably hears it is as you get older and older, the more and more conservative you should be. And that may be the case, but again, not everyone's situation's the same if Yeah. You know, relating back to what if somebody already has the pensions and social security and that's more than enough of what they need. Well, let's say they did save them that million dollars and they're not gonna take any withdrawals from that million because their lifestyle needs are met by the Social security and pensions and whatever other income they may have, then there's no need to make withdrawals. So it, it all relates back to the bucketing strategy that we do. But again, it's if we're not gonna make withdrawals, you know, why be overly conservative?

Speaker 1 (05:49):

Exactly. Yeah. And I want to touch on that, that bucketing, but this, I think this again speaks to, generally speaking, I would say this is correct. Yeah. But what happens is people take these general rules and they apply them to their own situation again, as they are gospel, as as if they're true a hundred percent of the time. Oh, I am, I'm getting older, so I need to get more conservative. Generally speaking, across a large group of people, that's what should probably happen. If you look at what happens in target date funds inside of 401k, that's exactly what happens. And so it's not that we're saying that's wrong, but we have to understand why those target date funds and why this rule is even a thing or this saying or this notion is even a thing. And it's because generally speaking, Jay, which you, as you get older, you're getting closer to taking money out of your accounts. So I'll, I'll throw it back over to you here in a sec. But as you get closer to pulling money out of your accounts, now they need to, you know, or, or before you take them out, they need to be repositioned into investments that are more conservative. Why is that? Because

Speaker 2 (07:06):

You're gonna start making withdrawals <laugh>.

Speaker 1 (07:08):

Well, because yeah, the stock, because if you put 'em in something that's very aggressive, like, or, or just vol volatile, like stocks, stocks are more volatile than bonds and more volatile than a money market. They're gonna do what, as as time goes, they're gonna fluctuate and go up and down. And so the last thing you wanna do is put money in into a stock and you know, I have to make a withdrawal and let's just say in six months, well, uh, five months goes by, I still haven't, I, I still have everything in those stocks. And then we see a 30% decline in the market. Now what am I going to do? You know, I just lost 30% and now I still have to take my withdrawal. Yeah. So you mentioned bucketing. Uh, maybe we can talk about that for just a brief moment here before we go onto the third one.

Speaker 1 (07:55):

And you know, I think in very simple terms, the way I view it, and I'll ask, you know, how you like to talk about this, but the way I view it is you've got three buckets, short-term, midterm, and, and you, you're, you've gotta put all of your money in one of those buckets. And there are certain investments that are really designed for different periods of time. Some are really better for long term IE stocks, some are better for short term money markets, CDs, those are, those are not bad investments. They're, they're historically they've been bad long-term investments, but they're good short-term investments. So it's all about just fi finding out how much money am I gonna need in the short term? How much am I gonna need in the midterm, putting enough money into those types of investments, money markets, bonds, and then the rest can go into that long-term bucket.

Speaker 2 (08:47):

Yeah, exactly how you said it, Joe. It's, you know, there's the three buckets and each bucket is designed for its own purpose, right? So in the short term, we wanna have cash 'cause we know we're gonna start making withdrawals from it. Yeah. In the midterm, we know that, you know, we may need money for longer than one year, and they're, the stocks could be down for longer than

Speaker 1 (09:08):

One year. And I would, and I would jump in James and say that right now as we record this, that first bucket, we used to say cash, basically, you know, it really didn't matter what we said in that first bucket, whether it was cash, money, market, CDs, because none of them paid anything, anything. So you were, you were fine just putting money, you know, in your backyard burying it, you know, or putting it in the freezer compared to a cd 'cause you weren't gonna get much different. Now, I will say that has changed a little bit. Now, if you wanna speak on that just for a moment too, the fact that that first bucket, there's, we have, we actually have options now. It's kind of fun <laugh>.

Speaker 2 (09:45):

Yeah. I mean, what we've done with some clients is you start to, with the rates on how they are, you can start to build out short term CD ladders as far as three months, six months, nine months. So then you can peel off a little bit more interest even though you know that you're gonna make those withdrawals in a year. Sure. Um, because again, it pays a lot higher than what your normal savings count does typically. And then again, it's just a different environment with the way interest rates are. Yeah. Where again, beforehand, everything pretty much paid about the same, which was Sure. Nothing

Speaker 1 (10:16):

<laugh>. Yeah. So if I, if we have CDs out there now that are paying three and a half percent, you know, for three months, or, you know, let's just say 4% for 12 months, um, when rates change. So that's just a hypothetical. But if I do that and I look at a, a return after 12 months, I'm thinking, wow, that's, that's a great 12 month return compared to what we've seen, you know, the last 10 years or more. But if I just repeat that over and over and over, and if that, if those rates stayed the same, getting a a 4% return over a very long period of time, um, not, not incredibly ideal. Right. Uh, in other words, well, we, we think historically, if you look at historical returns, we think, hey, these other investments, they've, they've done better historically than 3% than 4%. So, um, great short-term investment, not a great long-term investment.

Speaker 1 (11:12):

And then we use bonds, you know, we look at bonds as a nice bridge in the middle. Uh, but these things evolve and we have to evolve with them. But we, we spend a little bit more time on that one. But I, I think it's merited because that's such a, i, I hear that all the time that I'm getting close to retirement. I need to be more conservative. Sometimes that's not the case. And if you can handle it emotionally and your money's gonna be sitting there untouched for 25 years, might not be a bad idea to open yourself up to a slightly more volatile portfolio if that volatility means, hey, I'm expecting a higher average return. Yep. And it leads into the next one too. The third one, Jay, you have to avoid market downturns when you're retired. True or false?

Speaker 2 (11:57):

Yeah, false <laugh>. Uh, the, the thing when it comes to, if you're trying to avoid market downturns, that means you're also trying to time the market. There's, that's the only way you can put that. Yeah.

Speaker 1 (12:10):

I know it's

Speaker 2 (12:11):

Possible to find the market.

Speaker 1 (12:13):

So I would say that's, I think that's what people are saying, you know? Yeah. Now you could avoid the market downturns by not even being in the market and just, you know, being in CDs all the time. And that's one way to avoid 'em. But, but we're talking about, like you said, when people say this, they're talking about

Speaker 2 (12:30):

Time in the market. Yeah.

Speaker 1 (12:31):

Time. And now, you know, I'm gonna speak as the, you know, the average investor out there, which this makes total sense. I, I would say, I mean, it seems to make total sense, Jay, but, but Jay, you're an advisor. Um, you're a smart guy. W can why can't you? Te can't you, can't you sort of foresee what events are gonna take place and deter? Isn't that what you do as an advisor to try to foresee different events and then move investments around? Is that not what you do?

Speaker 2 (13:04):

Yeah, I, I always tell clients, I say, you know, if I had the, the crystal ball or the magic ball that would allow me to see those types of events, I wouldn't be here. I'd be out in The Bahamas. I'd be, you know, sipping on my ties or whatever it is, <laugh> and uh, 'cause I'd be able to time the market. So no, that's not what we do. Again, what our job is to is as part of it, is to really, when it comes to market downturns is helping the emotional side of it. Uh, you know, we know that the market is gonna come down always at some point. We never know when that's gonna be. And it's not, hey, let's stick our head in the sand and ignore it. It's just monitoring through those times. Let's on the emotional side, stay invested and, you know, during Covid, that was a great example, right?

Speaker 2 (13:50):

We, you know, saw at least a 30% down pull and it was very easy to let your emotions take over and want to get out, wanna sell or, and right now say, or even right now too. Yeah. But you never know when the market's gonna come back up. So when it comes to trying to time the market, you know, I always tell people, you don't only have to get it right just once. You have to get it right twice. You have to get out, you know, okay, when do I get out and then when do I buy back in? And I've at least seen time and time again where some people got out at the right time, but then they never got back in the market. Yeah. And they've sat on the sidelines for the last two or three years. Right. And even with that, you know, the market's up even with all the downturns over the last two or three years. So

Speaker 1 (14:37):

Yeah, that's, I I agree. I've seen the same thing. And people think if they get out at the right time, then they feel like, oh, I won. I was right. Ha you know, I told you so. Yep. But the problem is, yeah, very rarely am I seeing those people jump back in because the, the best time to jump back in is really when things are at their worst. And we don't know when they're at their worst until we start to recover and until things are really all better, then we look backwards and we say, oh, that was the, that was the lowest point. Yeah. Nobody, I'll say this, hardly anybody wants to invest more when things are at their worst. Now a savvy investors know that, hey, this makes sense and we should do this. So, you know, I'd say the, the average investor is not comfortable taking large amounts of money and investing whenever things are at their worst.

Speaker 1 (15:34):

Especially the kind of investor who is trying to time the market and who, you know, generally is more conservative. They're, they're trying to avoid these market downturns. They're not the type to, to generally speaking, to say things are at their worst. Things are at a low point, I'm gonna throw money in 'cause I'm trying to make a big return here. It's usually more of a defensive strategy that I just wanna avoid it 'cause I don't have enough time to recover. You know, I'm getting older, whatever the reason may be. But the truth is, the average bear market, according to Capital Group, and we've talked about this before through 2018, at least last, has lasted about 14 months. Um, if, if you look at the data there, so 14 months, the average bear market and the average bear market has gone down 33%, whereas the average bull market has gone up 263% and has lasted for 71 months.

Speaker 1 (16:29):

So, I mean, if you're, if you, if you know something that we don't, or you know, you know, you're not gonna be here, you know, for even a, a couple of years that may be different. But, uh, most of us, we've, especially those that are getting ready to retirement, they're getting ready to retire. They're, they're 55, they're 60, they're 65. Generally, we, we sit across the table and say, we have to think that you're gonna at live at least to near an, you know, an average life expectancy unless there's something health-wise that, that would tell us otherwise. So you kind of have to plan for that. And there's still plenty of time, even someone who's 70 years old, you know, if they lived 85, that's 15 years. So the average bull market lasts about six years. The average bear market only lasts 14 months. So you do have time to recover, you just have to make sure that your buckets are set up properly. Um, so that's the, that's number three. Jay. Now we're gonna switch gears and go into a different topic here. But this is one that I've heard, I've heard several times this year. In fact, we helped, helped a client retire who, who hadn't yet retired because of this myth. And we showed him and his spouse that, Hey, it's okay. You, you're, you're okay to retire. And the myth is you need to have your mortgage paid off in order to retire. You gotta have your mortgage paid off first.

Speaker 2 (17:58):

Yeah. So

Speaker 1 (17:58):

Any comments on that?

Speaker 2 (17:59):

Yeah, yeah. You hear, you hear it time and time again now. Yeah. Don't get us wrong. It, it definitely is a good feeling to have the mortgage paid off. Right? It, it definitely feels good not to have that monthly payment, own your house outright, but is it needed? No, it's not needed to be able to retire. Right. And even sometimes I've seen it where as some of our clients get closer to retirement, different environments, more so last year when rates were at an all time low, but sometimes it even made sense to take out a little small mortgage on your house. I mean, I know that I saw that a couple times where they had some debts here or there, and it was, Hey, let's consolidate it all. Yep.

Speaker 1 (18:40):

Let's

Speaker 2 (18:40):

Spread out the, the payment. Yeah. And get it at, you know, at one point there was a, the low interest rate of what, about two and a half, two a quarter. Yeah. Where it was, you know, it made all the sense in the world to consolidate some debt, stretch out the payments, get a low rate, and then that was able to allow them to retire. Right. Um, again, the requirement rates are at a different time now, but again, it's, if you went into that, you know, methodology last year of, well, you know, I have my house paid off, but I have these other debts, you know, oh, I can't retire. Right. You know, now it doesn't, there was a good opportunity last year to, to do some of those things.

Speaker 1 (19:20):

Yep. And for some people, Jay, you know, this, you know, meeting with, with clients, prospective clients, and those of you listening, I'm sure you can relate, but some people, they wanna retire yesterday. You know, they, they wanna, they, they are not going to their job every day with a bunch of gusto and energy and excitement. Like they're, they are looking forward very much to the day they can retire. So think about that. I mean, if, if, if you have a mortgage that you're trying to pay off and there's three or four more years, or five years or six or whatever it is, and you just think, man, I can't retire until I pay that off. And you are doing everything in your ability to pay that off, think about that versus doing a financial plan, a retirement plan, finding out that, hey, j like you said Jay, hey, we may be able to even refinance.

Speaker 1 (20:16):

We, we could go out 15 years, you know, and, and lower the payment from maybe from where it is today. And, and we're fine and I can retire now. Maybe it's three years early, maybe it's five years early. Think about the lifestyle difference and the life impact of that decision of being able to retire a little bit sooner. Now, is it, is it good to have your debts paid off when you retire? Of course. Of, of course, it's more beneficial to have your debts paid off because you're not gonna have that same cashflow obligation every single month. So we're not saying don't pay off your debts, but we're just saying if you're out there and, and this is like, and this is looming over your head. I've got this mortgage, I still got 12 years of pay on it, I'm never gonna be able to retire. Not necessarily. If you've done a good job saving, if you've got income sources, you might be able to retire. Now it might mean you have to take more withdrawals in the short term. And that's, again, we talked about bucketing. That's where that's gonna come in. But is if you plan it out, you might find that you can still retire. So do you need to have your mortgage paid off or all your debts paid off? No. Does it help? Sure does. You know, if you, if you, yeah. And it

Speaker 2 (21:34):

Feels good

Speaker 1 (21:34):

<laugh> and it feels good, but, all right. The last one, Jay, this is, uh, this is one that is almost accepted as common knowledge, I would say and almost agreed upon by each and every person that, that we go in and talk with. But it's, you'll have a lower or low marginal tax rate in retirement. So maybe just talk about, again, first off, I'll, I'll lead this in with generally speaking, this is probably found to be true more often than not, but Jay maybe talk about some of the, the scenarios or reasons why this is not always true.

Speaker 2 (22:19):

Yeah. So, you know, exactly like Joe said, generally speaking, it is mostly true. Most of the time when we see clients, they are, you know, they have less income than what they did at their peak earning years. So they are gonna be in a low, lower marginal bracket. Yep. But some of the things that we can't control or, or don't see that can drive that bracket up higher is, again, it it may be okay, we have more than we need when it comes to turning on the social security, the pension withdrawals from investment accounts. Mm-Hmm. <affirmative>, it also depends how you saved your money for retirement, what buckets that money's in. If it's all in pre-tax money, then when it comes out, all the money that's now showing up is now taxable. So, right. It's good to have a mixture between Roth brokerage and still pre-tax money. So then we can mix and match when it makes sense.

Speaker 1 (23:17):

And I see that, Jay, just to jump in, I see that a lot too, where a lot of times people save everything for retirement into a pre-tax account, into a pre-tax 401k. And not that, that's a bad thing. I mean, if you've done a great job saving and you have a huge pre-tax 401k account, or traditional IRA or something like that, that's, that's great. But you're right. What that causes is now when I go to take out withdrawals, every dollar I take out is taxed just like, you know, it's, it's ordinary income. So it, it's fully taxable at that time because none of it's been taxed yet. Not to mention that, you know, a lot of 401k plans out there. I I, I think I'm seeing a lot more with that Roth option. But not all plans offer the Roth 401k option. And then any money put in by employers is all going in pre-tax. So right off the bat, you, you're more likely to have more pre-tax dollars when you retire. And then the other, the other thing, Jay, is maybe you can talk on this, but when you hit the age that you have to start taking money out, which right now is 72, you have to take required minimum distributions at that age. And then every year after that distribution is gonna be based on the amount of your pre-tax accounts and Yeah. And whether you need it or not. So maybe just talk about that a little bit.

Speaker 2 (24:45):

Yeah. So you know, it, those are the kind of the uncontrollables that, you know, we talk about when yeah, if you do have a large pre-tax account, that's the only money you have or whatever is in there, you have to start taking money out at 72. So again, even if your, let's say your lifestyle is met between social security pension and maybe you only need a little bit of a withdrawal from the, your retirement accounts, well, it doesn't matter when you're 72, whatever that amount is, that's what you have to take out. So sometimes it may exceed what your expenses are. What I've even seen in the past is clients are such good savers and they saved it all into this account to where you kind of see a bowl, right? It's high income and it drops very low and then it raises up a lot because it's 72. I mean, they're, they're having more come in than what they almost sometimes even made <laugh> beforehand because they were just such good

Speaker 1 (25:42):

Savers. Right? So let's back up there. 'cause I think that's important. I've seen that too, where you're earning, you know, during your earning years, your wages are high, then you retire, let's say at, at 60, 62, you know, whatever. And then your income goes down 'cause you, maybe you don't even spend much money and you, you, your income goes down and for the, you know, until age 72, it stays down. And then at 72, all of a sudden Uncle Sam says, you've gotta take out $50,000 a year from your IRAs. And the client says, well, I don't need this. I don't, I don't need this money to live off of. I'm fine. That's the statement that really gets, it, really sticks out to folks that I talk to, is I tell them, you have to take this money out whether you need it or not. Yep.

Speaker 1 (26:39):

And you have. And why is that? Because you have to pay taxes. Because the IRS, it's just part of the system. You, you've got tax deferral, you've received tax deferral for that amount of time. The amount of time that the money's been in there at 72, uncle Sam says that's enough. You have to start taking money out so that you pay taxes on it. And, and all of the, the amount you have to take out, it's not the full amount in that year, but it's a percentage of the account balance. And that goes back, if you wanna look that up, it goes back to the uniform life tables and Publication five 90 where you can look that up. But generally speaking, let's just call it, let's round here, it's around 4%. And then that actually goes up every year. The percentage goes up every single year because your life expectancy is getting shorter.

Speaker 1 (27:29):

And so you have less years to take out the balance of your account. So Jay, I've seen people that during those years they, like you said, they may, they might be withdrawing and, and having a total income of 200, $300,000 a year in retirement. And maybe, like you said, they might, they might have not even made that much Yeah. During their working years. But whether they did or not, they do not, they never thought for a second that their income, their gross income would be that high in retirement because they never figured we're not gonna, we're not gonna need that much money. So that's a problem. It's a, it's a good problem, but it's a tax problem. And what's one thing that, that people can do? 'cause we don't wanna tell people don't save money. I mean, if you're young enough, maybe you can save into a Roth 401k, but let's just say you're, you're sitting here listening to this and you're 60 years old. What can you do now to kind of lessen the impact of that problem that's gonna occur when you turn 72?

Speaker 2 (28:32):

Yeah. If you're, if you're in those, let's call it the bottom of the bowl years, then, then you could do Roth conversions, right. Depending on what buckets you have. You could do Roth conversions during those lower income tax years up until you hit 72. Yep. To minimize what that taxable amount is gonna be at 72 or whatever you have in pre-tax.

Speaker 1 (28:55):

And so that's

Speaker 2 (28:55):

Just, yeah, simply what a Roth conversion is, is just taking money from your pre-tax bucket, moving it over to your Roth IRA and paying taxes on it when you make that conversion. Yeah. But it's taking money out in those lower tax years and moving it to a bucket where you don't have to take RMDs out. 'cause Roth Roth IRAs don't have a RMD 72 rule.

Speaker 1 (29:19):

Yep. And we always recommend speak with an advisor, an investment professional, a tax professional before doing something like a Roth conversion. There are lots of implications other than just your marginal tax bracket. Medicare could be affected. Your pre-Medicare health insurance that you have through the exchange through healthcare.gov could be affected. So you need to talk with a professional before doing something like that. But that is something that, that you could consider to smooth out your, your income instead of having that bull, like Jay said, smoothing out that income so that you pay less taxes down the road. That's about it for time j for, for this, uh, part one of this series, this two part series on the Myths of Retirement. We're gonna come back in part two and talk about more, but if you're listening out there and you've heard a couple things that you want to dig into deeper, go to retirement power hour podcast.com on our website.

Speaker 1 (30:17):

You can click work with me and you can take the first step to getting a free retirement analysis, which is just setting a 30 minute phone call. And you're gonna talk to me and we're gonna have a conversation and see what it is you need help with and see if we're a good fit to help you and how we might be able to best do that. So that's it. The first step. Go to retirement power hour podcast.com, click work with me, schedule a call, 30 minute call, and you'll talk to, to myself and we'll see what we can do for you. So Jay, thanks for, uh, taking some time for this one, this segment. We're gonna be back for part two and talking more about these myths of retirement and, uh, look forward to that as well. So appreciate your time. Yeah, absolutely. Thank you, Joe. All right. And everyone else, thanks for listening to this episode of The Retirement Power Hour, where we help listeners invest weer and retire better. Take care.

Speaker 3 (31:12):

Thank you for listening to the Retirement Power Hour podcast. All material discussed on this podcast is for educational purposes only and should not be construed as individual tax, legal or investment advice. Investing involves risk of loss and investors should be prepared to bear potential losses. Past performance may not be indicative of future results. Joe Allaria is an investment advisor representative of Carson Allaria Wealth Management, a registered investment advisory firm. Information discussed on this podcast may be derived from third parties that are believed to be reliable, but Carona Rio Wealth Management does not control or guarantee the accuracy or timeliness of such information and disclaims all liability for damages resulting from such sources. Any references to third parties are provided as a convenience and do not constitute an endorsement.