Imber Wealth Advisors: retirement lifestyle

Showing posts with label retirement lifestyle. Show all posts

Tuesday, January 4, 2022

The Investment Greats

Not surprisingly, some of the most notable investors in America founded well-known investment companies. For example, John Templeton, whom in 1999 “Money” magazine called “arguably the greatest global stock picker of the century” founded Templeton Funds, best known for its international fund lineup. Thomas Rowe Price Jr., also referred to as “the father of growth investing,” established T. Rowe Price investment management firm in 1937.¹

Jack Bogle, who founded The Vanguard Group in 1975, originated the idea of index mutual funds to track broad stock market performance through a lower cost option for individual investors. Warren Buffett, who is still widely regarded as the world’s most successful investor, preaches a very simple investment philosophy: Buy what you know. Buffett has stuck to a strict discipline of buying companies for a low price, implementing long-term improvements and then profiting from those improvements via higher stock prices.²

Known for sharing his investment insights, Warren Buffet is a big proponent of these principles:³

· Investing in what you know

· Never compromising on business quality

· Buying and holding forever

· Not getting distracted by day-to-day financial news

· Recognizing the difference between price and value (“Price is what you pay. Value is what you get.”)

While investment legend Roy R. Neuberger—who co-founded the brokerage and investment firm Neuberger Berman—encouraged people to study the great investors, he cautioned against trying to emulate their success. According to Neuberger, it is better to adopt only tactics that suit your temperament and circumstances because your needs and resources will be different from others.⁴ We’d like to add to that wisdom the importance of working with a financial professional who understands your needs and goals. Feel free to tap our experience for help matching your situation to proven investment vehicles and strategies.

Another investment great is Peter Lynch, the Fidelity fund manager who ran the Magellan Fund from 1977 to 1990. Lynch believed in investing throughout the long term, taking only as much risk as your stomach can handle and always spending at least as much time researching stock picks as you would to buy a house, car or major appliance.⁵

Content prepared by Kara Stefan Communications.

¹Investopedia. Oct. 24, 2021. “The World’s Greatest Investors.” https://www.investopedia.com/world-s-11-greatest-investors-4773356. Accessed Nov. 5, 2021.

²Robert Farrington. The College Investor. Oct. 23, 2021. “The Top 10 Investors of All Time.” https://thecollegeinvestor.com/972/the-top-10-investors-of-all-time/. Accessed Nov. 5, 2021.

³Simply Safe Dividends. 2021. “Top 10 Pieces of Investment Advice from Warren Buffett.” https://www.simplysafedividends.com/intelligent-income/posts/37-top-10-pieces-of-investment-advice-from-warren-buffett. Accessed Nov. 5, 2021.

⁴Anupam Nagar. Economic Times. July 17, 2021. “10 principles of successful investing from the legendary Roy R. Neuberger.” https://economictimes.indiatimes.com/markets/stocks/news/10-principles-of-successful-investing-from-the-legendary-roy-r-neuberger/articleshow/84498113.cms. Accessed Nov. 5, 2021.

⁵Fidelity. Aug. 11, 2021. “Lessons from an investing legend.” https://www.fidelity.com/viewpoints/investing-ideas/peter-lynch-investment-strategy. Accessed Nov. 5, 2021.

We are an independent firm helping individuals create retirement strategies using a variety of insurance and investment products to custom suit their needs and objectives. This material is intended to provide general information to help you understand basic financial planning strategies and should not be construed as financial or investment advice. All investments are subject to risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.

The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions.

Investment Advisory Services are offered by Imber Financial Group, LLC., a Registered Investment Adviser. Insurance services are offered through Imber Wealth Advisors, Inc. Imber Financial Group, LLC. and Imber Wealth Advisors, Inc. are affiliated companies

Wednesday, August 4, 2021

Demographics Differing on Retirement Plans

According to PwC’s recent Retirement in America report, the median retirement savings among people ages 55 to 64 is $120,000. Unfortunately, that likely would provide less than $1,000 per month for a retiree, for only 15 years.¹

There’s an interesting dichotomy among demographics when it comes to retirement planning these days. There are those who believe they will work beyond age 70, or even never retire. Some believe they’ll need to keep working for financial reasons, while others simply want to stay engaged.² But then there’s another cohort (one-third of workers younger than 54) who aspire to retire by age 55, according to a 2020 survey by the research firm Hearts & Wallets.³

Clearly, the pandemic affected some households’ financial situation more than others. But the primary way to successfully fund retirement is to have a plan, and those who want to retire early generally do. Those who think they’ll never be able to stop working may have either failed to plan adequately or circumstances conspired to send those plans awry. Wherever you are in your planning stage, it never hurts to get advice. We’d be happy to review your current finances — and your retirement plan if you already have one — to either get you on track or ensure you’re still on the right path to retiring when and how you want.

Bear in mind that approximately 40 million people do not have the advantage of investing in an employer-sponsored retirement plan because they work for a small business. There appears to be a growing trend to address this situation, as multi-employer and pooled-employer plans (MEP/ PEP) are starting to come on board. These plans are designed to allow small employers to share investment and administrative costs.⁴

A 2019 survey of retirement plan participants by American Century Investments found that the number one regret among retirees was not saving enough money for retirement. Not saving enough could lead to working longer than you wanted or scaling back to a lower-cost retirement lifestyle.⁵

For current retirees or those expecting to retire soon, recognize that the recent rise in inflation is not without its advantages. For example, in April the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased to 4.7% over 12 months ago. This inflation measure is the one that Social Security uses to make annual cost of living adjustments (COLA) to benefits — which means the next COLA increase could reflect that 4.7% increase next year. For context, Social Security benefits rose by only 1.3% in 2021. The actual adjustment will be calculated later this year based on how inflation continues to perform, with the final determination generally announced after the third quarter.⁶

We take pride in assisting our clients with incorporating all aspects of their life into their Retirement Roadmap 360®. Take control of your financial future and give us a call at (734) 769-1719 today to see how we may be able to help you!

Content prepared by Kara Stefan Communications.

¹ PwC. 2021. “Retirement in America: Time to rethink and retool.” https://www.pwc.com/us/en/industries/asset-wealth-management/library/retirement-in-america.html. Accessed June 15, 2021.

² American Advisors Group. May 6, 2021. “Nearly One in Three Seniors Plan to Work Past 70 or Never Retire, According to AAG Survey.” https://www.prnewswire.com/news-releases/nearly-one-in-three-seniors-plan-to-work-past-70-or-never-retire-according-to-aag-survey-301285256.html. Accessed May 31, 2021.

³ Hearts & Wallets. March 16, 2021. “Retirement Resurgence: Americans Who ‘Aspire to Retire by 55;’ Anticipation of Increasing Number of Income Sources.” https://www.heartsandwallets.com/docs/press/press_release_2021-03-16_Retirement_Resurgence_Americans_Who_Aspire_to_Retire_by_55_Goal_More_Income_Sources.pdf. Accessed June 15, 2021.

⁴ Stephen Miller, CEBS. Nov. 16, 2020. “DOL Final Rule Paves the Way for 2021 Launch of Pooled 401(k) Plans.” https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/dol-final-rule-paves-way-for-2021-launch-of-pooled-401k-plans.aspx. Accessed June 29, 2021.

⁵ Brian Mayfield. American Century Investments. 2021. “4 Reasons to Rethink Cashing Out Your Retirement.” https://www.americancentury.com/content/direct/en/insights/guidance-planning/retirement/saving-for-retirement/rollover-options/cashing-out-retirement-401k-ira-four-considerations.html. Accessed May 31, 2021.

⁶David Payne. Kiplinger. June 28, 2021. “What is the Social Security COLA?” https://www.kiplinger.com/article/retirement/t051-c000-s010-what-is-the-social-security-cola.html. Accessed June 29, 2021.

The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions.

Investment Advisory Services are offered by Imber Financial Group, LLC., a Registered Investment Adviser firm. Insurance services are offered through Imber Wealth Advisors, Inc. Imber Financial Group, LLC. and Imber Wealth Advisors, Inc. are affiliated companies

Monday, July 26, 2021

How to Help Prevent Aging

There is no magic pill that will keep us from getting older. Trendy fashions, dancing like no one’s watching and laughing with friends can make you feel young and invincible, but it won’t stop the process. Aging is biological, and inevitable.

And yet, something many people fail to learn until they get older is that inflammation is one of the body’s fastest aging processes. In our youth, we may twist an ankle or have some other injury that causes swelling. Acute inflammation is the body’s way of fighting off infection by enabling white blood cells to flood the affected area to protect and heal. Throughout time, however, chronic, low-grade inflammation leads to a plethora of old-age conditions, such as cardiovascular disease, cancer and dementia. Researchers refer to this type of persistent, low-level inflammation associated with aging as “inflammaging.”¹

To make matters worse, chronic inflammation can be exacerbated by bad habits we can pick up as we get older. These behaviors include:

· Smoking

· Poor diet

· Drinking alcohol

· Not getting enough physical activity

· Too much stress

· Weight gain

· Not getting enough sleep

Inflammation can remain in the body long after we start feeling better. Even if you hate taking pills, and don’t necessarily feel the benefits, anti-inflammatories work hard to reduce inflammation in the body. One of the key ways to prevent the ailments of old age is to reduce inflammation on an ongoing basis. It’s like exercising and maintaining a healthy weight – a lifelong effort that only gets tougher as we age. The types of medications physicians often prescribe for inflammatory diseases include corticosteroids, immunosuppressants and biologics.²

However, there are trade-offs that accompany getting older. For all the frustration that comes with physical changes, complicated relationships and money woes, there is wisdom, experience, and, at some point – the lucky ones – start caring more about how they feel than what other people think. Please feel free to contact us if you are looking to expand your horizons for your financial future.

Our internal organs aren’t the only ones affected by inflammaging. Research shows that chronic, low-grade inflammation contributes to the aging of our skin. As we get older, our skin loses epidermal pH, hydration and the permeability barrier that helps retain water and protect against bacteria and other pathogens. This loss of moisture causes the skin to release inflammatory signals that eventually reach the blood. Scientists are looking at ways to use topical creams to reverse age-related skin damage to prevent the development of downstream diseases caused by inflammation.³

Much like our financial situation, there are things we can do to help ward off the effects of inflammaging. Fortunately, many are the same tactics that enable a healthier lifestyle, like aerobic and resistance exercise, which can help reduce weight problems strongly associated with a pro-inflammatory state. Dietary supplements such as amino acids or protein, vitamin D and polyunsaturated fatty acids are known to have anti-inflammatory and antioxidative properties. That age-old advice of adopting the anti-inflammatory Mediterranean diet turns out to be the only behavioral factor that is consistently associated with a lower risk of frailty in old age.⁴

Other components of an anti‑inflammation diet include brightly colored fruits and vegetables, such as cooked tomatoes, carrots, squash and broccoli. They contain substantial amounts of antioxidants, which are believed to reduce the effect of free radicals that damage cells. Other inflammation fighters include high-fiber foods, such as legumes and whole grains (e.g., barley, oats, bran) and fish rich with omega-3 fatty acids (e.g., salmon, mackerel, sardines, tuna).⁵

In short, diet and exercise can help control inflammaging so that our internal organs retain youthful qualities as well as our external appearance.

Content prepared by Kara Stefan Communications.

¹ James Kingsland. Medical News Today. 2021. “Immune aging and how to combat it.” https://www.medicalnewstoday.com/articles/immune-aging-and-how-to-combat-it. Accessed May 17, 2021.

² WebMD. March 18, 2021. “How to Reduce Inflammation as You Age.” https://www.webmd.com/healthy-aging/how-to-reduce-inflammation-as-you-age#1. Accessed May 17, 2021.

³ Dana Smith. University of California at San Francisco. March 13, 2019. “Skin Repair Reduces ‘Inflamm-Aging’ Factors Linked to Chronic Disease.” https://www.ucsf.edu/news/2019/03/413576/skin-repair-eliminates-inflamm-aging-linked-chronic-disease. Accessed May 17, 2021.

⁴ Luigi Ferrucci and Elisa Fabbri. National Institutes of Health. Sept. 20, 2018. “Inflammageing: chronic inflammation in ageing, cardiovascular disease, and frailty.” https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6146930/. Accessed May 17, 2021.

⁵ Harvard Medical School. May 1, 2020. “Quick-start guide to an anti‑inflammation diet.” https://www.health.harvard.edu/staying-healthy/quick-start-guide-to-an-antiinflammation-diet. Accessed May 17, 2021.

The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions.

Monday, July 19, 2021

All About RMDs

There really is a purpose behind required minimum distributions (RMD) of tax-advantaged retirement accounts. IRAs and employer-sponsored retirement plans feature tax-deferred income contributions and earnings growth throughout the lifetime of the account. There’s just one catch — when you take money out of that account, it then gets taxed at ordinary income tax rates. Some retirees use that money to pay for their expenses, but others may not need it and would rather let it continue growing, untaxed, and then leave it to heirs.

That means that retirees who need the money are taxed and those who don’t could avoid the tax. Those tax revenues are used to fund government programs, but we are fortunate to have decades of a tax reprieve so gains can accumulate faster.

Retirement investing, and RMDs in particular, can be rather confusing. But just because something is difficult — and ever changing — doesn’t mean we shouldn’t take advantage of the options available. Quite the opposite — tax-deferred investing is a way to optimize the accumulation of wealth, so it’s worth the time and effort to understand how these accounts work.

You can tap the advice of a financial professional to help you manage your retirement accounts, even those that fall under an employer plan. After all, your employer isn’t going to help you manage the rest of your portfolio, so feel free to call us if you have questions about your tax-advantaged accounts and their distribution options.

In 2019, Congress passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act, with several changes regarding RMDs. Prior to the legislation, retirement account owners had to start RMDs at age 70½; the law increased that age to 72 for anyone born after June 30, 1949. Those with a traditional IRA must take their first RMD by April 1 of the year after which they turn age 72, even if they haven’t retired yet. Each year thereafter, they must take an RMD by Dec. 31. Investors with multiple IRAs must calculate the appropriate RMD for each one, but they can take that total amount from just one of the accounts they own. That’s easier to do with traditional IRAs than with multiple prior employer retirement accounts, which require contacting former employers to calculate and send the distributions.¹

There is a penalty for not taking the appropriate RMD: The account owner must pay a 50% excise tax on the amount not distributed each year. Also note that you cannot withdraw a couple’s total RMD from just one spouse’s account or a different type of qualified account.²

The rules for an inherited IRA can be confusing, and they also changed with the recent SECURE Act. Specifically, it is now prohibited for a non-spouse IRA beneficiary to “stretch” out taxable distributions throughout his life expectancy. Starting in January 2020, the named beneficiary is required to withdraw all funds within 10 years of inheriting the account. However, unlike before, the heir can wait the full 10 years before taking distributions, meaning there are no RMDs each year.³

The inherited IRA rules didn’t change for a spouse who inherits a wife’s or husband’s IRA upon death. She also has more options for withdrawals, such as the ability to designate herself as the new account owner, roll it over to her existing IRA or take distributions as a beneficiary.

Be aware that these distribution rules do not apply to a Roth IRA, either directly owned or inherited. Since the Roth is funded with already-taxed income, withdrawals are tax-free in retirement — even the gains accrued over time. The only caveat is that the owner (or original owner, if inherited) must have owned the account for at least five years (the clock starts on Jan. 1 of the year of the first contribution). Contributions withdrawn before that five-year holding period may be taken tax free, but any withdrawn interest is taxable.⁴

Annuities also benefit from tax-deferred growth, but the account owner takes RMDs only if it is classified as a qualified annuity, meaning that it was funded with pre-tax money. Non-qualified annuity contracts are funded with after-tax income and feature tax-deferred earnings, so they do not mandate RMDs and are taxed upon distribution.⁵

Content prepared by Kara Stefan Communications.

¹ Judith Ward. T. Rowe Price. May 11, 2021. “Five Important Things You Should Know About RMDs.” https://www.troweprice.com/personal-investing/resources/insights/five-things-you-should-know-about-rmds.html. Accessed May 21, 2021.

² Denise Appleby. Investopedia. April 21, 2020. “Required Minimum Distributions: Avoid These 4 Mistakes.” https://www.investopedia.com/articles/retirement/04/120604.asp. Accessed May 21, 2021.

³ Fidelity. June 1, 2020. “SECURE Act rewrites the rules on stretch IRAs.” https://www.fidelity.com/learning-center/personal-finance/retirement/secure-act-inherited-iras. Accessed May 21, 2021.

⁴ Barbara Weltman. Investopedia. Feb. 15, 2021. “The Rules on RMDs for Inherited IRA Beneficiaries.” https://www.investopedia.com/articles/personal-finance/102815/rules-rmds-ira-beneficiaries.asp. Accessed May 21, 2021.

⁵ FINRA. 2021. “Required Minimum Distributions—Common Questions About IRA Accounts.” https://www.finra.org/investors/learn-to-invest/types-investments/retirement/rmds-questions-about-ira-accounts. Accessed May 21, 2021.

The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions.

Tuesday, April 20, 2021

Tax Topic: Qualified Business Income Deduction

One of the provisions included in the Tax Cuts and Jobs Act of 2017 was the Qualified Business Income (QBI) deduction. It is designed as a tax break for small businesses or self-employed individuals and is comparable to the enhanced tax breaks legislated for larger companies. However, while the corporate tax changes are made permanent, the QBI is scheduled to end in 2025 – along with a host of other individual tax-return breaks.

The QBI applies to revenues that are “passed through the business,” so the owner actually pays taxes on that money on his or her individual tax return at their individual tax rate. Since they do not benefit from the substantially reduced corporate tax rate, S Corp or sole proprietors can claim up to 20% of their “qualified business income” as a deduction.¹

The IRS defines QBI as income, gains, deductions and losses from a qualified trade or business – including income from partnerships, S corporations and sole proprietorships – minus business deductions such as half the self-employment tax, self-employed health insurance and qualified retirement plan contributions.²

To qualify, the taxpayer’s income must be at or below $163,300 for single filers or $326,600 for married filers ($164,900 / $329,800 in 2021). If income is above those thresholds, the taxpayer may still qualify for the QBI, but it gets tricky, particularly if he or she works in a specified service trade or business. This generally includes high-income professions such as a doctor or a lawyer.³ It’s a good idea to consult with a financial professional to help you understand if you qualify for this deduction.

A taxpayer with several different entrepreneurial ventures can combine those multiple sources of income to calculate his total QBI. The higher the qualified income, the higher the deduction (as long as it remains below the threshold for the individual’s filing status). When income looks to be higher than the limit, these tactics can be used to help reduce it to qualify for the QBI deduction:⁴

Be aware that a taxpayer who claims business losses may still qualify for the QBI but, here too, it gets very complicated.⁵ It’s important to work with a qualified tax professional who is familiar with the ins and outs of this deduction.

¹ Stephen Fishman. Nolo. 2021. “The 20% Pass-Through Tax Deduction for Business Owners.” https://www.nolo.com/legal-encyclopedia/the-new-pass-through-tax-deduction.html. Accessed March 9, 2021.

² IRS. April 8, 2019. “Facts About the Qualified Business Income Deduction.” https://www.irs.gov/newsroom/facts-about-the-qualified-business-income-deduction. Accessed March 9, 2021.

³ Andrea Coombes and Tina Orem. Nerdwallet. Nov. 13, 2020. “Qualified Business Income Deduction (QBI): What It Is & Who Qualifies.” https://www.nerdwallet.com/blog/taxes/pass-through-income-tax-deduction/. Accessed March 9, 2021.

⁴ Paul Chaney. Small Business Trends. March 3, 2021. “What’s the Qualified Business Income Deduction and Can You Claim It?” https://smallbiztrends.com/2020/08/qualified-business-income-deduction.html. Accessed March 9, 2021.

⁵ Michael T. Odom. The Tax Adviser. Dec. 1, 2020. “QBI deduction: Interaction with various Code provisions.” https://www.thetaxadviser.com/issues/2020/dec/qbi-deduction-interaction-code-provisions.html. Accessed March 9, 2021.

Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions.

The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions. If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference.

Tuesday, March 9, 2021

Thinking About Relocating?

Two-thirds of homebuyers and sellers would consider moving to a different city or area if their employer allowed them to work remotely on a permanent basis. Correspondingly, more than 70% of homebuyers and sellers say they expect to be able to work remotely after the pandemic.¹

Here’s a shock: Even if you don’t move, but you work remotely out of state (or several different states, if you travel while working), the income you earn could be subject to those states’ income tax — which could mean you’d be double-taxed. Each state has its own tax laws related to working remotely. While some set a minimum of work days before being subject to state taxes, more than 20 states have a one-day rule for owing state income taxes.² Some states may issue a tax credit to eliminate double taxation of that income, but the credit may not cover the full liability if your home state tax rate is higher.

If these circumstances applied to your work status in 2020, it might be a good time to consult with an experienced tax professional. There are many complex tax issues related to last year’s pandemic, including tax deductions associated with working from home, claiming a stimulus credit, rules associated with returning (rolling over) a required minimum distribution (RMD) you took (but didn’t have to) and many others.³ If you need a referral for a tax professional, we may be able to help out.

Some states and localities are excited about the prospect of remote workers permanently relocating to areas with a lower cost of living — so much so that they are offering incentives such as flights to Hawaii, an income tax break or up to $10,000 in cash. Most of these inducements have strings attached, like already having a remote job and committing to living in the area for one or two years.⁴

Work arrangements aren’t the only reason people may consider moving in the near future. It’s common among new retirees to relocate to a state with a warmer climate, and/or one that has lower or zero state income taxes, such as Florida.⁵ In doing so, a retiree won’t have to pay state taxes on his or her retirement benefits. Remember, however, that states with no income tax have to drum up revenue somehow, which often means a high consumer sales tax or high property taxes.

On the other hand, if you’re looking to relocate to a state with generous city and county amenities, cultural events and high-end real estate, consider a more affluent area. According to a recent analysis by Moneypenny, California, Massachusetts, Washington, New York and Hawaii are on target to be the wealthiest states in the U.S. by 2025. That analysis was based on three combined criteria: real GDP, personal income per capita and real estate prices.⁶

¹Redfin. Jan. 12, 2021. “Redfin Survey: One-Third of Homebuyers Would Relocate If Remote Work Becomes Permanent; One-Third Already Have.” https://press.redfin.com/news-releases/news-release-details/redfin-survey-one-third-homebuyers-would-relocate-if-remote-work. Accessed Feb. 18, 2021.

²Susan Tompor. Detroit Free Press. Feb. 18, 2021. “Where did you work remotely during COVID-19 pandemic? It may affect your taxes.” https://www.freep.com/story/money/personal-finance/susan-tompor/2021/02/18/remote-work-tax-returns-pandemic-taxes/4244398001/. Accessed Feb. 18, 2021.

³IRS. Aug. 24, 2020. “IRS: Deadline to return distributions to retirement accounts is Aug. 31.” https://www.irs.gov/newsroom/irs-deadline-to-return-distributions-to-retirement-accounts-is-aug-31. Accessed Feb. 18, 2021.

⁴Stacey L. Nash. Bob Vila. February 2021. “13 U.S. Cities Incentivizing Remote Workers to Relocate.” https://www.bobvila.com/slideshow/13-u-s-cities-incentivizing-remote-workers-to-relocate-578931. Accessed Feb. 18, 2021.

⁵Katherine Loughead. Tax Foundation. Feb. 17, 2021. “State Individual Income Tax Rates and Brackets for 2021.” https://taxfoundation.org/state-income-tax-rates-2021/. Accessed Feb. 18, 2021.

⁶Moneypenny. Jan. 28, 2021. “Ranked: The richest states by 2025.” https://www.moneypenny.com/us/resources/blog/ranked-the-richest-states-by-2025. Accessed Feb. 18, 2021.