What will motivate you? the news you will be a Widow?

A great column in the New York Times (by Ron Lieber) raises this very important issue. “A shocking death, a financial lesson…

If you find out you will be facing this  type of change, be kind to yourself. There are only a few things you need to do right away (see Steps 1 and 2, below). Right now, we just want you to “get your ducks in a row.”  At this point in time, you may be able to consult your partner to make sure you are completely clear on the wonderful or thoughtful things s/he did for you. There are many others that do not need your immediate attention (see Step 3).  They tend to be the “big decisions.” You are better off taking time and thinking carefully about a lot about these decisions.

We give you the Hot Flash Financial approach, as you would expect.  Step 1 is  finding out how you will be financially secure. We called this compiling your List of Assets, on the site. It may be time to improve your first list so you are really up-to-date. Or you can just take the time to start your own. Step 2 asks you to speak to your partner and get guidance from him/her on important end of life issues. Step 3 encourages you to ask yourself some of the important Hot Flash Financial  questions, develop your answers, and then, when you have had some time to think, begin to  ACT!

If you complete  Steps 1 and 2 early in the game,  you will give yourself a gift.  You will have the luxury of focusing on the person you love, rather than worrying about yourself, and where your next penny is coming from, in the future. If you complete these first steps, you can take the time to grieve.  Then turn to the big decisions.

 

1. Step #1. Develop a carefully organized file. Find out what you have and where you have it. Also find out your rights. 

Take an afternoon to compile your files. You will need to get a list of your assets AND a list of your sources of income–such as pension payments, retirement income, investment income, social security. If your partner is able, you can cross check your findings and thank her/him for being so kind. Since s/he is human, there are likely to be some things s/he forgot–like changing the beneficiaries on her/his retirement accounts. Or changing the title on the house. If an ex-spouse is sill the beneficiary, or an owner of your home, your partner may  have to sign some paperwork. (That is, if the courts did not require this form of titling, etc.)

You will probably need to set aside an hour or 3  to call or contact institutions during business hours. These include the Human Resource Offices of your partner’s former employer(s). Make sure you keep a well documented list of names of institutions, phone numbers, names of the contact person, date and time of contact, and of course the name of the benefit and the account or policy number associated with each. If you call back later, and you get a slothful person, your earlier record of dates, contact persons etc, will help prompt that sloth to act on your behalf. And, if you can get online access to these accounts, all the better. Just keep a careful record of user names and passwords for your future reference.

Here is a basic list. We will start with immediate sources of  income and move to assets.

Life Insurance:  the policy numbers and company names for Life Insurance (Term and/or Whole Life) policies. Look in your files at home. Try to find the original document with the policy number. Remember, insurance companies may have been merged, etc. So cross check recent files to find the name of the institution that holds it now. Life Insurance is a contract  So the right to the benefits transfer by law (not through probate). If possible, check the name(s) of the  beneficiaries before your partner passes. An ex-wife/partner may be the beneficiary. You may need to ask your partner to sign paperwork to change that.  Talk to an estate attorney if you have one, to see if it makes sense for you to “own” the policy, rather than your partner. And don’t forget that  life insurance may be held through your partner’s place of work. So contact the Human Resources Office for details.

Pension income: Call the Human Resource office of a your husband/partner’s place(s) of work, and past places of work, especially if he/she was a member of a union. S/he may be entitled to pension income. Write this account, the institution that holds it, and the telephone number you will need to reach someone to talk about your rights. Also find out how much you can expect to receive each month and year, now and in the future. And, find out if you have to take the pension in a “lump sum” or not. If you have to take a lump sum, be really careful. That money is supposed to last you 10 or 20 or maybe 30years. Consider using that lump sum to buy an Annuity.

Social Security: Contact Social Security to ask them about your rights. You may be surprised that you have choices. You have a right to Widow’s Benefits. But those are usually less money than your husband’s monthly income.  They may be less than the benefits you could get through your own employment history. So you  may have alternatives that are better. Make careful decisions about the benefits you select: Widows benefits or benefits based on your own employment.

Retirement Accounts: Make sure you know how many retirement accounts your husband/partner has, the institutions that hold them and the account numbers. There is likely to be more than one retirement account. Accounts can be held at every former employer as 401(k)s or 403(b)s, or 457s. There are other types of employer retirement accounts. These include IRAs of all types (Roth IRAs, SEP IRAs, SIMPLE IRAs, and traditional IRAs to name a few). Ask about each and every one. Retirement accounts are contracts, like life insurance policies. Regardless of what it says in the will or trusts, the person named as the beneficiary gets the money. So check the beneficiaries. Sometimes your partner has to call to find out this information. You may have to call from a hospital or hospice bed, with your partner next to you. Your partner may be asked if he or she will allow you to speak for him/her. That will help you both review the issues. You might want to thank your partner for thinking of you and caring for you, by making you beneficiary.

Investment Accounts: Did you and/or your partner hold investments-stocks, bonds, mutual funds, etfs etc.- outside of retirement accounts? These are likely to be held in accounts with large investment houses (Merrill Lynch, Smith Barney, etc.) or smaller ones (Raymond James) and On-Line brokerages. Find out where they are, and how much money is held there. (You will need to find their market value on the date of death, to make transfers and/or clarify tax responsibilities.)

Real Estate: Your home and/or any other real estate you have.

Wills and Trust Lawyer. If your partner has not drawn up a will, or a health care proxy, it may be time to do so. Many people avoid writing wills or developing trusts. So don’t get upset if this was not done. Review the wills and the trusts, making sure that they comply with the laws of your state, and take advantage of any tax breaks you may be allowed.

Step 2. If you have not done so, but have the time, draft and sign a living will, and a power of attorney. These legal documents function like a will. They give your partner the ability to clarify (in writing) important issues and give guidance about the next steps you should take.  A living will, also called an advanced care directive, allows your partner to give written instructions about her/his treatment and end of life care if/and when s/he can no longer make decisions because of incapacity or illness. Click on the site Five Wishes to get more information about this type of document. A power of attorney or health care proxy allows your partner to appoint a specific individual to make these decisions for her/him.

Step 3. Don’t make any big decisions quickly. Take your time. Mourn and Grieve. As the first year passes, you will have a better understanding of the kinds of decisions you will want (and may need) to make. Make your decisions after thinking things through carefully. What we mean is–take time.

Think about the TRADE-OFFs that Hot Flash Financial talks about so much.

One big decision: where do you want to live? A house is probably the biggest expense you will have in the future. What do you really, really want to do about your home? If you sell your home now and get the money that was previously tied up in equity, that may help you have a higher income. Nevertheless, you will have to decide where you will live? This  decision is best made while considering your key relationships. Will you rupture ties with your friends and family? What about your doctors and other support groups? Can you buy a place that is a lot smaller in the same community, yet costs a lot less? Then you can pay cash for your new place, but have some cash left over (from the equity) to use for income. Downsizing has its positive value, especially if you reduce your monthly costs.

Another big decision: where and how to you want to be a widow? Many women say that being a widow changes your social life. And that is just the time when you need your friends the most! Sometimes parties are limited to couples. You had not noticed that before, but it might become more important as the first year progresses.  You need time to think about this.

Another big decision: what to do about your children, or in some cases, “his” children. Don’t let children rush you into making decisions. Remember you have a right to grieve. And you need time to get your life in order. Find out if your partner’s will and/or trust stipulates that the money goes to the children AFTER PROVIDING SUPPORT FOR YOU THROUGH OUT YOUR LIFE, that is what it says. The children should know, and can be reminded of that legal fact and your partner’s wishes.  You have to retain your dignity and independence. (If you have a sense of humor, tell them that you will have to move in with one of the children or step children and her/his spouse if the money runs out. And they will have to help with your medical expenses and care for about 10 or more years. Would they like that? Because that will happen if you give them all the money.) They will have to wait for their inheritance. After all, you did.

A more complete list of recommendations for widows can be found at  WISER, among other sites.

A new tradition

Let’s start a new “tradition.”  (Humor me. I was trained as an anthropologist. We anthropologists  love rituals.) Let’s call it a Hot Flash Financial Tradition.

What is this tradition? First it, is a ritual that occurs around new years. How do you do it?  Every year, you revise your List of Assets to reflect the December 31, 2012 balances. After you have the year end balances, you add up the total. Then do the really smart, Hot Flash Financial thing– Celebrate what you did right. And use your new List of Assets to make some decisions to improve your financial security next year.

If you have not developed your own personal List of Assets, create your first one today. (Go to the Tools Tab and select List of Assets.)  You take the same steps as someone who has a List of Assets.

Here are the steps you can use to follow the ritual. Go on-line to access every one of your retirement accounts, as well as investment and savings accounts. If you already  created your list of assets, add a column and mark it December 31, 2012. Input the dollar values for the last day of the year for every one of your account balances.  Then add the dollar values all up to get a Total. Now, do what comes naturally. Find out if your retirement account balances are higher than last year.

The next part of the  Hot Flash Financial Tradition is crucial: figure out what you did right! Also figure out what needs to be improved.

What you did right:

  • If you added more money to your retirement accounts, the total should be higher.
  • If you were invested  in stocks (or stock mutual funds) your balances may be as much as 10% -13% higher. (The S & P 500 booked a 13% increase over last year, 2012. If you invested a portion of your portfolio in Bonds, you may not be as high. But you got stability or less crazy fluctuations in your account values. Why? you reduced your risk by investing in bonds. Reducing risk has a cost. But it also has a strong plus–it allows you to sleep better at night.)

This is the most fun of this ritual. Pat yourself on the back and celebrate what you did right!!!!!

If you added money to your retirement account, but the increase did not meet your expectations, figure out why.

What you could improve in the future:

  • Did you add enough money to your retirement account  to make the total budge?
  •  Are there other reasons for the shortfall in your expectations about your retirement account balances, and your overall Hot Flash Stash of Cash?
    • Did you decide to save for the future, but you deposited that money into a savings account instead of your retirement investment account(s)? A savings account probably gave you about 1% return in 2012  By contrast, the stock market gave about 10%-13% in the same year. Did you make the right decision, saving in a savings account rather than a retirement account? What will you do in the next 12 months? Invest in your retirement account or in a savings account?
    • Savings accounts are nice. They reduce the risk that you will lose the money you deposited. But remember there is a “risk-return” trade off. If you take on more risk–investing in the stock market, you are likely to get more return. (In this case, the return in 2012 [and most years] would have been positive, although the market did move up and down a lot during the year. While the dollar amounts fluctuated, over the long term, in this case a year,  you were ahead.) If you take less risk–investing in a savings account–you are likely to get a lower return. Lower risk is often correlated (as we say in the biz) with lower return.

Your handy- dandy List of Assets becomes a really important reference point.  It also enables you, no actually empowers you to make some important decisions and improve your financial security. Your decisions can increase the number of things you do that are right over the next few years. So you can celebrate more. 

After celebrating, take a closer look at your List of Assets to figure out what you can do to increase your own, personal financial security in the coming 12 months.

Since we can’t shut up, we will suggest you do 2 things.

  1. Increase the amount of money you deposit in your retirement account. Increase it by 1%. And, if you can, work toward increasing your contributions, over the next year or 2 or 3, to deposit the maximum legally allowed.
  2. Decide if you are comfortable with a bit more risk. If so, invest a greater portion of your retirement savings  in the stock and bond markets, for the long term. If not, stick with savings accounts.

Make this  Hot Flash Financial tradition, your tradition  every first week in January. That way, you have more control. You have the knowledge of what you have done well. And you can take the steps you need to take to improve your financial security over the long term.

New Years Resolution

Here at Hot Flash, we love New Years Resolutions.

Allow us to suggest one for 2013- Live within your means.

Or, since we are entering a year that ends in unlucky 13, we can rephrase this resolution in terms of luck.

It is  unlucky to live above your means. (So every time your write the numbers 13, you have a reminder, nudge, or prompt to remember your resolution to live within, or even below, your means.)

So what does that really imply?

Your “take home pay” is the focus. It is your limit, your “means.” So you can spend only the amount of money that you bring “home” in your paycheck. Not a dime more. (And you can NOT cheat by charging something on your credit card(s). Unless, of course, you pay off the total balance due when the  bill comes.)

You must be thinking…… that is so………….un-American…..so impossible.

But is it?

Hmmm. It is tough for Baby Boomers to hear this, but……………your parents probably lived within their means. (And they probably saved some money while they were doing it……. Just sayin’)

Why would you do this?

If you start to develop the skill of living within your means, you will have a more sustainable life style.

That is probably not such a bad idea, given the fact that you are likely to live longer than your parents.

So how about it?  Resolve to live “within your means.” Test yourself, and see how you do.

Here’s a short take home quiz. Find it if you can you live within your means, at least as long as you followed your diet last year? Or as long as you committed yourself to exercise every day?

Now, this in Hot Flash Financial talking to you. S0 if you try, and find out that you are not exactly perfect, use laughter as a weapon. Tell us your funny story. Share it with us at hotflashfinancial@gmail.com.

That way you can join us–Hot Flash Mamas–as we imperfectly march toward the next phase in our lives.

Help a friend?

Do you have a sense of humor? Do your friends? Do your friends have a sense of humor about their own behavior?

Well, here is a new sweepstakes with a great idea, Help your friends. That is, help one of your friends who has some trouble with her/his finances, especially spending.

Now, the page introducing “Help a friend” clarifies that we all make mistakes and waste money. But, the one you “help” would merit, as they say,” an Olympian gold medal in money squandering.” So, the argument on the site goes, do your friend a favor and enter this friend into this sweepstakes. (At the same time you enter yourself into the sweepstakes). If you win, you get…… money.

There are videos associated with this program, and they tend to feature young, college age folks discussing the varied ways they spend money on “stuff” –memorial swords that are probably plastic, ugly designer jeans, myriad internet purchases, parties, taking a girlfriend to the “Jersey Shore” …………You get the point.

I decided to see how this works. So I pressed the HELP A FRIEND BUTTON and sent the email to myself. (I chose not to send a photo to post on the FACEBOOK  page of the site. It would show my friend posing with at least one incriminating impulsive purchase.)

I did receive an email. The email is well worded and raises some really good issues to consider. When I clicked on the  link, I was really pleased with the quiz that you can can take. It raises “your consciousness” on some spending habits that can be problematic. The  site itself has wonderful tools, such as calculators that help you budget, pay off debt, etc.

Now, I am a big great fan of NEFE—the National Endowment for Financial Education that created the site, and the Help a Friend sweepstakes. And I am a great fan of using humor to make a point.  And this Help A Friend Campaign uses humor to accomplish an important goal, help friends who waste money.

What I don’t know, is how my friends would respond. I mean, how would this work with “women of a certain age and distinction?” Would my friends be offended if I entered them into this sweepstakes? Or would they take it in stride, see that you can use humor to make some important points, and change your behavior?

What do you think?

Social Security and you

You are probably going to  hear  a lot about Social Security in the run-up to the next election. Each party will be talking about what are sometimes called “Entitlements.”  It is important for you, as a woman “of a certain age and distinction,” to know who really supports specific programs, especially Social Security.

Why? Because Social Security is one of the most important sources of money for women after age 65.

Really? Yes. Because women live so much longer than men. So we rely on Social Security (and Medicare) for a greater number of years and a greater number of dollars.  As we women age, a bigger and bigger portion of our monthly income comes from Social Security!

How much do we rely on Social Security? Well, we have some figures for you. Women are who 65 and older, get more than half (or  58%) of their income from Social Security. And, as we get older, and spend down the money we had saved for retirement, we increasingly rely on Social Security for all or nearly all (90%) of the money we use to buy food, pay for housing, etc. By the time you pass your 80th birthday, many  (38% ) of you will be completely or nearly completely (90%) reliant on Social Security.

So now you have to know the facts about Social Security.  You have to know if Social Security will be there for you, your sisters, and your children. So start here, and then click on this link Social Security.

Remember, you have to think long and hard about a candidate and his stand on Social Security and other “Entitlements” So when you decide to vote for your representative in Congress, in the Senate, and for the President, make sure you vote for someone who will continue to support Social Security and so older women. Cut through the “stuff ” on those political commercials. Make sure you check out the truth about past voting behavior, key proposals (like budget proposals) made by each candidate, and cross-check with an independent fact checker.

Why? If you, or your sister or best friend, is one of the women who will rely on Social Security for 58% of her income from age 65 on through the rest of your life, you need to vote to make sure every candidate who has your backing will support Social Security.

 

footnote: I am drawing my facts based on 2010 statistics and analyzed by the  National Women’s Law Center “Women and Social Security: Key Facts” May 20, 2011. Here is the link. http://www.nwlc.org/resource/women-and-social-security-key-facts)

 

The Supreme Court helps Hot Flash Mamas

The Supreme Court’s decision on Obama’s Health Care Law (actually called the Affordable Care Act) is a win for women and families. So smile a very sweet smile and read what this means for you. This is a quick summary, designed for Hot Flash Financial Mamas (or women “of a certain age and distinction”).

If you have a parent who is elderly, you will be pleased to know that s/he will be able to buy a lot more of her/his prescription drugs at affordable prices. The Affordable Care Act (also called Obamacare) closed the “donut hole” for people with Medicare Part D. That hole was created (during the Bush Administration) once elderly people, like your mother, bought more than $2,930 of medicines prescribed for her. So, after your mother’s retail  prescription costs hit $2,931, she “fell into that hole.”  Her next prescription refill cost her much more money. She was not shielded by Medicare’s discount or recommended price. That increase in costs was really hard for elderly people whose income is “fixed” and often limited.

Today, Obama’s Affordable Care Act will continue to close that “donut hole” thanks to the Supreme Court decision. Your mother, and father too,  will  be able to pay less for their prescription drugs, so important as they age.

Wow, that is a great load off your mind.

If you  have adult children who are unable to find a job in the Great Recession, the Obama Affordable Care Act allows them  stay on your health insurance until their 26th birthday.

What a relief for moms (and dads too) to know your young adult children are covered by medical insurance until they find a job that provides medical benefits, or age 26.

And for you, and anyone you help care for, insurance companies can not kick you or your family member off of their coverage because

  1. You or a family member has  reached a lifetime dollar limit, or
  2. You or a child or any other family member has a pre-existing condition. (There is some small print in this part of the bill, a function of negotiation with insurance companies, that delays some of this benefit until 2014. But let’s use this summary to make some of the key points.)
  3. If you pay all your health insurance bills and become sick and disabled, you and your family member can not be denied coverage

More preventive care is covered at no additional costs to women. This includes mammograms.

So let’s celebrate the Supreme Court’s decision to uphold a law that must have been written for mothers and daughters, to ease their minds about the health of their family.

Has someone stolen your identity?

If someone steals your identity, he can get your tax refund and have it mailed to his house. Really. He can get into your bank accounts and siphon out money. He can use your credit card account numbers and run up a big bill. He can mess with your credit score. And his  stealing, putting your name on bill and then a collection agency’s call list, can keep you from getting more credit or even a job.

(Now for the giggle part of the Hot Financial take on this issue.

No, identity thieves never steal your wrinkles, gray hair, love handles, nor muffin tops. Nope. They want your money. And if they masquerade as you, using your account numbers, they can get some moolah. Why mug you in a dark alley? It is so much less fuss and bother for an identity thief to just input your information into a computer, pretend he is you, and take money out of your accounts.

These identity theft efforts are even harder to catch than those old emails from   so-called “Nigerian princes.”)

Note to readers: this indented section  is designed to encourage you to LOL. So note the little smiley face here   🙂

Identity theft is serious. It could really put a crimp in your financial security and your future. So click on this government site  FTC Identity Theft  (you can trust it) to get some important and free copies.

There are 3 brochures on the basics :

  1. One on the basics called “What to do know and what to do.”
  2. One to help you protect your children.
  3. And the last one is for you, if you suspect their is a problem or you are “in crisis” it is called “What to do if your identity is, in fact, stolen.”

 

Take action. This is important. Hot Flash Financial Important!!

 

OH AND COMMENT BELOW.

DID YOU WRESTLE WITH AN IDENTITY THIEF? WHAT HAPPENED?

DO  YOU SUSPECT YOU MAY BE VULNERABLE TO IDENTITY THEFT? TAKE ACTION.

 

(TO PROTECT YOURSELF–DO NOT TELL US YOUR SOCIAL SECURITY NUMBER, OR ANY ACCOUNT NUMBERS WHEN YOU RESPOND.)

Want to win $50,000?

Get into the running for the Grand Prize of the Retirement Trivia Game!

Yes, you can win, but only if you take that important step, and start to learn about your finances and your future. Yup! You have to learn about things like social security, and creating a retirement budget. That means you  just have to find out about things that you will need to know in your future. Not a bad use of your time.

Trivia? Well it is the stuff you will be talking  about on the phone with your girlfriend, or other close person, when you reach a “certain age.” In this game, you will probably have to know precisely, what that age is for, let’s say, registering for MediCare.

How can you do this? It is free. Just take some time to learn more about retirement, on the AARP website. They have a lot of good resources that help you with retirement planning. These resources complement the Hot Flash Financial site pretty well. (So you won’t have to start from scratch.)

So what are you waiting for?

  • Click on this Link to enter the Retirement Trivia Game.
  • Read the information available, and push the red GET STARTED button.

Than win that $50,000 and add it to your Hot Flash Stash of Retirement Cash.  Brag about it on our Hot Flash Financial site (use the comments below).

 

Play on the internet and learn more

There are some really intriguing tool kits out there on the internet. They help us at  Hot Flash Financial help you  learn more, and get more control over your money and your future. So you  can become more financially secure. 

We like to recommend the sites developed by non-profits and research organizations, if not the U.S. government. They tend to be free, and they do not try to sell you anything.

Today’s recommendation: Take a look at NEFE’s (National Endowment for Financial Education) newly designed site. Be sure to explore the section called My Retirement Paycheck. This toolkit  helps you think about the kinds of  challenges you face, and the decisions you will need to make over the next 20-30+ years.

Take Social Security. We at Hot Flash  Financial encourage you to make a careful decision about the date you start your Social Security Benefits. Why, because you have more control than you probably thought you did. And Social Security is an very important part of most women’s income after age 65. So your decision about the age you start to take your benefits will have a very big  impact on your financial security. Social Security lets you decide to start to receive monthly checks when you are age 70, 66 or 62, or anywhere in between.

Why would you want to wait until age 70? Well NEFE points out that you will get a lot more dollars in your monthly benefit if you wait. How much more money? Oh, about 75% more than you would if you started at age 62. (That is almost, but not quite double the amount. So if you got $1,000 a nmonth at age 62, you would get $1,750 a month if you waited until age 70 to start your social security benefits. Now that might be worth waiting for.)

There are other really important  issues to consider. And NEFE puts them right up there for you to consider. What will be the best decisions to make about the money in your   retirement plan? What can you do about  medical insurance. What should you consider when you think about your home and  your mortgage? Pay it off? Or sell your home and downsize so you can take  the equity (or gain) and use it for income?

We at Hot Flash Financial encourage you to check out this site.  They have a format someone like ours. Ask yourself a question, and then get answers, right on the site.

So click around the web page devoted to retirement and your retirement paycheck. You will be glad you did.

Comment below so we can see what you think.

What will motivate you to ACT in your self interest! FEAR? RISK?

FEAR? Or the knowledge that you face some serious RISKS?  Will they motivate you to ACT in your own self interest? If they do, read on. Because we, at Hot Flash Financial want you to take action to improve your finances.

Do you know that you face a big risk, or even 2 risks?

  1. Because you are a woman in the U.S. today, you  are likely to live longer than a man. So you face LONGEVITY RISK. That is you RISK  running out of money before you run out of breath.
  2. Since you are going to live 30, 40, or maybe 50 years after your Hot Flashes start, you also face another risk–INFLATION RISK.  Why? Well, you know that, over time, prices always go up, rather than down. So the amount you will pay for food, electricity, cable, mobile phones and other things will go up in a decade or 3. So you will need more money 30 years from now to pay for the comforts you enjoy–electricity, heat, air conditioning and the things you have today.

Now don’t get fearful. Get ACTIVE. Work with Hot Flash Financial to combat these risks. Or at least manage these risks. 

At Hot Flash Financial we will give you a clear set of Steps to follow so that you can ACT to make you more financially secure. Use this site, use the steps we give you,

  • to increase your knowledge about your money and your finances.
  • to learn to think about your money in a different way.
  • to learn to CHANGE the ways you use money (after all Hot Flashes are also called “The Change”).
  • to begin to practice new skills, then get better and better at DOING the THINGS YOU NEED TO DO to be more financially secure.
  • to learn to laugh to release the tensions you might feel about money and the RISKS you face
  • to appreciate the joy that comes from increasing your control over money, while laughing your way to the bank and a secure future.
  • to enjoy the  the independence that money brings .

 

So work with us here at Hot Flash Financial. Set aside an hour  each week, to click on this site and  follow the steps we give you.

That is, if you want to reduce your RISK.

 

Because if you DO NOTHING, you INCREASE YOUR RISK exponentially.