PDF Summary:Can I Retire?, by Mike Piper

Planning for retirement? Can I Retire? by Mike Piper provides a straightforward guide to ensuring your financial security. In the first section, Piper emphasizes the importance of accurately assessing your expected expenses and income sources, including Social Security and pensions. Determining the amount you'll need from your portfolio is crucial.

The second section covers strategies for withdrawing from your portfolio, tax planning through Roth conversions, asset allocation for your investments, and managing tax-deferred accounts. Piper also advises on rolling over 401(k)s and choosing the right financial institution for your savings. With clear, practical advice, this guide aims to help you feel confident about your retirement readiness.

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• Allocating funds based on a proportion of available resources This strategy requires you to determine a fixed amount of your overall investments to withdraw each year. This approach adjusts spending levels to correspond with economic fluctuations, resulting in enhanced expenditures during periods of market prosperity and decreased expenditures during market downturns. This approach mitigates the danger of exhausting your monetary resources, yet it leads to greater fluctuations in your yearly expenditures.

Hybrid approaches that adjust spending based on portfolio performance

Piper underscores the importance of employing multiple strategies for expenditures that combine stable financial distributions with methods that adapt to changes in the cost of living. The approach is crafted to balance reliability with flexibility, adjusting spending based on how the investments fare, while maintaining a strong financial foundation.

Other Perspectives

• The effectiveness of such a hybrid approach heavily depends on the accuracy of the mechanisms used to adjust spending, which may not always perfectly align with real-world inflation or individual circumstances.
• The definition of a "robust financial base" can vary greatly among individuals, and what is considered robust for one may not be adequate for another, especially in the face of unexpected financial crises or inflation.

Approaches to allocating resources based on Required Minimum Distributions (RMDs)

Piper advises individuals to consult the official IRS tables to ascertain the annual Required Minimum Distributions they must withdraw for expenditure needs. The approach takes into account the rise in average life expectancy, with required distribution rates incrementally rising with age. The strategy based on Required Minimum Distributions advocates for beginning with a modest rate of expenditure, which incrementally rises as one's expected lifespan diminishes.

Context

• The IRS periodically updates the life expectancy tables to reflect changes in average life expectancy, which can affect the calculation of RMDs.
• Failing to take the full RMD can result in a significant tax penalty, which is typically 50% of the amount that was not withdrawn as required.
• These are mandatory, minimum amounts that a retiree must withdraw annually from their retirement accounts, such as 401(k)s or IRAs, starting at age 72 (as of 2023). The IRS sets these rules to ensure that individuals eventually pay taxes on their retirement savings.

Various streams of revenue to sustain one's needs during retirement.

In retirement, your financial stability can be bolstered by incorporating Social Security benefits into your broader financial strategy, which includes your investment portfolio and bonds that adjust for inflation.

Optimizing the strategic deployment of Social Security benefits.

Piper emphasizes the significant role that Social Security plays in supporting the finances of many retirees, highlighting the importance of strategic timing in the initiation of benefit collection to maximize the benefits received.

Strategies for deferring Social Security claims to maximize the benefits received.

Piper explains that delaying the start of Social Security benefits past the established Full Retirement Age leads to a higher monthly payment. He emphasizes the idea that postponing the initiation of Social Security benefits exchanges near-term income for the certainty of higher payments throughout an individual's life. Delaying the start of your benefits results in a higher monthly payment.

Practical Tips

• Engage in proactive health maintenance to increase the likelihood of benefiting from delayed Social Security payments. Since the advantage of higher payments hinges on longevity, invest in a gym membership, schedule regular health check-ups, and adopt a healthier diet to potentially extend your life expectancy and enjoy the increased benefits for a longer period.
• Engage in part-time work or a side hustle during the early years of retirement eligibility to supplement income without tapping into Social Security benefits. This approach provides an alternative income stream, allowing you to delay Social Security and increase your future benefits while remaining economically active.

Working together with your partner to decide the optimal time to start collecting Social Security benefits.

Piper advises that partners collaborate to devise a strategy that optimizes their Social Security benefits throughout the span of their lives. For the partner with higher earnings, postponing the initiation of Social Security benefits can lead to increased survivor benefits for their spouse in the event of their death. The partner who has earned less over their lifetime may choose to begin receiving benefits earlier, which permits the higher-earning partner to delay their own benefits, thus providing an additional income stream in the meantime.

Practical Tips

• Engage in a role-playing exercise with your partner where each of you argues for a different claiming strategy based on your individual life expectancies, health, and financial needs. This will not only help you practice discussing financial decisions together but also allow you to explore the emotional and practical implications of each option. For instance, one partner might role-play claiming benefits early due to health concerns, while the other might argue for waiting to claim until a later age to increase the benefit amount.
• Discuss a joint retirement plan with a financial advisor, focusing on optimizing Social Security benefits. Bring detailed records of both your earnings histories and ask for a personalized analysis of the impact of delaying benefits on survivor income. This conversation can help you make an informed decision based on professional insights tailored to your specific financial situation.
• Create a 'benefit delay' savings challenge where you set aside an amount equivalent to the delayed benefits each month into a high-yield savings account or investment. This practice will not only prepare you for the reduced income during the delay period but also help build a habit of saving and investing.

Inflation-indexed bonds

Piper advises spreading your investments across various assets, including those that safeguard against inflation, such as inflation-indexed bonds and I-series savings bonds. These bonds safeguard purchasing power from inflationary decline by guaranteeing a steady stream of revenue that maintains its worth.

Investing in instruments such as Series I Savings Bonds and portfolios focused on securities that safeguard against inflation can create a reliable foundation for generating income.

Piper details three essential tactics for incorporating inflation-hedging investments into your financial planning as you approach retirement.

• Treasury Inflation-Protected Securities (TIPS): The value of these bonds is adjusted to reflect inflation, ensuring that the buying power of the interest disbursements remains intact, with payments made every six months. Creating a ladder of TIPS with staggered maturity dates can provide a steady stream of earnings safeguarded from the impact of inflation.

• Series I Bonds provide protection against inflation by combining a consistent fixed return with adjustments to the interest rate every six months that reflect changes in inflation. Annually, there's a maximum limit on the amount you can contribute to I Bonds.

• Funds allocated to securities known as TIPS, an acronym for securities safeguarded against inflation by the Treasury. Investment choices that include a variety of assets, such as securities protected against inflation by the government, enable diversified portfolios and straightforward oversight, but they cannot assure steady purchasing power in the same way that specific inflation-indexed bonds or savings bonds can, since their worth can fluctuate due to variations in interest rates and market factors.

Practical Tips

• Experiment with a small portion of your investment portfolio by reallocating it to inflation-hedging securities and compare its performance against your traditional investments. This hands-on approach allows you to understand the real-world implications of such investments on your personal finances without overcommitting resources.
• Consult with a financial advisor to discuss the role of TIPS in your retirement planning. A professional can help you assess your current financial situation and future goals, and then determine how TIPS might fit into your long-term strategy. They can also assist in purchasing TIPS directly or through TIPS-focused mutual funds or ETFs, depending on what aligns best with your investment objectives.
• Consider setting up a virtual investment club with friends to practice managing a TIPS ladder. Each member can contribute to a collective virtual portfolio, decide on the ladder strategy, and monitor the performance over time. This social experiment can provide insights into the dynamics of TIPS ladders and the impact of inflation on investments, as well as offer a platform for discussion and learning from each other's perspectives.
• Create a personal inflation tracker to understand how inflation impacts your cost of living. Use a spreadsheet to record monthly expenses in various categories like groceries, utilities, and transportation. Compare these costs over time to the inflation adjustments of I Bonds. This will give you a practical sense of how inflation affects your personal finances and the value of having investments that adjust for inflation.
• Use tax refunds strategically by directing them towards the purchase of I Bonds to ensure you're maximizing your annual contribution without affecting your regular budget. This approach allows you to use money that isn't accounted for in your monthly expenses to increase your savings. If you receive a $3,000 tax refund, you can use it to buy I Bonds, thus utilizing a windfall to build your investment portfolio.

Inflation-indexed bonds offer benefits over traditional bonds which lack inflation consideration.

Piper highlights the advantages of bonds indexed to inflation compared to traditional bonds, especially for retirees concerned about the erosion of their purchasing power due to inflation. Inflation-linked securities, which modify their principal or interest rates to match inflation rates, are distinct from nominal bonds that provide fixed interest payments. These financial resources are advantageous for preparing for retirement since they provide a consistent flow of income that is not diminished by inflation's devaluing impact.

Context

• Unlike nominal bonds, which have fixed interest payments and can lose real value during inflationary periods, inflation-indexed bonds maintain their purchasing power, making them a safer choice for long-term investment.
• Common examples include Treasury Inflation-Protected Securities (TIPS) in the United States, which adjust their principal based on the Consumer Price Index (CPI).
• In some jurisdictions, the inflation adjustment to the principal of these bonds may be taxable in the year it occurs, even though the investor does not receive the adjusted amount until maturity. This can affect the after-tax return on these investments.

Approaches to managing taxes effectively

Piper underscores the importance of tax planning in one's retirement years, highlighting how it can increase your net income and minimize your tax liabilities. He investigates strategies for moving money between different investment vehicles and converting to Roth IRAs to improve one's tax situation.

Transferring funds into a Roth retirement account.

Piper clarifies the approach for converting savings in retirement accounts, which are taxed before contributions are made, to Roth accounts where contributions are taxed upfront. He imparts understanding of the financial repercussions and suggests how to recognize situations in which transferring assets to a Roth account could be highly beneficial.

Executing a Roth conversion and understanding the related tax implications

Transferring assets from a traditional IRA or 401(k) to a Roth arrangement, such as a Roth IRA, is referred to as performing a Roth conversion. When you transfer funds, they are typically subject to income tax in the year you make the transfer, yet withdrawals made during your retirement years are not taxed. Piper recommends arranging a direct transfer via your investment company to avoid potential errors and complications.

Other Perspectives

• The statement doesn't consider the potential state tax implications of a Roth conversion, which can vary widely and may not align with federal tax treatment.
• It does not mention that Roth IRAs are subject to Required Minimum Distributions (RMDs) for the original account holder's beneficiaries, which could lead to taxation if not properly managed.
• While arranging a direct transfer through an investment company can minimize errors, it may not always be the most cost-effective option, as some companies may charge fees for this service.

When assessing your financial position, it's crucial to balance current considerations with potential future marginal tax rates.

Piper emphasizes the benefits of moving funds to a Roth account, particularly for individuals who anticipate that their future tax rates will be higher than they are at present. However, he recommends understanding the difference between your tax bracket and the true marginal tax rate you might encounter, given that Social Security benefits taxation and potential changes in tax laws could influence your effective marginal rate.

Practical Tips

• Engage in a 'tax role-play' exercise with a friend or family member. Take turns presenting each other with different financial scenarios, such as receiving a raise, incurring medical expenses, or contributing to a retirement account. Discuss how these situations could impact your tax bracket and true marginal tax rate. This interactive method can deepen your understanding of tax concepts and prepare you for real-life financial planning.

Strategies for transferring non-deductible contributions into accounts known as Roths.

Mike Piper explains that the rules differentiate between contributions to traditional IRAs that are not deductible at the time they are converted into a Roth IRA. When you move funds into a Roth account, the portion derived from contributions that lacked prior tax-deductible status remains untaxed, potentially reducing your overall tax liability.

Practical Tips

• You can simulate the tax-saving scenario using a custom spreadsheet to visualize potential savings. Create a spreadsheet where you input your non-deductible contributions, estimated growth over time, and current tax rates. Then, compare the outcome with and without the conversion to a Roth account. This visual aid can help you grasp the long-term impact of such a transfer on your finances.

Planning for Withdrawals from Different Types of Accounts

Piper underscores the importance of strategically managing disbursements from different types of accounts, including taxable, tax-deferred, and Roth, to minimize tax obligations and prolong the durability of one's financial resources.

It is crucial to establish the sequence for withdrawing money from taxable, Roth, and tax-deferred accounts.

Piper recommends a systematic approach to withdrawing funds:

1. Money kept in a transactional deposit account: Start by drawing on the resources in your checking and savings accounts, along with any consistent income such as wages, government assistance, or mandatory withdrawals from retirement accounts.

2. Leverage assets that have maintained their initial value to avoid incurring tax liabilities on their increased worth.

3. To secure the required finances, you may want to think about liquidating investments in taxable accounts that have appreciated but remain unsold, prioritizing those that are eligible for reduced taxation on profits held over an extended period and exhibit relatively minor increases when measured against their current market value.

Determine the most advantageous moment to withdraw funds from tax-deferred or Roth accounts by assessing your current tax bracket against your anticipated future bracket.

Practical Tips

• Use a budgeting app that allows for the creation of custom categories to track withdrawals from different account types. Set up categories for taxable, Roth, and tax-deferred accounts, and record every withdrawal you make. This will help you monitor your adherence to the planned sequence and make it easier to spot when adjustments are needed due to changes in tax laws or personal circumstances.
• You can use asset-based lending to tap into the value of your assets without selling them. By taking out a loan using your assets as collateral, you can access funds for investment or expenses while keeping the asset and avoiding capital gains taxes. For example, if you own a valuable piece of art, you could use it as collateral for a loan, thus leveraging its value without having to sell it and incur taxes.
• Use a financial app that tracks the holding period of your investments to alert you when they qualify for long-term capital gains tax rates. Many apps can track the purchase date of your stocks or funds. Once an investment reaches the one-year mark, the app can notify you, giving you the chance to decide if it's an opportune time to sell based on its appreciation and your tax planning needs.

Optimizing one's financial position by shifting funds into a Roth for the benefit of reduced tax rates.

Piper advises capitalizing on periods of relatively lower tax rates to transition funds into a Roth account. This approach is especially advantageous in the initial years of retirement when your taxable income generally diminishes because you are no longer earning a salary and you might choose to postpone the initiation of Social Security benefits.

Practical Tips

• Engage in a year-long tracking exercise where you monitor your living expenses during a simulated period of not earning a salary. Use budgeting software to categorize your spending and see how relying on different sources of income, like a Roth account, impacts your financial stability. This real-time data can inform your decision on when to convert traditional retirement funds to a Roth account and when to start taking Social Security benefits.

Choosing the right mix of assets for your investment portfolio.

Piper provides guidance on constructing a varied investment collection for one's retirement years, highlighting the significance of asset selection and risk reduction. He emphasizes the significance of simplicity, diversifying investments, and reducing costs.

Choose to diversify your portfolio rather than focusing on investments in individual stocks.

Piper advises investors to spread their investments across various asset classes instead of committing a substantial portion of their funds to what might appear to be a safe, singular investment. Investing heavily in the shares of the company that employs you could expose your financial holdings to increased risk. Diversifying your portfolio across numerous asset classes is crucial, regardless of your depth of knowledge about a particular company.

Practical Tips

• Diversify your portfolio by using a robo-advisor service to automatically invest in a broad range of assets. Robo-advisors use algorithms to allocate your investments across various asset classes, such as stocks, bonds, and real estate, based on your risk tolerance and financial goals. This hands-off approach ensures you're not overly invested in any single stock and can help maintain a balanced portfolio.
• Create a financial safety net by regularly contributing to an emergency fund that is not tied to your employer's stock. Aim to save enough to cover at least three to six months of living expenses. This ensures you have a buffer in case of unexpected job loss or downturns in the company's performance that could affect both your employment and stock value.
• Implement a "roll-the-dice" investment strategy by assigning different asset classes or sectors to numbers on a dice and investing a small, affordable amount in whichever category you roll. This gamified approach can help you to diversify your portfolio in a random yet controlled manner, ensuring that you're not overly influenced by personal biases or recent market trends.

Assessing one's ease with the inherent uncertainty in investment decisions.

Piper underscores the importance of evaluating personal tolerance for financial risk in order to determine the optimal allocation of assets for retirement funds. He underscores the significance of both financial and psychological factors in shaping your ability to handle uncertainty.

Taking into account both the financial aspect and the mental capacity to endure risk.

Piper emphasizes the critical nature of two main components vital to an individual's ability to withstand financial volatility.

• Financial: How much financial risk can you realistically afford to take? As you near retirement, the chance to recover from significant financial losses diminishes, reducing your ability to bounce back from these declines.

• Psychological: How much market volatility can you handle without experiencing significant stress or making emotional investment decisions? As an individual approaches the phase of becoming a retiree, they might notice a change in their ability to withstand possible economic hardships, as these challenges have a more immediate and pronounced effect on them.

Other Perspectives

• The concept of risk tolerance is dynamic and can change over time; thus, it may not be sufficient to consider an individual's current financial and mental capacity without accounting for how these might evolve due to life events, education, or changes in financial circumstances.
• While it's prudent to be cautious as one nears retirement, being overly conservative with financial risks can also lead to missed opportunities for growth that could outpace inflation and increase retirement savings.
• The emphasis on the psychological challenges of market volatility for those nearing retirement does not take into account the possibility that some individuals may actually experience less stress, knowing they have a fixed retirement income such as a pension or annuity that is not subject to market fluctuations.

Allocating your investments between stocks and bonds.

Piper clarifies the fundamental strategy of allocating investment assets, balancing between the higher risk of equities and the stability of bonds. He provides guidance on selecting a collection of investments that matches your personal tolerance for financial uncertainty.

It is of paramount importance to keep an investment portfolio simple and cost-effective.

Piper advises maintaining a straightforward and simple configuration for your investment portfolio. A judicious selection of economical index funds or ETFs can be employed to attain a diversified portfolio while also minimizing expenses. He recommends streamlining investment approaches by excluding numerous, superfluous funds that typically result in increased costs and complexity, often without improving financial gains.

Practical Tips

• Create a personal investment charter that outlines your commitment to simplicity and cost-effectiveness in your investment choices. Review and update this charter annually to ensure your investment decisions remain aligned with these principles, which can serve as a guardrail against the allure of complicated and potentially higher-cost investment options.
• Experiment with a minimalist budgeting approach by using only one checking and one savings account. This can help you clearly see your financial inflow and outflow without the confusion of multiple accounts. Track your expenses and income for a couple of months to ensure this simplified system meets all your financial needs without causing any inconvenience.

Rebalancing to maintain target allocation

Piper emphasizes the importance of periodically rebalancing your investments to ensure they align with your targeted asset allocation. Market fluctuations may cause your investment portfolio to stray from your planned asset distribution because different asset classes perform differently. To preserve the intended level of risk in your investment approach, you should rebalance your portfolio by shifting resources from assets that have outperformed to those that have underperformed.

Other Perspectives

• Tax implications of selling assets during rebalancing can be significant and may outweigh the benefits of maintaining the target allocation.
• In some cases, deviations from the planned asset distribution might be minimal or within an acceptable range, reducing the urgency or need for rebalancing.
• The performance of different asset classes can sometimes be more aligned than expected, due to synchronized market cycles or global economic trends, which might reduce the need for frequent rebalancing.
• The timing of rebalancing can significantly impact its effectiveness, and poor timing can inadvertently increase risk rather than decrease it.
• This approach assumes that the original asset allocation is still appropriate, which may not be true if market conditions or the investor's goals have changed.

Transferring funds across various pension schemes

Piper provides guidance on managing the transition of retirement funds from a 401(k) plan to an Individual Retirement Account upon a job change. He assesses the pros and cons of moving funds and provides advice on choosing the best financial establishment to oversee your retirement reserves.

Reasons for moving funds from a 401(k) plan to an individual retirement account.

Piper elaborates on the advantages of moving money from a 401(k) plan into an Individual Retirement Account.

Exploring more affordable investment choices and reducing administrative expenses.

Employer-sponsored 401(k) plans often come with a narrower selection of investments and typically incur higher fees than IRAs. Moving your retirement funds into an Individual Retirement Account could provide access to a wider array of cost-effective index funds and ETFs, potentially leading to reduced expenses associated with investing and improved financial returns.

Practical Tips

• Engage in financial education through online courses or local workshops to better understand investment strategies and options outside of your 401(k). By increasing your financial literacy, you can make more informed decisions about your retirement savings and learn how to evaluate and select investments that align with your long-term financial objectives.
• Set up a meeting with a financial advisor to discuss the possibility of rolling over your 401(k) into an IRA. Ensure the advisor is a fiduciary to guarantee they have your best interests in mind. They can provide personalized advice based on your financial situation and help you understand the process and potential tax implications.
• You can diversify your retirement savings by starting a small investment club with friends or family where each month, members research and present a different index fund or ETF that could be added to an IRA. This collaborative approach allows you to pool knowledge and resources, making it easier to navigate the vast array of investment options and make informed decisions about where to allocate your retirement funds.
• You can compare fees across different IRA providers to ensure you're choosing the most cost-effective option. Start by listing out potential IRA providers and then delve into their fee structures, which are often available on their websites. Look for annual fees, transaction fees, and any other costs associated with the account. This will help you identify which IRA offers the lowest expenses, aligning with the goal of reducing investing costs.
• Experiment with micro-investing apps that round up your daily purchases and invest the spare change into your IRA. This strategy allows you to invest without feeling the financial burden, as it uses the "set it and forget it" approach, making the investment process seamless and integrating it into your daily spending habits.

Under some conditions, transferring money from a 401(k) might not be advisable.

Moving money from a 401(k) plan into an individual retirement account can often be beneficial, but Piper highlights specific situations where this approach might not yield the best outcome.

• If you leave your job at age 55 or older, or in the year you turn 55, you are eligible to withdraw money from your 401(k) without being subject to the usual 10% early withdrawal fee that applies to those under 59 and a half.

• Delay the transfer to a later time with the aim of reducing the amount subject to tax during the conversion process.

• You could potentially take advantage of tax rules concerning net unrealized appreciation, which can lead to a more advantageous tax situation for employer stock that has greatly increased in value when it is distributed from a 401(k).

Practical Tips

• Engage in a 'future-self' visualization exercise to emotionally prepare for early retirement. Spend time each week visualizing your daily life post-retirement, focusing on how you'll spend your time, who you'll spend it with, and what your routine will look like. This can help you mentally and emotionally adapt to the idea of early retirement, ensuring it aligns with your personal aspirations and well-being.
• Consider making charitable contributions to reduce your taxable income in the year you plan to convert your retirement accounts. By donating to qualified charities, you can receive a tax deduction that lowers your adjusted gross income. This strategy not only supports causes you care about but also strategically positions you to have a lower taxable income during the conversion, which could result in a lower tax bill for the amount converted.

Transferring assets meticulously from a 401(k)

Piper provides an extensive manual on how to handle the transition involving retirement accounts like 401(k)s.

To begin, it's essential to fill out the required paperwork to set up an Individual Retirement Account and coordinate a direct transfer.

Piper recommends selecting a reliable financial institution or investment firm to establish a traditional Individual Retirement Account (IRA), securing the appropriate paperwork for a rollover from your 401(k) plan's administrator, and initiating a direct transfer of your funds from the 401(k) to the newly created IRA. This method circumvents the process of issuing a check to you, thereby reducing possible delays and complications.

Other Perspectives

• The emphasis on paperwork might overshadow the importance of ongoing management and review of an IRA to adapt to changing financial circumstances and legislation that could affect retirement savings.
• Technological advancements and fintech companies have introduced platforms that may provide more user-friendly experiences and innovative investment tools, which might be more suitable for certain investors than traditional financial institutions.
• Some financial institutions might have electronic rollover processes that could be more efficient than securing and handling physical paperwork.
• Some 401(k) plans offer loan provisions, which are not available in an IRA, so transferring funds directly could mean losing access to this potential source of liquidity.
• Issuing a check gives the account holder physical proof of the transaction and control over the deposit timing, which some individuals may prefer for personal record-keeping or timing strategies.

Choosing between a mutual fund provider, an economical brokerage, or a full-service brokerage option.

Piper recommends assessing three key components when managing your retirement funds.

• Choose a well-regarded firm recognized for offering index funds which feature minimal management fees and low operational costs, such as Vanguard or Fidelity.

• Investing in ETFs through these companies allows for the assembly of a varied investment collection while minimizing expenses.

• Piper often advises avoiding brokers who provide a broad spectrum of services because they tend to endorse investment choices and advisory services that are accompanied by substantial fees.

Piper underscores the necessity of a comprehensive evaluation of potential institutions, scrutinizing their investment offerings, cost arrangements, customer service standards, and overall reputation before making a final decision.

Other Perspectives

• Choosing a firm based solely on the reputation for low fees might lead to missing out on other valuable services or investment opportunities that could be more beneficial in the long run.
• While investing in ETFs through firms like Vanguard or Fidelity can minimize expenses, it's not guaranteed to always provide the most diverse investment collection, as the range of ETFs offered by any single provider may be limited compared to the entire market.
• A wide range of services provided by brokers can be beneficial for complex financial situations, such as estate planning, tax advice, and retirement planning, which may not be adequately addressed by a simple index fund approach.
• The recommendation to evaluate based on these criteria assumes that all investors have the same needs and values, which is not the case; some may prioritize other factors such as ethical investing or specialized services.