Fall Edition Issue 4 ...Volume 2
Playing it Safe War’s End The dinner had just been completed and we were heading to the door when we heard a commotion outside in the street. We were amazed to see a flat bed truck filled with people shouting and waving... By Norm Wilkens Continue Page 4
Safety Pins This Time Bank Savings Yields May NOT Be Rising In past rising interest rate cycles this usually meant as bank rates were scampering up, say, 2% the rates on fixed rate annuities may only have moved up 1%. This time around it may be different. By Dr. Jack Marrion
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Personal Finance The New Solution for Coping with Critical Illness With the advent of critical illness insurance, there is now financial relief to aid patients and their families who are coping with recovery. Yet many people today aren’t even aware that critical illness protection exists. By Kenneth J. Smith, CLU
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Safe Retirement When I was a child, if I didn’t feel well, the doctor would ask me, “Where does it hurt?” A doctor visit is one area in modern life that hasn’t changed very much. You make an appointment with your physician and he asks, “What’s wrong: where do you feel badly; tell me about the pain; is it constant; do you have limitations; is it keeping you up at night; and how long has this been going on?” I’m sure that these questions and statements are familiar to you; otherwise, you should probably change physicians! You don’t want your doctor to treat an ailment, prescribe medication, or order surgery before he knows what’s going on, do you? The doctor needs to know the answer to “where does it hurt?” The same approach applies to financial services business.
Turning 70 1/2 This Year? If you are turning 70 1/2 this year, you may face a number of special tax issues. Not addressing these issues properly could result in significant penalties and filing hassles. Continue Page 12 By Thompson Myers and Associates, PC
Safe for Life Safe Food Can Lead to a Safe, Healthy Life! Midway foods aside, there are some very safe ways to watch after your health with foods. Here, in no particular order, are some of the experts’ “faves”: By Steve Dinnen
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Safety Pins ... Where Does IT HURT? - Continued Let’s examine what goes on in that industry to make sure that the advisor you’re working with is following his or her own “Hippocratic Oath.” When you meet with your financial advisors, do they ask for a complete picture of your financial health? Are they asking you where you “hurt financially?” Believe me, most Americans do have some financial “ouchies.” Most of us aren’t going to volunteer where it hurts unless someone specifically asks us. Sometimes they have to ask us once, twice, or maybe more times before we “fess up.” Perhaps it’s just pride. Financial illness can make us feel as though we brought on ailment ourselves. We may even feel stupid when admitting to our economic pain. Consequently, a good, safe money advisor has to pry. It’s not unlike what a doctor is doing when he brings in your chart (your personal medical file). A good advisor, for example, should bring in his financial fact finder and start recording your “financial history” for your personal “financial chart.” Because there are many different kinds of financial “pain,” as your advisor begins the financial fact finding, you’ll hear these kinds of questions about your “financial health;” some are quite obvious, but some are not: 1. Expenses too high, income too low. 2. Excessive credit card debt. 3. Significant losses in the equity market. 4. The high cost of prescription drugs and medical care. 5. Maybe a new or unexpected major expense. For example, a new roof, furnace, etc. (We’ve all had those things creep into our lives!). These pains are relatively easy to diagnose, and the prescription for financial health is somewhat easier. You control your expenses, increase your income, develop a budget, and you create a plan of attack to eliminate your financial pain. Even though these things are rather obvious, there’s still a lot of tough medicine to take. But what about those harder-to-diagnose financial pains that keep us up
at night? One of the many annoying problems that comes with getting older is increased worry. It seems as though worry should lessen as we age, but it doesn’t. Many of us continue to worry about our kids, even after they’re out of school and married. Granted, the worries are usually different, but they give us some sleepless nights. I speak from personal experience here. If my wife and I are lucky enough to have grandchildren, I know we’re are going to worry about them too. We’re going to hope that they’re healthy, that they do well in school, go to college, graduate, get good jobs, find and marry wonderful partners, have kids, buy wonderful homes, and retire wealthy. Sounds kind of Disneyesque, doesn’t it – sort of a “Father Knows Best” image from the 1950s! But today is not the 1950s! There’s been a dramatic change in life expectancy over the past fifty or sixty years. Today, it’s common for both men and women to live well into their eighties and nineties. It’s not very unusual to read or hear about many people living past age100! You talk about worry! With these statistics in mind, many of us are asking some serious questions: “Can I really afford to live that long?” “If I could only be assured that I’ll have enough money.” “How can I pass on a legacy to my kids and grandkids?” “I wish I didn’t have to worry about the stock market when I watch the evening news.” “If only I could relax knowing that I am safe financially so I can finally get a good night’s sleep.” These are the “pains” of aging that most of us aren’t comfortable discussing with strangers. Now, you don’t want your new financial advisor barging in prescribing a fix while they have their hand on their office door ready to leave! You wouldn’t want your doctor doing that either! When choosing a new financial advisor, you should make sure that the person you’re going to work with is someone you like. That’s right, “like” – someone you feel comfortable with. Second, that new advisor must be someone you trust, a person who demonstrates both integrity and credibility. Third,
Safety Pins ... Where Does IT HURT? - Continued he or she should be someone who will prescribe “safe” medicine and then explain all of the potential side effects that may occur, without your having to ask. Fourth, your new financial advisor must be a professional who is looking out for your complete well-being and who will refer you to other financial professionals when the need arises (an attorney or accountant, for example). And finally, make sure your new advisor is someone who’s going to check back with you and give you a financial review on a periodic and regular basis. Well, the financial advisor you choose should be a part of the Safe Money Places Agent Network®. This professional Safe Money Places® member should be part of your financial “medical” team. The financial services business is in many ways like the medical profession. Financial advisors are dealing with financial “ailments,” and even though, in most cases, our decisions won’t kill you, there may be situations that can do serious harm. For example, similar to the lack of good, regular medical attention, your financial health can suffer from an insignificant amount of monthly income. Unless your advisor knows all of the facts, he or she cannot help diagnose the problems and offer solutions. Financial professionals, again, must treat you as your medical professional does. Ask questions, make sure that he or she knows where it hurts, offer a prescription for a “cure,” and stay in touch with you to see how your financial “rehab” is working. Then and only then will your advisor
be able to adjust your plan and help you back to financial health. Here’s your next step. Visit our website (safemoneyplaces.com) and click on the Agent Locator button. Contact a Safe Money Places agent in your area and make an appointment – a no charge, no obligation complete diagnosis of your current financial health! Tell your Safe Money Places financial “doctor” where it hurts! Then, go through the checklist from above, making sure, first, that you like and trust the advisor, and that he or she demonstrates to your satisfaction that your financial health will be in good hands! Visit www.safemoneyplaces.com right now! If you can’t find an agent listed in your area, we will have one contact you. And yes, we do make house calls!
About the Author: Raymond J. Ohlson CLU, CRC, CEO & President of The Ohlson Group, Inc. and SMP International, LLC Mr. Ohlson entered the insurance business while completing his Bachelor of Science Degree at Ball State University. He quickly qualified for the Million Dollar Round Table (MDRT) of which he is a Life Member. He also received his Chartered Life Underwriter (CLU) designation from the American College in Bryn Mawr, Pennsylvania. Mr. Ohlson, a former life insurance company president, currently sits on college and hospital boards and is a published author. Raymond J. Ohlson can be reached at: Email: rohlson@ohlsongroup.com.
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Playing it Safe War’s End - by Norm Wilkens
August 14, 1945 dawned hot and humid – typical of a summer day in Indianapolis, Indiana. Our family, dad, mom, sister and I were home on leave from Scott Field, Illinois, where my dad was a Major in the U.S. Army Air Corps, serving in the Medical Division. There had been rumors for over a week that World War II was about to end. Since the atomic bombing of Hiroshima and Nagasaki had been completed with definitive results, the feeling was that the Japanese would have to surrender or suffer more of the devastating arsenal being dropped. We did not know at that time that there were only two bombs in our supply, and it would take Back to Table of Contents
quite a while to construct more. We also didn’t realize the struggle that was on going in Tokyo between the army and a selected group of civilians to continue the war. The army wanted to fight for every inch of ground and not give up. The civilian leadership wanted to persuade the Emperor to capitulate and not continue the fire-bombing and dropping of other atomic devices. There were almost no Americans who realized the destructive power that atomic energy contained. Very few facts were immediately available concerning the bomb, and its characteristics were little known. Everyone knew what had happened to the two major
cities in Japan, but no one really understood how or why it had been so devastating. We are also aware now that the leadership of our armed forces predicted that over a million allied personnel would be lost if the U.S. proceeded in an invasion of the islands of Japan. We had seen a preview of that type of warfare on South Pacific islands and in the kamikaze attacks against our naval fleets. Our forces realized the task would be daunting. President Harry Truman understood the consequences of an invasion of this type and gave the order to drop the bombs. The fourteen of August was my mother’s birthday. We would ( Page 4 )
Playing it Safe ... War’s End - Continued
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take my dad’s mother and sister along with my cousin out to dinner to celebrate. A Chinese restaurant on 38th Street and College Avenue in the near north side of Indianapolis was chosen. It seems strange now because I don’t believe any of our family was particularly enamored with oriental food. That’s not the case today, but I am sure that we youngsters ordered hamburgers rather than Chinese.
The dinner had just been completed and we were heading to the door when we heard a commotion outside in the street. We were amazed to see a flat bed truck filled with people shouting and waving American flags and proclaiming that the war had ended. They were headed south on College going toward downtown. My dad, who was in his dress uniform, suggested we follow and see what was happening.
My mom thought that wasn’t such a good idea because of the crowds, if the war had really ended. My dad prevailed. In our 1941 Chrysler four-door with seven people crunched inside, we headed toward the Circle – the geographic center of Indianapolis. Once on the Circle, we discovered that we couldn’t move. The crowds were not unruly, but there were so many celebrating that once
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Playing it Safe ... War’s End - Continued established in the crowd, you couldn’t go anywhere. We were stuck. The Chrysler didn’t have air conditioning so all the windows were down. Because my dad was in uniform, everybody wanted to hug and kiss him. I distinctly remember several people coming up the car who were civilian patients of my dad wanting to know when he would be coming back to take up his practice again. Obviously he didn’t know, but he smiled and said that he hoped it wouldn’t be too long. It took us over an hour to detach ourselves from the people in the midst of a fullscale celebration. More than once, my dad had to turn off the engine because of the possibility of over-heating and to conserve gasoline which
was still rationed and scarce. My dad was true to his word, but it took a few extra months before he received his “ruptured duck” symbol of his being relieved of duty. To be exact, February 1946, we arrived back in Indianapolis and began our civilian life once again. It was good to be home – particularly without the crowds. The war that started on December 7, 1941, came to an end a little over four years, eight months and fourteen days later. There were sacrifices every day of the war. The “greatest generation” as it has become known, gave their lives to preserve freedom here and abroad. We should never forget the lessons learned and the men and women who made it possible.
About the Author: Norm Wilkens A nationally recognized speaker and writer, Norman Wilkens has traveled to forty-seven of the fifty states speaking on topics of marketing, advertising and public relations. His most noteworthy subjects include: Healthcare Marketing; Multi-generational travel and Baby Boomers their contribution to society and economics. He is presently serving as Midwestern Contributor to California’s AAA WESTWAYS Magazine. Among Wilkens’ current activities are the Butler University Alumni Board of Directors; Butler’s Central Indiana Alumni Chapter Board; Chairman of the Board of Visitors for the new Communication College of Butler; Board of Directors of Ruth Lilly Educational Foundation; Salvation Army of Indiana Advisory Board and as an Elder at Second Presbyterian Church of Indiana. Email: NormWilkens@aol.com
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Safety Pins Yields M ay By Dr.
NOT Be Jack M
arrion
In every previous interest rate cycle short-term
interest rates have responded more quickly than long-term rates. What this has meant in the safe money places arena is that when interest rates were heading up yields on bank money market accounts and new certificates of deposit tended to go up more quickly than fixed annuity yields. In past rising interest rate cycles this usually meant as bank rates were scampering up, say, 2% the rates on fixed rate annuities may only have moved up 1%. However, this time around it may be different. Since last spring the yields on U.S. Treasuries and corporate bonds as well have moved sharply higher – as an example the constant maturity yield on 10 year U.S. Treasuries moved from 1.64% on May Day to 2.75% on Labor Day. The result: fixed annuity yields are generally up quite a bit. By contrast, not only did the average bank one-year CD rate not go up over the summer, it actually declined (bankrate.com).
Ris ing
Safety Pins ... This Time Bank Savings Yields May NOT Be Rising - Continued My belief is that increases in bank money market and CD rates will be modest in this rising rate cycle and not be as competitive as they were in past times. The main reason is the 2007-08 financial crises caused bank regulators to demand that banks keep higher reserves and higher equity so they’d be less leveraged. Indeed, in July the Federal Reserve proposed even more conservative standards for the eight largest banks. The problem is money kept in reserves and equity dilutes returns, meaning less money is available for lending and investing, and this lowers the income to the bank. The other yield crimping factor is over the last 15 years banks added on a number of customer fees – some junk, some legitimate – and over the last increases is customers are not fleeing the banks. Quite the opposite, the amount in money market accounts is at record levels despite low rates. In past cycles it was possible for bank customers to tighten one’s belt and wait for the next rising yield tide. This time the floodtide of rising bank rates may be an extremely modest one, requiring those seeking higher yields to dip their toes in a different ocean.
About the Author: Dr. Jack Marrion Dr. Marrion’s research on senior decision making and the financial world have been featured in hundreds of publications including: Business Week, Kiplinger, Smart Money, and The Wall Street Journal. He is the author of six books and a frequent media guest. Email: jack@safemoneyplaces.com
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Safe For Life Safe Food Can Lead to a Safe, Healthy Life! By Steve Dinnen
Having just finished a day at the Iowa State Fair, I have to say that I’ve nibbled on my last corn dog for a while. They’re tasty, but they sure aren’t a very good way to watch your diet. And, although State Fair food can be fun, it’s not very healthful nor is it safe (ever tried fried butter?)! Midway foods aside, there are some very safe ways to watch after your health with foods. Here, in no particular order, are some of the experts’ “faves”:
Yogurt There’s a craze these days for Greek-style yogurt. As if the regular version wasn’t healthful enough, Greekstyle is strained more to remove whey, lactose, and sugar, and, as a result, Greek-style yogurt contains twice as much protein for the same serving size. Back to Table of Contents
Blueberries Blueberries carry just about the highest amount of antioxidants as any other food. They’re low in calories and fat, and you can use them to sweeten that cup of Greek yogurt (whose health effects tend to dampen when if you add sugar or artificial sweeteners).
Tomatoes Tomatoes are another great source of antioxidants, which neutralize unhealthful free radicals that float around in our bodies. Tomatoes contain a huge amount of lycopene, which has been shown to help prevent heart disease, cancer, and cataracts. ( Page 10 )
Safe For Life ... Safe Food Can Lead to a Safe, Healthy Life - Continued Spinach Spinach is another vegetable that does not float everyone’s boat. “Too bad,” says Dr. Franklin, “as spinach is an excellent source of iron, potassium, and fiber, and it helps fight heart disease and macular degeneration. It can lower your blood pressure and help prevent memory loss.”
Broccoli Broccoli. No, president George H.W. Bush (the elder) famously does not like broccoli, but Dr. Rachel Franklin, an Associate Professor of Medicine at the University of Oklahoma, does! Dr. Franklin says former President Bush was missing the boat on broccoli because this veggie helps fight bladder, prostrate, and colon cancer. It has more vitamin C than an orange and a high dose of vitamin A!
Vinegar Vinegar. WebMD says that apple cider vinegar, in particular, may lower glucose levels, which is important for diabetics. It can cut cholesterol and blood pressure and may kill cancer. Health food people recommend two teaspoons a day of apple cider vinegar. They say you can dilute it with water to make it more palatable, but I prefer using vinegar as part of a dressing on spinach salad … or on top of those delicious tomatoes! You’re getting safe, healthful benefits of two super foods, perhaps even three if you slice up some garden-fresh Big Boy tomatoes and toss them onto a spinach salad! Back to Table of Contents
The list of safe, healthful foods goes on and on; for example, try lemons, honey, eggs, beans, nuts, or salmon. You shouldn’t go crazy with any of these, however. Eggs in the morning, at noon, and at night are bound to boost your cholesterol level, and remember that nuts are high in fat. Sensible portions – an ounce a day of those nuts, for instance – make good nutritional sense. One super food I would not recommend, however, is quinoa – not because it’s unhealthy, but for another, sociological reason. Quinoa, a grain-like crop, is high in protein, zinc, and selenium, and it makes WebMd’s list of top ten foods. But, its rise in popularity has outstripped production capacity, so its price has jumped dramatically. Since quinoa is a staple among indigenous peoples of the High Andes, this price increase is making it increasingly difficult for them to afford. So for now, please pick on something else. After all, there’s plenty of broccoli to go around! We all know that State Fair and other junk food can be fun, tasty, and a special treat; however, we all also know (or should know) that a steady diet of such “cuisine” is not healthy and, in fact, not safe! If you haven’t tried some of my simple suggestions, go ahead … I dare you! Your body will thank you.
About the Author: Steve Dinnen Steve is a freelance writer specializing in financial and travel news. He received his Bachelors Degree from Drake University and his Master of Journalism from Oklahoma University. Mr. Dinnen served as Sr. Business Reporter for the Des Moines Register, Business News Editor for the Indianapolis Star and served as Editor (freelance) for the Christian Science Monitor of its weekly personal finance column. Email: paudel2001@msn.com.
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Safe Retirement
Turning 70 ½ This Year? By Thompson Myers and Associates If you are turning 70 ½ this year, you may face a number of special tax issues. Not addressing these issues properly could result in significant penalties and filing hassles.
the excess contribution remains in the account. The penalty, which cannot exceed the value of the IRA account, is calculated on the excess contributed and on any interest it may have earned.
Traditional IRA Contributions
You can avoid the penalty by removing the excess and the interest earned on the excess from the IRA prior to April 15 of the subsequent year and including the interest earned on the excess in your taxable income.
You cannot make a traditional IRA contribution in the year you reach the age of 70 ½ Contributions made in the year you turn 70 ½ (and later years) are treated as excess contributions and are subject to a nondeductible 6% excise tax penalty for every year in which Back to Table of Contents
Even though you can no longer make contributions to
a traditional IRA in the year you reach age 70 ½ you can continue to make contributions to a Roth IRA, not to exceed the annual IRA contribution limits, provided you still have earned income, such as wages or self-employment income, at least equal to the amount of the contribution.
Required Minimum Distributions (RMD) You must begin taking required minimum distributions from your qualified retirement plans and IRA accounts in the year you ( Page 12 )
Safe Retirement ... Turning 70 1/2 This Year? - Continued turn 70 ½. The distribution for the year in which you turned 70 ½ can be delayed to the subsequent year without penalty, if the distribution is made before April 1 of the subsequent year. That means in the subsequent year two distributions must be made, the delayed distribution and the distribution for that year.
Still Working Exception If you participate in a qualified employer plan, generally you need to start taking required minimum distributions (RMDs) by April 1 of the year following the year you turn 70½. This is your required beginning date (RBD) for retirement distributions. However, if your plan includes the “still working exception,” your RBD is postponed to April 1 of the year following the year you retire. Example: You reached age 70 ½ in 2011, but chose to continue working and did not retire until June of 2013. Provided your employer’s plan includes the option, you can make the “still working election” and delay your RBD until no later than April 1, 2014. Caution: This exception does not apply to an employee who
owns more than 5% of the company. There is no “still working exception” for IRAs, Simple IRAs, or SEP IRAs.
Excess Accumulation Penalty When you fail to take a RMD, you are subject to a draconian penalty called the excess accumulation penalty. This penalty is a 50% excise tax of the amount (RMD) that should have been distributed for the year. Example: Your RMD for the year is $35,000 but you only take $10,000. Your excess accumulation penalty for failing to take the full amount of the distribution for the year would be $12,500 (50% of $25,000). The IRS will generally wave the penalty for non-willful failures to take your RMD, provided you have a valid excuse and the under-distribution is corrected. As you can see, turning 70 ½ can complicate your tax situation. If you need assistance with any of the issues discussed here, or need assistance computing your RMD for the year, please give this office a call.
About Thompson Myers & Associates, PC Accounting Firm Thompson Myers & Associates’ accounting and payroll staff have been delivering professional services to small businesses in Central Indiana for over 20 years. Having worked with hundreds of small business clients, we have significant expertise with a wide variety of service businesses in Indiana. We have especially strong experience and expertise in working with businesses in the healthcare (medical, dental, etc.) and food service (restaurants, caterers, etc.) industries. We recognize the value of a personal hands-on approach to doing business and earning clients for life. Thompson Myers & Associates is committed to carrying out our services with integrity, excellence, and respect for others. Our dedication and client support are beyond compare—focused on putting your best financial interests at the forefront. Phone Number: (317) 571-8080 Email: info@thompsonmyers.com Website: https://www.thompsonmyers.com/
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Personal Finance The NEW SOLUTION for Coping with Critical Illness - By Kenneth J. Smith
W
hen Albert Einstein was on the faculty at Princeton University, it’s said that his teaching assistant came to him one day, panicstricken.
“Professor Einstein,” he said, “the questions on this year’s final exam are the same as last year’s.” Einstein replied calmly, “That’s not a problem, because the answers have changed.” Answers to age-old questions are changing in the financial services industry, too. For years, clients and advisors have asked, “What is the right financial product for someone who is diagnosed with cancer, heart attack, or stroke?” Over thirty years ago, the answer to that question was “life insurance,” because we didn’t usually survive those illnesses. But today, with advances in medicine and medical technology, the chances of surviving a catastrophic illness are greater than ever. However, our survival comes with emotional and financial consequences. When a person suffers a serious health crisis, his world is turned upside down — and so is his family’s. ( Page 14 )
Personal Finance ... The New Solution for Coping with Critical Illness Even with major medical insurance in place, a critical illness can have a devastating impact on household finances. The question of protecting our finances in the event of cancer, heart attack, and stroke is the same as a generation ago, but now the answer is different. Today, the answer is both life insurance and critical illness protection. With the advent of critical illness insurance, there is now financial relief to aid patients and their families who are coping with recovery. Yet many people today aren’t even aware that critical illness protection exists. Furthermore, most consumers aren’t aware that critical illness insurance was NOT created by some insurance company but rather by the world-famous cardiac surgeon, Dr. Marius Barnard, in South Africa.
Dr. Barnard’s Mission to Help Patients Protect Their Assets In 1983, Dr. Barnard observed that, with advances in medicine, his patients were surviving cancer, heart attacks, and strokes that only a generation ago were likely to be fatal. He also saw that financial stress caused by the illness was having a serious impact on his patients’ ability to recover. Barnard started talking with insurance agents, advisors, and insurance companies about creating a way to help relieve that stress — an insurance policy that would pay a lumpsum benefit upon diagnosis of a critical illness. The benefit could be used in any way the client wished. The origin of this kind of coverage, therefore, is important for every consumer to
understand. Now, here’s a simple way to think about critical illness insurance; ask yourself this question: Do you know there are two types of break-ins — insured and uninsured? Imagine if someone breaks into your home, stealing your valuable possessions and causing tremendous damage to your property. Whether you have homeowners’ insurance or not, the event is exactly the same — but the impact on your family’s finances and general well-being is dramatically different. Everyone knows an insured break-in is better than an uninsured break-in. But most people don’t know there are also two types of cancers — insured and uninsured; two types of heart attack — insured and uninsured, and so on.
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Personal Finance ... The New Solution for Coping with Critical Illness Now, ask yourself these four questions: 1. Do you know anyone who has had cancer, a heart attack, or a stroke? (Most of us know of someone who has had one of these critical illnesses.) 2. Was the critical illness expected? (Critical illnesses are almost never expected!) 3. Did the critical illness create emotional or financial stress the person and his or her family? (Reducing financial worries helps to reduce emotional stress.) 4. Would cash have helped? (Of course the answer is “yes!”)
Answering these simple questions will help you understand if you and your family need critical illness protection. Talk to your Critical Illness Coverage representative for more important information. Don’t put it off! Your medical, financial, and emotional well being is just too important!
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About the Author: Kenneth J. Smith, CLU Kenneth J. Smith, CLU, is director, health product sales, for Assurity Life Insurance Company. With three decades of experience in the insurance industry, both in the field and home office, he has developed a wide breadth of knowledge in the critical illness and disability income insurance markets. Prior to joining Assurity in 2004, he was with Mutual of Omaha for more than 10 years as first vice president of critical illness and disability income. Ken helped organize and served as president of the Critical Illness Working Group. He has served as president, vice president and board member of the National Association for Critical Illness Insurance (NACII). Ken has authored many articles on CI and DI, and given presentations before many groups, including the World Critical Illness Conference and the Society of Actuaries. Ken is currently implementing a comprehensive CI sales training program for Assurity distributors; over the years he has developed a number of training videos on CI and DI marketing concepts and sales techniques for producers.
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