On this week’s episode of On the Money with Secure Money, Michael Diulus discusses several factors that could prevent your retirement savings from lasting your whole retirement.
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Investment advisory services are offered through Foundation Investment Advisors, LLC. an SEC registered investment advisor. Brian Quaranta and his guests provide general information not individually targeted, personalized advice, they’re not liable for the usage of information discussed. Exposure to ideas and financial vehicles should not be considered investment advice or recommendation to buy or sell any of these financial vehicles. This information should also not be considered tax or legal advice. Past performance is not a guarantee of future results, investments will fluctuate and when were deemed to be worth more or less than when originally invested. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products, they did not refer in any way to securities or investment advisory products, fixed insurance and annuity product guarantees are subject to the claims paying ability of the issuing company.
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And now On the Money with Secure Money.
Welcome, everybody. This is On the Money with Secure Money. Joining me today, Mike Diulus. Mike, estate adviser with Secure Money Advisors sitting in the big shoes of Brian Quaranta. Hey, Mike, what’s going on?
Michael Diulus 01:19
I’m doing pretty great, Steve. How are you doing today?.
Doing very well, thank you. I liked these surveys, especially this one because I mean, they focus on you, the adviser in terms of what you’re hearing and what you’re hearing from clients and potential clients. And this first one is no surprise, and I’m gonna see if you agree, 49% of the advisors said the biggest problem is underestimating the impact of inflation.
Michael Diulus 01:41
Yeah, no kidding, Steve, I mean, this surely needs no explanation, especially, least of all, last year. now the S&P was down about 20%. And that’s not even including this, you know, transitory inflation that we’ve had, really, we need to do is we can’t eat these nominal returns, meaning their returns before we’re counting this inflation. So, we have to talk about, you know, returns as real returns most inflation. So, if you think about it, let’s say inflation averages roughly 3% a year, over 25 years, the purchasing power of the dollar falls by 50%. Yikes.
Yeah, Yeah. Wow. No kidding. So, I mean, again, 3% Inflation is pretty much a standard that I know, you and a lot of others are using and have been using for years.
Michael Diulus 02:23
It is, it is; and you know, this last year’s inflation? You know, they say 7%, 8%, 9%? I don’t know if anyone’s went to the grocery store recently. I’m thinking. Yeah, it’s an issue. Right. And we need to make sure we’re factoring that into our plan. It’s, it’s one of the biggest issues we’re seeing nowadays.
So how are you adjusting? I mean, how are you making changes or adjustments in people’s plans, Regarding inflation?
Michael Diulus 02:48
Well, the first thing we have to factor in when it comes to inflation is making sure your money’s properly bucketed. Right. So, a lot of folks oftentimes get way too conservative with their investments as they move on towards retirement. Now, if you have a proper bucketing strategy, this will never be a concern of yours, because you have your short-term monies for income, you know, in the early years of retirement. And then you have your long-term growth monies to deal with things such as long-term care planning, the what ifs if we go to a nursing home, so we just have to make sure we have a good bucketing strategy based on our income needs. And based on our longevity.
Sure. Well, speaking of longevity, that’s another concern that advisors heard from my clients and prospective clients. It’s the thing we’ve talked about before, Mike, is longevity risk? And that really factors into all of this, doesn’t it?
Michael Diulus 03:31
It does. I mean, you know, 20-30 years ago, the average retiree, well, first off, they had a pension, right? Well, nowadays, we have to build our own pension, and we don’t have to have it just last 10-15 years, that’s no issue. Well, if we’re going to live into our 80s, and even our 90s, some of the lucky few into the hundreds, how are we going to make our money last 30-40 years, you know, for females, the average 65-year-old is going to be able to expect to live to at least 86 and males to live to 83. However, there’s a 50% chance at least one of them is going to live to 90. So, we can’t just plan for ourselves. We have to plan for our family, making sure we’re protecting ourselves on all ends here.
Like how far out do you run the plan?
Michael Diulus 04:08
We run the plan to 100 We just feel it’s the responsible thing to do here at secure money. Now, a lot of times folks will tell us Well, look, I’m not making a past 80-85. But what if you do Steve? You don’t know. And the last thing I want to tell one of my clients that are in their 80s is “Well, time to find a job, hope you’ve been keeping up on your continuing education from 20 years ago.”
That’d be very scary. And so, I mean, investment income and again, so you know, return on investment. I guess there’s something another way to say it, but that really isn’t I mean, it’s important, yes, but it’s not the most important.
Michael Diulus 04:43
It is important to think about now the issue is everyone is used to those commercial saying what’s your number? How much how much do you need, right and the million-dollar mark is what you’re going to need to retire Well, you have to focus on what your income need is going to be because a lot of folks and a lot of advisors unfortunately are still using the so called 4% rule. And if that’s the case, I recommend you do a little bit of research on your own and see what the Harvard School of Business has been saying about that 4% rule. But, you know, you have to focus on what guarantees you can get in retirement. Because when we have volatility like we do nowadays, you know, you can’t just rely on the market.
Right? And you already talked about being conservative with our investments being too conservative. So let’s flip it around. Can you be too aggressive?
Michael Diulus 05:21
Oh, absolutely you can. You know, I have folks coming in every day asking me if they should be getting into cryptocurrency. I mean, that’s a whole category in and of itself that we won’t even need to get into today. But a lot of folks, you know, you can be way too aggressive with your investments. I mean, obviously, this is no news when we see what happened with just the S&P, the broad market index, last year. But you know, a lot of measures are saying US stocks could still be expensive, overpriced, that is. And are we at the bottom? We all hope so. But you really never know. So that’s why we have to make sure we have a plan here.
That’s right. I mean, again, because you don’t really know. And we talk about setting unrealistic return expectations that we just touched on that a little bit, but up to 40% of the people told the adviser Hey, that’s, you know, I’m gonna make 20% because that’s what my guy told me. And, you know, I mean, if it sounds too good to be true, right?
Michael Diulus 06:08
It probably is, right? So even a higher risk portfolio, like the S&P 500 has a long-term average of just under 7% plus inflation. And that balanced portfolio, you know, the 60-40 split, we always hear about? That figures a little less than 5%. So, if you’re, you know, going in and planning your retirement off eight, nine 10% returns, you might want to get a second set of eyes on things.
Sure. Well, again, on that note, Mike, why don’t you go ahead and invite folks to give us a call. Come on in, you’ve got some spots on your calendar available? Let’s fill them up.
Michael Diulus 06:37
Yes, Steve, you know, the number one question we get is, can you help me create a real written plan? And the answer folks is yes, we can. So, what we need to do is have you come in and really take a look at things that are gonna give you clarity and confidence and peace of mind. So, for the next 10 callers who call right now, we’re going to give you a complimentary right track of time review, this review is going to evaluate three key areas of your retirement plan, first and foremost, income incomes, a driver behind retirement. So, we’re gonna help identify ways to increase your monthly income. So, you can potentially have more money in retirement, and most importantly, make sure that you have an income plan that eliminates the fear and possibility of running out of money. So you can confidently do all the things you want to do next is going to be taxes, no taxes, the thing we hear about most when it comes to retirement, so we’re going to look at ways we can reduce taxes and make sure we’re not going to erode your purchasing power because of taxes in retirement, and see if there’s any ways we can qualify for strategies that could create a tax free income in retirement. third, and final key area is a risk analysis of your current investment with our very powerful risk software, this software, it looks at the specific metrics that are going to give you the return for the risk that you’re taking, and show how much you’re paying in fees, how many dividends you’re getting, and really, how efficient is your portfolio. So now is the time to evaluate your strategy and make sure you’re positioned correctly for the next economy that we’re in when the economy changes so drastically like it has in the last eight months, you cannot continue to do the same thing and expect different results. That, folks, is the definition of insanity. So, if there’s any time to get a second opinion, it’s right now,
folks, if you want to learn more about the team at Secure Money Advisors go to securemoneyadvisors.com. Check it out, securemoneyadvisors.com, not only can you learn about the team at Secure Money, but you can also hear all of the old radio shows, you can hear all of the TV shows, you can see all of the TV shows that are out there. So, the websites a great place to just hang out isnt it.
Michael Diulus 08:15
Yes, it is. You know, that’s why we direct people there all the time. Learn more about us at securemoneyadvisors.com.
Sure. And so, change, yes, that certainly is happening when you retire. That’s one of the biggest changes that we’re going to have to look at. And but as we go through our careers, and there are things that you know, there are reasons to be to sit down with an advisor like you, you’re an independent fiduciary advisor at Secure Money Advisors, but we need to talk about things with you with confidence. I mean, you’re- when I say confidential, it’s no different than a doctor or a lawyer, right?
Michael Diulus 08:55
That’s correct. And you know, what we want to do is make sure we’re upfront and honest about everything that we do here at Secure Money, because we need to make sure we’re focusing on all the things that matter. You know, one of those could be what happens if I lose my job no one wants to talk about It’s a painful experience. But or even if you change jobs, you need to really review what are your company’s new benefits plans? What kind of health life disability insurance do we have? Do you have a 401 K plan? What kind of tax withholding are we going to do now if you lose your job, need to get ahead of the process for planning for health insurance, cash flow, etc? Because the last thing you want to do is be struggling before you’re even in retirement.
Right. So, again, if you change jobs, don’t forget that 401k at that other company.
Michael Diulus 09:36
That’s right. You know, a lot of people- I call it losing money because they forget that they had it, move on to a new career path. And next thing you know, we’re getting a call 20 years down the line saying hey, what are you doing with this plan here? Oh. found 100 grand.
Yeah, wow. Well, then again, well, Secure Act 2.0 that just passed the, you know, the end of the month or went into effect January 1st. One of the things that’s being established is essentially a money lost and found for people to find those 401 K’s or life insurance or whatever’s out there, right?
Michael Diulus 10:08
That’s right. And you know, I think this is gonna be a great thing for a lot of our current clients and a lot of folks that are just coming in to learn about what they even have and how they’re going to prepare for retirement, because the best thing that could happen is finding more money than you knew you had.
I liked that thought, folks if you’d like to have that conversation 800-656-8616. Um, so we should talk to our advisor if we’re marrying, if we’re divorcing, if we lose a spouse, if one passes away. Really any change in our marital status is something that we need to discuss with you.
Michael Diulus 10:41
You should and it can be an emotional conversation, you know, but really the distributions of pensions, should you get married? Or should you divorce, you know, child support or alimony obligations can have a significant impact on your future circumstances, how much can we be contributing, if we’re paying a percentage of our money out for child support or alimony? And, you know, when it comes to second marriages, in particular, it can be very, very important to consider the financial impact and strategies to position yourself and especially if you’re going to keep accounts separate, and if assets are planned to remain with each of your respective families.
And, again, it’s the kind of thing where we’ve got to check our beneficiaries as well. Because the last thing you want if you’re divorced, is your ex-spouse to get your 401k.
Michael Diulus 11:19
That’s right. That’s right. I’ve seen it happen one too many times.
Wow. And so how do we deal with that? I mean, there’s nothing you can do. Is there?
Michael Diulus 11:27
Really, you have to make sure you’re planning ahead of it. That’s the key. Steve, you know, if you’re getting an advisor, or you’re working with any advisor, make sure looking at all of your beneficiary documents is a primary concern, because the last thing, like you said, you don’t want all your money that’s for your family to go to an ex-spouse.
Yes, exactly. Well, and you know, so much so many people right now, the baby boomers out there are in this predicament that you will, if you will, they’re planning their own retirement and at the same time, maybe having to take care of that aging mom or dad out there.
Michael Diulus 12:00
I’ve had personal experience with my grandparents going through needing long-term care assistance. And really, the importance of the estate planning for your elderly parents, and yourself might determine whether your inheritance is protected, and whether it’ll end up costing you money. You know, sadly, a lot of folks in the financial redzone have been caring for sick or elderly parents and subsequently believe they need to delay their own retirement due to the expenses involved with long-term care. So, planning effectively really could reduce these expenditures. Steve.
Right. That’s I mean, again, with long-term care, that’s a that’s a show unto itself, for sure. But at the same time, the insurance industry has responded in a major league kind of way to help folks with that long term care if they plan ahead. They have
Michael Diulus 12:40
Yeah, and you know, it’s something you want to get ahead of early, early on retirement, you know, with long-term care insurance, the unfortunate fact is about 80% of people get declined for it, because they wait too long. So, if you’re interested, you know, make sure you’re talking with an advisor early on about that kind of thing.
So, Mike, do you guys do a lot of estate planning, you have connections with lawyers that will do that for us?
Michael Diulus 13:00
We do. We’re partnered with a law firm nearby us that helps us with a lot of the estate planning. You know, we do monthly events here in our office that secure money, because a lot of folks don’t know what kind of estate planning documents you need.
800-656-8616 Mike, we are up against the clock already. Let’s go ahead and invite folks to call and come on in and fill up that calendar.
Michael Diulus 13:20
So, folks, if you’re really looking to have a real written plan, give us a call at that number Steve just mentioned because we can help you put that in place.
You heard Mike, 800-656-8616, is the number to call 10 folks right now get that well get that comprehensive financial review and then a roadmap that can help get you to where you need to be in retirement 800-656-8616 call right away while you’re thinking of it 800-656-8616 We’ve got a break to take, we’re gonna come right back though. We will continue On the Money with Secure Money and Mike Diulus.
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And now On the Money with Secure Money.
We are back On the Money with Secure Money. Mike Diulus is joining us today. As you know, again, you are an independent fiduciary advisor been helping folks. And again, you’ve seen certainly retire but is vastly different than my grandparents because I remember when my grandparents, you know, retired, they moved to our hometown, they bought a house, they, you know, they looked at, oh, Social Security pension. Yes. And, of course, whatever money they saved, and they had saved, so I mean, how much easier could it be? It’s not like that today.
Michael Diulus 15:33
Oh, no, it’s not. And here’s the thing, like you said, they have the pension, the Social Security, and then their retirement savings. They called that the three-legged stool. And here’s the other thing to, the savings that they had? They can go down to a beautiful place called the bank and get a CD paying 10%, 12%, 15%. I’ve heard as high as 19%. Guaranteed, FDIC insured.
Those days are gone.
Michael Diulus 15:51
Yeah, yeah they are. I think he even got some pots and pans too. Now they don’t want to give us anything, right? So, the first thing that we have to focus on is a startling fact that I learned about is, you know, the aging population. Right?
Yeah, these numbers are amazing.
Michael Diulus 16:07
Yeah, it’s impressive. In 1950, 205 million people were ever 60, in 2017, there were almost 1 billion people 60 and older, nearly fivefold from then. Now, by 2050, it’s estimated this group is going to be 2.1 billion people. Now, think of the government benefits we currently have when we’re in retirement. Medicare, Social Security, how is the current plan that we have going to withstand, you know, this growth in older population here, Steve.
Right? Well, I mean, you make a good point. And again, those numbers are worldwide, right? Not necessarily just the United States. But here in the US, we’re looking at baby boomers turning 65 To the tune of 10,000 a day. And if you take in 62, 63, 64, 65, there’s I mean, there’s an endless supply.
Michael Diulus 16:49
That’s a lot of strain on the systems that we have in place. So, we need to do is make sure we’re focusing on what we can control the individual not relying on just the government here.
Well, I know. I mean, for me even going back to, you know, college, where I mean, people were saying, oh, Social Security would never be around for you. Well, you know, it is, and it will I again, it’s the kind of thing where I think people are just so misinformed sometimes and they don’t understand really, how that works. They just think that’s the government, they’re going to screw it up. So, I’m just going to have to punt.
Michael Diulus 17:26
Yeah. And you know, it’s, it’s, there’s something to be said about lost faith in retirement, you know, about half of those surveyed by Aegon here believed that future retirees will be worse off in retirement and over 90% of workers and retirees say that governments have to do something about what’s going on with Social Security. Now, they are working, and they have some different plans about doughnut holes and means testing. But you know, barely 40% of workers have an employer that contributes to the retirement plan in less than 40% are consistently saving for retirement on their own.
Oh, boy. Yeah. And those numbers are a little scary, aren’t they?
Michael Diulus 17:53
They are, they are. And you know what, that really leads us to a lot of folks talking about, “I’m just gonna work until I drop.”
You know, that’s it. I know people like that.
Michael Diulus 18:02
It’s, it’s an issue, you know, half of current employees are envisioning a transition of retirement that no, we’re gonna continue to work full time or part-time and a lot say it’s just because they want to keep themselves busy, not just for the money, but that’s oftentimes not the case. So now, on average, the Aegon survey respondents estimate they need about 68% of their current annual income to finance a comfortable retirement, but only a quarter of those surveyed believe they’ll be able to achieve that level of income. Wow. So 68%.
So, I mean, again, even with Social Security, people are not thinking they can get there. And I mean, again, that’s why they’re saying “I’m just gonna keep working.”
Michael Diulus 18:36
Yeah, that’s, that’s the current plan. Sure.
So, what about, you know, the pensions? Like you said, they’re pretty much gone, which leaves us in the lurch. I mean, we’ve got a 401 K that might have some, some investment options, some choices, but I’m telling you what I’m thinking 9 out of 10 of us don’t even look at that.
Michael Diulus 18:51
Well, here’s the issue. Steve, you know, a lot of folks are plumbers, doctors, nurses, electricians, teachers, and you know what, they’re not pension plan builders. Right. So right, what you’re doing is you’re trying to make all of these different people who specialize in something in their life and tell them okay, well, now you’re gonna build your own pension on top of doing all that, and a lot of retirees need to prepare for retirement on their own by helping getting an advisor in the picture, you know, and having them look at what your current investment mix is seeing if you’re on the right track for retirement.
Right. And again, you give us the Right Track Retirement Review as part of the offer today, don’t you?
Michael Diulus 19:25
We do. That’s one of the things we offer everyone that listens to our show here. And you know, just a little bit about that. Whenever you need a plan, make sure it’s a real written plan. If you go to an advisor and they say, Yep, you’re going to earn 7% your money is going to last you’re 120. Well, have something on paper. Have something that makes sense to you, not just some hypothetical return. So really, for the next 10 callers to call in right now. We’re going to give you that complimentary Right Track Retirement Review. When the economy changes so drastically, we really need to know that we’re doing the right thing, so you have a window of opportunity, give us a call and we will get you on the Right Track for Retirement.
Sounds great, Mike. 800-656-8616. That’s the number to call, it’s an opportunity for you to get a true practical financial review. If you’re looking for that second opinion, now’s the time to call. 800-656-8616. You’re going to have a financial roadmap that will help guide you to get you to where you need to be in retirement. It needs to start today.
Are you fighting for financial knowledge? Don’t let that advice be a punch in the gut to your retirement. Take advantage of a complimentary no cost, no-obligation consultation with a local trusted financial coach. Call Brian Quaranta and his team at Secure Money Advisors 800-656-8616, 800-656-8616.
Yes, he does pedal to the metal every day. Yeah, one of the things that you guys do at Secure Money Advisors, and that website, too, is securemoneyadvisors.com. Check that out. And you can also go to righttrackyourretirement.com and check that out as well, and sign up and get the book. That’s what we’re talking about here. Brian’s book is called Right Track Your Retirement, a Simple Planning Strategy to Help You Reduce Risk, Build Income, and Provide Peace of Mind. A long title but a really great book to just cruise through in a short amount of time.
Michael Diulus 21:25
It’s a long title. But let me tell you something, it’s not a lengthy book, we removed all the fluff from this book, well, Brian did, that is, just so you could get a quick read to learn about if you’re on the right track for retirement. You know, the last thing we want to do is have you read 60 Pages for something that could have been explained in four, right?
Right, right. Well, again, there’s no sense in wasting people’s time. And again, the book itself, it’s a quick read, it’s an interesting read, it kind of speaks in Brian’s voice in terms of how he does things and just kind of takes us along that path.
Michael Diulus 21:55
Yeah, I recommend everyone that can get that book and learn about our philosophies of what retirement planning is and see if maybe this philosophy is line up with you. Sounds
great, right? Track your retirement.com is how you start that. Alright, Mike, let’s go ahead and dig into some questions here. While we have time, Dan is up. First, he writes in he says, How do I pick an advisor? And how should a financial advisor be paid? Those are two really good questions.
Michael Diulus 22:19
Those are very good questions, Dan. And let’s start off with what I just said. What you want to do is see a few of them right? Because you’re going to need to know what you like in retirement, what your philosophies are. So, if they have any books, or any radio shows like this, or TV programs, watch a few of those programs, go to some educational events and see if those philosophies align. Now, how should a financial advisor be paid? Fantastic question there, Dan. Most fiduciary advisors get paid via a fee structure. Some other advisors get paid via commission structure. And that can be a little bit of a complicated topic, but you’re going to pay them through the investments 99% of the time, right? So don’t worry about bringing a checkbook to your next advisors meeting, you know, what you want to do is see, first off, if those philosophies align, and if you feel that’s the right planning firm for you.
Sure. 800-656-8616. That’s how you begin to get those questions answered. And, Dan, that’s a great way for you to get involved as well. I mean, again, I don’t know how old he is, but I mean, he’s asking the right questions, you know, before he goes into meet with an advisor.
Michael Diulus 23:17
Yes, he is. I mean, those are two very important questions to have. Sure.
Let’s move on to Kirk. Kirk says I’m almost 40. And between my wife and I, we have about 300,000. In different retirement accounts, our combined income is 160,000. And we save 20% a year. Currently, retirement is something I’ve always been anxious about. Because I grew up without a lot of money and have older relatives in their 60s who have never been able to retire or get stuck working menial jobs to afford groceries. My goal is to be able to walk away from work at 62 If I want. Big ambition there.
Michael Diulus 23:59
Hey, that is, Kirk. And you know, first off, let me applaud you on saving 20% a year. That’s fantastic. And you know, whenever you grow up without a lot of money, and you have these relatives who have not been able to retire yet, you’re doing a great thing here by setting a goal. That’s the first thing we need to do. Now without pensions and I don’t know if you have one or not here, Kirk but that’s going to take quite a bit of planning but it’s great thing that you’re calling this sort of this early and you’re really trying to get this done. What I’d recommend Kirk is get a second set of eyes on your current plan. See if you’re doing all the right things, you know outside of just yourself, are you getting the proper return for the risk you’re taking? Are you taking too much risk? Not enough risk? You never know until you get a second set of eyes, and you can’t get a second opinion from the place you got to first.
Right. well, I think it’s interesting that he’s 40 years old and like you said saving 20% a year, that is, I mean, a goal we should all strive for. Retiring at 62, that sounds great but again that’s prior to Medicare so they’re gonna have to- part of that plan is going to have to include health care for those years.
Michael Diulus 24:52
Yeah, it is. It is, Steve, and healthcare is going to be a quite expensive thing especially if you have any, you know, specific medical concerns you need. to see certain doctors, get specific prescriptions. I mean, it can cost anywhere between 500 to a couple thousand a month, you know, for yourself and your spouse, you know, assuming kids are off the pallet at this point.
800-656-8616. Kirk, go ahead and give us a call. Well, again, boy, this has been a really fast show. Mike, let’s go ahead and invite folks to call one last time.
Michael Diulus 25:19
Yeah, let’s do it. Steve, you know, you want to get a retirement plan built, give us a call, we can get you a real written retirement plan that’ll give you clarity and confidence and peace of mind. So next time callers who call right now we’re going to give you a Right Track Retirement Review, completely complimentary. Whenever we see it changes so drastically like we have, we need to make sure we’re on the right track. And we can’t just keep doing the same things that we are. So, if there’s a time to get a second opinion and get a written plan. It’s right now.
give us a call at eight 800-656-8616 You’ll get that comprehensive financial review; you’ll see where you are today. But more importantly, it’s a roadmap that can help guide you to where you need to be 800-656-8616 800-656-8616 Mike, as always, a pleasure to be here. The show goes by so fast, but the information is really good.
Michael Diulus 26:05
It is Steven, it’s always great to talk to you as well. As long as we’re getting this information out to the folks that we are trying to reach here. That’s the number one goal.
Investment Advisory services are offered through Foundation Investment Advisors, LLC, an SEC-registered investment advisor. Brian Quaranta and his guests provide general information not individually targeted, personalized advice and are not liable for the use of drip information discuss exposure to ideas and financial vehicles should not be considered investment, advice or recommendation to buy or sell any of these financial vehicles. This information should also not be considered tax or legal advice as performance is not a guarantee of future results. Investments will fluctuate and when redeemed may be worth more or less than when originally invested. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products does not refer in any way to securities or investment advisory products. Fixed insurance and annuity product guarantees are subject to the claims-paying ability of the issuing company.