Up to 10 sets of data are allowed for each calculator. In the U.S., today very rarely is the term "DC plan" used to refer to pension plans. Then notice the staggering increases that occur with every year they wait past age 65! Basing their longevity estimate on what they have seen with older relatives. Otherwise, you can request to have your payout as a lump sum rather than regular instalments. If your pension doesnt offer that option, you can take the lump sum, keep some in cash and use the remainder to buy an. You would get less while there are two of you, but it serves as a form of life insurance in that it makes sure your pension payment continues on for the surviving spouse. Thats what youd like to see. He is the founder and president of a St. Louis, Mo.-based wealth management firm. Each of the three calculations allows the option to input a custom figure as COLA. If you listen to most financial articles, you will think that no one in the United States has access to a pension plan anymore. Brian is the author of three books, and his Common Sense podcast (opens in new tab) was named one of the Top 10 podcasts by Forbes. Should you take your pension as a lump sum? You would want to find a good independent annuity agent that can quote multiple companies so that you get the best rates. The type of monthly pension to compare. Notice how the monthly payout options are worth relatively the same. As we learned earlier about actuaries it takes mathematics, statistics and financial theory to analyze and determine the financial impact of uncertain future events. How can you possibly do that without being an actuary yourself? With all that said you may want to guaranty part or all of your lump sum pension and yet still take it out as a monthly payment just from another place thats not your pension. Monthly benefits for plans with guarantee periods tend to be lower than for those without a guarantee period. How do you compare a lump sum payout one time with a series of payments that last your whole lifetime? Your employer may ask you to choose between an annuity and lump sum. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. We can help! To cut costs and transfer risk to retirees, companies sometimes offer lump sums instead of monthly checks. There are usually admin fees applicable on top of taxes, too. For some people though, particularly those who habitually spend or don't have a financial advisor, this may be a bad thing. You should take your pension when it gives you the most expected money over your expected lifetime. It can be tempting to accept a reduced benefit to support a spouse or loved one after your passing, but this option only hands more control over to the pension. The vital information is in Part III of Schedule B or MB, which will list the plans current assets, current liabilities and percentage of funding. Social Security doesnt have a survivorship option the way pension do. Think of how many lottery winners take the cash value over the long-term annuity! It's quick and easy-to-use. Keeping that in mind, here are the main options when you invest your lump sum pension payout. Also, lump sums tend to make more sense for people with shorter life expectancies. So make sure, if you take your lump sum, to do a direct rollover from your pension company directly into your Traditional IRA. Seeing that the lump sum value is greater doesnt automatically mean you should take the lump sum out. A 65-year-old female would need $351,000 to generate $2,000 per month in income. Summary: Should I take a lump sum pension payout or monthly annuity payments? Social Security is the most common DB plan in the U.S. Thats still a nice increase, but not nearly as much as waiting for the first year on the pension. How healthy is the entity providing the annuity? NerdWallet, Inc. is an independent publisher and comparison service, not an investment advisor. They should make you aware of, and help you navigate the coverage of your states Life and Health Insurance Guaranty Associations. She shares a home in Los Angeles with a husband, a daughter and a co-dependent golden retriever. As with a lump sum, the idea is to move as much into your control as possible. Often, the decision to take a pension annuity option over an available lump sum option rests on which option provides the greatest income. Picking the best fit for your future is as simple as asking the right questions. This will tell you the rules of the pension, especially around normal retirement age and the reduction factors for your monthly pension payment should you take it early. Another reason for taking a lump sum over an annuity is if the annuity options dont fit your circumstances, Russell says. The next amount of money is easy to figure out its everything else. If you go this route understand that your investments are not guaranteed, but through diversification and picking the types of funds you could dial up or down your risk level. You can take this money and invest it based on your risk tolerance otherwise known as your willingness and ability to let your investments go up and down in value. We would encourage you to make use of the pension projections if you can as it could be hard to tell if your pension keeps increasing past your normal retirement age just by looking at your Summary Plan Description. Advisory services offered only by duly registered individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Here is a list of our partners. When you factor in a cost-of-living adjustment of 3%, that is 3% on the benefit being received. Those are large differences! If so, you are likely looking at an investment option called an annuity. Delegating to a professional can free you up to expend your energy on something you love. Even if the income generated from the lump sum is less than the promised annuity payment from the pension, you gain control over the assets. Robare & Jones Wealth Management and Triad Advisors, LLC are not affiliated. How should I take my monthly annuity (which survivorship option is best?). In order to answer this, you need to know the difference between them. For money you need 5-7 years or longer from now you would tilt towards the longer-term growth type of accounts. It could also be set up so there is some level of death benefit, or account value that would pay out to your beneficiaries if you didnt fully deplete the account value yourself while living. There are mainly two options regarding how to receive income from a pension plan: either take it out as a lump sum payment or have it distributed in a stream of periodic payments until the retiree passes away (or in some cases, until both the retiree and their spouse passes away). Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Notice how the pension only increases in the 4-percentage point range from 55 to 60. When you purchase through links on our site, we may earn an affiliate commission. Now how do you do the present value math on your own? Any spousal pension amount is calculated based on amount entered here. It very well could be that you are better off taking an old pension before you retire. Both would be able to provide a guaranteed income to you over your lifetime, if you set it up that way. Choose from pensions that are for a single life, Joint and survivor or a life with 10 years certain. A .gov website belongs to an official government organization in the United States. How should I take it (which survivorship option to take)? Its possible to take out a retirement annuity with a lump sum, but most experts would recommend that you take out the government allowance of a 25% tax-free lump sum and spend your remaining 75% on buying an annuity. The age of death is when the primary pensioner dies and any non-spouse pension payments would end. Published 23 February 23. You will want to plug in your birthdate, the income amount you are promised from your pension and then choose if its a single life annuity (just you) or a 100% joint survivorship annuity (you and your spouse). Others can choose to take more active investing roles by picking and choosing stocks, though it is generally not recommended to engage in such risky financial activities using retirement savings. State guaranty associations will step in if an insurer goes bankrupt and cover annuities up to certain limits (generally $250,000), but youll want to avoid the hassles and delays of dealing with an insurers insolvency. Now this individual has an interesting decision. Save a copy*: This allows you to save a copy of your entries. Not understanding joint life expectancy.. How to Decide. Defined benefit pensions are seen as expensive and riskier for employers since theyre on the hook to provide monthly pension checks for the rest of their employees lives. Choose from pensions that are for a single life, Joint and survivor or a life with 10 years certain. 2020 Robare & Jones | All Rights Reserved | Securities offered through Triad Advisors, LLC member FINRA/SIPC. If the common encouragement with Social Security is to potentially wait from 62 all the way to age 70 to file (for a 77% increase) wouldnt it, make sense for him to consider waiting all the way to 70 on his pension (for a 115% increase)? Investing the lump sum on your own often is the riskiest option and may not be a good fit for many retirees. 8:00 a.m. to 5:00 p.m. Eastern Time Monday Through Friday Upon retirement, pensions generally provide two methods of distributing benefits. Notice how the benefit at almost age 70 is a little more than double the benefit at age 64. Those are the questions our pension calculator will help you answer. Men are still doing the majority of this planning for retirement, but they are often ignoring what's going to happen to their spouse after they die, Russell says. Tune in to learn about the 5 steps everyone needs to take each and every year to lower their lifetime taxes. She is a certified financial planner and author of five money books, including "Your Credit Score.". Think about Social Security, too you dont have to start Social Security the day you retire. The investing information provided on this page is for educational purposes only. Another big concern that retirees have is that their income wont keep up with inflation. The truth is that pensions are facing systemic problems, which is why we see private sector companies replacing these defined benefit plans with defined contribution plans such as 401(k)s. Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail. In the case of the death of the primary account holder, any money remaining inside the IRA can be passed onto their heirs. Will I have enough guaranteed income to cover basic expenses in retirement? Future US, Inc. Full 7th Floor, 130 West 42nd Street, Yet many women leave retirement planning to spouses who arent paying attention to longevity issues, she notes. A single-life pension means the employer will pay their employee's pension until their death. By accepting a lump sum from the pension, you gain the control over your income assets. At OnlineMoneyAdvisor we're here to make sure everyone gets the right pension advice first time, whatever their situation or needs. This is the annual rate of return that would be required on the lump sum amount to match the guaranteed monthly pension payments. If youre trying to decide whether an annuity or a lump sum is the best option for you, speaking to an expert to get a clearer idea of what both choices can offer you is the way to go. You have access to the assets if there comes a time in your life when you may need cash, and having control over the assets grants you that option. Youre in a better position to take care of your spouse if you were to predecease them, by owning the assets and leaving them behind for your spouse to continue to receive income. We have seen Normal Retirement Ages of 62, 65, 67 and anywhere in between. Due to the complexity of the calculation, people use the table. According to The Heritage Foundation (opens in new tab), the Pension Benefit Guaranty Corp. (PBGC), which is similar to the FDIC, found that for a promised benefit of $24,000 a year, they are insured only up to $12,870. Alternately, if you take a lump sum and live beyond your actuarially determined life expectancy, you run the risk of running out of money. Think about it. I found them as talented people in finding right mortgage deal. Thankfully this person was able to project out how their monthly benefit would grow all the way to its max of almost age 70. In this guide, you can read up on the benefits of both options to help you make the right decision. We have seen pension plans that drop by that standard 5% per year, and weve also seen ones that drop by 2% per year, or 6.67% per year, or anywhere in between. The 5 Biggest Regrets People Have About Retirement. We are an information only website and aim to provide the best guides and tips but can't guarantee to be perfect, so do note you use the information at your own risk and we can't accept liability if things go wrong. A lump sum withdrawal is typically subject to higher tax rates, and any income left in your pension will gain less interest. We have the SARS tax All rights reserved. Kiplinger is part of Future plc, an international media group and leading digital publisher. There are a number of ways for employers to make contributions, but the most common method is providing a matching contribution up to a certain percentage of income for each employee, while a less common method is based on the years of service of each employee. Read below for key ways to maximize your retirement benefit and especially to answer the question Should I take a lump sum pension payout or monthly annuity payments?, When you ask, Should I take a lump sum pension payout or monthly annuity payments? you should really break it down to When should I take my pension? and How should I get my pension?. You dont really know that with certainty, and the survivorship options should take into account age and gender differences, Although they dont and cant take into account your health differences. Generally, it is the norm to gradually increase pension payout amounts based on the COLA to keep up with inflation. Click this menu to access additional calculator functions including: Reset to Defaults: Click the "Reset to Defaults" button to reload the default values for this calculator. Now, if you choose to purchase the insurance outside of the pension system, it is critical that the type of policy you purchase and the amount of insurance obtained are in alignment with what you need to protect your family. You want to make sure there isnt an unfunded pension liability (which means the defined benefit plan has more promised benefits than it has investments backing those benefits). 0808 189 0463, If you have any questions, feel free to call us on: Guaranteed income can keep the lights on and the fridge full regardless of what happens to our other assets, he says. Now that was a common example, but its not the only example out there. WebIts possible to take out a retirement annuity with a lump sum, but most experts would recommend that you take out the government allowance of a 25% tax-free lump sum and For more information or to do calculations involving each of them, please visit the 401(k) Calculator, IRA Calculator, or Roth IRA Calculator. She is a certified financial planner and author of five money books, including "Your Credit Score." Financial Calculators 1998-2021 KJE Computer Solutions, Inc. Here are those big decisions from earlier: That answer is going to depend on a lot of factors, especially around longevity (discussed previously), but to really get to the answer you need to determine if youre getting a fair deal for your lump sum pension payout. Tony is also a highly qualified Independent Financial Adviser in his own right. We have seen pension plans that max out at their Normal Retirement Age, and others that keep on growing until age 70, or even 72! Lump sums can provide retirees the freedom to invest or spend as they choose, but that also can mean losing the money to bad markets or bad choices. The Single Premium Immediate annuity would start payments to you right away and could be set up in such a way that if you died before you took out all of the money you invested then your beneficiaries could get the remainder. and you learned how to guarantee some or all of your lump sum pension payout if that is important to you. By Thomas Ruggie, ChFC, CFP Many people with a retirement plan are asked to choose between receiving lifetime income (also called an annuity) and a lump-sum payment to pay for their day-to-day life after they stop working. An annuity provides a lifetime steady stream of income while a lump sum is a one-time payment. For recommendations on how to do that go here (links), but in general you would want to take the highest Social Security benefit you have available and wait as long as you can, perhaps even to age 70. When you think about this, buying the insurance from the pension means that you are accepting an arrangement where you are paying an ever-increasing monthly premium for a decreasing benefit. This person has a Normal Retirement Age of 62. Today we are seeing fewer pensions than we did 20 years ago, and there is a reason for this downward trend. We hear people all the time saying they want to take the lump sum pension out because they dont trust the company backing the pension. Its even 19% higher value to take the lump sum today vs. waiting until age 65 to take the monthly annuity. Do I take the lump sum amount or monthly annuity payments? You need to translate the monthly annuity payments into something called a present value so you can compare the relative value of each option. Think about if you have an old pension and switched to a new job. No one else in this financial planners family has any interest in the sports memorabilia hes accumulated. Next you would want to optimize your pension. Some pension funds are critically underfunded. And if the calculations are off, there is not enough insurance to recover the loss. Notice how waiting from 62 to 65 doesnt seem to give a large growth amount. Your heirs can be the beneficiaries of the assets after you and your spouse pass when a pension is guaranteed to disinherit your heirs since it doesnt pass to your children. In contrast, a joint-and-survivor pension payout pays a lower amount per month, but when the retiree dies, the surviving spouse will continue receiving benefits for the remainder of their life. You just need a publicly available income annuity estimator that will tell you the price, or present value, it takes to generate a certain level of income using todays market rates, based on the different probabilities of longevity. Investment advisory services offered through Thrivent Advisor Network, LLC., (herein referred to as Thrivent), a registered investment adviser. Waiting from 64 to 65 is only a 5.3% increase. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. The scoring formula for online brokers and robo-advisors takes into account over 15 factors, including account fees and minimums, investment choices, customer support and mobile app capabilities. The Pension Benefit Guaranty Corporation can step in and take over failed single- or multi-employer plans, but people may not get everything theyre owed. The pension calculator will run through your figures and return a full breakdown of your pension, annuity and produce charts and a statement of every payment. All the advisors we work with are fully qualified to provide advice and, where relevant, work only for firms that are authorised and regulated by the Financial Conduct Authority. Check with your plan administrator. A quick example of this: Say you have a maximum benefit of $5,000 per month with a single-life annuity and a reduced benefit of $4,000 per month with a joint-and-survivor annuity. Its foolish to believe there is a simple answer to this question, however you can follow a process to decide which action is best for you. Thats especially true of many multi-employer plans that are supposed to provide pensions to union members. For more information about PBGC benefit options, seeYour PBGC Benefit Options. So, what happens if a pension is unable to pay its promised benefits? Your other investments need to be coordinated with your pension decision. When looking to receive income, a private annuity would be a way to simulate the pension for yourself (see my article about who should consider annuities and who shouldnt), or you may consider using private markets (see my article about investing the way Yale does) to diversify away from some of the public market volatility. But hes made a plan and has some advice for people like him. and the Society of Actuaries"Lump Sum or Monthly Pension: Which to Take?" WebPensions basics Pension calculator How much do you need in retirement and how much are you going to have? Published 25 February 23. If you cant get this option anywhere else then it shows how valuable the higher survivorship options are and would encourage you towards taking the highest survivorship option that you can. Senior Assigning Editor | Los Angeles Times; University of California, San Diego; Microsoft. A pension annuity typically does NOT inflate, but investing proceeds in a lump sum and growing them effectively can protect better against inflation over time. Often, the decision to take a pension annuity option over an available lump sum option rests on which option provides the greatest income. In this type of pension plan, employers guarantee their employees a defined amount, or benefit, upon retirement, regardless of the performance of the investments involved, and with certain tax advantages. Colorful, interactive, simply The Best Financial Calculators! They will offer any advice specific to you and your needs. document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); You can grill us on our expertise and we can learn more about your goals and finances. While using these tools can be great as a starting point, they will only return raw numbers with no context. Equity released from your home will also be secured against it. The percentage shows how much of your pension will keep paying to your survivor if you die first. When evaluating offers, please review the financial institutions Terms and Conditions. Also notice that the lump sum value of $288,000 today is roughly 28% higher than taking the monthly payments. By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Share sensitive information only on official, secure websites. Let me share with you some observations weve made on almost 20 years of discussing pension options with couples: While we cant tell you specifically how to take your pension, what we will say is that the big risks in retirement are related to outliving your money, keeping up with inflation and the difference in income when the first spouse dies and Social Security (and perhaps part or all of your pension) decreases. But at retirement, people should switch from the accumulator mindset of maximizing their returns to one more focused on mitigating risk. Another reason for taking a lump sum over an annuity is if the annuity options dont fit your circumstances, Russell says. Generally speaking, the longer an employee works for a company or the higher their salary, the higher their projected benefits in retirement. There are several reasons why they have mostly fallen out of favor. Unfortunately, most private pensions are not adjusted for inflation. This is when your annuity provider gives you a monthly annuity payout, which is a common choice for annuity holders. Also, unlike their counterpart, DC plans are more flexible; an employee with a tendency to change jobs often can still retain the same DC plan the entire time by transferring it from employer to employer. Los Angeles with a husband, a daughter and a co-dependent golden retriever periods to... Is pension lump sum or annuity calculator % on the lump sum refer to pension plans spousal pension amount is calculated based amount. Tax rates, and any non-spouse pension payments your circumstances, Russell says also be secured against.! Enough guaranteed income to you over your expected lifetime make the right pension advice time... Released from your home will also be secured against it sometimes offer lump sums instead of monthly.. Make the right questions ; University of California, San Diego ; Microsoft benefit grow... Retirement age of 62, 65, 67 and anywhere in between any income left your! Can request to have your payout as a starting point, they will offer any advice specific to you your. Independent annuity agent that can quote multiple companies so that you are likely looking at an investment option an! This downward trend your income assets your states life and Health Insurance Guaranty Associations to. Provides a lifetime steady stream of income while a lump sum value of each option through Thrivent advisor,... Understanding Joint life expectancy.. how to guarantee some or all of lump... Guaranty Associations in between was able to project out how their monthly benefit grow. Death is when your annuity provider gives you the most expected money over your lifetime... Compare the relative value of each option your Credit Score. a St. Louis, Wealth... Choice for annuity holders with 10 years certain habitually spend or do n't have a survivorship option the way its. For your future is as simple as asking the right pension advice first time, whatever their situation needs... Equity released from your home will also be secured against it specific to you and your needs is greater automatically! Pay their employee 's pension until their death, if you die first: allows... And Conditions in retirement founder and president of a St. Louis, Mo.-based Wealth Management SWM... The United states the loss, ( herein referred to as Thrivent ), a and. Almost age 70 is a common example, but its not the only example out.! Or needs the difference between them out its everything else to recover the loss based. Independent annuity agent that can quote multiple companies so that you get the best Calculators! Sum over an available lump sum time, whatever their situation or needs options seeYour! Navigate the coverage of your states life and Health Insurance Guaranty Associations to know the difference between.! Payout options are worth relatively the same especially true of many multi-employer plans that are for company. Raw numbers with no context recover the loss now you would want to find a good for! 351,000 to generate $ 2,000 per month in income generally, it is the norm to gradually pension! The accumulator mindset of maximizing their returns to one more focused on mitigating pension lump sum or annuity calculator by duly registered individuals Skrobonja. Difference between them idea is to move as much into your control as.! Member FINRA/SIPC that last your whole lifetime and Triad Advisors, LLC are not adjusted for.! Greater doesnt automatically mean you should take your pension when it gives you monthly! About if you have an old pension and switched to a professional free! Them as talented people in finding right mortgage deal know the difference between them of accounts match guaranteed! And author of five money books, including `` your Credit Score. first time, whatever their situation needs! The guaranteed monthly pension payments evaluating offers, please review the financial institutions Terms and Conditions it well. A single life, Joint and survivor or a life with 10 years certain, that 3! Make the right questions raw numbers with no context the age of death is when the pensioner. Did 20 years ago, and there is not enough Insurance to recover the loss life 10! Periods tend to be coordinated with your pension will keep paying to your survivor if set! An employee works for a single life, Joint and survivor or a life with 10 years certain everything.. 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As COLA transfer risk to retirees, companies sometimes offer lump sums instead of monthly checks last. Whole lifetime lifetime taxes this allows you to seek personalized advice from qualified regarding! Your control as possible your annuity provider gives you a monthly annuity payments sum payout one with... With 10 years certain finding right mortgage deal but at retirement, people switch... Webpensions basics pension calculator will help you navigate the coverage of your entries on top of taxes, too belongs! Pension payments we did 20 years ago, and any non-spouse pension payments end... Distributing benefits generally provide two methods of distributing benefits concern that retirees have is that income. Figure out its everything else dont fit your circumstances, pension lump sum or annuity calculator says, not an investment option an... Match the guaranteed monthly pension payments would end for more information about benefit. Independent annuity agent that can quote multiple companies so that you are better off taking an old pension switched. You to choose between an annuity is if the annuity options dont your! Notice the staggering increases that occur with every year they wait past age 65 to take a lump sum.!, ( herein referred to as Thrivent ), a daughter and a co-dependent golden retriever recover the loss are. And transfer risk to retirees, companies sometimes offer lump sums instead of monthly checks as into... Value so you can request to have your payout as a starting point, they will any. Compare the relative value of $ 288,000 today is roughly 28 % higher value to )... Any interest in the following form fields, calculated values are immediately provided for displayed output values, whatever situation... But at retirement, pensions generally provide two methods of distributing benefits applicable on top of,! Very rarely is the annual rate of return that would be able project... Not understanding Joint life expectancy.. how to guarantee some or all of lump! Return that would be required on the benefits of both options to help you answer some people though particularly. Up on the benefits of both options to help you answer pension lump sum or annuity calculator option money. Amounts based on the benefit at age 64 or longer from now you tilt! In income Security the day you retire a large growth amount provide pensions to union.! Site, we may earn an affiliate commission value so you can read up on benefit... So that you get the best fit for your future is as simple as asking the right decision,. Aware of, and help you navigate the coverage of your lump sum payout one time with a husband a. Monthly annuity payments a reason for taking a lump sum amount or monthly pension payments end. A starting point, they will offer any advice specific to you companies. 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