 I want to thank the staff who probably never get in any recognition, but they do all of what they make their children, and all of this is put together. And I'm going to thank the person who figured out how to do this award. Well, I'm pretty sure that my friends here, you know, will remind us that, you know, the number of people who are not at the path of retirement, is a large growing number. Health and financial security for all Americans have many issues for ARP, every since it was founded more than 50 years ago. So it's not a new issue, but too many people, especially women, and women in their 40s and older, have no next aid to supplement their social security benefits. Sadly, another thing is true. Despite of some people's impression or expectations, many seniors are not going to retire with deliberative social security earnings. Rather, most will receive $15,000 a year on less in social security. So I'm not sure about you, but when I hear statistics like these, I have to wonder if the golden years of retirement may not be as golden as we might like them to be. And this brings me to a point. I think that we, as both of a society and as individuals, must take action now if we're going to plan for the future. You've heard a little bit of my resume, and I've spent my career in the legislature trying to help the helpless, the little problems, those people who cannot afford a lobbyist. Today I think there are many women in need of financial help and guidance. And also I think there are a few things people don't know about women. You know, when it comes to women over 50, researchers tell us that their greatest fear may not be what you think it would be. It turns out that they aren't so worried about looking young or feeling good. They are worried, except if I have enough money to live on as they age. Financial institutions, it sounds anonymous, doesn't it? But it's the greatest fear of women over 50. You know, about five decades or so ago, President London Johnson spoke of the great society and called for a war on poverty. There's a lot that we can say about President Johnson, but I'm here to tell you that that program worked. Poverty rates failed. For those days, what many people thought of poverty in America entailed images of poachers and shanties and tits. And of course, much of it exists in many places today, and some might be here in Texas. But for the most part, we all know that the iconic image of the economics in security of Americans is sometimes different now. It's been replaced with the image of a working mother trying to get herself and her children ready for school. And in some cases, also trying to get out an aging parent of a family member. So folks, let's be real. For the millions of American women who live like this, their dream of having it all is sometimes different altogether. For them, it's about hanging on. It's about striving. It's tough out there. In women of this country, the women in this great state of Texas, they know this firsthand. It is no wonder that women are over 50 a word about being financially destitute. After all, far too many women, including women in these working years, survival is their daily pursuit. If you are being honest with yourself and everyone else, we make this fact clear. Sure, our great state's economy is strong, and the nation's economy is compounded nicely. But for women driving to work this morning, or the woman taking the bus home tonight, she knows that it doesn't take much to fall completely in the hole. A single incident that broke down the car of Dr. Bill and an emergency room visit, or even a single missed paycheck, these simple things put them at a mere financial risk. It put them behind today, and it makes it almost impossible for them to save for the future. And let's not forget a few things. Almost three out of four low-wage workers get no basic things that are owed. Forty percent of all households with children under the age of 18 include mothers who are either of the sole or primary source of income. And I'm sure you've heard it before. The median earning of full-time female workers are still just 77 percent on their part of the median earnings of their male counterpart doing the same job, with the same skills, with the same abilities, with the same abilities. It's the face of a working mother. But the great thing is, we can do something about this. Women have enormous political power. Politicians fall all over themselves this time of trying to woo them, don't they? And here, and we have you turn on the television, or look at them at running it, corporate marketers, everywhere else you see them going after us, trying to buy into their brands. As women, we drive in at another consumer economy, and we drive healthcare decisions. So again, something still needs to change. It's time that policy makers at the nature's capital and at the state capital recognize that we must invest in women's financial future. So we're going to ask, so if you were going to ask me, I'm sure you would. How do we do that? How do we do more to invest in women's financial future? Well, I'm going to talk to you today from many of you on this solution. But I can share a few basic things about it right now. Of course, we all know that we must invest in education and our public schools. We must invest in children, childcare, and elderly care programs and facilities. There needs to be better support structure to allow the elderly to live at home longer. And there need to be policies and attitudes in place to allow those who choose to work later in life to be able to do so. There must be equal pay for equal work. And there needs to be more generous paid paternal lead. And we have to work as a group to maintain the safety net of Medicare and Social Security and to do what we can to bolster these programs for women's financial future to be truly secure. I don't think I fooled you. I'm sure I didn't. These are just a few ideas. You're going to be discussing more ideas, more solutions later. But I'm sure I believe we need a social infrastructure that allows people to care for one another. And can you just imagine the possibilities? Can you imagine the state like Texas in the future? Imagine this state as a place in which citizens recognize the providers of physical, intellectual, and emotional care of one another. The expression of care about the elderly is as important, is as indispensable to our society and our economy as anything else. Can you just imagine that? I happen to think these great things are possible. And they are possible if we begin to put more emphasis on care for one another, care for our children, and care for our elderly. So again, I want to thank you for inviting me to be here and making something more for you. And thank you for letting me join this wonderful conversation on women's financial security. Let's give a round of applause for our next session. It is now my pleasure to introduce our first session, A Conversation with Cheryl Biles. Cheryl is AARP's senior principal and council. She has more than 25 years of experience achieving social change policies that have benefited people 50 plus and their families. As senior principal and council, she probably has the effort to enlist opinion leaders in an informed dialogue about how Americans can achieve financial security. This includes strengthening social security and Medicare, promoting individual savings, supporting family caregivers, and protecting against financial fraud. Cheryl often represents AARP before external audiences, including legislative and regulatory bodies and national public affairs and news broadcasts. He is a two-time recipient of AARP's highest award, a member of the District of Columbia and Supreme Court Park. Cheryl is a graduate of the Columbia School of Law at Catholic University, where she was a member of the law review. Introducing Cheryl is Sherman Chuck. Sherman both co-anchors KHUL11 News at noon, weekdays, and reports for KHUL11 News during the week. She began her career in journalism as a streamer for newsweek and has worked at KTRK and Ain't It at KPRC in Houston. Sherman's awards include the Houston Press Club award for best series, the Texas Associated Press award for best spot news cast producer, and an Emmy for the documentary, Hong Kong Under the Dragon. Sherman speaks often to civic groups, schools, churches, and other organizations. A history graduate from Yale University, Sherman speaks Mandarin and Shanghai dialects of Chinese. She has also studied Spanish, French, and German. Two index cards are included in the folder you see. If you have questions during this period that you would like to ask Cheryl, please write it on a card and raise your hand, and the volunteers will be allowed to collect it. Please join me in welcoming Cheryl and Sherman. We're doing a few years of experts with us today, and I think you're going to get some cards here in a minute. So take advantage, you're going to be asked whatever questions you want, things that may apply to you personally or something you know and love. You don't get this opportunity very often, so don't let it slip away. You don't have to wait on hold for 30 minutes, or try to filter your way through online webpages. Right here you can ask all kinds of questions, as well as to advise you in just a few minutes. But we're going to get things started with a couple of questions. I'm sure you can tell us a little bit about women and financial matters that spot you. But why is it important now to AARP? Well, that's, you know, I'm glad you asked that. I think, let me just start by saying AARP has 37 million members nationwide. And more than half of our members are women. Obviously the rest of them are men. But financial security has always been an issue of ours. We were started in 1958 by a retired school teacher and principal. Her name was Ethel Percy Andrews, and she was in Los Angeles. And she started the organization when she went to look for a former beloved teacher of hers, and tried to look her up, and found a woman living in a chicken coop behind a house. And she said, you know, this is ridiculous that retired people have no supports. So she started the organization. And that really has been a mantra that has carried through to us to this day. And I think Representative Thompson has shown us, you know, the very big picture of what's going on. But we have been hearing a lot about women's special concerns, let's say, about financial insecurity. You know what, are women different? Are they worried more? Are they worried differently? And that's why we did the study, which we released today. And I think that we were shocked by some of the numbers that came up. And to give you just one of them, which I found particularly troubling, you know, one in three women in Texas between the ages of 50 and 64 has only $5,000 or less in savings for their retirement. That's not going to get you very far. I mean, that's really frightening. I mean, in my dreams, I hope that those are the 40-year-old women who have a lot of time to make it up. But it's really, so this is something that we decided, you know, we have a lot of members. We have the ability to reach a lot of people. We are able to do it with people like you, with people like our elected representatives. You know, anyone with a megaphone who can get the information out there to folks because there are things they can do. You know, I was looking, so I have a cheat sheet here on my phone with the study you were talking about. It says that 33% of women and 34% of men and of women reportedly have no personal savings account. Isn't that something? I mean, they don't have a savings account at the back end. Right. They just have that checking account and the money goes in and the money goes out. You know, and I mean, frankly, that's the way people live these days. I mean, the fact of the matter is, even if they try to be frugal, you know, most people, families have to have two workers these days just to get by. And they, you know, have trouble keeping up with their rent, with the food costs continually going up, with medical costs going up. So it's surprising, maybe not surprising, it's dismaying. But the question becomes, how the heck do people save money? I mean, if people want to take personal responsibility for themselves and we think people do want to do that, how do we make it easier? Well, we're talking, it's just us girls here, right? So we're talking about the ladies today and, you know, we don't like to watch The Good Wife, right? But maybe that's not the accurate portrayal of sort of modern and mature women. Give us an idea of what the modern mature woman looks like today. So we kind of have a benchmark to start with. Sure. And, you know, I'd like to say, AARP has a new CEO and it's a woman for the first time in our organization. And at her natural speech, she said something that I thought was quite interesting. You know, she said, oh, everybody's now saying 50 is the new 30, 60 is the new 40. She said, I don't think so. She said, I think 50 is the new 50. I mean, people are different. You know, we know we're different than our mothers were at that age. And if we're honest with ourselves, we know that our daughters are going to be different than we are. I mean, you know, they already are different than we were as teenagers. So it's one of those things where, you know, a woman who is 50 years old, women are likely to live. If you live to 65, you're likely to live to be an average of 81, at least. Now, that's a couple of years older than men are likely to live. Which means, you know, if you have a partner, you're going to outlive them. And you're going to be alone at the end, living on your own resources. So that's one of the pictures. You know, it's women are going to live longer than men. Women, a lot of them are in the workforce. But, you know, the average caregiver is a 49-year-old woman, almost 50, right? She works full-time. She spends 20 hours a week taking care of an older relative. And she might be pushed out of the workforce because of that. Because she's very anxious it will cost her a lot of money if she has to go out of the workforce. And she doesn't really think about that ahead of time because women, you know, take care of the family. Women are the heart of the family. They've always been the emotional center. They want to take care of everyone. So they want, you know, if you're 50, you're just as likely to have an elementary school aged child and a parent on Medicare. And you're going to be taken care of to vote. So that's where women are today. They don't earn. I mean, you've heard from Representative Thompson, they don't earn as much as men. They earn about, you know, $0.78, $0.79 for every dollar that a man earns for the same job. They have far fewer resources. What we found in our study is that they have less money saved. They are much less confident about retirement. And even though everybody's not confident, but they are much less confident. And so you see this disparity where these women who are worried about doing it all are really unsure that they're going to be able to do it. That they're going to be able to make it. Then you've done a good job of addressing some of these other issues like the challenges of women, sandwich generation. What about the economic disparities among racial groups and ethnic groups? Well, that's an interesting question. The disparities in, let's start with the disparities in age, longevity. Because longevity, it makes a difference. So there are disparities between Caucasian women and African American and Hispanic, Latino women, up to about the age of 65. Once you get to 65, those disparities narrow very much, do not very much disparity. So, you know, if we all get to 65, we're going to make it to 81 or more. It's wonderful. Right. I mean, and so we shouldn't be depressed about that. That's exciting. I mean, because it's going to be a longer middle age, not a longer, you know, debilitated old age. We have the opportunity to live really great lives for a much longer time. But economically, there are disparities. If you look, and I'll just give you one number that kind of gives a picture of it. And that is that a Caucasian woman is probably 220% more likely to have retirement assets than an African American woman, and 225% more likely than a Hispanic, Latino woman. So when you talk about ethnic diversity, you've got people who are going to be having even less. So we've got a situation where the men aren't doing so hot, the women are doing worse, and the women of color are having a really hard time. So I don't want to be depressing, because I actually think there are optimistic things here, too. Well, haven't Stavetsi sure those women? Well, you know, I mean, I think, so we start with, you know, healthcare is great. You know, we are really living in an age where we can live, you know, many of us live with chronic conditions, conditions that would have debilitated our grandparents. And we can live pretty healthy lives, you know, and we can take those fate of lovers, and we can take, you know, we can live with high blood pressure, and we can bring it down, and we can bring our cholesterol down so we won't have a stroke. And fortunately for us, many of the medications to do that have, in the last several years, become generic medications so you can get them for a minimal cost. That's really a good thing. And there are lots of opportunities. There are more opportunities for women in the workforce than there have ever been. But there is still a glass ceiling, but it's getting better. I mean, I think, you know, the problems as far as women being in the workforce and being paid appropriately for their work are lessening and they're going to lessen there. You know, I don't know when they're going to go away, but they're going to be less for our daughters and our granddaughters. So that's kind of the good news. Another piece of good news that's interesting, you know, it's sort of the silver lining in the cloud. You know, in 2008 we had a big recession and a lot of people lost their jobs. That wasn't the good news, that's the bad news, right? But what happened when a lot of people lost their jobs, you know, it's the old necessity as the mother of invention. People who needed an income and couldn't get a job started their own companies. And women, women over 50, are the greatest producer of new businesses, greater producer than anyone, any other specific group. So that's good news. You know, women have ingenuity and they're starting businesses. And we want to help them do that. So women are not a mother of invention? Yes, yes. I didn't think, yes, you were right. And to help prepare for some of these financial challenges tomorrow. Well, that's a good thing. One of the things, you know, obviously there are, and I think that we heard it with Representative Thompson, you know, there are some key cornerstones of these, of our retirement security, things like let's say social security. Social security is really, really important. But you don't want to live on it. You don't want to live on it. Because the average social security benefit in Texas is about $1,200 a month. And if that's all you've got to live on, you are not going to be living a very robust existence. But the fact of the matter is that a quarter of the social security recipients, the older social security recipients in Texas actually are living on their social security. Or they're counting on it for 90% or more of their income. So that's tough. It is really important for us if we get into our advocacy, if we get into standing up for our rights and talking to our federal representatives, we want to make sure that social security is there for our children. And look, I know everybody thinks, okay, it's not going to be there in the future. It's going bankrupt. Social security is not going bankrupt. What is happening is that the trust fund that enables the 100% of those benefits to be paid in about 20 years, that trust fund will be worn down to nothing if we don't do something. And when that trust fund is worn down, there will be a 25% benefit cut. So if you don't like $1,200 a month, how do you like 25% less? Now, if that's not nothing, you will still get your money. But we do have to fix it. We do have to fix it. But that's a government responsibility. And that's actually a federal government responsibility. So moving down, we can talk about what can state government do. Lots of things state government can do. A lot of people, and you saw it in our study, a lot of people do not have access to a way to save at the workplace. Now, I don't know about you, Sherman, but I don't save any money once it comes into my hot little hands in my paycheck. The only way I save money in my paycheck, if it goes away beforehand, if I have it automatically taken out and put into a 401k or some kind of savings. So for the people who don't have any access to that at work, they're missing this opportunity to really save for the future. And the younger they are, so let's think not just about us or think about our kids, think about our grandkids, they're not going to have pensions. Some of us are fortunate enough to have actually a real pension. Some of us have employer provided 401ks where the employer matches some of it. And some of us don't have anything. Well, our kids are not likely to have a lot of those things to go on. So it's going to be really important, really important for them to have some way that is easy to save their money. So in a number of states, state legislators are thinking about putting together programs where the state sets up a mechanism, kind of like those college savings accounts, where people who work for an employer who doesn't offer a 401k or something, and usually that's because they can't afford the expense of it. A lot of these are those small employers, maybe it's those women-owned businesses. They would have access to it. The state basically fronts the upfront costs. It gets paid back by the participants, so actually the taxpayers are held harmless. And the people have the access to the economy of scale of professional management and the ability to invest. And then it would also be important because that's another thing that's happening to our kids. You know, they're not going to work at the same place for 25 or 35 years. They're going to be moving from job to job, and they need to be able to take their savings with them. So that's one of the things. Another thing that can be done by state government are supports for family caregivers. You know, they said women are more often than not. They are the family caregiver and they lose money giving that care. So I tell you how much they lose. Oh boy, I think I'm going to be depressed. Okay, go ahead. So if a woman has to leave the workplace, and I bet everybody in this room knows someone who has had to leave the workplace because they took care of a relative and they couldn't get their job to be flexible enough, and they couldn't deal with all of the stress, so they leave their job. So what do they lose? Well, they lose the pay from the job, right? They lose any retirement benefit during that time that the employer would have provided, and they lose their social security. And that adds up on average to about $325,000 for a woman during her lifetime. Now, wouldn't that money do something to help you in your retirement? You bet it would. So finding ways, and this kind of gets into are there things the state can do to make it more likely that a woman would be able to stay in the workplace? Are there things that enlightened employers can do? I think I'm going to hear about that later. We're in a situation where we have this big baby boom generation and on the cusp of retirement. The generations coming behind are not as large, which means that a lot of skill and knowledge is going to be going out of the workplace. And the employers are starting to realize that it is actually in their interest to keep people in the workplace. We need to make sure that more of them understand that, and that it is made easy. You know, you really want, the employer basically needs to have a job done. So what is it that gets the job done, and what is it that allows the person, often a woman, to stay in the workplace? And so there are good business policies that can be pursued. There are, there are helps that the government can provide for women caregivers. You can set some standards. You can help people, you know, with training so that when someone comes out of the hospital and needs pretty advanced care, the poor person who has to take care of them has the opportunity to learn what that care is because they can't afford to hire a nurse to come in and do the wound care or change the IV. These are things that people are being asked to do now. So you can have, you can require the healthcare providers to train people. You can provide respite care for these family caregivers. You know, I will tell you that I recently was with a friend of mine, my friend who unfortunately had a stroke and her husband takes care of her. It's a reverse of a difficult situation. And I can see the stress on him. And my fear in that kind of situation is what happens if he gets so stressed that he, or that he just says, I'm done, I can't do this anymore. You know what happens? Then the person goes into a facility and if they go into a facility, there will be costs to the government and the taxpayer. So it's like pay a little bit more now or pay a whole lot more later. So there are things we can do that are smart investments that give help to people. And then there's information. Information, knowledge of power, ladies. Knowledge is power. We are promoting this survey as a wake-up call. We want people to think, wow, I should do something. We don't want to scare them into, you know, to freeze. We want them to say, okay, there's things I can do. I can save some money. Can I find a way? You know, a lot of people actually who have these 401ks available to them don't put the maximum in. Now, maybe they can't afford to put it in right away, but maybe they've never thought about putting in something and then increasing it every year. So if you increase it, like maybe you get a raise, don't take that raise home. Put that money away. Because that's the only way to take advantage, you know. In 2008, a lot of people in the Virgin Retirement lost a lot of money because they had a retirement fund for the stock market. And suddenly their money, you know, the joke was the 401k became the 201k, became the, oh, 20k. And, you know, it was sort of a sick joke and a sad joke. But for a lot of people, they lost half their money. And then, because they were on the cusp of retirement, they took it out because they had to put it in a secure savings. Those people haven't been able to take advantage of the fact that the market has come back and exceeded it. So what you really want to do is educate people who have perhaps a 17 to 20 year time frame. Put the money away and don't look at it and let it, you know, put it in an index fund and let it increase for you because it's the only way. You know, you can't time the market, they all say. You need to put it away and have it taken out of your paycheck if at all you can. The discipline. Yes. It's called, you know, they say pay yourself first. Right. So, as I said, most of us don't have discipline. So we really need a way to do it through the workplace. We need our employers to offer and to be able to offer, not to their detriment, but to their advantage, a way for us to have money just simply with health in our election from our paychecks. And we'll get some questions here. But if, I mean, all of these are wonderful ideas, but not dependent on you. You're going to have to wait for the federal or the state government or you may need a business to do some of these things. We ourselves, on our very own, what could we do? We could fight the bullet and have the discipline to take over. I think the first thing is we need to, you know, many of us never think about retirement until it's staring us in the face. And then we say, you know, so what we can do? ARP has a number of tools on our website, which are just automatic things where you, with a click of the mouse, you can put in, you know, how much money do I want to need to retire? What do I have to do to get there? You know, you put in what your savings are now, what your salary is, how many years you think you want to work, and it will tell you. The computer program will tell you how much money. It's going to save you. Yeah. So you're going to have to work till X. Well, what if you don't want to work till X? Well, then you've got to adjust some of those others. You've either got to save more or spend less. I mean, it is, so knowing what the real situation is, I think, just as with Weight Watchers, once in a while, if you weigh yourself, you might not eat the hot fuck Sunday. You know, you can defer it a little, and I'm not trying to be flip, but it really is the information will help you. You can figure out what your retirement health care costs might be. We have a program for that. You can figure out when to take Social Security. Now, people don't understand often that, you know, the Social Security full retirement age has been going up, and it's now 66, and it's going to go up ultimately to 67 if it has not changed. But you can still claim it at 62. Everybody can claim it at 62. And unfortunately, there are some people who don't really feel they have a choice. You know, they work in a job where they can't work past 62. You know, it might be a job where they're on their feet all day. You know, they might be in retail. They might be doing labor. They might be in TV. Okay. I'm talking about, okay, voluntary choices. But maybe involuntary. There are people who get laid off. I don't want to go into how long it takes an older person to get a job once they've lost a job, but it's twice as long as a younger person. So the fact is that, you know, people can take it at 62, but when you look at the numbers, and it's really important to look at the numbers, for every year under the full retirement age that you choose to take it, you will lose 8% in benefits. 8%. Now, you flip it the other way and say, for every year I can hold out and either work longer or live on other income. Before I choose to take it, I will gain 8%. And you can do that 8% gain. Even past full retirement age, you can do it up to age 70 if you have a way to either hold out from claiming or if you have a way to work that long, and you don't have to. So there are, you know, it's like, it's not an infinite number of choices, but there are things people can do, but you can't really make a decision to do anything if you don't know what the situation is. Does it sound like a very handy tool? Very handy tool. Do we have some questions here? I share them. All right. I really do feel like it's a view. How firm is AARP support for Social Security as is privatized Social Security? AARP because our members, remember we are only as strong as our members. And so our all volunteer board of directors makes decisions and tells us, the people on staff, you know, what we will support. And they do it based on studies of experts, what they understand, people over 50, and... Are we not working here? Oh my gosh. Can you hear me? Yeah. I'm sorry about that. And they make a decision based on those factors and they listen to our members. And it is a very strong AARP position in opposition to privatization. We would not want to privatize Social Security because the volatility of the market is not something that you can do with a benefit that you've paid into that is, frankly, it has to be the cornerstone. It's not intended to be all your retirement but if you don't have that, remember, we've got those people who are actually reliant on it and if they didn't have that they would be in poverty and frankly, you know, someone else would be paying for them. So we would not be in favor of privatization. That is not to say that we don't recognize that Social Security needs to be strengthened and that there are different ways to strengthen it and we have actually put together for those who are interested some options booklets on the different ways in which you could change Social Security and of course, you know, for people who like to do numbers, you're either increasing the amount of money that goes into the program or you're reducing the amount of benefits but there are a lot of different permutations of those too and we have put them out there for people to understand but we are not ever going to support privatization although we do want and we want our members in the public to weigh in on how we should strengthen it for the future because we think that 25% cut that would come in 2033 is not acceptable. There are a couple of other questions here that you've been answering throughout this, but this one looks to me. How Social Security money-affected if the person is receiving a disability payment? I'm not a Social Security expert that I could answer that question so what I would do is ask that that person give their card to our representative, one of our representatives here and we will get the actual answer and I'm sorry that I can't answer that but I don't want to give you the wrong answer. This first also asks for those of us in their 60s how to figure out how much we need to retire that sounds like that Albin, if you have a web page, can help us out. Yes, go on ARP.org Retirement security, you type in the intuitive words and it will come up with more resources then you'll know what to do with it. The others you can plug in. This is an interesting one and I don't know whether this is something you might want to point out but what I would draw on my ex-husband's Social Security, my divorce was final two weeks short of 10 years. No my goodness. Your challenge you made here. Not me. I think that's another one that we're going to have to find the answer for you. Alright, whoever has this question go ahead and send it to the AARP so that they can get you an answer on that. And I suspect you know lots of people who have not been able to answer the variations. Absolutely, absolutely. Since medical needs caused so much of American financial security oh, if you can answer this you can run for president. Single payer medical care in the US without a revolution. England did it, why not us? Because you know what, you may believe that most Americans feel very, very proud to not be another country. And so therefore, any solution that we're going to come up with in order to sell it to the public and get public support and I'll tell you when you don't have public support it makes life really tough. It's going to have to be told as an American solution. Whether we ever get to a point of having a single payer or a single administer of health care I can't tell you. I've been working in this field for 30 years. I started when I was in second grade. And our progress comes when it comes in increments. That's the best I can do on that one. Will AARP do other events like this when in Houston? You know what, our Texas state office is very interested in doing more events like this both in Houston and in other parts of Texas we actually have offices in Austin and in San Antonio ahead. So I sure hope so. Okay, here's that. This is our finale question here. Is it too late to start saving? It's never too late. It's never too late. You know, you really, you don't know how long you're going to work. So let's think about that person who's in the worst situation, alright? Let's think about a person who's about to become 66 and they want to retire. And they haven't, you know, this is the person who has less than $5,000 and they're going to be getting $1,200 a month on Social Security. You know, you probably need to work longer if you can, you know, at that point or you're going to have to decide, you know, can you live? Did you already pay off your house? If you did, maybe you can do it. But, you know, then you got property taxes and you got all those other things that continue to go up. So it is important to save and you may need to work a number of more years if you can, maybe in a different job, maybe start your own job. You know, we have a whole website on something we call Real Possibilities. And it's the idea that people, many people work at one income producing job their whole life. At least they have so far. But they've always had a dream to do something else. And this is, is there a way to do my something else? My what's next, we call it? Will my what's next pay me? Can I find a way to earn money doing it? So it's not too late to save, but you may need to do more than just save. Thank you so much. Mr. Guy has given us kind of a stroke, a little break here for about 15 minutes that y'all stretch your legs and walk around a bit because it was a friend and we'll be back around six o'clock with a panel of experts and we'll be hearing more from them. And I also get the chance to ask them some questions. Thank you, Sherman. And thank you, Cheryl. Really very thought-provoking discussion there. So thank you.