Start you Retirement Planning now

Retirement is like a long vacation. You get all the time in the world to travel, have long lunches and siestas and pursue your hobbies. As India does not offer one of the best environment for senior citizens* it is important to plan for your retirement in advance. India’s consistently high inflation is noted as one of the big concern. This is why timely investment in retirement plans is very crucial. Retirement Planning can provide you a stable source of income even after you stop working. Max Life offers one of the best retirement plans in India that will help you meet your post-retirement financial needs.

What are retirement plans?

Retirement plans are insurance products designed to provide you financial security once your working income stops. With the proceeds of the retirement plans, you can also opt for monthly pension benefits by purchasing annuity plans. They help you invest your earnings over the years and create a fund which you can withdraw as a whole or in parts during your retirement years. Further, with dual benefits of protection with investment, these plans are ideal for covering your financial needs in the golden years of your life.

Who should invest in retirement plans:

• You want to secure a financially independent life for your spouse in your absence
• You wish to have a fund to cover high health care costs in future
• You would like to maintain your lifestyle even post-retirement

Why you should invest in retirement plans?

In our ultra-stressful modern lifestyle, we barely get time to plan for the future and give a conscious thought about retirement planning. However, if we can pause a little, understand current and the possible future expenses based on our lifestyle and start investing in a life insurance retirement plan, we can relieve ourselves from retirement woes. What’s important to understand is that:

It is a disciplined, affordable, and secure way for retirement planning.

You can get protection for your family, along with your retirement savings.

You can also choose to invest in market-linked pension plans or stick with a conventional pension plan.

How to choose the best retirement plan?

Vesting age: it is the age at which your pension will start. Retiring early or late will depend on your career and financial status.

Premium payment term: define the period for which you will pay policy premiums.

Annuity options: determine how much income will be enough to cater to your needs post-retirement.

Rider Options: decide what all additional benefits you will need to provide a comprehensive cover to your family.

Policy surrender charges: take note of these charges, in case you have to surrender the policy.

Retirement planning is the process of determining retirement income goals and the actions and decisions necessary to achieve those goals. Retirement planning includes identifying sources of income, estimating expenses, implementing a savings program, and managing assets and risk.

Capitalstars is a SEBI registered investment advisor. 

Schedule a call with Capitalstars investment consultant or drop a mail atbackoffice@capiltalstars.in and we will get in touch with you. You may also call us on 9977499927.

We will be happy to help you plan your retirement. ☺

Get more details here: 
Mcx Tips, Derivative-Free Trial, Stock tips
Call on:9977499927
* Investment & Trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

Are you planning to convert assets to income?

Your retirement income is likely to come from a number of sources, such as your investments and any pension plans you may be entitled to. Depending on your individual needs, it may also come in part from converting large assets that you own to income.

These assets might include your home, perhaps a business or rental property, or personal assets such as a vacation property, boat, or car.

Liquidating assets

Once you have determined that you will need to liquidate some of your assets to fund your retirement, it's best to take a strategic approach to draw upon your assets. You can develop a plan of action based on the answers to these questions:

• How much extra income will you need?
• What will you be selling, and when?
• Would it be better to liquidate all at once or over several years?
• How will you invest the proceeds?
• What will be the impact on your family and potential heirs?

A realistic plan, created with professional advice, will ensure that you avoid a "fire-sale" situation, in which you are forced to sell assets below market prices.

Don't forget taxes

Keep tax implications in mind, too. Any capital gain on your principal residence is likely to be tax-free, courtesy of the principal residence deduction. Qualifying shares of small business corporations may be eligible for, an $800000 capital gains exemption. The sale of other assets, however, such as a cottage or rental property, may result in a taxable capital gain.

Keeping the family business

If you're planning to transfer or sell your business to family members, you will want to make sure you get the best value for your business and can fulfill your estate planning wishes.

No matter what your situation, professional advice can help you prepare a plan for the orderly liquidation of appropriate assets.

Retirement planning is the process of determining retirement income goals and the actions and decisions necessary to achieve those goals. Retirement planning includes identifying sources of income, estimating expenses, implementing a savings program, and managing assets and risk.

Capitalstars is a SEBI registered investment advisor. 

Schedule a call with Capitalstars investment consultant or drop a mail atbackoffice@capiltalstars.in and we will get in touch with you. You may also call us on 9977499927.

We will be happy to help you plan your retirement. ☺

Get more details here: 
Mcx Tips, Derivative-Free Trial, Stock tips
Call on:9977499927
* Investment & Trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

Are your finances retirement ready?

When it’s time to turn the page and retire, make sure your finances are ready too.

Retirement is one of life’s exciting, and sometimes tricky, transitions. Not only for your lifestyle but your finances as well. Moving from accumulating savings during your working years to using that wealth to generate income or leave a legacy brings a new set of opportunities – and risks – to plan for.

Realizing your retirement dreams and ambitions starts with preparation. Asking yourself five key questions is the first step to putting the pieces in place for a smooth transition.

1. What’s my vision of retirement?

A comfortable retirement depends a great deal on the depth of your financial resources. Just how deep they need to be is difficult to assess unless you set out a clear vision of what you want to accomplish.

• Are you looking forward to spending most of your savings or is your priority to leave a generous legacy to family or a favorite cause?
• How active will your lifestyle be? Traveling the globe will require deeper pockets than spending your days playing with the grandkids.
• Do you plan to live abroad? If so, it can have implications for your tax picture and ability to tap government benefits.
• Does your spouse share your retirement vision?

More Canadians are choosing to phase-in retirement slowly, continuing to keep a hand in their careers for the challenge, social connection or a little extra income. Will you do the same? Clarifying your vision sooner rather than later helps you be ready to kick off retirement how, and when, you want.

2. What will my expenses look like?

It’s true that once you retire you’ll say goodbye to some key expenses. Your mortgage payments will be winding down if they’re not gone already. You’ll save on commuting and clothing. That said, it can be a mistake to assume those savings mean you’ll be spending far less once you retire.

Other costs can increase. Don’t be surprised if you spend more on hobbies, travel and other recreation. Expect health-related expenses to grow as you age, including the prospect of renovating your home to accommodate your changing needs.

You shouldn’t depend solely on general guidelines to estimate your future spending, for example, assuming replacing 70% of your working income will suffice. Retirement is different for everyone. Map out your projected expenses to reflect your unique circumstances.

No discussion around living in retirement is complete without factoring in inflation. Despite a global economy that appears to be tilting more towards deflation, the reality is the cost of living is still increasing.

Even a slow rise in consumer prices can put a real dent in your purchasing power over time. Say you’re projected to spend $60,000 annually when you retire. At just 2% inflation, after ten years you’ll have to bump up your spending to over $73,000 a year to buy what you could before.

3. What income sources can I count on?

When you retire you’re likely to have income from multiple sources. That includes Canada Pension Plan benefits and Old Age Security every month to help fund your living costs. But unless you’re among the dwindling number of workers who can count on a defined benefit plan from their employer, it’s a good bet pension alone won’t be enough. Your own resources will need to fill the gap.

Where should you look for income? Consider:

• Your RRSP, TFSA, and taxable accounts
• Proceeds from the sale of your business or home
• Rental income
• Even employment earnings if you don’t intend to retire all at once

For greater peace of mind, think about using some of your savings to secure more guaranteed income through annuities or guaranteed minimum withdrawal benefit plans; enough to at least cover your mandatory living expenses.

Here’s the tricky thing about retirement income: various streams will enter the picture at different times. That means if you’re planning to retire early you’ll need sufficient savings set aside to fund expenses until your pensions kick in.

If you retire before age 60, you won’t be able to count on CPP right away. With OAS, you can’t collect until 65. Do you expect your spouse to retire on a different schedule than you? If so, that can affect the timing of when you’ll see optimal income as a household. Depending on your situation, it can be advantageous to delay taking retirement income.

For example, if you can afford to hold off receiving CPP until age 70, you’ll see a 42% boost to your monthly payment versus collecting at 65. That means if you’re confident you’ll get well into old age, you can wind up with significantly more in CPP benefits over the course of your retirement by waiting to collect.

Remember that much of the income you receive from pensions and your portfolio will be taxable.

That’s important for two reasons. First, you should factor in taxes when evaluating how much you’ll have available to meet expenses. It also means retirement income planning should go hand in hand with creating a tax-minimization strategy that enables you to take advantage of RRIFs, TFSAs, the pension income tax credit and income splitting options (like pension splitting with your spouse) so you can hold on to more of your earnings.

The bottom line? Figuring out your retirement cash flow can be more complex than you might think, so it pays to sit down with your advisor to carefully assess your options.

4. Does my portfolio have the right mix of growth and safety?

According to Statistics Canada, a Canadian aged 65 today can expect to live to 81 – longer if you’re female. And that’s only the average. Many seniors will live into their eighties, nineties and beyond.

The possibility of having decades of retirement to fund is a major challenge for your portfolio. You’ll need it to generate sustainable income to supplement your pension and other sources so you don’t outlive your money.

While security is a priority when designing a typical retirement portfolio, the constant presence of inflation means it can be a mistake to ignore the need for capital growth as you age. That’s why it makes sense to continue to maintain a diversified portfolio of stocks, bonds, and cash, even into retirement. What’s more, doing so allows you to take a total-return approach to generate the income you need. That way you don’t have to rely only on interest, but can take advantage of the potential tax benefits of earning dividends and capital gains as well.

Where you strike the balance between safety and growth with your investments will come down to your objectives, risk tolerance and how many years of retirement you expect to fund. But, deciding to hold growth assets into retirement means you’ll have a specific risk to manage: market volatility.

During your working years, market swings, though unsettling, can work in your favor. When asset prices fall, it lets you purchase investments on sale.

But as you close in on retirement the opposite is true. Markets corrections can be a double-whammy. First, you’re left with a shorter time frame for your assets to recover before you need to use them. And, if you’re forced to sell at a market bottom to maintain your income, it can erode your savings more quickly, impacting your portfolio’s longevity.

Pairing the ownership of growth assets with a strategy to mitigate the effects of market volatility is essential. One way is to seek out investment vehicles with some level of principal guarantee, like segregated funds. Another is to maintain an appropriate weighting of cash and liquid investments to cover living expenses your pension and other guaranteed sources can’t adequately fund.

Having a cash cushion means you won’t be forced to sell into a falling market for funds to pay your bills, giving your portfolio time to recover.

These are just two options. Your advisor can help you evaluate a full range of strategies so you can find the approach that suits you best.

5. Am I on track?

As retirement draws near, your priority should be to make sure your financial house is in order.

• Start by getting rid of any high rate of consumer debt. Every dollar saved in interest is a dollar more to spend the way you want in retirement.
• Put away a little more each month, including catching up on any unused RRSP and TFSA contribution room. The combination of contributions and tax savings can bolster your nest egg.
• And, don’t forget to do some contingency planning. A properly designed insurance and savings strategy can help you deal with an unexpected event whether it’s a divorce, sudden illness or job loss which could knock your retirement plans off course.

If retirement is nearing, it’s time to take steps to prepare for a smooth financial transition. Get the expert advice you need for a happy and secure landing. Speak with your Capitalstars financial advisor today.

Retirement planning is the process of determining retirement income goals and the actions and decisions necessary to achieve those goals. Retirement planning includes identifying sources of income, estimating expenses, implementing a savings program, and managing assets and risk.

Capitalstars is a SEBI registered investment advisor. 

Schedule a call with Capitalstars investment consultant or drop a mail atbackoffice@capiltalstars.in and we will get in touch with you. You may also call us on 9977499927.

We will be happy to help you plan your retirement. ☺

Get more details here: 
Mcx Tips, Derivative-Free Trial, Stock tips
Call on:9977499927
* Investment & Trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

Pension Planning: An efficient tax saving investment

While there are multiple tax savings investments that you can choose to save for your retirement, pension plans can prove to be an efficient retirement planning tool.

You work hard to provide a life of comfort and convenience for your family. While your present income is sufficient to maintain a comfortable lifestyle, it may get difficult to sustain it post-retirement, if you have not been investing in a prudent manner. The earlier you begin investing, the higher will be the returns.

While there are multiple tax savings investments that you can choose to save for your retirement, pension plans can prove to be an efficient retirement planning tool. Let us take a closer look at the various benefits of pension plans.

Immediate Annuity

An immediate annuity plan is a guaranteed pension plan that requires you to make a one-time lump sum investment and receive a regular stream of income in exchange. In most cases, the payout from tax savings pension plans such as these can begin with immediate effect and are ideal if you wish to receive a regular income post-retirement. You can set the pay-out frequency to monthly, quarterly, semi-annual or annual depending upon his needs.

The biggest pension plan benefits that immediate annuity plans offer is that the principal is tax-exempt, while interest is taxed as ordinary income. However, once you have received the principal amount in full, payments are taxable albeit at a rate of interest based on your income at the time. As you are likely to withdraw the pension amount post-retirement, it can be presumed that the interest rate will be low.

Deferred Annuity

A deferred annuity, kind of tax savings pension plans allow you to delay the payment of income till you choose to receive it. There are two phases in such a plan i.e. accumulation and income phase. In the first phase, you pay a regular premium for a specific number of years. In the second phase, you can withdraw one-third of the accumulated amount (that is tax-free) and use it to purchase an annuity that generates a regular income for the rest of your life. Deferred annuity products are of two kinds:

Traditional retirement plans: These are low-risk investment products that invest largely in safer debt instruments such as government securities. These plans are ideal for risk-averse investors.

Unit linked pension plans

 As the name suggests, unit link pension plans or ULIPs allocate investments across different asset classes such as equity and debt in varying proportions depending upon your preference. ULIPs are market-related instruments and thus have the potential of generating higher returns as compared to traditional retirement plans. Pension plans can be effective tax savings investments as a contribution towards any pension plans up to the extent of Rs1.5 lakhs per annum is tax-free under Section 80CCC of the Income Tax Act. Now that you are aware of pension plan benefits, it is wise to make an appropriate choice based on your risk appetite and begin your investment early to ensure a carefree second innings post-retirement. 

Retirement planning is the process of determining retirement income goals and the actions and decisions necessary to achieve those goals. Retirement planning includes identifying sources of income, estimating expenses, implementing a savings program, and managing assets and risk.

Capitalstars is a SEBI registered investment advisor. 

Schedule a call with Capitalstars investment consultant or drop a mail at backoffice@capiltalstars.in and we will get in touch with you. You may also call us on 9977499927.

We will be happy to help you plan your retirement. ☺

Get more details here: 
Mcx Tips, Derivative-Free Trial, Stock tips
Call on:9977499927
* Investment & Trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

Retirement Planning With Capitalstars

We at Capitalstars follow an in-depth understanding of our client's financials, their needs, and requirements, and draw up a customized Retirement Plan.

Step 1: Understanding their risk profile

Clients are supposed to answer this questionnaire so that we understand their risk profile better and

On the basis of some assumptions, ideal asset allocation is defined.

Remember that, in the process of determining your retirement corpus, you have to make a few crucial assumptions such as the rate of inflation or rate of return on your investments. These factors are not fixed and are bound to fluctuate over time, thus impacting your calculation.

Besides, aspects such as your yearly savings and expenditure are also subject to fluctuations. With an increase in your salary, your saving and spending capacity also increases.

For this reason, you must regularly review your calculations to ensure that you are always on track to achieve your retirement corpus.

Step 2: Asses Their Existing Portfolio

Next is to list down and analyze their existing investments, savings, and cashflows.

We then assess the past performance of these investments and assess its portfolio concentration.

Step 3: Portfolio Recommendation and View

We provide our own view and recommendation to your portfolio.

Step 4: Calculating Insurance Needs

We further analyze your insurance needs. At Capitalstars, we always recommend that investors opt for a pure Term Insurance Plan and to keep insurance and investment needs separate.

To calculate how much your optimal life insurance should be, we follow the Human Life Value (HLV) approach. Try our HLV calculator here.

How to calculate HLV?

The first step towards the calculation of HLV would be to determine the person's net annual income after deducting the amount spent on personal items. This amount will be the amount that he affords for his family annually.

For example:

Mr. Sinha, aged 40 years, earns Rs 15,00,000 per annum and spends Rs 4,50,000 per annum on himself. Hence, he earns a net income of Rs 10,50,000 p.a. for his family. Therefore, as income replacement, his family would require Rs 10,50,000 p.a. for 1 year of living expenses.

Each year, with inflation, the family's expenses would proportionately increase, which must also be taken into account. The calculation will also include specific goal related expenditure.

Furthermore, assuming Mr. Sinha has a son and a daughter, both of whom would require Rs 10 lakhs for their education i.e. a total of Rs 20 lakhs. In Mr. Sinha's absence, this amount is still required such that the children's education does not suffer.

Hence this goal amount can be added to the financial value of Mr. Sinha's life.

Once the HLV has been calculated, the next step is to choose the appropriate insurance product to cover your needs.

There are a number of insurance products available in the market today – from term plans to ULIPs to endowment plans and so on. It is important to assess the available products and select the right insurance for your needs. At Capitalstars - we recommend opting for pure term plans.

Step 5: Retirement Plan

A retirement plan is thus created. We take into consideration all your needs, goals, current financial status, and depending upon your risk tolerance, we create a customized retirement

plan for you.

Before you start planning for your retirement, here are 10 questions you must seek answers for:

• When will I Retire?
• 
  
• How long will I live?
• 
  
• What is my monthly basic expenditure?
• 
  
• What will be the cost of my expenses in the future?
• 
  
• Do I have enough contingency corpus?
• 
  
• How much should I provide for my health care and medical needs?
• 
  
• Do I have adequate insurance cover?
• 
  
• What do I own?
• 
  
• Can I generate cash inflows during my retirement?
• 
  
• What do I desire to do during my retirement?

These questions can help you get started with. But if you seeking professional guidance, then do not hesitate to get in touch with Capitalstars.

Capitalstars is a SEBI registered investment advisor. 

Schedule a Call with Capitalstars investment consultant or drop a mail at backoffice@capiltalstars.in and we will get in touch with you. You may also call us on 9977499927.

We will be happy to help you plan your retirement. ☺

Get more details here: 
Mcx Tips, Derivative-Free Trial, Stock tips
Call on:9977499927
* Investment & Trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

Steps Of Retirement Planning

 Step 1: Decide Your Retirement Age

The most common retirement age is 60 years, but it may vary from person to person.

Some may wish to work beyond 60 years of age, while a few even wish to retire at 55 ––basically, it's a matter of choice.

Estimating your retirement age is an important step because after this age your regular income stream will stop or at least reduce considerably (in case you are eligible for a pension). You will have to depend on your savings and investments to take care of your retirement needs.

This is also the timeframe you are left with to plan for retirement.

For instance, if you are 25 years old and you wish to retire at the age of 50 years, then years to retirement = 50-25=25years.

One of the important factors while deciding your retirement age is the life expectancy rate. In other words, the estimated number of years you are expected to live based on the age, medical condition, family history, and other demographic factors.

An estimated life expectancy as projected by World Life Expectancy is as below:

Age Life Expectancy Age Life Expectancy

 5   73.5                55           77.7

10   73.8                 60           78.6

15   74.1                 65           80.1

20   74.3                 70           82

25   74.7                 75           84.5

30   75.5                 80           87.4

35   75.1                 85           90.6

40   75.9                 90           94.3

45   76.3                 95           98.3

50   76.9                100          102.6

These are indicative figures to give a clue as you plan your retirement. For instance, if you are 30-years-old then you may expect to live up to 75 years. And if you wish to retire at 60 years of age then you need to plan for around 15 years of post-retirement life.

Step 2: Start Early To Retire Peacefully

Like any other goal, start planning your retirement as soon as possible. With several years in hand, you have time and the power of compounding in your favor.

Never delay retirement planning or else you might have to compromise your goal. Worst case you might have to be financially dependent on your children or family. Hence, start early, start now.

Most individuals who are in their 20s and have recently started earning might think that retirement is a distant reality. For them, planning for retirement at this early age may seem like being overly cautious.

However, it is imperative for you to recognize that being young provides you a benefit that is not available to all, 'time'.  As it is said, "the early bird gets a bigger pie".

Beginning to invest early in life will enable you to accumulate the necessary corpus required on without much stress. And it gives you peace of mind.

And if you are in your 30s and haven't even started planning for retirement, then it is still not very late. You still have many years to work, earn and save for your golden years. But make sure you do it prudently and differentiate between your needs and wants.

Step 3: Determine Your Retirement CorpusRetirement corpus is the amount you require post-retirement to meet your expenses and continue with the same lifestyle and maybe pursue your other personal goals. For this, first, ascertain your annual expenses at present. For that you need to first write down monthly expenses on various categories such as household, medical, entertainment, travel, EMI, and children's school/tuition fees, and so on. So, it is important that you make an accurate estimate of how much amount you will require, to maintain your present lifestyle after you retire. Then factor in inflation to calculate how much your present expenses will amount to at the time of retirement. This is referred to as the future value of money. This is the amount you will need every year to meet your post-retirement expenses. For instance, Mr. X is 35, wants to retire at 60, currently spends Rs. 75,000 a month on household and other expenses and spends about Rs. 5 lakhs a year on travel and medical. He assumes household inflation is 7% per year both pre and post-retirement, travel, and medical expenses inflate at 10% per year, and he will earn 6% per year on his retirement corpus once it is built and he invests it after his retirement. How much will he need to retire and maintain his current lifestyle? Over Rs. 29 crore. Is this achievable? Yes, it is. Your financial planner can handhold you to set your asset allocation based on your risk profile, select appropriate investment avenues within each asset class, help you manage your cashflows with the needed discipline to invest, and regularly review the portfolio to make sure that you are on track to accomplish this vital financial goal. Alternatively, use PersonalFN's Retirement Calculator to help you with this. Remember, if you like the calculator, share it! Step 4: Calculate The Future Value Of Your Current SavingsHow much you are able to save every year, after meeting all your expenses, plays a crucial role in building your retirement corpus. Your saving is the surplus amount that is left after deducting your annual expenses from your net salary. The ideal way is, to earmark a portion of your savings towards retirement. This part of your saving should be treated as sacred and should not be disturbed unless it is very urgent. After estimating how much amount you will be able to save annually towards your retirement corpus, the next step is to find out its future value. To determine this, you have to factor in the expected rate of return on your investment. This is the value of your savings or investments at the time of retirement. For instance, if you are able to save Rs 100,000 annually for your retirement, and you invest this amount in an avenue, which earns you 10% rate of return p.a., then after 25 years, you will have a retirement corpus of approximately Rs 9,834,706.Step 5: Cut Down On Unnecessary ExpensesIf you are unable to save now to reach the target, cut down on avoidable expenses. Some of the avoidable expenses are your weekly entertainment, impulsive purchases, dining out, foreign vacation, etc. Cutting down on such expenses can help you invest more and reach closer to your targeted corpus.

Step 6: Plan And Create An Ideal Portfolio Seeking Help Of A Financial Planner

Depending on your current age and the risk that you can afford to take, you should define a standard allocation to each asset class.

It is important to have a diversified investment portfolio across the asset classes.

Some assets like equities have the ability to offer you a better inflation-adjusted return (also known as the real rate of return) than fixed income instrument can provide safety. Gold can be a store of value and act as insurance in your portfolio.

Calculate Real returns using PersonalFN's Real Return Calculator

If you see a swift rally in any of the asset class, and the deviation in your asset allocation, you can timely rebalance by reaping the benefits from the respective asset class and moving it to other asset classes.

Do not forget, every asset class may not be suitable for you. At the same time, you should not be overexposed to a single asset class.

As retirement planning is an exhaustive exercise, seeking help of financial planner can go a long way. But take care to opt for an independent, honest, unbiased, and a competent financial planner who will handhold in every step to plan your retirement.

Your financial planner should be able to come up with a relatively accurate retirement corpus, which can help you negotiate retirement.

More importantly, he/she should conduct risk profiling, whereby the asset allocation can be set and the portfolio can be structured accordingly to achieve your retirement corpus.

Step 8: Track And Review Your Plan Regularly

Your retirement plan needs to be monitored at regular intervals (at least once a year) to make sure you are on target to meet your objectives. Any changes in the income, expenses, retirement age, etc. needs to be incorporated in the retirement plan.

Also, make sure the retirement plan meets your investment objectives in the changing market scenario.

Retirement planning is the process of determining retirement income goals and the actions and decisions necessary to achieve those goals. Retirement planning includes identifying sources of income, estimating expenses, implementing a savings program, and managing assets and risk.

Get more details here: 
Mcx Tips, Derivative-Free Trial, Stock tips
Call on:9977499927
* Investment & Trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.