MONEY 401(k)s

Millennials (With Jobs) Are Super Saving Their Way to Retirement

Laptop with cord in shape of piggy bank
Atomic Imagery—Getty Images

Young adults are outpacing Baby Boomers and Gen X when it comes to getting a head start on their 401(k)s.

You may have heard that Millennials are taking saving more seriously than Gen X-ers and Baby Boomers did at their age. But their financial prospects look much worse, given student loan debts, high unemployment, and shaky entitlement programs.

No question, Millennials face steep challenges. But it turns out, twenty-something savers who managed to land jobs (some 74% of this age group) are doing even better than you might have thought—and they’ve built a huge head start toward retirement security.

Those are the findings of a just-released study by Transamerica Center for Retirement Studies, which surveyed more than 1,000 Millennials in the work force. “Millennials have seen what happened to their parents, many of whom lost their jobs and savings in the financial crisis—and they are taking steps to avoid a similar outcome,” says Catherine Collinson, president of the Transamerica center. “We’re seeing an emerging generation of retirement super savers.”

Millennials have also benefitted from the widespread adoption of 401(k) auto enrollment, automatic contribution hikes, and target date funds, Collinson says. Some 71% of Millennials who are offered a 401(k) end up joining their plan. By being enrolled into 401(k)s as soon as they start their jobs (unless they opt out), many Millennials are being nudged onto the retirement savings path sooner than previous generations.

How much sooner? Some 70% of Millennials started saving for retirement at an unprecedented young age, just 22, the survey found. By contrast, the average Boomer began saving at age 35, while Gen Xers got started at 27.

Transamerica’s findings show that Millennials are contributing an average 8% of salary to their 401(k) plans; adding an employee match, they’re stashing a solid 10% of income into their accounts. Those findings echo earlier surveys of young adults, which have found that Millennials are saving more.

Those contribution rates are especially impressive, given that Gen X savers are putting in just 7% of pay before the match on average. Boomers are saving at a higher rate, 10% before the match, but they also have higher pay on average and are facing a looming retirement date. Some 27% of Millennials also said they raised the amount they contributed in the past 12 months vs. just 7% who decreased it.

Thanks to this early savings start, Millennials have amassed an average $32,000 in their 401(k) accounts, according to Transamerica. And unlike older generations they are relying heavily on professional advice to invest their money—some 62% use a managed account or target date fund, vs just 47% of Boomers and 56% of Gen X-ers.

Of course, most young adults have plenty of shorter-term financial worries. Some 27% say their top priority is covering basic living experiences, and 27% say they want to pay off debt. Only 16% listed saving for retirement as a top concern. Complicating matters, three in 10 expect to provide support for their aging parents or other family members.

Even so, Millennials are optimistic about their retirement prospects. A whopping 60% expect to retire at age 65 or sooner. That’s a stark contrast to the majority of Baby Boomers (65%) and Gen X (54%), who plan to work past retirement or never retire. But Millennials share the expectations of older generations in other ways—half plan to work the job in retirement, either full time or part time. When it comes to staying busy in retirement, there’s not much of a generation gap.

MONEY Aging

Why It’s Never Too Late to Fix Your Finances

Those over 50 may become less sharp, but a little personal finance instruction can make a huge difference in their financial security.

When we speak of financial education today, in most cases we are referring to the broad, global effort to teach students how to stay out of debt and begin to save for retirement. But what about those who already have debts and may already be retired?

Clearly, we should teach them too. It’s never too late to improve your financial standing—and unlike financial education among the young, elders exposed to basic planning strategies adopt them readily, new research shows. This underscores the sweeping need for programs that address financial understanding at all ages and why even folks well past their saving years may still have time to get it right.

Last year, AARP Foundation and Charles Schwab Foundation completed a 15-month trial of financial instruction designed specifically for low-income people past the age of 50. After just six months of training, the subjects exhibited significant improvement in things like budgeting, saving, investing, managing debt and goal setting.

For example, only 42% of participants had at least one financial goal at the start of the program and 63% had set at least one financial goal after six months in the program. The rate of those spending more than they earned fell by a third and 35% had paid down debt. Many had begun to track spending and stop overdrawing accounts and paying late fees.

Participants saying they were “very worried” about money dropped to 14% from 22%; those saying they were “not very/not at all worried” jumped to 42% from 34%. These are remarkable gains in such a short period and among such a generally disadvantaged group. Half in the group had saved less than $10,000 and average income was about $35,000.

The research suggests that the 50-plus set can make big strides toward a secure financial life with some instruction. It jibes with other reports illustrating the value of financial inclusion for the unbanked millions and how a higher degree of personal financial ability might even save our way of life for everyone.

But let’s be clear: this isn’t just a way for low-income households to improve their lot. Plenty middle-class and even affluent households have a savings problem. And as we age we tend to make poorer money decisions regardless of our net worth. So it’s nice to see the financial education effort move beyond the classroom—increasingly to places of employment as part of benefits counseling and now, maybe, to community centers and retirement villages where willing adults can find it’s never too late to learn something new and feel good about their finances.

MONEY My Money Story

LISTEN: I Got Paid to Iron Shirts While a Stranger Watched

My Money Story is a biweekly podcast. We tell one person's story of overcoming an obstacle (big or small) to achieve a dream - or simply pay the rent.

Julie Staadecker was 20-years-old, studying at Boston University and broke. To make some extra cash, she would pick up odd jobs — like catering or moving furniture. One day she stumbled across a job asking for a shirt iron-er, which turned out to be the most bizarre odd job she’s ever had.

Music: “Try This On For Size,” by Brian Wayy and “Hipnotyzed,” by Kojo Linder

MONEY retirement planning

The Amazing Result of Actually Trying to Save Money

Many Americans aren't saving for retirement, but those who are making a real effort are tantalizingly close to hitting their mark.

The retirement savings crisis in America is real. But it is also skewed by vast numbers of people who have saved next to nothing. Looking only at those who are making a serious effort to put something away reveals a more encouraging data set.

Pre-retirees working full-time and who have both a 401(k) plan and an IRA are tantalizingly close to securing sufficient retirement income—and their situation has improved in the past 12 months, a recent study by investment firm BlackRock found. These savers can likely close the gap with a few simple adjustments.

We are all familiar with the doomsday statistics about retirement savings: A third of workers have less than $1,000 in savings and investments that could be used for retirement, and roughly two-thirds have less than $25,000. So large numbers of people will be stuck working longer than they like and counting on Social Security for nearly all their retirement income.

BlackRock weeded out less serious savers by looking only at those with a balance in both a 401(k) plan and an IRA. The typical working 55-year-old meeting this criterion has $264,000 saved and earns $58,000 a year. That level of savings will produce $19,000 a year in guaranteed lifetime income at age 65, based on calculations from the firm’s CoRI index. (This benchmark estimates the amount of annuity income a pre-retiree would be able to purchase at retirement.) Coupled with $21,000 a year from Social Security, this saver is on track to a secure retirement income equal to 69% of final salary.

Most financial planners believe that replacing 70% to 80% of final household income is the mark savers need to hit. So this typical 55-year-old saver is just about there and can close the gap by saving a little more, spending a little less, or working just another year or two. And if market conditions remain favorable, the pre-retiree may get over the hump without changing a thing. A year ago, the typical 55-year-old saver was on track to replace just 64% of final earnings. But the stock market soared, giving savers additional funds to purchase guaranteed lifetime income when they retire.

Of course, what the market gives it can also take back. This is a moving target. But stocks usually rise over a 10-year period, and if interest rates rise over the next 10 years—most believe that will be the case—it will have the effect of boosting replacement income even further because products like immediate annuities will offer a higher return.

The picture is less rosy for older pre-retirees. The typical 60-year-old saver is on track to replace 64% of final earnings and the typical 64-year-old saver is on track to replace just 59% of final earnings. The poorer preparedness of these groups probably stems from their getting a later start saving in 401(k) plans and IRAs, says Chip Castille, head of the BlackRock Retirement Group. The working years of this age group overlapped the transition between defined-benefits plans, which began to disappear, and the rise of defined-contribution plans. They didn’t react right away and missed years of growth.

In general, the retirement readiness picture in the U.S. remains bleak. Even regular savers are falling well short of the more aggressive retirement income replacement goals. But clearly those who have taken action are much better positioned, and with only modest spending adjustments, they can easily hit the lower range of what planners advise.

MONEY The Economy

The Surprising Reason You Need to Save More

While households are encouraged to spend for the good of the economy, history shows that high savings rates actually correspond with strong economic growth.

Does the U.S. save enough?

I’ve heard lots of rhetoric spilled on that question, but few facts.

That’s why I was intrigued by an analysis published this year by Ned Davis Research. The investment research firm looked at seven decades of data and compared “net national savings” with real growth in the U.S. economy.

National Savings

Net national savings is the sum of all the savings by individuals and families, corporations and the government. This number is then divided by gross domestic product (GDP) to get the national savings rate. Here are some of the findings:

* A “high” savings rate of 8.2% or better corresponded with an annual rate of GDP growth of 3.6%, on average.

* A mid-level savings rate of between 2.8% and 8.2% corresponded with GDP growth of 3.4%.

* And a “low” rate of below 2.8% corresponded with GDP growth of only 2%.

The conclusion: “The more money people have in savings, the more money there is to invest, and the better the economy performs,” wrote Ned Davis, head of the research firm.

During and after the financial crisis of 2007-2009, the savings rate plunged into the low zone, and actually turned negative in 2010 and 2011. Only very recently has the savings rate — barely — climbed back into the medium zone.

“The net national saving rate is greatly improved,” Davis wrote, but remains in “troublesome territory.”

Personal Savings

The personal savings rate (leaving government and corporations out of the picture) also deserves close attention. For years in the 1960s and 1970s it stayed near 8% of household income or above. In 2006-2007 it fell to around 3%, and lately has climbed back up to around 5%.

US Personal Savings Rate Chart

US Personal Savings Rate data by YCharts

Is that enough to finance a new boom in the U.S.? My guess is probably not. I’d like to see the personal savings rate resume its historic rate of 8% or more.

What Can Be Done?

Suppose the U.S. wants to improve its national savings rate? What needs to be done? To me, two things stand out.

First, we need to cut the budget deficit, probably through unpleasant but necessary measures such as making Social Security and Medicare slightly less generous. Why pick on these popular and important programs? For a simple reason: That is where almost half the money in the Federal budget goes.

Defense spending, which accounts for roughly 20% of the budget, can’t go unscathed either.

Second, if we want people to save, we need to wean ourselves gradually off the emergency medicine of super-low interest rates that was used to head off a potential depression in 2008. From 1990 through 2008, the average rate paid on savings account was 4% or more almost every year — sometimes much more. Today it’s around 1.75% or less.

No one wants to throw a monkey wrench into the economy’s engine by raising rates too abruptly too soon. But if we want people to save, it would help to pay them something to do it.

John Dorfman is chairman of Thunderstorm Capital LLC, a money management firm in Boston.

MONEY Investing

Are You On Your Way to $1 Million? Tell Us Your Story.

There are many ways to build lasting wealth. MONEY wants to hear how you're doing it.

The number of millionaires in America hit 9.6 million this year, a record high and yet another sign that the wealthy are recovering from the Great Recession, thanks in large part to stock market and real estate gains.

Are you on target to join their ranks? Are you taking steps—through your savings, your career decisions, your investments, or your rental properties—to make sure that by the time you retire your net worth will be in the seven figures? MONEY wants to hear your story.

Related: Where Are You On the Road to Wealth?

There are many paths to that kind of wealth, and they don’t necessarily involve a sudden windfall, a big head start, or a six-figure salary. You can build up a million or more in assets through steady saving, a sensible approach to investing, modest real estate holdings, or a winning small business idea. Are you finding ways to boost your savings at certain point of your life, like when the kids are out of school or the mortgage is paid up? Are you planning to take more or fewer risks with your investments as you near retirement? And if you invest in real estate, do you find that owning even one or two rental properties is enough to achieve prosperity?

Got a story like this to share? Use the confidential form below to tell us a bit about what you’re doing right, plus let us know where you’re from, what you do for a living, and how old you are. We won’t use your story unless we speak with you first.

MONEY retirement planning

Saying No Put Me on the Path to Financial Independence

House key in ring box
Dmytro Lastovych—Alamy

How I learned delayed gratification means opening the door to your true goals, like a home or a comfortable retirement.

I was raised around a lot of money—not my own, but other people’s. Granted, by any reasonable national standard my family was well-off, but growing up in New York City meant that my playmates were the children of media moguls and Wall Street titans, so my comparison group skewed upwards several tax brackets. For a while this environment created both a sense of longing and, unfortunately, entitlement. Everyone else has a summer home, why can’t we?! That feeling of financial inadequacy turned out to be a blessing in disguise however, because it taught me what those moguls and titans probably already knew, which is that the most satisfying wealth is the kind that you create for yourself, dollar by dollar by dollar.

Financial independence is certainly easier to achieve with a good income. But you can also get there, or at least come close to it, by saving and investing no matter what your salary is. (See The Millionaire Next Door.) And so at the most fundamental level, independence requires that you always live well within your means. If you are not living within your means, then you are not saving, and if you are not saving, then you are not creating wealth, you are creating the opposite: need. Financial independence means not having need.

There is no saving without delaying gratification, saying no when you want to say yes—not just every once in a while but pretty much constantly. Saying no not just to the big trips or a car, but also to the expensive haircuts and the overpriced appetizers and the ballet flats with the big logo on them when a pair from DSW will do just fine. It means being chronically cheap and enjoying it. Because every no is a yes to getting things that you really, really, really want and can truly fulfill need, no matter what stage of life you are in.

In my 20s and early 30s, my biggest need, after I had established myself on a career track, was to have a place of my own. I had bounced from illegal sublets to 4th floor walk-ups and had literally begun dreaming of “discovering” an extra room in whichever cramped apartment I was occupying, a dream that I later found out was shared in the collective unconscious of similarly space-starved young Manhattanites.

At the outset, buying my own one bedroom seemed an impossibility. But after a job switch and salary raise, I began automatically withdrawing money from my checking account into a house fund. After several years, I had saved $60,000, at which point several of my relatives generously gave me gifts to increase my down payment and create enough of a cushion to meet co-op board approval. Buying that apartment at age 32 was my first major milepost on the road to financial independence, but I didn’t do it alone.

Related: Where are you on the Road to Wealth?

They helped me, I believe, because I had shown them that I understood what building wealth entailed: being a good steward of your own money, understanding that you have to teach yourself the things you don’t know, whether that’s fixed-rate versus adjustable mortgages or the value of compound interest, and yes, delaying gratification. Granted, timing was on my side—I bought the apartment in the early stages of the real estate boom as was able to later profit not only on its sale but the sale of a subsequent, larger apartment.

But having saved for a purpose once, I know that I can do it again in the future, although not whenever I want but whenever I am able. I would love to be putting aside money to install a master bathroom in my house, but right now it’s more important that my children, with whom I currently share a bathroom, have good childcare, and that I increase my funding to my retirement accounts. The master bath will have to wait.

So here’s where I’m going to get really preachy, because there’s actually another important lesson that all this delayed gratification has taught me. There will always be more and more things to save for: sleep-away camps, college funds, maybe even someday a summer cottage. Today, as I write this on a beautiful day at the end of June, I can honestly say that the path to financial independence also means being profoundly grateful for what you already have.

Ruth Davis Konigsberg, a fortysomething journalist and consultant to Arden Asset Management, writes weekly about retirement planning.

MONEY 401(k)s

This Nobel Economist Nails What’s Really Wrong with Your 401(k)

Robert Merton, a Nobel laureate and finance professor at the Massachusetts Institute of Technology
MIT professor Robert Merton John Hanna—AP

Retirement plans are doing it all wrong, says Robert Merton. He ought to know. His hedge fund nearly brought the down the global economy.

In the 30-plus years since 401(k) plans were first introduced, they’ve faced criticism for everything from the risks employees face to the fees they pay to poor investing options. Now Robert Merton, a Nobel Prize-winning economist, says 401(k)s are headed for a crisis.

If anyone should know about a potential crisis, it’s Merton. Along with his fellow Nobel laureate Myron Scholes, Merton co-founded and sat on the board of Long-Term Capital Management, a hedge fund that was managed based on complex computer models. Under the leadership of co-founder John Meriwether, LTCM’s massive failure nearly brought down the global economy in 1998.

Now Merton is saying that 401(k)s are headed for trouble, but for very different reasons. In particular, he argued at a recent Pensions & Investments conference, 401(k)s take exactly the wrong approach to retirement investing by emphasizing account balances and investment returns, thereby encouraging savers to amass the largest portfolio possible, which pushes them to take too much risk. That’s an approach he calls “la-la land.”

Instead of focusing on wealth creation, 401(k)s should emphasize the level of income employees can expect to receive in retirement, Merton says. By knowing whether they are on track to that goal, workers will make better saving and investment choices.

One of the best ways to be assured of steady future income is to invest in an inflation-adjusted annuity, Merton says. But current 401(k) regulations do not allow deferred annuities as an investment option. Merton argued in a recent Harvard Business Review article that this barrier should be changed.

Meanwhile, workers are encouraged to invest in Treasury bills for safety, which they appear to deliver — if you look at year-by-year returns. But if you consider the income that T-bills would provide in retirement, as measured by the amount of deferred annuity income they would purchase, they are nearly as risky as the stock market. “The seeds of the coming pension crisis lie in the fact that investment decisions are being made with a misguided view of risk,” Merton writes.

Even so, he isn’t recommending that investors hold only deferred annuities to achieve their income goals. Instead, he suggests investing in a mix of stocks as well as bonds and deferred annuities. Over time, that asset allocation should shift based on the likelihood of achieving the investor’s income goal. At retirement, the worker would have enough money to buy an annuity that would provide the target salary replacement amount. But the choice would be left up to the employee. Still, Merton clearly has an opinion about what option is best, as a recent MarketWatch article noted. “When we take a risk, it’s generally for a good reason. You wouldn’t normally put yourself in harm’s way for no reason,” Merton writes.

Problem is, figuring out the right portfolio strategy, and when to make those shifts, is a tough challenge for the average investor. And not so coincidentally, Merton has a solution, which is to rely on professsional investment managers to handle this for you. An MIT professor, Merton is also the “resident scientist” at Dimensional Fund Advisors, which offers a 401(k) plan that focuses on producing a reliable income stream. (For more on DFA’s approach, see “The End of Investing.”)

The DFA connection aside, Merton’s insights are well worth considering. Along with Scholes, he won the Nobel in 1997 for a landmark options-pricing theory, called the Black-Scholes model, that is still widely used. (Economist Fisher Black passed away before the Nobel was awarded.) And in his call for 401(k) reforms, Merton has plenty of company. A growing number of academics and 401(k) providers advocate an income approach. So does the U.S. Labor Department, which intends to require plan providers to present investors with statements showing their projected income in retirement. Some investment groups already do.

Even if your 401(k) plan doesn’t offer income projections, you can get find calculators online that will give you estimates. Just remember, they are only projections, and if you don’t keep checking your assumptions, models can steer you astray. Just ask Robert Merton.

Update 7/1: The U.S. Treasury today approved the option of deferred annuities in retirement plans.

Related story: The New 401(k) Income Option That Kicks In When You’re Old

 

TIME Retirement

Americans Are Totally Unprepared for This Shock

Sad piggy bank
Simon Critchley—Ikon Images/Getty Images

Never mind saving for retirement: Americans today face the bleak prospect of poverty in their golden years because they have no idea how much nursing homes cost and they wildly underestimate how much they’ll need.

In a new survey by MoneyRates.com, 40% of respondents say they’ve set aside nothing — zilch — towards paying for the care they’ll most likely need in their final years.

“Over two-thirds of individuals who reach age 65 will need long-term care services during their lifetime,” the Centers for Disease Control and Prevention warns.

Two-thirds of survey respondents have less than $75,000 saved. More than half think $75,000 is more than they’ll need for a year in a nursing home, but they could be in for a rude awakening: The average cost for a semi-private room in a nursing home is more than $81,000 a year, and that can soar to nearly $142,000 in pricey locations like New York City.

“It’s scary how quickly nursing care can run through your savings,” says Richard Barrington, senior financial analyst for MoneyRates.com. Barrington says even people who think they’re being diligent about saving for their retirement years can be led astray by the assumption that they’ll be able to live on less money after they exit the workforce.

“You may have a fair amount of discretion in the early years of your retirement, but then your financial needs may accelerate sharply,” he says. “People need to plan their savings and conserve their resources accordingly.”

A new brief from Boston College’s Center for Retirement Research illustrates what happens when people fail to plan for this possibility. It finds that even high-income retirees run out of money and need to use Medicaid to cover nursing home care.

“Medicaid… serves not just the poor, but also relatively well- off retirees impoverished by costly medical expenses,” the brief says, an outcome that has serious implications not just for these people, but for their heirs.

The eligibility rules for Medicaid are strict, with a cap of only $2,000 on what are termed “countable assets” and a five-year lookback period that essentially forces people to burn through the wealth they’ve accumulated. The government says about half of people who enter nursing homes start off paying for it themselves, but many of them spend down their assets — leaving little or nothing for their heirs — and end up on Medicaid.

The Boston College researchers looked at single seniors by income group as they aged and tracked who was covered by Medicaid. While Medicare covers all Americans once they hit the age of 65, the coverage doesn’t cover long-term care like nursing homes. For people without enough savings or who didn’t plan ahead and take out a long-term care insurance policy, the high cost of nursing homes can force even well-off seniors into poverty, at which point they’re eligible for Medicaid, which does cover nursing home care.

Although the percentage of high-income elderly who get Medicaid assistance starts out at zero when they’re 60 years old, it climbs steadily as they age, and around 20% of this population needs and qualifies for Medicaid by the time they hit their late 90s. “Higher income retirees… tend to live longer and face higher medical needs in very old age, which can result in them ending up on Medicaid,” the brief says.

Granted, many don’t live that long, but Americans are experiencing longer retirements and life spans. The CDC says the number of people 85 and older will rise from about 6 million in 2015 to almost 18 million by 2050.

“Medicaid is a safety net and it’s great that it’s there, but… you have to understand it’s likely to limit your options,” Barrington says. “If you want to leave behind any kind of legacy to your heirs or to charity, if you end up going on Medicaid, you can essentially forget about it.
A 2012 study by the Employee Benefit Research Institute found that people who lived in a nursing home for six months or more had median household wealth of only about $5,500. “For nursing home entrants, median housing wealth falls to zero within six years after the initial nursing home entry,” the study says.

“That safety net does come with strings attached,” Barrington cautions. “It’s going to sharply limit what you’re able to pass on.”

MONEY

The Supreme Court Just Saved Investors from Themselves

Many employers and employees ignore the risks of holding company stock in 401(k)s. Not for much longer.

Savvy investors already know it’s not smart to hold your employer’s stock in your 401(k) retirement plan. Wednesday’s unanimous ruling by the Supreme Court should make it harder for employers to encourage it. That’s probably a good thing.

The case, which involved Cincinnati-based bank Fifth Third , revolves around whether workers can hold top brass responsible for big losses on employer stock in their retirement plans. Fifth Third, once seen as a sleepy mid-western bank, saw its stock plunge more than 70% during the financial crisis, stinging investors. The Supreme Court didn’t resolve whether or not Fifth Third—which maintains it treated 401(k) savers and its other investors appropriately—really shirked its responsibilities. Ultimately the case was sent back to a lower court, which will decide whether it can proceed.

Even so, the Supreme Court made an important tweak to the rules that companies need to follow when setting up their 401(k) plans, benefits lawyers say. Up till now companies used to get something of a legal free pass when they added employer stock to 401(k)s. Not anymore.

Here’s how the rules changed: Employers are required to make sure plans include only “prudent” investment options like diversified stock and bond funds. Because giving employees stock is seen as a motivational tool and a way to help workers share the wealth, however, company stock was a special exception. Now, in the wake of the Supreme Court decision, employers will potentially have to justify that their stock is prudent, perhaps by pointing to a bond rating or a healthy price-to-earnings ratio, according to Bruce Ashton, a Los Angeles-based benefits lawyer. “They’ll have to show more diligence,” he says.

The upshot, according Marcia Wagner, another prominent benefits lawyer, is that fewer employers will offer stock in their 401(k)s. “It’s risky for them now,” she says. That’s “a tectonic shift.”

Ultimately it’s good news for investors. The popularity of company stock in retirement plans has been waning for years, at least since the implosion of Enron in 2001, when the spectacle of employees losing their jobs and their savings at once became national news.

While nearly 20% of 401(k) dollars were in employer stock in 1999, according to benefits researcher EBRI, by 2012, the latest date for which data is available, that total had fallen to 7%.

Still not everyone seems to have gotten the memo. About 6% of employees have more than 90% of their 401(k)s invested in company stock, EBRI reports. Meanwhile about one in 10 employers still require 401(k) matching contributions be in stock, according to Aon Hewitt, a benefits consulting company. Maybe not for much longer.

 

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