September 2020 – Market Commentary

September 2020 – Market Commentary

Market Commentary
Just like July, August proved to be a profitable month for both our portfolios and the stock market indices.  The DOW Jones is still down year to date, but made more strides in August in get back to break even (Source:  https://finance.yahoo.com/quote/%5EDJI/history?p=%5EDJI
).

Recently, the tech heavy Nasdaq lost nearly 9% and over the past week Apple has lost 15%, while Tesla has lost nearly 31% (Source:  https://finance.yahoo.com/quote/TSLA?p=TSLA&.tsrc=fin-srch, https://finance.yahoo.com/quote/AAPL/?p=AAPL, https://finance.yahoo.com/quote/%5EIXIC?p=^IXIC).

We have research that tells us what the institutional money managers are up to, and also what the average Joe, or retail investor, is up to.  In the week before this massive drop, the market was at “overbought” levels rarely seen before.  However, our phones were ringing off the hook with people asking if they should invest in Apple or Tesla, right before the drop.  Human emotions tell us to want to buy something if it has been working out lately, especially if a friend or co-worker is doing well.  This is what we call FOMO, or the fear of missing out.  When analyzing the comparison of the average Joe versus the institutional investors, the institutional investors were getting more and more pessimistic about the market, while the average Joe’s were getting more and more excited and optimistic. 

The goal of investing is to buy low and sell high whenever possible.  That’s hard to do because your emotions tell you otherwise.  How do you overcome this?  We’ve been through this many times before, and our experience is oftentimes a virtue.  We are far from perfect, but our primary goal is to avoid large drops that can potentially damage your long term financial goals.  We are not gamblers, we are patient investors. 

We sold stocks last month as we felt another drop was coming as our research was becoming more bearish. This drop may prove to be short lived as we have very recently purchased stocks during the decline. If further losses occur and we fall below critical levels of support and downswings become imminent we may start moving money back to cash and other “safer” investments. No matter what happens next, we’re watching the stock market all day, every day, looking for good opportunities.

Some clients have asked why we reduce risk when we believe the market is potentially overvalued.  You trust us with your retirement savings, and we believe riding markets up and down as much as 10% in a single day is not what you signed up for. A big mistake can be the difference between retiring early or working extra years. It can be the difference between running out of money before end-of-life and the long term care costs that come with it, or keeping your pride, dignity and not being a burden to your family. We will continue to be patient as we navigate this “once in a hundred year” pandemic.  We managed the financial crisis in 2007-2009 extremely well and we plan to navigate this difficult time as well with patience and prudence, and so far our experience is paying off.

If you have any questions about taxes, your individual investment portfolio, our 401(k) recommendation service, or anything else in general, please give our office a call at (586) 226-2100. Feel free to forward this commentary to a friend, family member, or co-worker. If they would like to receive this commentary in the future, please send us an e-mail at info@summitfc.net at your earliest convenience. If you have had any changes to your income, job, family, health insurance, risk tolerance, or your overall financial situation, please give us a call so we can discuss it.

Thank you for your confidence and referrals!

Bob, Ken, Jim, and Zach
Summit Financial Consulting

Interesting Points

U.S. technology stocks, currently valued at $9.1 trillion, are now worth more than the entire European stock market. (This is dated right before the stock market’s recent drop) Source: -Business Insider, August 28, 2020

In America, since the pandemic started, sales of alcohol are up 27%. Additionally, 38% of Americans say they have gained weight. Source: USA Today August 14, 2020

U.S. productivity grew 7.3% last quarter which came while the number of hours worked fell by 43%, the biggest decline ever. Source: -Morning Brew, August 15, 2020

At least 89 coronavirus vaccines are under development around the world, with seven now in human trials. Pfizer says that if its vaccine proves safe and effective, it might be available on a limited basis as early as September. The most quickly developed anti-viral vaccine to date was the one for mumps, licensed in 1967 after four years of research. Source: -International Business Times, April 30, 2020

In the first half of 2020, more than 3,600 companies filed for bankruptcy. Just over 600 filed in June alone.  Source: -Axios, July 10, 2020

“The advice of doctors and the power of medicine appeared useless and unavailing and the surest medicine for such an evil disease was to drink heavily, enjoy life’s pleasures, and go about singing and having fun, satisfying their appetites by any means available, while laughing at everything.”  Source: Givonanni Boccaccio, written during the Bubonic Plaque 1348-53

This is the first Democratic ticket since 1984 that will not have someone on it with an Ivy League degree. Source: -Business Insider, August 11, 2020

 

Investment advisory services are offered through Summit Financial Consulting, LLC, a MI registered investment advisor.  Summit Financial Consulting Investment Advisor Representatives do not render tax, legal, or accounting advice.  Insurance products and services are offered through Summit Financial Consulting, LLC. 

Disclosures regarding our performance reporting: Because some clients are in the 10% tax bracket and others are in the 37% Federal tax bracket, we have decided to report performance before taxes. If you have a non-qualified account, please feel free to contact us to determine your individualized rate of return after tax. All of Summit’s performance is after our 1.25% advisory fee that is deducted monthly. Your fees may be higher or lower depending upon the amount of assets invested with our firm. Feel free to contact us to receive online access so you can see your personalized rate of return. The Aggregate bond index we use is ticker AGG, and all dividends and distributions earned are reinvested and included in the performance numbers. The S&P 500 index and Dow Jones index quoted above does not include dividends within the performance. If a holding within our portfolio does pay a dividend or other income, it is reinvested, so our performance does include dividends. This report has been prepared from data believed reliable, but no representation is made as to accuracy or completeness. Total return and principal value will vary depending upon the deduction of advisory fees, brokerage commissions, reinvestment of dividends and other earnings or fund charges and because of this, especially if you are a brand new client that was invested in the middle of the month or if you made a deposit or withdrawal in the month, adviser’s clients may have had materially different results from the results portrayed in the performance numbers disclosed. This information is provided to you in combined form, solely for your convenience and ease of review and is not an offer or solicitation to buy or sell any securities. In order to verify that all account values and transactions are accurate, we encourage you to compare the information provided in our statement with the statement you receive directly from your custodian. All written content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. The performance data in this report represents past performance and does not guarantee or imply future results. Current performance may be lower or higher than the performance data quoted in this report. Because we use bond funds and inverse funds as hedges, there will be months where we underperform the Dow Jones and the S&P 500 index, but also months where we will outperform. We do our best to manage stock market volatility, but anything is certainly possible.

The returns are calculated using a true daily time-weighted rate of return (“TWRR” as a primary performance return methodology). TWRR is the CFA Institutes Global Investment Performance Standards (“GIPS”) required calculation for managed accounts. TWRR provides a measure of how an account was managed regardless of the dollar value and is unaffected by external cash flows. TWRR is required in GIPS Guidelines for managed accounts for two primary reasons:

1. Impact of external flows on TWRR: Since an advisor typically does not control the timing or magnitude of investor cash flows, TWRR is deemed appropriate as it isolates performance regardless of the portfolio/account’s dollar value and external flows.

2. Comparison across portfolios and benchmarks: TWRR can be used to directly compare performance with other portfolio/accounts and is an appropriate metric to use when comparing portfolio/account performance to benchmarks.

Please update Summit Financial Consulting LLC if your investment objectives have changed or if the personal or financial information previously provided has changed. The investment advisory disclosure document that describes Summit Financial Consulting investment advisory services account is provided to you annually. Please consult Summit Financial Consulting for a copy of this document should you need a copy.

 

 

August 2020 – Market Commentary

August 2020 – Market Commentary

Market Commentary
July proved to be a profitable month for both our portfolios and the stock market indices.  While the DOW Jones is still down about 11% from the highs earlier this year, it made some progress in July (Source:  https://finance.yahoo.com/quote/%5EDJI/history?p=%5EDJI).  The markets seem to be bouncing up and down within a range the past few months and we’re doing our best to buy when the market is on the low end of the range and sell when it’s on the high end of the range.  Continuing with that theory within our in-house managed TD Ameritrade portfolios, we sold some stocks in the last two weeks of July when we felt they were high enough to reap the profits.  If the market moves up out of the range, we plan to buy more stocks to participate, but for now, especially with the election coming soon, we’re taking a measured approach to taking on risk.

Gross Domestic Product, or GDP was reported this week and it was the worst report in history.  Second Quarter GDP plunged 32.9%, but this is understandable because of the virus related shutdowns nationwide.  Corporate earnings season is underway with mixed results.  Half of all financial companies have reported earnings and so far their profits have dropped over 30%.  Alternatively, some technology companies, especially companies that benefit from employees working from home, have seen a surge in profits.  As you know, we’re sector investors trying to always find the most efficient place to invest your hard earned savings.  We had a large percentage of our stock holdings in technology in July. 

Some clients have asked why we reduce risk when we believe the market is potentially overvalued.  You trust us with your retirement savings, and we believe riding markets up and down as much as 10% in a single day is not what you signed up for. A big mistake can be the difference between retiring early or working extra years. It can be the difference between running out of money before end-of-life and the long term care costs that come with it, or keeping your pride, dignity and not being a burden to your family. We will continue to be patient as we navigate this “once in a hundred year” pandemic.  We managed the financial crisis in 2007-2009 extremely well and we plan to navigate this difficult time as well with patience and prudence, and so far our experience is paying off.

If you have any questions about taxes, your individual investment portfolio, our 401(k) recommendation service, or anything else in general, please give our office a call at (586) 226-2100. Feel free to forward this commentary to a friend, family member, or co-worker. If they would like to receive this commentary in the future, please send us an e-mail at info@summitfc.net at your earliest convenience. If you have had any changes to your income, job, family, health insurance, risk tolerance, or your overall financial situation, please give us a call so we can discuss it.

Thank you for your confidence and referrals!

Bob, Ken, Jim, and Zach

Summit Financial Consulting

Interesting Points

Since 1928, the stock market has accurately predicted the winner of the presidential election 87% of the time, including every single election since 1984. When the S&P 500 has been higher the three months before the election, the incumbent party usually has won; when stocks were lower, the incumbent party usually has lost. Source: -Business Insider, June 29, 2020

The IRS audited just 0.59% of individual tax returns last year, the seventh consecutive decline amid budget and staffing cuts at the agency. -The Wall Street Journal, May 20, 2020

In May of this year, unemployment benefits accounted for 6% of U.S. income; in February, they were just 0.1%. Source: -The Associated Press, July 17, 2020

At least 89 coronavirus vaccines are under development around the world, with seven now in human trials. Pfizer says that if its vaccine proves safe and effective, it might be available on a limited basis as early as September. The most quickly developed anti-viral vaccine to date was the one for mumps, licensed in 1967 after four years of research. Source: -International Business Times, April 30, 2020

The average U.S. grocery store stocks about 33,000 different items, nearly four times as many as it did in 1975. That includes 400 different types of Campbell’s Soup and 40 different varieties of toilet paper. -The Wall Street Journal, June 27, 2020

In the first half of 2020, more than 3,600 companies filed for bankruptcy. Just over 600 filed in June alone.  Source: -Axios, July 10, 2020

In 1973, Elvis Presley was the top taxpayer in the country. His manager, Colonel Parker, was in the U.S. illegally and went to great lengths to stay off the government’s radar, including, allegedly, encouraging Elvis to overpay his taxes in order to not attract additional government scrutiny. It is reported that one year Elvis paid 91% of his income to the IRS. Source: -Legacy.com

In a sign of how long some investors expect low rates to last, Austria recently issued government bonds that will only pay 0.88% interest- for the next 100 years. -Bloomberg, June 24, 2020

 

Investment advisory services are offered through Summit Financial Consulting, LLC, a MI registered investment advisor.  Summit Financial Consulting Investment Advisor Representatives do not render tax, legal, or accounting advice.  Insurance products and services are offered through Summit Financial Consulting, LLC. 

Disclosures regarding our performance reporting: Because some clients are in the 10% tax bracket and others are in the 37% Federal tax bracket, we have decided to report performance before taxes. If you have a non-qualified account, please feel free to contact us to determine your individualized rate of return after tax. All of Summit’s performance is after our 1.25% advisory fee that is deducted monthly. Your fees may be higher or lower depending upon the amount of assets invested with our firm. Feel free to contact us to receive online access so you can see your personalized rate of return. The Aggregate bond index we use is ticker AGG, and all dividends and distributions earned are reinvested and included in the performance numbers. The S&P 500 index and Dow Jones index quoted above does not include dividends within the performance. If a holding within our portfolio does pay a dividend or other income, it is reinvested, so our performance does include dividends. This report has been prepared from data believed reliable, but no representation is made as to accuracy or completeness. Total return and principal value will vary depending upon the deduction of advisory fees, brokerage commissions, reinvestment of dividends and other earnings or fund charges and because of this, especially if you are a brand new client that was invested in the middle of the month or if you made a deposit or withdrawal in the month, adviser’s clients may have had materially different results from the results portrayed in the performance numbers disclosed. This information is provided to you in combined form, solely for your convenience and ease of review and is not an offer or solicitation to buy or sell any securities. In order to verify that all account values and transactions are accurate, we encourage you to compare the information provided in our statement with the statement you receive directly from your custodian. All written content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. The performance data in this report represents past performance and does not guarantee or imply future results. Current performance may be lower or higher than the performance data quoted in this report. Because we use bond funds and inverse funds as hedges, there will be months where we underperform the Dow Jones and the S&P 500 index, but also months where we will outperform. We do our best to manage stock market volatility, but anything is certainly possible.

The returns are calculated using a true daily time-weighted rate of return (“TWRR” as a primary performance return methodology). TWRR is the CFA Institutes Global Investment Performance Standards (“GIPS”) required calculation for managed accounts. TWRR provides a measure of how an account was managed regardless of the dollar value and is unaffected by external cash flows. TWRR is required in GIPS Guidelines for managed accounts for two primary reasons:

1. Impact of external flows on TWRR: Since an advisor typically does not control the timing or magnitude of investor cash flows, TWRR is deemed appropriate as it isolates performance regardless of the portfolio/account’s dollar value and external flows.

2. Comparison across portfolios and benchmarks: TWRR can be used to directly compare performance with other portfolio/accounts and is an appropriate metric to use when comparing portfolio/account performance to benchmarks.

Please update Summit Financial Consulting LLC if your investment objectives have changed or if the personal or financial information previously provided has changed. The investment advisory disclosure document that describes Summit Financial Consulting investment advisory services account is provided to you annually. Please consult Summit Financial Consulting for a copy of this document should you need a copy.

 

 

July 2020 – Market Commentary

July 2020 – Market Commentary

Market Commentary

The ongoing Covid pandemic affected the market, both higher and lower, in June.  In our last market commentary, we said the probability of a short term pull back was very high and just a few days after our commentary was posted, from June 8th until June 11th, the DOW Jones dropped nearly 9%, and then again from June 23rd to June 26th, the DOW Jones dropped about 5% (Source:  https://finance.yahoo.com/quote/%5EDJI/history?p=%5EDJI).  In both cases, the market recovered eventually and ended the month with a slight gain, but it was a wild ride.  We’re still quite a bit ahead of the DOW in our in-house managed portfolios year to date but we were slightly negative for the month because of the volatility.

When you take a step back and look at the social unrest, spiking Coronavirus numbers in many states, and a corporate earnings season approaching that will almost certainly be dreadful, you’d think the market would be in a tailspin downward.  The Federal Reserve has been committed to Quantitative Easing (QE) for about 3 months now.  QE was last used during the financial crisis in 2009. The simplest description is that the Federal Reserve prints money and then buys stocks and bonds with it.  This helps to provide stability to the markets, because you have a constant buyer coming in.  Because of this, by many measures, this is once again the most overvalued market in 80 years.   Corporate earnings have dropped because of the shutdowns related to Covid, so Profit/Earnings (P/E) ratios are dangerously high.  Stocks are not a good value by historical standards, but that doesn’t mean they cannot keep going up, so we’re continuing to digest that.

Our portfolios are currently set to own more stock relative to the past few months because our research said a short term surge up was very likely and we wanted to take advantage of it.  We ended the month very strong because of this.  However, in the coming weeks, Wall Street companies will share their Covid altered earnings numbers for the second quarter.  Because of this, the probability of a short-term pullback has increased dramatically in the next month or two once again, and we hope to sell a portion of our stocks for a nice profit very soon.  With the election coming up soon, that may add volatility as well.

You trust us with your retirement savings, and we believe riding markets up and down as much as 10% in a single day is not what you signed up for. A big mistake can be the difference between retiring early or working extra years. It can be the difference between running out of money before end-of-life and the long term care costs that come with it, or keeping your pride, dignity and not being a burden to your family. We will continue to be patient as we navigate this “once in a hundred year” pandemic.  We managed the financial crisis in 2007-2009 extremely well and we plan to navigate this difficult time as well with patience and prudence, and so far our experience is paying off. 

 If you have any questions about taxes, your individual investment portfolio, our 401(k) recommendation service, or anything else in general, please give our office a call at (586) 226-2100. Feel free to forward this commentary to a friend, family member, or co-worker. If they would like to receive this commentary in the future, please send us an e-mail at info@summitfc.net at your earliest convenience. If you have had any changes to your income, job, family, health insurance, risk tolerance, or your overall financial situation, please give us a call so we can discuss it.

Thank you for your confidence and referrals!

Bob, Ken, Jim, and Zach
Summit Financial Consulting

Interesting Points
Since 2000, China’s economy has roughly quadrupled in size, but its debt has increased by a factor of twenty-four. Source: -Zeihan.com, May 15, 2020

With global call centers closed, Americans only received 2.9 billion robocalls in April which is down from 4.8 billion in February. -PRNewswire, May 6, 2020

Because of the stay-at-home order, California highway police say that overall traffic levels are down 35% from last year.  However, the number of speeding tickets for driving faster than 100 mph has increased 87%, with one motorist caught doing 165 mph. Source: -Los Angeles Times, April 22, 2020

At least 89 coronavirus vaccines are under development around the world, with seven now in human trials. Pfizer says that if its vaccine proves safe and effective, it might be available on a limited basis as early as September. The most quickly developed anti-viral vaccine to date was the one for mumps, licensed in 1967 after four years of research. Source: -International Business Times, April 30, 2020

Colleges in the United States earn roughly $600 billion per year- equivalent to the combined annual revenue of the tech firms Google, Apple, Microsoft, Facebook, Netflix, and Twitter. -The Wall Street Journal, June 18, 2020 

Last month, Elon Musk, who takes no salary from Tesla, earned a performance payout worth roughly $775 million. Musk received 1.7 million Tesla shares to bump his ownership stake up to 20.8%.  Source: -CNBC, May 28, 2020

After going public last week, the peak market value of the little-known electric-truck startup Nikola Corp was $30 billion- higher than Ford’s valuation of roughly $24 billion. Nikola has yet to sell any vehicles. Source: -The Wall Street Journal, June 9, 2020

There are roughly 91,000 dams in the United States and in 2025, 70% of those dams will be more than 50 years old, and currently, 8,000 are over 90 years old. -National Geographic, May 27, 2020

Disclosures regarding our performance reporting:  Because some clients are in the 10% tax bracket and others are in the 37% Federal tax bracket, we have decided to report performance before taxes.  If you have a non-qualified account, please feel free to contact us to determine your individualized rate of return after tax. All of Summit’s performance is after our 1.25% advisory fee that is deducted monthly.  Your fees may be higher or lower depending upon the amount of assets invested with our firm.  Feel free to contact us to receive online access so you can see your personalized rate of return.  The Aggregate bond index we use is ticker: AGG.  All dividends and distributions are reinvested and included in the performance.  The S&P 500 index quoted above does not include dividends within the performance.  If a holding within our portfolio does pay a dividend or other income, it is reinvested, so our performance does include dividends.  This report has been prepared from data believed reliable, but no representation is made as to accuracy or completeness. Total return and principal value will vary depending upon the deduction of advisory fees, brokerage commissions, reinvestment of dividends and other earnings or fund charges. This information is provided to you in combined form, solely for your convenience and ease of review and is not an offer or solicitation to buy or sell any securities. In order to verify that all account values and transactions are accurate, we encourage you to compare the information provided in our statement with the statement you receive directly from your custodian. All written content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Past performance does not guarantee future results.

June 2020 – Market Commentary

June 2020 – Market Commentary

May ended up being a profitable month for our portfolios and a profitable month for the major stock market indexes as well.  We’re still quite a bit ahead of the DOW in our in-house managed portfolios year-to-date.

There are a lot of conflicting issues to consider this month.  There continues to be protests, both peaceful and violent,  across the country because of the death of George Floyd.  The Coronavirus pandemic continues to take lives, but at a much slower pace than a few months ago.  On June 5th, 2020, the US Labor Department reported a net gain in jobs rather than the expected job losses.  We believe the US will not return to pre-Covid employment numbers for a long time, but it’s an encouraging sign in any case.

The start of June has been positive for the US markets.  By many measures, this is once again the most overvalued market in 80 years because corporate earnings have dropped so much because of the business shutdowns related to Covid.  Stocks are not a good value by historical standards, but that doesn’t mean they cannot keep going up, so we’re digesting that.

Our portfolios are currently set to a more neutral/defensive positioning because the probability of a short-term pullback has increased dramatically in the past week.  However, if the market marches higher, we will fundamentally re-construct our portfolios in anticipation of further stock market gains in an effort to take advantage of the situation. 

We’ll continue to provide timely updates and in the case of our in-house managed TD Ameritrade portfolios, monitor your accounts daily.

If you have any questions about taxes, your individual investment portfolio, our 401(k) recommendation service, or anything else in general, please give our office a call at (586) 226-2100. Feel free to forward this commentary to a friend, family member, or co-worker. If they would like to receive this commentary in the future, please send us an e-mail at info@summitfc.net at your earliest convenience. If you have had any changes to your income, job, family, health insurance, risk tolerance, or your overall financial situation, please give us a call so we can discuss it.

Thank you for your confidence and referrals!

Bob, Ken, Jim, and Zach
Summit Financial Consultin

Interesting Points

Online sales of pajamas surged 143% in April from March, while purchases of pants fell 13%. Source: -CNBC, May 12, 2020

Exxon Mobile lost $610 million in the first quarter, its only loss since 1988. With plunging global demand and collapsing prices, earnings from its oil and gas production fell 91% from a year ago. -Reuters, May 1, 2020

U.S. spending on food away-from-home accounted for 54.4% of total food expenditures in 2018. Source: -USDA, August 26, 2019

At least 89 coronavirus vaccines are under development around the world, with seven now in human trials. Pfizer says that if its vaccine proves safe and effective, it might be available on a limited basis as early as September. The most quickly developed anti-viral vaccine to date was the one for mumps, licensed in 1967 after four years of research. Source: -International Business Times, April 30, 2020

The incidence of STDs in New York City has plunged 80% since the start of the pandemic, an obvious benefit of social distancing. -The New York Post, April 25, 2020

In March, children’s melatonin supplements- chewable gummy bears laced with one milligram of the sleep aid, saw sales pop 87% year-over-year.  Source: -The New York Times, May 18, 2020

Only 51.3% of adult Americans now have a job- the lowest percentage on record since the BLS started tracking that number in 1948. Source: -CNN, May 8, 2020

Disclosures regarding our performance reporting:  Because some clients are in the 10% tax bracket and others are in the 37% Federal tax bracket, we have decided to report performance before taxes.  If you have a non-qualified account, please feel free to contact us to determine your individualized rate of return after tax. All of Summit’s performance is after our 1.25% advisory fee that is deducted monthly.  Your fees may be higher or lower depending upon the amount of assets invested with our firm.  Feel free to contact us to receive online access so you can see your personalized rate of return.  The Aggregate bond index we use is ticker: AGG.  All dividends and distributions are reinvested and included in the performance.  The S&P 500 index quoted above does not include dividends within the performance.  If a holding within our portfolio does pay a dividend or other income, it is reinvested, so our performance does include dividends.  This report has been prepared from data believed reliable, but no representation is made as to accuracy or completeness. Total return and principal value will vary depending upon the deduction of advisory fees, brokerage commissions, reinvestment of dividends and other earnings or fund charges. This information is provided to you in combined form, solely for your convenience and ease of review and is not an offer or solicitation to buy or sell any securities. In order to verify that all account values and transactions are accurate, we encourage you to compare the information provided in our statement with the statement you receive directly from your custodian. All written content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Past performance does not guarantee future results.

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Investment advisory services are offered through Summit Financial Consulting, LLC, a MI registered investment advisor. Insurance products and services are offered through Summit Financial Consulting, LLC.  Summit Financial Consulting, LLC and its representatives do not render tax, legal, or accounting advice. Summit Financial Consulting, LLC is not affiliated with or endorsed by the Social Security Administration or any government agency.