2023 Q3 In Review - Integrity Wealth Advisors, Ventura & Ojai, California

iwaplan.com
Q3 2023
IN REVIEW

TOTAL RETURN 2023 Q3 + NEWSWORTHY EVENTS
July 5 – The Fed’s
June meeting minutes
indicate more rate hikes
are likely on the way
July 26 – The Federal Reserve
raised the federal funds rate to
5.50%, the highest level in 22 years
August 8 – On Maui, a series of
wildfires burned 17,000 acres of
land, leaving at least 98 people
dead and 31 others missing
September 9 – a 6.9 magnitude
earthquake strikes Marrakesh,
killing at least 2,960 people
July 12 – The Consumer
Price Index (CPI) report
showed that headline
inflation was up 3.1% for
the last year, the lowest
reading since August 2021
August 1 – U.S. Treasury
Bonds were downgraded
from AAA to AA+ by
ratings agency Fitch
August 15 – The stock market
fell following better than
expected economic reports
on consumer spending,
suggesting sticker inflation
and a more aggressive Fed
September 15 – The
United Auto Workers
begin a strike against
the three largest
American automakers
September 20 – The
Federal Reserve
decided to hold interest
rates at 5.50% but
notes than another 25
basis point raise was
not off the table for the
remainder of 2023
4%
S&P 500 TOTAL RETURN
MSCI ACWI EX USA TOTAL RETURN
BARCLAYS US AGGREGATE TOTAL RETURN
3%
2%
1%
0%
-1%
-2%
-3.27%
-3%
-3.23%
-4%
-3.68%
July
August
September
As of close 9/29/2023
12%
S&P 500 TOTAL RETURN
MSCI ACWI EX USA TOTAL RETURN
BARCLAYS US AGGREGATE TOTAL RETURN
Source: https://en.wikipedia.org/wiki/2023
11%
10.42%

A SURPRISINGLY RESILIENT ECONOMY DESPITE
A HAWKISH FED
2023
Q3
IN REVIEW
The financial markets faced significant challenges in the third quarter.
Equities struggled as a bearish sentiment took hold in recent months. The
initial momentum, driven by a disinflation narrative from October 2022 to July
2023, was overshadowed by less supportive storylines, leaving equities in a
precarious position amidst the resilient economy.
Despite efforts, inflation improvement remains elusive due to persistent wage
stagnation. While U.S. consumers didn't cause the pandemic-related price
surge, they are now demanding higher wages. This robust labor force is a
reason why the Federal Reserve is cautious in easing its policies, hinting at
a prolonged period of restrictive measures, which is impacting both equities
and bonds.
This tightening of financial conditions is happening in an economy that,
at the moment, seems capable of absorbing it. Consumers are financially
stable, employment markets are robust, corporate profits are rising, and fiscal
policies are surprisingly pro-cyclical for this stage of expansion. Consequently,
the rise in yields seems justified given the resilient economy and the hawkish
stance of the Fed. While the threat of a recession looms in 2024, for now, the
market's fate hangs on oil prices and the U.S. 10-year Treasury yield.
Traditionally, interest rates would be at new lows during this expansion
phase, stimulating the economy through refinancing and increased housing
demand. However, investors are now grappling with a gradual reduction in
liquidity, reflected in the narrowing gains across financial assets. Despite
healthy nominal economic growth, the ongoing contraction of money and
credit implies a limited shelf life for this prosperity. Investors remain skeptical
about the soft-landing theory unless there's a significant change in the current
scenario. The longer the economy stays resilient, the higher the chances of a
harsher economic downturn.
Real interest rates are higher, emphasizing the time value of money and
marking a departure from the post-2008 era of easy money. Consequently,
considering valuations is crucial in investment decisions. The era of pursuing
growth at any cost is becoming increasingly difficult to justify.
ECONOMIC CHARTS & NOTES
CONSUMER SENTIMENT Consumer sentiment improved in Q3, reaching its
highest level in nearly two years, although autoworker strikes and the government
shutdown added uncertainty. Retail sales picked up as American shoppers stayed
resilient.
US Retail Sales
Consumer Sentiment
EMPLOYMENT The U.S. unemployment rate rose to 3.8% (its highest level since
February 2022), a sign that the jobs market may be cooling. Job gains were better
than expected in August, led by healthcare, but June/July figures were revised lower.
Unemployment Rate
NonFarm Payroll
34%
100
16%
2200
US Retail Sales % Chg
28%
22%
16%
10%
4%
-2%
-8%
90
80
70
60
Consumer Sentiment
Unemployment Rate %
14%
12%
10%
8%
6%
4%
-825
-3850
-6875
-9900
-12925
-15950
-18975
NonFarm Payroll
-14%
Jan '19
Jul '19
Jan '20
Jul '20
Jan '21
Jul '21
Jan '22
Jul '22
Jan '23
50
Jul '23
2%
Jan ' 19
Jul '19
Jan '20
Jul '20
Jan '21
Jul '21
Jan '22
Jul '22
Jan '23
Jul ' 23
-22000
Source: University of Michigan Consumer Sentiment. Retail Sales - U.S. Census Bureau.
Source: U.S. Bureau of Labor Statistics

ECONOMIC CHARTS & NOTES
CONSUMER PRICE INDEX The overall CPI had it biggest monthly gain
of 2023 due to a surge in gasoline prices. Core inflation, excluding food and
energy, was hotter than expected in August.
CONSUMER SPENDING Consumer purchasing power slipped in Q3 as wage
growth failed to keep up with inflation. Household spending cooled in August but
remains above 2022 levels.
Y/Y % Chg
8%
7%
6%
5%
4%
3%
2%
1%
0%
CPI Less Food
2018 2019 2020 2021
CPI All
2022 2023
% Chg Year-over-year
35
30
25
20
15
10
5
0
-5
-10
-15
-20
-25
Jan '19
Jul '19
Consumption
Jan '20 Jul ' 20 Jan '21
Jul '21
Jan '22
Disposable Income
Jul '22 Jan '23 Jul '23
Source: U.S. Bureau of Labor Statistics
Source: U.S. Bureau of Economic Analysis
JOB OPENINGS & HIRES Retail hires and job openings were relatively flat
for the period. Some retailers, like Amazon, are ramping holiday season hiring,
while Target and others are being more cautious.
GDP The Fed's GDPNow model estimates the economy grew 4.9% in the third
quarter, amid resilient consumer spending and healthy net export activity.
Retail Openings
Retail Hires
GDP
Amount in Thousands
1500
1200
900
600
300
0
Jan '18
Jul '18
Jan '19
Jul '19
Jan '20
Jul '20
Jan '21
Jul '21
Jan '22
Jul '22
Jan '23
Jul '23
% Growth
35%
30%
25%
20%
15%
10%
5%
0%
-5%
-10%
-15%
-20%
-25%
-30%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q4 Q2 Q3 Q4 Q1 Q2
2018
2019 2020 2021 2022 2023
Source: U.S. Bureau of Labor Statistics
Source: U.S. Bureau of Economic Analysis

U.S. ECONOMY HIT BY ROLLING RECESSION
2023
Q3
IN REVIEW
What happened to the widely predicted recession that was supposed to wreak havoc on the U.S. economy this year? It happened. Just not all at once.
Different sectors of the economy have experienced downturns at different times. Thanks to this rare case of a “rolling” recession, the U.S. may not experience a
traditional recession at all this year, or next, even with the dual pressures of elevated inflation and high interest rates.
“Mini” recessions have rolled across different industries and sectors
Travel
Travelers through TSA checkpoints (millions)
Oil
WTI crude oil spot price (USD per barrel)
3
2
1
0
2019 2020 2021 2022 2023
Housing
S&P CoreLogic Case-Shiller 20-City Composite Home Price Index
(month-over-month % change)
3
2
1
0
–1
–2
2019 2020 2021 2022 2023
120
80
40
0
2019 2020 2021 2022 2023
Semiconductors
Philadelphia Stock Exchange Semiconductor Index cumulative return (%)
250
200
150
100
50
0
2019 2020 2021 2022 2023
Sources: Travel: Transportation Security Agency (TSA), U.S. Department of Homeland Security. Data is a 30-day moving average. As of August 31, 2023. Oil: Refinitiv Datastream. As of August 31, 2023. Housing: Refinitiv Datastream,
Standard & Poor’s. Latest available monthly data is June 2023, as of September 5, 2023. Semiconductors: Philadelphia Stock Exchange, Refinitiv Datastream. As of August 31, 2023. Data represents cumulative price return since January 1,
2019. Past results are not predictive of results in future periods.
Sources: © 2023 Capital Travel: Group. Transportation All rights reserved. Security Agency (TSA), U.S. Department of Homeland Security. Data is a 30-day moving average. As of August 31, 2023. Oil: Refinitiv Datastream. As of August 31, 2023. Housing:
Refinitiv Datastream, Standard & Poor’s. Latest available monthly data is June 2023, as of September 5, 2023. Semiconductors: Philadelphia Stock Exchange, Refinitiv Datastream. As of August 31, 2023. Data
represents cumulative price return since January 1, 2019. Past results are not predictive of results in future periods.
6

AS RATE HIKES NEAR END, HISTORIC INVESTOR
OPPORTUNITY MAY BEGIN
To say this has been an interesting year in financial markets is an
understatement. Equities have been stronger than most expected, and the
10-year U.S. Treasury yield is up 71 basis points as of September 30. So where
are we now as we head into the homestretch of 2023? We believe we’re on the
cusp of a major transition, one where long-term investors can find attractive
income opportunities as central banks pivot from restrictive monetary policy
to something that looks much more benign.
Last year was shocking to many in the investment community; it marked the
first time in at least 45 years that both stocks and bonds posted negative
returns in a calendar year. Battling high inflation, the Federal Reserve raised
interest rates aggressively. Those hikes hurt absolute results across the
board. The usual role of high-quality bonds to provide diversification from
stock market volatility — something investors rely on — broke down.
Turbulent markets in 2022, plus the prospect of relatively high yields in money
markets, led investors to flock to cash-like alternatives. Money market funds
were at an all-time high of $5.6 trillion as of September 6, according to the
Investment Company Institute. Cash investments still look compelling to
many investors today, but the Fed appears to be nearing a turning point.
History teaches us that this may be an opportune time to shift back to stocks
and bonds.
Sources: Capital Group, Bloomberg Index Services Ltd., Standard & Poor's. Each dot represents an annual stock and bond market return from 1977 through 2022. Stock returns represented by the S&P 500 Index. Bond
returns represented by the Bloomberg U.S. Aggregate Index. Past results are not predictive of results in future periods.

UNDERSTANDING THE RISE IN BOND YIELDS
2023
Q3
IN REVIEW
The incredible resilience of the U.S. economy,
highlighted by September’s payroll numbers, has
caused government bond yields to rise sharply.
Steepening of the yield curve creates a compelling
opportunity for investors in money markets to
consider adding longer-duration assets, in our
view. Starting yields are high relative to history
and to other asset classes on a risk-adjusted
basis. This can create a “yield cushion” amid a still
highly uncertain outlook. In addition, bonds have
the potential to earn capital gains and diversify
portfolios. Indeed, investors can now seek to
construct resilient portfolios, pursuing robust yields
and predictable flows, with a moderate amount of
risk.
The spike in rates is also working to tighten
financial conditions by making new debt much more
expensive. This should eventually raise the cost
of existing debt as fixed terms run out on loans to
businesses and households. Higher yields have
already contributed to stagnating flows of new
loans this year. We believe this may eventually slow
economic activity and moderate inflation enough for
central banks to ease.
Paradoxically, yields have jumped despite developed
market central banks having neared the end of their
respective hiking cycles, and as headline inflation
rates have moderated meaningfully. This has raised
questions about the underlying drivers of the recent
market repricing.
Consider that U.S. Treasury yields have risen and
the yield curve has steepened with real rates –
indicated by yields on Treasury Inflation-Protected
Securities (TIPS) – leading nominal bond yields
higher. By contrast, the spread between real and
nominal rates, or the breakeven inflation spread,
hasn’t changed much at all. This suggests that
investors aren’t worried about inflation risks, but are
nevertheless demanding a higher real term premium
to hold longer-maturity government bonds.
Why would investors all of a sudden demand more
real term premium? At the heart of it, we think
it relates to a combination of factors that have
recently shifted private investors’ outlook about
future government bond supply. Expectations of
greater supply have meant a higher yield required by
the marginal investor. These factors include:
1. More resilient economies and lower recession
risks. This suggests that central banks can
continue for longer to reduce their holdings
of government bonds. The process, known
as quantitative tightening or “QT,” tends to
boost the supply of bonds in the market and
tighten financial conditions. Earlier in the year,
the U.S. regional banking crisis led to a steep
drop in policy rate expectations and lower
term premiums embedded in longer-dated
bonds. Markets were pricing in the prospect
of recession and policy easing, including a
cessation of QT.
2. Resilience in developed economies outside
the U.S. Importantly, this has reignited enough
inflationary pressures in Japan for its central
bank to ease away from its yield curve control
policy. Over the past decade, the Bank of Japan
(BOJ) has been an important source of demand
for Japanese Government Bonds (JGBs). This
crowded out Japanese domestic investors from
their local bond markets, increasing demand
for global bonds. Now that the BOJ is easing
away from these policies, there should be more
JGBs for the private sector to buy to finance
Japanese government deficits – thus reducing
demand for Treasuries.
3. The outlook for the U.S. deficit has also been
ratcheted up. In particular, there have been
growing concerns over the future cost of
government tax credits and subsidies related
to green energy investments. In May, the
Congressional Budget Office (CBO) revised
higher its 10-year outlook for costs stemming
from last year’s Inflation Reduction Act – the
largest-ever investment into addressing climate
change. Private forecasters have asserted that
because these new government incentives
are uncapped, even the CBO’s latest estimates
may be grossly underappreciating longer-term
costs. That could require increased issuance of
Treasuries.
These factors have raised fresh questions
about U.S. debt sustainability. Government debt
loads have gotten more expensive to service
as interest costs rise amid moderating nominal
growth. Concerns about debt-sustainability were
exacerbated by Fitch’s downgrade of the U.S.’s
sovereign credit rating to AA+ from AAA in August.
However, the spread between Italian government
bonds and matched-maturity German bonds has
also widened in Europe as investors grapple with
debt-sustainability questions there.
INVESTMENT IMPLICATIONS
The normalization in the shape of the yield curve
and repricing of real yields reflects investors’
demand for higher yields in the face of greater
supply. However, what’s good for investors is
not necessarily sustainable for the economy
over the medium term. Higher rates have further
tightened financial conditions, which should weigh
on investment, real GDP growth, and eventually
inflation. In other words, higher yields that tighten
financial conditions are just what the economy
needs for yields to decline.
Thus, high starting yields plus the potential for
capital appreciation and portfolio diversification
can create attractive opportunities in fixed income
markets, in our view. Indeed, investors can seek to
construct resilient portfolios, with robust yields and
predictable flows, with a moderate amount of risk.
SOURCE: Pimco

INVESTMENT
MANAGEMENT
PHILOSOPHY
The complex, ever-changing investment world of today
requires an investment process that is overseen by a team
of experienced investment professionals. Global capital
markets present investors with a host of challenges due to
the combination of an overwhelming amount of information
to analyze and the endless supply of conflicting opinions and
narratives surrounding financial markets. The time and expertise
required to perform in-depth investment research and to make
timely and informed portfolio management decisions requires
both a clear investment process and an experienced investment
team to implement the process.
An old adage states that there is accomplishment through
many advisors. We agree and embrace a variety of investment
perspectives through our investment committee. Our investment
philosophy is well grounded in global macro-economic analysis.
Investment ideas are carefully vetted through a process which
incorporates the diverse range of investment backgrounds
within our firm. This process of multifaceted analysis ensures
that only the strongest investment ideas survive. We are
committed to striking the right balance between risk and
return through managing global, multi-asset class investment
portfolios.
INDEPENDENCE &
CLIENT FOCUS
DIVERSIFICATION
TOP-DOWN, THEMATIC
APPROACH
PERFORMANCE WITH
LIQUIDITY
VARIED INVESTMENT
PERSPECTIVES
OPTIMIZATION OF
EXPENSES AND TAXES
THE INVESTMENT PROCESS
ASSESSMENT OF GLOBAL
ECONOMIC & INVESTMENT
ENVIRONMENT
ASSESS & ANALYZE
THEMES
RESEARCH INVESTMENT
VEHICLES TO FIND
EFFECTIVE IMPLEMENTATION
IDENTIFY
OPPORTUNITIES
STRATEGIC ASSET
ALLOCATION -
Geographies, Sectors,
Capitalizations
INVESTMENT SELECTION -
Open/Closed End Funds, ETFs, Stocks & Bonds

INVESTMENT COMMITTEE
2023
Q3
IN REVIEW
The Investment Committee meets formally each quarter,
and more frequently if market conditions warrant, to discuss
the state of the global economy and capital markets and
to assess the current asset allocation and positioning of
our portfolios. There’s an art to striking the right balance
between risk and return; pursuing that symmetry is the core
of our investment philosophy. We are fiduciaries and have
our interests aligned with our advisory clients, as we invest
alongside them.​ Contact us at investmentcommittee@
iwaplan.com with any questions or concerns.
STEPHEN WAGNER
CEO, Investment Advisor,
CFP ® , CPFA
MARTHA LAFF
Investment Advisor,
ChFC ® , CLU ® , CRPC ®
CHRISTOPHER WAGNER
Investment Advisor &
Financial Planner, CPFA
MARGARET MARAPAO
Investment Advisor &
Financial Planner, CFP ®
LAINE MILLER
Investment Advisor &
Financial Planner, CFP ®
JOE BARONI
Investment Advisor &
Financial Planner, CFP ®
BOB CHEATHAM
Financial Planner,
CRPS®, MA
DOUG ECKER
Investment Advisor &
Financial Planner, CRPS®
ANDREW MURTHA
Financial Analyst,
MBA
* Financial services experience. Investment Advisory Services are offered through investment advisor representatives of Integrity Wealth Advisors, a Federally Registered Investment Advisor.
Bob Cheatham, Doug Ecker, Laine Miller, Joe Baroni and Christopher Wagner are solely investment advisor representatives of Integrity Wealth Advisors. LLC. and not affiliated with LPL Financial.
THOUGHTFUL
INDEPENDENT
FIDUCIARIES
Integrity Wealth Advisors has
been committed to helping
individuals, families, and
businesses grow, preserve, and
distribute wealth since 1979
VENTURA
196 S Fir St, Ste 140
Ventura, CA 93001
(805) 339-0760
ventura@iwaplan.com
OJAI
205 S Signal St,
Ojai, CA 93023
(805) 646-3729
ojai@iwaplan.com

THE IMPACT OF
SOUND FINANCIAL
PLANNING
PAY OFF STUDENT LOANS OR SAVE
FOR RETIREMENT?
Recent Vanguard research 1 shows that an experienced
wealth management team not only adds peace of mind,
but also may add about 3 percentage points of value in
net portfolio returns over time. What does this mean? Your
team has the ability and the time to evaluate your portfolio
investments, meet with you to discuss objectives, and
help get you through tough markets. All of these factored
together potentially add value to your net returns (returns
after taxes and fees) over time. But the most interesting part
of this research is that it shows that financial planning and
financial coaching contributed to the greater majority of the
added net 3% in net portfolio returns.
It’s important to realize how valuable making sound financial
planning decisions is and that value is added by your
financial planning team. As investors, our emotions can be
our worst enemy, especially when the markets are volatile,
and guidance from a “behavioral coach” can save us from
panic-selling and abandoning long-term financial plans.
Numerous studies demonstrate that advisors can have a
huge impact on investor finances, but it’s hard to say if these
findings have been recognized and understood by everyday
investors.
DREAM.
PLAN.
ENJOY.
After a three-year pause during the
pandemic, student loan payments are back.
This also marks the return of a perennial
question for recent (and, in this case,
not-so-recent) grads: Should I pay down
my student loans before I start saving for
retirement?
It can be tempting to postpone saving for
things like an emergency fund or goals
like retirement, especially if you're young
and aren't making a lot of money. However,
thanks to the power of compounding,
setting aside even small amounts
when you’re young could help you build
significant savings by the time you're
retired.
It's not impossible to tackle student debt
while also saving for retirement. Consider
prioritizing these steps:
1. Make the minimum loan payments
The cardinal rule for paying off student debt
is: Don't miss payments. Make at least the
minimum payment on every loan and ensure
the amount fits your monthly budget. As
you repay your loan, you're establishing
credit history, and your student loan interest
payments may be tax-deductible if your
adjusted gross income is less than $85,000
($175,000 for joint returns). So, there's an
upside to starting payments and making
them on time.
2. Maximize 401(k) contributions to at least
get the match
Your next priority is to consider your
qualified workplace retirement plan. You'll
want to contribute as much as you can
afford to your 401(k)—or 403(b) if you
work for a nonprofit or 457(b) if you're
a government employee—up to your
employer's match. Not contributing enough
to receive the match (often 5% or 6%)
is turning down what's effectively "free
money."
3. Pay off high-interest-rate debt
Debt with a high interest rate, such as that
held on a credit card, can quickly pile up—
especially if you carry over your balance
from month to month. Start by cutting back
your credit card use and put extra money
toward your balance. With less debt, you'll
be able to save more for retirement and
other financial goals.
4. Build an emergency fund
Life happens, and you should plan for
the unexpected. Otherwise, you might
find yourself relying on your credit card
or retirement savings during a financial
setback. Keep the money in a high-interest
savings or money market account where it
can grow and where you can easily access
it should you need to make a withdrawal.
5. Put additional funds to work
When you're fortunate enough to have
leftover funds, use them wisely. After you've
paid your debts—and yourself—consider
investing the rest in the market. While
investing involves risks and you could lose
money in the market, you may also gain
more from investment returns over the long
run.
The bottom line
Juggling student debt can be tricky but
investing in your future is worth it. College
graduates can successfully manage loan
repayment while saving for retirement. You
don't have to choose one over the other, let
us help you navigate these decisions.

HEALTH CARE COSTS IN RETIREMENT – ARE YOU PREPARED?
Even if you've been saving diligently, health care costs can throw a wrench in
your retirement plans. A report from the Employee Benefit Research Institute
estimates a 65-year-old couple could need as much as $383,000 in savings
to have a 90% chance of covering their health care expenses—including
premiums, deductibles, prescriptions, and out-of-pocket costs—in retirement.
Here are four strategies to consider before you reach retirement age.
1. MAKE THE MOST OF AN HSA
If you're enrolled in a high-deductible health care plan (HDHP) that offers a
health savings account (HSA), consider using it to sock away extra money
for future medical needs. You can make tax-deductible contributions of up
to $3,850 for individual coverage and $7,750 for a family in 2023—plus an
additional $1,000 for those ages 55 and older.
Your earnings grow tax-free, and withdrawals of contributions and earnings are
tax- and penalty-free when used for qualified health care expenses, including
Medicare and long-term care (LTC) insurance premiums. And once you reach
age 65, withdrawals from an HSA can be used for any purpose without penalty,
although ordinary income taxes will apply to funds used for nonmedical
expenses.
2. ENROLL IN MEDICARE AT THE RIGHT TIME
Most near-retirees know Medicare becomes available at age 65, but fewer
realize there's a permanent penalty for missing the initial enrollment period
(IEP). Your IEP is a seven-month span, including the three months before, the
month of, and the three months following your 65th birthday. If you fail to
apply during your IEP for Medicare Part B—which covers most everyday
(outpatient) medical expenses—your monthly Part B premiums could go
up 10% for every 12-month period, you go without coverage. There's
also a 1% penalty per month for each month you delay enrolling in
Part D prescription drug coverage (see "The ABCDs of Medicare").
group health care plan for hospitalization. However, once you enroll in
Medicare, you can no longer contribute to an HSA, so if your plan is to stay
with your group health insurance and to keep contributing to an HSA after age
65, you may want to postpone enrolling in Part A.
Once you or your spouse no longer has employer-sponsored health insurance,
you'll have eight months to sign up for Medicare during a special enrollment
period (SEP) to avoid penalties.
3. REDUCE YOUR MODIFIED ADJUSTED GROSS INCOME
Medicare premiums are also affected by your modified adjusted gross income
(MAGI). Relatively higher-earning retirees may be subject to Medicare's
Income-Related Monthly Adjustment Amount (IRMAA), which is a surcharge
on the monthly premiums for Parts B and D if your MAGI from two years prior
exceeds $97,000 ($194,000 for married couples filing jointly). The differences
in premiums for Part B, in particular, can be steep, so taking steps to reduce
your MAGI could lower your medical costs as well.
4. PLAN FOR LONG-TERM CARE
Long-term care covers the costs of activities of daily living and can be
a significant risk to your financial situation in retirement without careful
planning. Long-term care insurance can seem costly but with the average
annual cost of a private room in a nursing home at nearly $108,405, it may be
more expensive not to have it.
If you begin collecting Social Security before your 65th birthday,
you'll automatically be enrolled in Part A (which covers hospital
stays and is generally premium-free) and Part B. But if you
plan on waiting to collect Social Security, be sure to apply for
Medicare as soon as you're eligible.
Be aware that Medicare coverage can be affected if you or
your spouse is still working and enrolled in an employer's
health care plan. For example, you may be able to delay
signing up for Part B without penalty until workplace
coverage ends. You could enroll for Part A while being
covered by an employer plan—generally, you'll have no
premium costs, and Medicare will pay secondary to your

VENTURA
196 S Fir St, Ste 140
Ventura, CA 93001
(805) 339-0760
ventura@iwaplan.com
OJAI
205 S Signal St,
Ojai, CA 93023
(805) 646-3729
ojai@iwaplan.com
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in an index. Note: Investors cannot invest directly in an index. These unmanaged indices do not reflect management fees and transaction costs that are associated
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1,012 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.
The Barclays Capital U.S. Aggregate Bond Index is the most common index used to track the performance of investment grade bonds in the U.S.
The opinions expressed in this program are for general informational purposes only and are not intended to provide specific advice or recommendations for any
individual or on any specific security. It is only intended to provide education about the financial industry. To determine which investments may be appropriate for
you, consult your financial advisor prior to investing. Any past performance discussed during this program is no guarantee of future results. Any indices referenced
for comparison are unmanaged and cannot be invested into directly. Investing involves risk and possible loss of principal capital; please seek advice from a licensed
professional.
Vanguard research study; Source: Francis M. Kinniry Jr., Colleen M. Jaconetti, Michael A. DiJoseph, and Yan Zilbering, 2014. Putting a value on your value: Quantifying
Vanguard Advisor’s Alpha. Valley Forge, Pa.: The Vanguard Group.
There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market
risk. Dollar cost averaging involves continuous investment in securities regardless of fluctuation in price levels of such securities. An investor should consider their
ability to continue purchasing through fluctuating price levels. Such a plan does not assure a profit and does not protect against loss in declining markets.
Integrity Wealth Advisors is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Integrity Wealth Advisors and
its representatives are properly licensed or exempt from licensure. No advice may be rendered by Integrity Wealth Advisors unless a client service agreement is in
place.
Advisory services offered through Integrity Wealth Advisors (IWA), a registered investment advisor. Certain, but not all, investment advisor representatives (IARs) of
IWA are also registered representatives of, and offer securities through LPL Financial, member FINRA/SIPC. IWA and LPL Financial are separate entities.