Empower-fin acquires a strategic stake in NMG Benefits

Johannesburg, – NMG Benefits, a leading provider of employee benefits solutions in southern Africa, has announced that Empowerfin Partnerships, a subsidiary of Empower-fin, has acquired a strategic minority stake in the business, effective immediately.

Founded in 2012 by Hambisani Mahlangu, Empower-fin has established itself as an innovative leader in employee financial wellness. The company is renowned for its innovative financial wellness solutions, and has made a tangible market impact through its flagship offering, SalarySaver. This programme provides employees with holistic financial wellness support, including financial distress intervention, credit repair, debt management, and insurance optimisation, which ultimately all work together to enhance affordability and financial security. SalarySaver has already transformed the financial wellbeing of many working South Africans, and is notably offered at no cost to both employers and employees.

Mahlangu will be joining the Board of NMG Benefits, reinforcing the commitment of both businesses to scalable, cost-effective solutions. Commenting on the transaction, he said: “This partnership is uniquely positioned to enhance employee benefits in South Africa by offering a holistic, employee-first approach. By integrating SalarySaver’s comprehensive financial wellness solutions with NMG Benefits’ established expertise, more employees will gain access to personalised financial support that addresses their specific needs.”

Geoff Baars, Chairman and CEO of NMG Benefits, shared his enthusiasm: “We’ve worked closely with Hambisani and his team for over a year now, and we have the utmost admiration for the quality and impact of their solutions. We have no hesitation in recommending Empower-fin to our clients, and we see many opportunities for growth through this partnership.”

NMG Benefits is already a Level 1 BBBEE contributor, but this transaction further enhances its black ownership and aligns two businesses that share a strong belief in empowering employees through financial wellbeing.

About NMG Benefits

Founded in 1994, NMG Benefits is part of the NMG Group, which was established by four South Africans in Singapore 32 years ago. With a footprint across 1,500 corporate clients, 300,000 retirement fund members, and 100,000 healthcare clients, NMG Benefits plays an important role in southern Africa’s financial services landscape. Internationally, NMG Consulting provides services to financial institutions – including insurers, reinsurers, asset managers, and wealth managers – in major markets such as Sydney, Singapore, Kuala Lumpur, London, New York, Boston, and Toronto.

About Empower-fin

Empower-fin is a leading financial wellness company that specialises in providing holistic financial solutions through strategic employer partnerships. Through its tailored and impactful solutions, Empower-fin is redefining financial wellness in the workplace, ensuring a more secure and financially resilient workforce.

Empower-fin’s flagship programme, Salary Saver, enables employees to achieve substantial monthly savings, helping their salaries to go further, and fostering greater financial stability and wellbeing. Salary Saver is neither a debt consolidation nor a debt counselling service; instead, it is an innovative approach to addressing employees’ financial challenges. The programme supports comprehensive financial diagnostics, provides solutions for over-indebtedness, and optimises insurance and investment portfolios, ultimately empowering employees to take control of their financial future.

Rethinking retirement: Why getting aggressive with your pension portfolio pays off

As retirement approaches, many people reduce their risk profile by shifting their pension investments to more conservative assets like bonds and money market. However, this traditional strategy, though designed to protect against market volatility, can actually diminish the future growth potential of retirement savings. Especially taking into account that most of your growth in your retirement fund occurs in the last 5 years.

This is according to Stian de Witt, Head of Financial Planning at financial advisory firm NMG Benefits. “Maintaining a higher level of risk may be the smarter choice for a longer, more prosperous retirement, provided that you work with a Certified Financial Planner.”

Rethink risk with living annuities

Retirees have historically reduced their risk profile to safeguard against market downturns. However, with the introduction of living annuities, they now have the option to stay invested in more aggressive portfolios (with higher allocations to equities and property) that give their funds time to recover from any market corrections. Unlike life annuities, which lock income and portfolio structure in on retirement, a living annuity allows flexibility and continued growth potential, thus helping savings to last longer.

Time the market to ride out volatility

A key benefit of staying invested in higher-risk assets is that, when markets dip, these portfolios typically recover and even exceed their initial value, thus offering better overall returns compared to more conservative allocations. For those with sources of income over and above their annuities, waiting for markets to recover can significantly benefit the value of their investments.

Combat inflation by securing ongoing growth

Moving savings into conservative, lower-risk investments, like cash and bonds, limits growth and may not keep up with inflation. In turn, this can cause a gradual erosion of purchasing power. Retirees need to ensure that their investments grow faster than inflation, even after accounting for taxes and fees. Maintaining a higher proportion of equities enables the higher returns needed to combat inflation and help sustain the desired retirement lifestyle.

Diversify between local and offshore equity

De Witt emphasises the importance of balancing a portfolio between local and offshore equities, recommending that at least 30-40% of assets are held in offshore equities to ensure geographic diversification. “This strategy not only reduces exposure to local market volatility but also provides opportunities to benefit from global economic growth, thereby enhancing a portfolio’s resilience.”

Mitigate sequential risk

“At NMG, we’ve seen that a market crash within the first two years of retirement can reduce monthly income by up to seven years if a portfolio is not well-structured. This ’sequential risk‘ highlights the importance of maintaining an aggressive portfolio, but adding a “cash bucket” to draw and income to give the aggressive portfolio timeto recover from early market dips, thus safeguarding long-term income,” says De Witt.  The past few year’s changes highlights the importance of working with a professional financial planner

Optimise the tax strategy

Finally, while tax implications are often overlooked, they can have a profound impact on one’s retirement income. Smart tax planning can reduce the effective tax bracket in retirement, with potential tax savings of up to 15% translating to an additional 2-4 years of retirement income. 

“While the traditional approach of reducing risk near retirement may have served retirees well in the past, today’s financial landscape offers new opportunities. By embracing a more aggressive strategy that allows for growth, flexibility, and tax optimisation, retirees can secure a longer, more prosperous future,” says De Witt.

Digital tools offered by our medical schemes enable better access to healthcare – are we using them optimally?

The Covid-19 pandemic may have impacted our lives in many negative ways, but it also forced us to think “out of the box”, resulting in some positive changes. For one, it fast-tracked innovation in digital healthcare platforms and telemedicine in the healthcare sector. Now that Covid-19 has been overshadowed by other socio-economic issues, it is a good time to investigate how we can use technology to provide better access to quality healthcare for all. In this article, Gary Feldman, NMG’s Executive Head of Healthcare Consulting, explores various digital tools such as telemedicine, health information websites, apps and online support communities and how they can benefit the individual, our medical schemes and the healthcare industry in South Africa as a whole.

Technology and digitisation have key benefits

Before unpacking the different digital tools and platforms available today, it’s important to understand the benefits of digitisation in the healthcare industry.

Improved healthcare accessibility

Digital tools can break down barriers to access to healthcare, particularly for individuals in remote areas and those who struggle with transport. Technology enables people to connect with healthcare professionals, access medical information and receive timely care regardless of their location. Feldman said, “This inclusivity ensures that more individuals receive the necessary healthcare services that they need, at a price that they can afford.”

Enhanced efficiency and convenience

Digital tools streamline healthcare processes, such as remote consultations, appointment scheduling and prescription management. This improves efficiency, reduces waiting times and enhances convenience for both patients and healthcare providers. Feldman added, “It eliminates unnecessary travel and enables individuals to access healthcare services from the comfort of their homes, also saving them time and money.”

Empowerment through information

Technology anddigital tools provide easy access to vast amounts of critical medical information, empowering individuals to make informed decisions about their health. Feldman said, “With access to reputable online resources, health apps and wearable devices, individuals can monitor their health, learn more about symptoms, seek preventative measures and better manage chronic conditions. This promotes proactive healthcare management and patient empowerment.”

Convenience through wearables and remote monitoring

Digital tools such as wearable devices and remote monitoring systems enable the continuous tracking of vital signs, health metrics and symptoms. Feldman explained, “It facilitates early detection of health issues, prompt interventions, timely preventative measures and provides a platform to manage chronic conditions more effectively. By identifying potential health concerns early, individuals can also take necessary actions to mitigate risks and improve health outcomes.”

Cost saving

Technology and digital tools have the potential to reduce healthcare costs for both patients and providers. Feldman said, “Telemedicine and remote monitoring can lower expenses associated with travel, hospital stays and frequent in-person visits. Patients can avoid unnecessary visits to emergency rooms or clinics for non-urgent issues. Digital health records and e-prescriptions reduce administrative costs and minimise human errors associated with traditional paper-based systems.”

Increased support and collaboration

Digital tools and platforms build collaboration and support networks among healthcare professionals, researchers and patients. Online platforms, support communities and teleconferencing tools facilitate knowledge sharing, second opinions and multidisciplinary collaboration, ultimately leading to improved patient care and outcomes.

Technology and digital tools take several different forms

Technology platforms and digital tools are being used in many different ways. In this table, we look at six of the most common digitised solutions already being used in the healthcare sector:

PlatformWhat is it?How can it be used?
TelemedicineA means for patients to communicate with healthcare providers remotely using telephone calls, online meetings and video conferencing and chats.Remote consultations. It improves access to healthcare and provides individuals with geographic barriers with access to healthcare. It also enables patients to receive medical advice, diagnosis and prescriptions without the need for in-person visits.
Websites and appsA rich source of health-related information.It provides easy access to a vast amount of reputable medical information, allowing individuals to learn about symptoms, treatment and prevention. Reliable and accessible websites and mobile apps offer health tips and insights. Medical schemes also offer member portals with extensive healthcare information.
Wearable devicesRemote monitoring devices and self-assessment tools.Wearable devices provide access to reputable tools. Discovery Health’s Vitality programme and wellness programmes offered by other medical schemes allow members to assess mental health and other conditions using these wearable devices and tools.
Online appointment booking servicesPlatforms that facilitate appointment booking online.It eliminates the need for phone calls or physical visits to facilities, saving time and money, and improving access.
E-prescriptions and digital health recordsA streamlined prescription process that stores digital health records for real-time access to health histories.It enables healthcare providers to send prescriptions directly to pharmacies, eliminating the need for paper prescriptions and reducing human errors. Digital health records centralise patient information, making it easy for healthcare professionals to authorise procedures regardless of location.
Communities and online supportOnline collaboration platforms for individuals who have the same or similar healthcare needs.Individuals can connect, share their experiences, and support each other through their recovery journey.

Financing medical costs in retirement

Technology is also empowering individuals to take control of the financing of healthcare costs in retirement with products like SmartAid. Feldman added, “With healthcare costs increasing by 3% to 4% above inflation every year, many people find themselves in a place where they are unprepared for these rising costs. NMG has launched a retirement annuity called SmartAid that is dedicated to saving for medical costs in retirement. The SmartAid calculator is a digital tool that helps you calculate how much you need to save for future healthcare costs. SmartAid and other products like it can make a marked difference in an individual’s financial security when it comes to rising healthcare costs.”

There is always room for innovation and improvement

While significant progress has been made by medical schemes to leverage digital tools, there is still room for improvement and further innovation. When it comes to adoption and integration, many medical schemes have started incorporating digital tools and there may be variations in the adoption and integration across the different schemes. It is essential for medical schemes to actively embrace and implement digital solutions to encourage widespread access and usability. Medical schemes also need to focus on:

Technological advancements have transformed the healthcare landscape, making it easier for individuals to access medical care, get information and manage their health effectively. Feldman concluded, “The looming launch of National Health Insurance and a recent investigation into medical scheme costs have triggered discussions about the high cost of private healthcare. It accounts for 60% of the healthcare industry while only catering to a small percentage of the population. Technology and digital tools could very well be an overlooked solution to the cost debate, while improving access to quality healthcare for all, at the same time.”

Speak to an NMG healthcare consultant about the digital offerings on your medical aid, and the possibility that you may be missing out on the broader healthcare solution offered by your medical scheme.

T&Cs apply. NMG Consultants and Actuaries (Pty) LTD is an authorised financial services provider FSP 12968

YOUR INVESTMENTS IN Q4 OF 2022

Investment markets

Markets in South Africa performed well in Q4 of 2022, but all major asset classes gave returns below inflation for the year. Equities gave lower returns than bonds and cash, with the JSE All Share Index (ALSI) returning 4.0%. Financials (8.6%) and Resources (9.5%) were able to beat inflation (7.2%) in 2022 while Industrials produced a negative return (-3.5%).

SA markets enjoyed positive returns in Q1 and Q4 in 2022. In the US, the S&P 500 experienced positive returns in Q4 of 2022 but all major indices experienced double-digit losses in US dollars for the year. The S&P 500 was down 19.44% in dollar terms but in rands, it was only down 12.7%. The difference of almost 7% can be attributed to the Rand/dollar weakness over the year.

Globally, the energy sector remained the standout performer last year propelled by the war in Ukraine as well as massive shortfalls in production capacity for energy-related commodities. Energy was the only major subsector in the US to post a positive return for the year (+59%) with utilities in second place at -1.5% and consumer staples and healthcare at -3% and -3.5% respectively.

Gold rallied around 10% in Q4 to post a gain in line with inflation for the year, while platinum enjoyed a strong rally of over 14% albeit off a low base at the start of 2022. Demand for catalytic converters as well as potential hydrogen fuel cell technology has been key drivers of the PGM basket.

The dollar remains a key driver of risk appetite. With a more hawkish FED relative to other central banks, a strong dollar view remained a dominant theme throughout the year. The rand depreciated against the dollar (7%), the pound (4.6%), and the euro (0.6%) in 2022, although there was considerable volatility during the year.

Economy

In an update from Q4 released early in 2023, the IMF revised their estimates for 2022 growth higher across the board except for China. This was largely due to the prolonged impact of the hard COVID lockdowns on that economy.

However, China’s growth has been revised sharply higher in 2023, while the UK has been revised sharply lower. The Ukraine war on Europe’s border contributed to heightened risk and a muted economic growth outlook.

Revisions to US growth have generally been positive although the 2024 estimates show growth lagging previous estimates.

Emerging markets (EM) growth was revised slightly higher across all three years. Emerging markets are expected to continue holding their own as many continued to benefit from higher commodity prices. Energy producers were revised sharply higher in 2022 but are expected to moderate sharply in 2023 as energy prices are expected to normalize.

South Africa’s growth was revised sharply higher to 2.6% in 2022. While better-than-expected trade data filtered through to the current account and hence, GDP, we believe that SA’s challenges remain pronounced. This is reflected in the IMF’s 2023 estimate for SA growth at 1.2%, sharply lower due to load shedding but remains significantly higher than the SARB’s most recent estimate for growth in 2023 of only 0.3%. The impact of load shedding is acute and likely to remain a hard cap to growth in the medium term. The SARB estimates that it detracts as much as 2 percentage points from SA’s potential economic growth.

Inflation

Inflation remains a significant risk to markets globally but appears to be peaking. In South Africa, headline inflation peaked at 7.8% in July 2022 and subsequently trended lower to 7.2% in December 2022. The profile of the decline was somewhat different in the US, where inflation peaked in June at 9.1%, and has trended lower for each successive month, ending the year at 6.5%.

KEY INDICES TO 30 SEPTEMBER 2022

Key Indices1 month to 30 Sept 20223 months to 30 Sept 20221 year to 30 Sept 20223 years to 30 Sept 20225 years to 30 Sept 2022
Local shares
FTSE/JSE All Share TR ZAR		-4,13%
-1,92%
3,55%
9,17%
6,49%
Local resource shares
FTSE/JSE Resources 10 TR ZAR		1,26%
-2,15%
10,39%
18,00%
17,24%
Local industrial shares
FTSE/JSE Industrials l 25 TR ZAR		-6,49%
-1,54%
-3,50%
5,48%
2,31%
Local financial shares
FTSE/JSE Financial 15 TR ZAR		-6,18%-4,62%-1,12%0,53%2,71%
Local property
FTSE/JSE SA Listed Property TR ZAR		-6,28%
-3,54%
-8,75%
-8,74%
-9,02%
Local bonds
Beassa ALBI TR ZAR		-2,11%
0,60%
1,48%
5,74%
7,13%
Local cash
STeFI Composite ZAR		0,46%
1,35%
4,59%
4,86%
5,83%
Global shares
MSCI ACWI GR USD		-9,99%
-9,91%

-25,17%

-1,52%

-0,81%

YOUR INVESTMENT IN Q3 OF 2022

Investment markets

Q3 of 2022 saw some mixed performances in investment markets. SA shares fared better than their global counterparts, although losses were experienced across all major sectors. Financial shares came under pressure as they started to price in higher risks of economic slowdown and potential non-performing loans. In SA, cash and bonds had positive returns for the quarter, but bonds remained negative for the year to date period.

Globally, the S&P 500 was down almost 25% for the year to date in dollar terms, but -10.5% in rand terms. For Q3 of 2022, the S&P 500 was down 5% in USD and up 5% in ZAR, showing how Rand weakness improved returns for local investors. Foreign exchange has been a key driver of investment returns. For the first time in two decades, dollar strength saw the EUR/ USD cross rate fall to below parity. In the UK, the sterling reached a lifetime low against the dollar, surpassing the depths of the mid-1980s.

Economy

Global growth forecasts continued to be revised lower. Contributing factors remain the war in Ukraine, supply chain bottlenecks and energy crisis, and more recently, a much tighter monetary policy stance globally. South African growth has been revised lower for both 2022 and 2023, with long-run growth estimates all trending towards 1.5%. SA’s potential growth remains negatively impacted by energy shortages and strike action in multiple industries.

Another issue to consider is the potential “greylisting” of South Africa because of apparent laxity on anti-money laundering and terror finance measures. This could have a material impact on SA’s ability to raise funding and the cost of the funding which could present a material downside growth risk into next year.

Inflation

While inflation dominated news in Q3 of 2022, the data shows that inflation may have peaked. Inflation in the US has
declined from 9.1% in July to 8.2% in September. The US remains ahead of the global curve in tightening monetary policy. While US inflation appears to have peaked, Eurozone and UK inflation remains elevated at close to 10% year on year and has yet to show signs of peaking. The concern is that core inflation does not appear to be responding as directly to rate hikes as expected.

South African inflation peaked at 7.8% in July and was at 7.5% in September. It has now spent a consecutive five months above the SARB’s targeted 3-6% range. Concerns are around transport inflation (+17.9%) and food inflation (+11.9%). Global central banks have continued to raise lending rates to try curb inflation. The South African Reserve Bank aligned with a larger than expected 75bps hike in July, followed by another 75bps hike in September.

The Dangers of Myopic Behaviour

Myopic behaviour describes the actions of an investor who acts solely on the basis of what he or she wants right now. In other words, investors are myopic when they are primarily concerned with short-term gains and do not consider how a particular move may influence them in the future. They can't see the long-term consequences of their current decisions.

Most investors have a multi-decade time horizon. Whether they are just starting to save, are mid-career, or are already retired. Short-term market movements and news should not affect investors with a long-term time horizon. Myopic investors focus on short-term price changes rather than long-term fundamental value.

What drives myopic behaviour?

The perception of control influences myopic behaviour. The logic behind it is that investors believe the latest news and market data have "leveled the playing field." Allowing them to make investment decisions to maximize their chances of achieving their financial goals based solely on information that was previously only available to investment professionals. The fundamental problem with this illusion is that investment decisions are often based on performance results.

But the lack of solid reliable data makes it difficult for investors to use that data accordingly when making an investment decision. You cannot rely solely on recent performance data; an unexpected change in interest rates, currency rates, or any other short-term event might flatten or decrease investment returns temporarily.

The costs of myopic behaviour

The effects of myopic behaviour may satisfy a person's short-term emotions and desires, but they come with psychological and financial costs. Constantly evaluating short-term market trends not only causes undue stress for investors but also causes them to abandon their long-term investment strategies as they switch and reallocate investments in response to the latest news, instead of staying invested.

In addition, myopic behaviour can lead to a significant reduction in future returns. Access to more information and technology has not improved investor performance over the last couple of decades. US research has found that, on average, investors earn significantly lower returns than the funds in which they are invested.

During volatile times, financial advisors who have myopic clients may receive more calls and must do a lot of handholding.

We are a strategic partners and shareholders in Sequoia Capital Management, who is a boutique discretionary fund manager, with a core specialization in discretionary investment management, who have partnered with us, adding value, solutions, and service. Sequoia discusses the dangers of myopic thinking, which describes the actions of an investor who acts solely on what they want immediately without thinking long term.

The NMG SA Group of Companies are authorised financial service providers t/a NMG Benefits

Key indices to 30 June 2022

KEY INDICES1 month to 30 June 20223 months to 30 June 20221 years to 30 June 20223 years to 30 June 20225 years to 30 June 2022
Local shares
FTSE/JSE All Share TR ZAR		-8,01%-11,69%4,69%8,18%8,74%
Local resource shares
FTSE/JSE Resources 10 TR ZAR		-17,15 -21,87% 8,49% 15,88% 21,66% 
Local industrial shares
FTSE/JSE Industrials l 25 TR ZAR		1,60%-2,58%-7,20%5,22%4,25%
Local financial shares
FTSE/JSE Financial 15 TR ZAR		-13,55% -15,60%  16,86%-0,56% 4,92% 
Local property
FTSE/JSE SA Listed Property TR ZAR		-10,33%-11,56%0,22%-9,02%-7,33%
Local bonds
Beassa ALBI TR ZAR		-3,06% -3,71%1.25%  5,25%  7,78%
Local cash
STeFI Composite ZAR		0,40%1,15%4,18%5,01%5,93%
Global shares
MSCI ACWI GR USD		-8,39% -15,53% -15,37%  6,71%7,54% 

Your investment in Q2 of 2022

Investment markets

Globally, investment markets finished the first half of 2022 as the weakest first half in decades. South African shares also had a weak second quarter, but stronger first quarter returns resulted in the year-to-date investment performance being better than its global peers. All major indices on the JSE reduced in value in Q2 of 2022. Only financial shares were positive for the six-month period to 30 June 2022.

Economy

After strengthening early in Q2, the rand weakened compared to the US dollar. The US dollar strengthened by around 8% during Q2, mostly because of tighter US monetary policy. Rand weakness was because of negative sentiment due to ongoing load shedding and other risks. Despite the negative sentiment, South Africa’s current account has a surplus which would have helped to strengthen the Rand.

In the IMF’s World Economic Outlook update, they forecast that global growth is likely to reduce due to the ongoing war in Ukraine, global high inflation, supply chain bottlenecks, and energy insecurity. The IMF revised South Africa’s forecast growth higher, because of higher commodity prices, which in turn increases GDP.

Inflation

Globally, inflation has increased. For example, it has increased to 9.1% in the US and 8.6% in the Eurozone. The underlying reasons for higher inflation remain present even though commodity prices have begun to come down. In some economies, there is a risk of “stagflation”. This describes the situation where inflation stays higher for longer while growth stays lower for longer.

South African inflation was at 7.4% in June 2022, the highest it’s been since May 2009. This is the second consecutive month that inflation was higher than the SARB’s targeted 3-6% range. Transport inflation is a key reason for higher inflation due to higher fuel prices, which has also resulted in high food inflation.

The South African Reserve Bank increased interest rates by 0.25% in March, 0.5% in May and 0.75% in July 2022. Around the globe, central banks have also been increasing interest rates as they are concerned
that inflation may increase even more if they don’t increase rates.

5 Tips to teach your kids about saving

Many adults agree that personal finance should be a subject taught in school. Managing your finances is a crucial life skill but it doesn’t come naturally. Without help, many of us live from one salary to the next and don’t know how to effectively save or invest.

If we can teach our children money lessons while they are young, we can set them up for lifelong financial wellbeing. For example, learning about delayed gratification helps avoid unnecessary spending and appreciating the value of money. If we want the lessons to be understood, the money experts recommend that we keep the lessons simple.

The first step in teaching the value of saving is to help your child understand the difference between “wants” and “needs”. “Needs” include food, a roof over your head, clothing, health care and education. “Wants” are the “nice to have extras”. Discuss how needs should be prioritised over wants, and that it’s important to have money set aside for future needs.

Allowing your children to earn money helps them understand the value of money and gives them the opportunity to learn how to use it. Some children thrive when they are encouraged to sell goods and others may need to sell their services to you in exchange for an “allowance” or pocket money.

It’s hard to understand why we would want to save if there isn’t a goal. Help your child set a savings goal, to motivate them to start saving. Once they have a goal, help them understand how long they need to save for to achieve that goal.

It helps if children can visualise their money accumulating. Younger children may appreciate seeing physical cash being saved in an appropriate place while older children enjoy watching their balance grow in a savings account. Many of the banks have child-friendly saving accounts with mobile apps to help kids track their savings.

Older children will be able to write down when they spend money and what they spent it on. Adding up the purchases is an important way to understand what money is being used for, and how this affects the savings goal.

In many families, even financially literate families, money matters aren’t always discussed openly with children. If you want your children to learn good money habits for when they are older, ongoing conversations about saving and spending can help encourage a healthy attitude to money.

Teaching your children about saving equips them with knowledge that will benefit them throughout their lifetime.