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    Saving EarlyThe Road to a Secure Retirement

    April 2012

    Saving Early: The Road to a Secure Retirement, March 2012 1

    The one vital component of retirement savings you can control is

    when you start saving

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    Letter of Introduction

    The one vital component of retirement savings you can control is whenyou start saving.

    American families give themselves the best chance at a secure retirement

    by saving early. Even small monthly amounts of money deposited into a

    401(k) or IRA early in life can make a real difference in an individuals

    ability to retire comfortably. In fact, small contributions today often matter

    even more than big contributions down the road.

    This is not to say that saving early guarantees a perfect retirement. Thereare a lot of factors about retirement we cannot control - including the state

    of the stock market, real estate prices, and health care costs. We saw

    these fluctuations during the 2008 economic crisis.

    But when individuals embrace saving early for retirement and make it a

    priority throughout their earning years, they put the power of compound

    interest to work in their favor. For example, saving just $50 more a month

    could mean hundreds of thousands of dollars of additional retirement

    savings.

    The one vital component of

    retirement savings you can control is

    WHEN you start saving.The financial services industry manages over $17 trillion of retirement

    savings and is actively helping people understand and secure their

    retirement futures. Many financial services companies provide life savingsplans, retirement calculators, online consultations, plans designed just for

    women, audio podcasts, retirement readiness tests, and more. You will

    read about what twenty companies are doing in this paper alone.

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    If you have one takeaway from this report, let it be this: Save early. Its

    not a gimmick or a throw-away line. Its the truth.

    Please feel free to contact any of us if you have questions or comments.

    Best regards,

    Mr. Steve Bartlett Mr. Ronald OHanley

    President and CEO President

    The Financial Services Roundtable Asset Management and Corporate

    Services

    Fidelity Investments

    Chair, The Retirement Security Coalition

    Mr. Dale Brown Ms. Anna Cabral

    President and CEO Former Treasurer of the United States

    The Financial Services Institute Chair, The Retirement Security Coalition

    Advisory Board

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    Table of Contents

    Growth of Private Retirement Accounts..5

    Benefits of Starting Early...6

    Resources for Starting Early....12

    Sources16

    About the Sponsoring Organizations..17

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    Growth of Private Retirement Savings Accounts

    Our nation has witnessed a dramatic shift in how people plan andsave for retirement. In years past, Americans relied primarily on

    defined benefit plans such as Social Security or pensions. Now,

    more and more Americans are relying on 401(k)s and Individual

    Retirement Accounts (IRAs) products that were not in existence

    even 30 years ago.

    In 2011,

    401(k)

    balances

    reached

    record highs

    as a result of

    contributions

    and earnings.

    The trend towards private retirement savings accounts is especially clear

    among non-retirees. Nearly two-thirds of non-retirees (64%) look to

    private retirement accounts like 401(k)s or IRAs as major funding sourceswhen they retire. Only 26% plan to rely on Social Security, according to

    Gallup polling. (Of current retirees, the majority still depend on Social

    Security).

    .

    Confidence in private retirement savings accounts is matched by financial

    commitment. As of 2011, nearly three-fourths (73%) of non-retiree

    investors were invested in a 401(k) and nearly two-thirds (62%) had an

    Saving Early: The Road to a Secure Retirement, March 2012 5

    http://www.gallup.com/poll/150215/Investors-Feel-Affected-Social-Security-Medicare-Changes.aspxhttp://www.gallup.com/poll/150215/Investors-Feel-Affected-Social-Security-Medicare-Changes.aspxhttp://www.gallup.com/poll/150215/Investors-Feel-Affected-Social-Security-Medicare-Changes.aspxhttp://www.gallup.com/poll/146807/Investors-Look-Beyond-Social-Security-Fund-Retirement.aspxhttp://www.gallup.com/poll/146807/Investors-Look-Beyond-Social-Security-Fund-Retirement.aspxhttp://www.gallup.com/poll/150215/Investors-Feel-Affected-Social-Security-Medicare-Changes.aspxhttp://www.gallup.com/poll/150215/Investors-Feel-Affected-Social-Security-Medicare-Changes.aspxhttp://www.gallup.com/poll/150215/Investors-Feel-Affected-Social-Security-Medicare-Changes.aspx
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    IRA. Additionally, a vast majority of non-retirees were putting in more

    money (31%) or the same amount (42%) than they did the previous year.

    As a result, 401(k) balances reached record highs at the end of 2011,according to Fidelity Investments.

    Benefits of Saving Early

    One key feature of private retirement savings accounts is the ability to

    grow savings over time.

    The number one way

    consumers can increase theirretirement security is by

    starting to save early. This is

    worth repeating: the number

    one way consumers can

    increase their retirement

    security is by starting to save

    early.

    DID YOU

    KNOW?

    The number

    one way

    consumers

    can increase

    theirretirement

    security is by

    saving

    early.

    The power of saving early isdue to the power of

    compound interest.

    Compound interest means

    that interest accrues not only

    on the base payments but

    also on the interest earned.

    As a result, a steady stream

    of payments can createexponential growth.

    Saving Early: The Road to a Secure Retirement, March 2012 6

    http://www.gallup.com/poll/146807/Investors-Look-Beyond-Social-Security-Fund-Retirement.aspxhttp://www.gallup.com/poll/146807/Investors-Look-Beyond-Social-Security-Fund-Retirement.aspx
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    For example, if you put $5,000 into a retirement account today, and did

    nothing with that investment for 35 years, it would grow into $53,383 fromcompound interest alone, assuming a 6% growth rate.

    Why Every Year CountsHypothetical Pre-tax Growth of one Annual IRA Contribution

    $5,000

    $53,383

    $0

    $10,000

    $20,000

    $30,000

    $40,000

    $50,000

    $60,000

    Today At Retirement (35 Years Later)

    Source: Fidelity Investments

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    Small contributions made early can add up to even more moneythan

    large contributions made later. Consider the following example:

    When is $10,000 Greater than $30,000? Jane, a 25-year old,

    contributes $1,000 to her IRA for 10 years (for a total of $10,000 of

    contributions). Lance, another 25-year old, makes no contributions

    during those first 10 years, but then contributes $1,000 each year

    for the next 30 years (for a total of $30,000 in contributions). Who

    has more money when they are 65 years old, Jane or Lance? Jane

    (who contributes less money, but started saving earlier) winds up

    with more retirement savings, assuming a 7% annual growth rate.

    When is $10,000 Greater than $30,000?

    $10,000$30,000

    $107,749 $72,254

    $0

    $20,000

    $40,000$60,000

    $80,000

    $100,000

    $120,000

    $140,000

    Jane contributes

    $10k over the first

    10 years and stops.

    Lance does not

    contribute over the

    first 10 years but

    contributes $30k

    over the next 30

    years.

    Savingsup

    onRetirement

    Investment Earnings

    Contributions

    Source: The Financial Services Roundtable

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    The cost of waiting to save can be tens of thousands even if you wait

    only a few years. Consider another example:

    Cost of Waiting Only 5 Years: $84,099: Based on a $30,000

    salary and 6% annual contribution with an assumed 8% average

    rate of return, one starting to save today will have earned over

    $331,000 after 30 years. One starting in 5 years from now will have

    earned an estimated $247,000. The cost of waiting just 5 years to

    save is dramatic an $84,000 difference.

    $331,416.00

    $247,317

    $0.00

    $50,000.00

    $100,000.00

    $150,000.00

    $200,000.00

    $250,000.00

    $300,000.00

    $350,000.00

    Account after 30 years if

    you start saving today

    Account after 30 years if

    you wait 5 years to begin

    saving

    Cost of Waiting: $84,099

    Source: America Funds

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    Thats a lot of scenarios pointing to the same conclusion - the greatest

    bang-for-your-buck is to put away whatever money now. Of course, thisimpact can be compounded by how much money you put away early.

    Take the example of contributing just $50 more a month. The results

    show even this small amount monthly can add up to hundreds of

    thousands of dollars if it is invested over a long period of time.

    Contributing just $50 more per month can make a big difference

    $110,400

    $653,430

    $138,000

    $816,788$763,830

    $954,788

    $-

    $200,000

    $400,000

    $600,000

    $800,000

    $1,000,000

    $1,200,000

    $200/mo

    Total Contributions + Earnings = Balance at age 70

    $250/mo

    This hy onthly $250 nd $200 IRA con e first f each month e 70, (2)

    annual r e of return of 7%, compounded monthly, and (3) no taxes on any earnings within the IRA. The ending values do not reflect taxes, fees or inflation. If they did, amounts would be

    lower. Earnings and pre-tax (deductible) contributions from Traditional IRAs are subject to taxes when withdrawn. Earnings distributed from Roth IRAs are income tax free provided certain

    requirements are met. IRA distributions before age 59 1/2 may also be subject to a 10% penalty. Systematic investing does not ensure a

    declining market. This example is for illustrative purposes only and does not represent the performance of any security.

    Fidelity Brokerage Services, Member NYSE/SIPC900 Salem Street

    Smithfield, RI 02917

    Hypothetical pre-tax account values after monthly contributions from age 25 to 70

    pot

    at

    hetical example assumes the following: (1) m a tributions made on th o beginning at age 25 and continuing through ag

    profit and does not protect against loss in a

    Total Contributions + Earnings = Balance at age 70

    Source: Fidelity Investment

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    It is important to note that when you start saving is only onefactor

    impacting retirement savings. There are numerous other factors toconsider, including deferral amounts, asset allocation, and determining

    how long you plan on working. Additionally, there are other factors

    outside of a savers control, such as real estate prices, health care costs,

    costs of living, or the market. Historically, the upside of the market has

    been substantially larger than the downside, but there are still inherent

    risks in stocks and bonds.

    90% of

    people have

    more money

    in their 401(k)

    now than

    they did atthe market

    top of 2007.

    Retirement investors must

    recognize the importanceof investing for the long

    term when it comes to

    retirement savings. We all

    witnessed the dramatic

    market volatility of the past

    few years. However,

    since the financial crisis, it

    is important to note that

    the vast majority of private

    retirement accounts have

    recovered lost balances.

    In fact, over 90 percent of

    people with 401(k)

    retirement accounts have

    more money in their

    accounts than they did at

    the 2007 market top due to

    increased contributions

    and market growth,according to the

    Employment Benefit

    Research Institute.

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    Resources for Starting Early

    Financial services companies are offering innovative tools and services tohelpconsumers understand how long (and how much) they should be

    saving for their desired retirements. A selection of resources is as

    follows:

    Allstate provides easy to follow Life Tracksavings plans to guide your

    savings throughout each life stage and event.

    Allstate

    offers Life

    Track

    Savings

    Plans go

    guide your

    savings

    throughout

    each life

    stage

    AXA Equitable offers virtual retirement savings consultations that guide

    you through a step-by-step process to estimate how long your retirementsavings may last.

    Bank of America created Retirement Contact Centers to help simplify the

    retirement process and handle customer inquiries.

    BB&T provides retirement tips and solutions called, "Learn & Plan," which

    is complete with audio podcasts on a host of issues, ranging from estate

    planning to calculators for budgeting and saving for retirement.

    BBVA Compassoffers a retirement calculator to help determine yourprojected shortfall or surplus at retirement age.

    Diversified provides participants with their Retirement Outlook, an

    intuitive measure of retirement readiness that is provided online and via a

    short and straightforward report. Diversified also provides a number of

    easy to use calculators to help participants save and invest wisely.

    Fidelity Investments helps you determine your retirement readiness in

    five easy steps.

    HSBCs The Future of Retirement program is a world-leading independent

    study into global retirement trends, surveying 110,000 people worldwide

    since its inception in 2005. The latest report is Why Family Matters.

    Additionally, HSBCs YourMoneyCounts.com offers a valuable resource

    Saving Early: The Road to a Secure Retirement, March 2012 12

    http://www.myallstatefinancial.com/life-tracks/planning-retirement.aspxhttp://ourfinancialfuture.com/news-center/article/resolving-to-save-more-for-retirement?utm_source=On+Balance+Newsletter&utm_campaign=866e7db544-On_Balance_51_31_2012&utm_medium=email#savingshttp://ourfinancialfuture.com/news-center/article/resolving-to-save-more-for-retirement?utm_source=On+Balance+Newsletter&utm_campaign=866e7db544-On_Balance_51_31_2012&utm_medium=email#savingshttp://www.axa-equitable.com/learning-center/tools-and-calculators/virtual-calculators.htmlhttp://learn.bankofamerica.com/articles/money-management/how-much-do-you-need-for-retirement.htmlhttp://bbt.com/bbt/Financial-Education/default.htmlhttp://www.bbvacompass.com/wealth/http://www.bbvacompass.com/wealth/http://multimedia.divinvest.com/calc/savingEnough/http://multimedia.divinvest.com/calc/savingEnoughhttps://www.fidelity.com/retirement/calculators/retirement-calculatorshttps://www.fidelity.com/retirement/calculators/retirement-calculators.http://www.hsbc.com/1/2/retirement/for-family-mattershttp://yourmoneycounts.com/http://yourmoneycounts.com/http://yourmoneycounts.com/http://yourmoneycounts.com/http://www.hsbc.com/1/2/retirement/for-family-mattershttps://www.fidelity.com/retirement/calculators/retirement-calculators.https://www.fidelity.com/retirement/calculators/retirement-calculatorshttp://multimedia.divinvest.com/calc/savingEnoughhttp://multimedia.divinvest.com/calc/savingEnough/http://www.bbvacompass.com/wealth/http://bbt.com/bbt/Financial-Education/default.htmlhttp://learn.bankofamerica.com/articles/money-management/how-much-do-you-need-for-retirement.htmlhttp://www.axa-equitable.com/learning-center/tools-and-calculators/virtual-calculators.htmlhttp://ourfinancialfuture.com/news-center/article/resolving-to-save-more-for-retirement?utm_source=On+Balance+Newsletter&utm_campaign=866e7db544-On_Balance_51_31_2012&utm_medium=email#savingshttp://ourfinancialfuture.com/news-center/article/resolving-to-save-more-for-retirement?utm_source=On+Balance+Newsletter&utm_campaign=866e7db544-On_Balance_51_31_2012&utm_medium=email#savingshttp://www.myallstatefinancial.com/life-tracks/planning-retirement.aspx
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    for those searching for answers to specific questions or simply looking to

    improve their general level of financial education.

    ING U.S. offers a comprehensive resource,www.RetireWithING.com, that provides free retirement saving

    information and education, along with access to a financialprofessional. ING also offers a number of online planning andsavings tools to the public, including www.INGCompareMe.comwhich lets an individual compare themselves financially to theirpeers.

    PNC helps

    consumers

    build apersonalized

    checklist of

    action steps

    to help them

    achieve their

    retirement

    goals.

    LPL Financial Retirement Partners has a Retirement Partners tool suite

    for advisors, which tracks plan successes and quickly compares plan fees

    and design.

    PNC Financial Services Group offers the Next Step Guide to

    Retirement. The Next Step Guide assists consumers in building a

    personalized checklist of action steps to help them achieve their

    retirement goals. It also offers quick and easy access to robust

    retirement-related tools including a Retirement Savings Calculator and a

    Debt & Retirement Analyzer.

    Saving Early: The Road to a Secure Retirement, March 2012 13

    http://www.retirewithing.com/http://www.ingcompareme.com/http://investor.lpl.com/releasedetail.cfm?ReleaseID=613638http://investor.lpl.com/releasedetail.cfm?ReleaseID=613638http://www.pncsites.com/retirementcenter/retirement_savings_calculator.htmlhttp://www.pncsites.com/retirementcenter/retirement_savings_calculator.htmlhttp://www.pncsites.com/retirementcenter/retirement_savings_calculator.htmlhttp://www.pncsites.com/retirementcenter/retirement_savings_calculator.htmlhttp://www.pncsites.com/retirementcenter/retirement_savings_calculator.htmlhttp://www.pncsites.com/retirementcenter/retirement_savings_calculator.htmlhttp://investor.lpl.com/releasedetail.cfm?ReleaseID=613638http://investor.lpl.com/releasedetail.cfm?ReleaseID=613638http://www.ingcompareme.com/http://www.retirewithing.com/
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    Putnam Investments provides

    a state-by-state tax rate map

    and retirement-income toolcalculator.

    Raymond James offers a free

    online guide for making the best

    retirement decisions for your

    individual situation.

    State Farm publishes easy-to-

    understand retirement advice in

    its Retirement Learning Centerand also provides its own

    savings calculators to help

    answer many individuals

    retirement questions. In

    addition, State Farm agents

    offer a robust platform of

    financial literacy and retirement seminars in the communities they serve.

    SunTrust publishes a monthly Retirement e-newsletter, integrated withLiveSolid.com, which includes helpful articles about retirement, videos,

    tips and more.

    Wells Fargooffers a

    retirement

    site just for

    women

    The Principal Financial Group offers My Principal Edge Milestones.

    Participants whove used Milestones save an average of 39% more for

    retirement than those who havent used the tool. That could mean an

    additional $150,000 at retirement.

    Transamerica Retirement Services offers brief videos that are designed

    to educate individuals on retirement planning. In addition, you are also

    able to access investment calculators to help you determine how much

    you will need to save in order to reach your retirement goal.

    Wells Fargo offers retirement planning byage groupsand offersBeyond

    Today, a retirement site for women with tools by ages and stages,

    checklists and blogs from nationally-recognized authors.

    Saving Early: The Road to a Secure Retirement, March 2012 14

    https://www.putnam.com/retirement-matters/https://www.putnam.com/retirement-income-funds/https://www.putnam.com/retirement-income-funds/http://www.raymondjames.com/making_right_distribution.htmhttp://www.raymondjames.com/making_right_distribution.htmhttp://learningcenter.statefarm.com/http://ourfinancialfuture.com/news-center/article/resolving-to-save-more-for-retirement?utm_source=On+Balance+Newsletter&utm_campaign=866e7db544-On_Balance_51_31_2012&utm_medium=email#savingshttp://www.livesolid.com/en-US/index.jspxhttp://www.livesolid.com/en-US/index.jspxhttp://www.livesolid.com/en-US/index.jspxhttp://www.livesolid.com/en-US/category/my-retirement.jspxhttp://www.principal.com/yourmilestoneshttps://www.ta-retirement.com/Employer/ps_content_viewer.aspx?UserType=S&id=980https://www.ta-retirement.com/Portal/po_content_viewer.aspx?UserType=R&id=549http://www.wellsfargo.com/retirementplan/http://www.wellsfargo.com/retirementplan/http://www.wellsfargo.com/retirementplan/https://www.wellsfargo.com/beyondtoday/https://www.wellsfargo.com/beyondtoday/https://www.wellsfargo.com/beyondtoday/https://www.wellsfargo.com/beyondtoday/http://www.wellsfargo.com/retirementplan/https://www.ta-retirement.com/Portal/po_content_viewer.aspx?UserType=R&id=549https://www.ta-retirement.com/Employer/ps_content_viewer.aspx?UserType=S&id=980http://www.principal.com/yourmilestoneshttp://www.livesolid.com/en-US/category/my-retirement.jspxhttp://www.livesolid.com/en-US/index.jspxhttp://ourfinancialfuture.com/news-center/article/resolving-to-save-more-for-retirement?utm_source=On+Balance+Newsletter&utm_campaign=866e7db544-On_Balance_51_31_2012&utm_medium=email#savingshttp://learningcenter.statefarm.com/http://www.raymondjames.com/making_right_distribution.htmhttp://www.raymondjames.com/making_right_distribution.htmhttps://www.putnam.com/retirement-income-funds/https://www.putnam.com/retirement-income-funds/https://www.putnam.com/retirement-matters/
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    This is just a selection of the resources available to consumers for helping

    to increase retirement savings. Ultimately, it is up to the consumer to take

    the right step and start putting money away early.

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    Sources

    Bloomberg. Retirement Calculator. http://www.bloomberg.com/personal-finance/calculators/retirement/

    Correia, Margarida. "Cerulli Predicts U.S. Retirement Market Will Exceed

    $22 Trillion by 2016 . Bank Investment Consultant. January 30, 2010.

    Employee Benefit Research Institute, "Retirement Research." August

    2011.

    Holden, Sarah, and Daniel Schrass. "ICI Research Perspective." ICI.November, 2011.

    Jacobe, Dennis. Investors Look Beyond Social Security to Fund

    Retirement, Gallup, March 25, 2011

    Mercado, Darla. Expectations-Retirement-Funding. January 30, 2012.

    Reuters, Fidelity Releases Quarterly Snapshot on 401(k)s Showing

    Average Savings Inched Higher in 2011, February 9, 2012.

    Washington Post, Fidelity: Average 401(k) balances end 2011 largely

    unchanged, despite higher contributions. February 9, 2012.

    Saving Early: The Road to a Secure Retirement, March 2012 16

    http://www.bloomberg.com/personal-finance/calculators/retirement/http://www.bloomberg.com/personal-finance/calculators/retirement/http://www.bloomberg.com/personal-finance/calculators/retirement/http://www.bloomberg.com/personal-finance/calculators/retirement/http://www.bloomberg.com/personal-finance/calculators/retirement/
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    Saving Early: The Road to a Secure Retirement, March 2012 17

    About the Sponsoring Organizations

    The Financial Services Roundtable represents 100 of the largestintegrated financial services companies providing banking,

    insurance, and investment products and services to the American

    consumer. The mission of The Financial Services Roundtable is to

    protect and promote the economic vitality and integrity of its

    members and the United States financial system. Roundtable

    member companies provide fuel for America's economic engine,

    accounting directly for $92.7 trillion in managed assets, $1.2 trillion

    in revenue, and 2.3 million jobs. More information about the

    Roundtable and its research can be accessed at www.fsround.org.

    The Financial Services Institute (FSI) is an advocacy organization for

    independent financial services firms and independent financial advisors.

    Established in January 2004, we have well over 100 broker-dealer

    members and over 35,000 financial advisor members. Our member firms

    have upwards of 180,000 financial advisors affiliated with them. Our

    mission is to create a more responsible regulatory environment for

    independent broker- dealers and their affiliated independent financial

    advisors through effective advocacy, education and public awareness.And our strategy includes involvement in FINRA governance, constructive

    engagement in the regulatory process and effective influence on the

    legislative process. For more information, please visit

    www.financialservices.org.

    The Retirement Security Coalition (RSC) is a project of the Financial

    Services Roundtable that is concerned with improving Americas

    retirement readiness. Guided by an Advisory Board made up of the

    nations leading financial literacy and retirement security nonprofits, theRSC is dedicated to increasing the totality of the nations retirement

    security by empowering individuals to take responsibility for their own

    retirement security. For more information, please visit

    http://retirementsecuritycoalition.wordpress.com/.

    http://www.fsround.org/http://www.financialservices.org/http://retirementsecuritycoalition.wordpress.com/http://retirementsecuritycoalition.wordpress.com/http://www.financialservices.org/http://www.fsround.org/