Is It Too Late to Invest at 60? What the Numbers Say About Your Next 25 Years
You know the moment. A birthday card says "60", and that night one quiet question won't go away: is it too late to invest at 60? If the stock market needs 20 or 30 years to work, isn't the game already over?
If you have lost money before, the sum feels even worse. Maybe your savings sit in cash because the last crash still stings.
Here is the plain answer. No, it is not too late to invest at 60 for most people. A 60-year-old's money often has to last 25 years or more, and US government data show that a 60-year-old woman has better than an even chance of reaching 85. What matters is not your birthday. It is when you will need each dollar.
Short answer: It is usually not too late to invest at 60. Money you need in the next five years belongs in cash and high-quality short-term bonds. Money you won't touch for 10 to 25 years can still be invested for growth, mostly in low-cost, broadly diversified index funds. Invest by time horizon, not by age. |
There is also one mistake, often made by smart and careful people, that does far more damage at 60 than starting late. You'll see it in real numbers below, using what actually happened to people who retired in 2000.
In this article:
Why 60 Is Not the End of the Runway
The fear "it's too late" quietly assumes your money has a short life. The numbers say otherwise.
The US Social Security Administration publishes a life table used by its own actuaries. In the latest edition (the 2023 period table used in the 2026 Trustees Report), a 60-year-old man has about 21.8 more years on average. A 60-year-old woman has about 24.7.
Averages hide the important part: many people live well past them. Here is what the same table implies for someone who is 60 today.
Your situation at 60 | Chance of reaching 85 | Chance of reaching 90 | Chance of reaching 95 |
Man | 42% | 23% | 8% |
Woman | 54% | 33% | 14% |
Couple (at least one of you) | 74% | 49% | 20% |
Calculated from the SSA Period Life Table, 2023. The couple figures assume each person's lifespan is independent. Period tables use today's death rates, so they tend to understate how long people will actually live.
Read that bottom row again. For a 60-year-old couple, the odds that at least one of you reaches 90 are close to a coin flip.
That means some of the money you hold at 60 will not be spent until your late 80s or 90s. That money has a 25- to 30-year time horizon. It is younger than you are.
The reframe: You are not investing for "the rest of a short life". You are investing for a household that may need income for 25 to 30 years. A 25-year horizon is long enough for stocks to do their work, as the history below shows. |
Where Most People Near 60 Really Stand
If you feel behind, you have plenty of company.
Vanguard's How America Saves 2026 report looked at millions of workplace retirement accounts. For savers aged 55 to 64, the average balance was $305,006 at the end of 2025, but the median was only $107,269. The median is the better guide: half had less.
And that only counts people who have an account. A Congressional Research Service analysis of the Federal Reserve's 2022 Survey of Consumer Finances found that 57% of families headed by someone aged 55 to 64 had a retirement account. The other 43% had none.
Many readers of this site are in a third group: they did invest, then lost money, and stopped. If that's you, read why losing money in the stock market at 50 doesn't have to mean it's too late to retire next. A past loss is painful, but it is information, not a life sentence.
The point is simple. Being "behind" at 60 is normal. What you do with the next 25 years is what counts.
What History Says About 25 Years in Stocks
One of the most respected long-run records is the UBS Global Investment Returns Yearbook 2026. From 1900 to 2025, US stocks returned about 6.6% a year after inflation. US government bonds returned 1.6% a year after inflation. Treasury bills, the closest thing to cash, returned just 0.5%.
I also ran the S&P 500's yearly total returns (with dividends) from 1928 to 2025, using data published by NYU Stern professor Aswath Damodaran. The compound average was 10.0% a year before inflation, or roughly 6.8% after inflation.
But averages don't pay bills. What matters at 60 is the worst stretches. Here is every rolling period since 1928, after inflation.
Holding period, S&P 500 | Number of periods since 1928 | Periods that lost money after inflation | Worst period (after inflation) |
10 years | 89 | 10 | 1999–2008: –4.1% a year |
15 years | 84 | 3 | 1968–1982: –0.4% a year |
20 years | 79 | 0 | 1929–1948: +0.7% a year |
25 years | 74 | 0 | 1957–1981: +2.9% a year |
My calculations from Damodaran (NYU Stern) S&P 500 returns and Minneapolis Fed CPI data. After-inflation figures are approximate. Past results do not guarantee future results.
So 10 years is not always enough. Twenty-five years, historically, always has been, at least in the US. You can see the full story in has the S&P 500 ever lost money over 20 years.
One honest warning: this is one country's record. Japan's market took decades to recover after 1989, which is why the Japan stock market story is required reading for anyone tempted to bet everything on one market.
The worst possible start, in real numbers
Imagine a 60-year-old who put $100,000 into the S&P 500 on the first trading day of 2000, right at the top of the dot-com bubble.
By the end of 2002, it had fallen to $62,572.
By the end of 2008, after the financial crisis, it was still only $72,144.
By the end of 2024, at age 85, it had grown to $627,284.
After inflation, that is roughly $333,000 in 1999 dollars, about 4.9% a year above inflation. One of the worst-timed starts in modern memory still more than tripled in real terms over 25 years.
But notice the long, painful middle. About a decade under water (longer after inflation) is why knowing how long it takes to recover from a 50% stock market loss matters before you invest a dollar you might need soon.
Two True Stories About Money After 50
Anne Scheiber: started at about 50, left $22 million
According to an Associated Press report from December 1995, Anne Scheiber worked as an IRS auditor for 23 years and never earned more than $4,000 a year. She retired in 1944, at about 50 years old, with $5,000 in savings, and put it into the stock market.
She lived frugally, reinvested her earnings and rarely sold. When she died in January 1995 at age 101, her portfolio was worth $22 million. She left nearly all of it to Yeshiva University to fund scholarships for female students.
Her investing life lasted about 51 years, longer than most people's entire careers. She picked individual stocks, her result was exceptional, and her story is not typical. But the lesson is universal: her clock started at 50, and her money still had half a century to grow.
Warren Buffett: most of the money came late
In The Psychology of Money (2020), Morgan Housel worked out that of Warren Buffett's $84.5 billion net worth at the time, $81.5 billion came after his mid-60s. That is about 96%.
Buffett began investing as a boy, so this is not a late-starter story. It is a compounding story. The biggest dollar gains arrive in the later decades, which is exactly why the decades after 60 are not wasted time. His simplest advice for ordinary investors is worth reading too: Warren Buffett's index fund advice in one sentence.
Your Next 25 Years in Real Numbers
Now let's make it personal. The tables below use four assumed after-inflation returns, so every figure is in today's dollars:
1.5% a year: a bad case, well below history.
3% a year: a cautious, bond-heavy mix.
4.5% a year: a balanced mix of stocks and bonds.
6% a year: a stock-heavy mix, still a little below the long-run US stock record.
These are assumptions for planning, not promises. Real returns arrive in a bumpy, unpredictable order.
If you invest a lump sum at 60
Lump sum at 60 | Value at 85, 1.5% | Value at 85, 3% | Value at 85, 4.5% | Value at 85, 6% |
$50,000 | $72,547 | $104,689 | $150,272 | $214,594 |
$100,000 | $145,095 | $209,378 | $300,543 | $429,187 |
$250,000 | $362,736 | $523,444 | $751,359 | $1,072,968 |
$500,000 | $725,473 | $1,046,889 | $1,502,717 | $2,145,935 |
No additions and no withdrawals; after-inflation values. Calculated by the author.
At 4.5% after inflation, money roughly triples in buying power over 25 years. At 6%, it more than quadruples. Even the bad case grows it by about 45%, which beats the slow leak of cash.
If you invest monthly from 60 to 70
Many people at 60 are still earning. Here's what steady monthly investing for 10 years could become, then left untouched until 85.
Monthly amount (60 to 70) | Total you put in | Value at 70 (3% / 4.5% / 6%) | Value at 85 (3% / 4.5% / 6%) |
$500 | $60,000 | $69,724 / $75,238 / $81,237 | $108,628 / $145,606 / $194,689 |
$1,000 | $120,000 | $139,448 / $150,476 / $162,473 | $217,255 / $291,213 / $389,377 |
$2,000 | $240,000 | $278,896 / $300,951 / $324,947 | $434,511 / $582,426 / $778,754 |
After-inflation values. Deposits at the end of each month. Calculated by the author.
Look at the $1,000 row. Ten years of saving puts $120,000 in. At 4.5%, it could be worth about $291,000 in today's money by 85. For more on this, see what $500 a month in an S&P 500 index fund becomes over 10, 20 and 30 years.
A boost Americans aged 60 to 63 often miss
If you're in the US and still working, 2026 gives you unusual room. The IRS limits for 2026 are:
401(k): $24,500, plus an $8,000 catch-up at 50 or older.
Ages 60 to 63: a "super catch-up" of $11,250 instead of $8,000, so up to $35,750 a year.
IRA: $7,500, plus a $1,100 catch-up at 50 or older, so $8,600.
Some higher earners must make their 401(k) catch-ups as Roth (after-tax) contributions from 2026, so check with your plan. Readers elsewhere have their own tax-sheltered accounts, such as ISAs and pensions in the UK, or TFSAs and RRSPs in Canada. Check the rules in your own country.
The Hidden Cost of Waiting Until 65 or 70
Waiting feels safe. It isn't free.
Cash in a bank has historically earned about 0.5% a year above inflation, and often less. If inflation runs at the Federal Reserve's 2% target, $100,000 sitting at 0% loses nearly 18% of its buying power in 10 years. At 3% inflation, it loses more than half in 25 years, leaving the buying power of about $47,761.
Now compare starting dates. Same $100,000, invested at an assumed 4.5% real return, kept in cash at 0.5% real until the start date:
You start investing at | Value at 85 (today's dollars) |
60 | $300,543 |
65 | $247,261 |
70 | $203,425 |
Never (stays in cash) | $113,280 |
Assumed returns; calculated by the author.
Each five-year delay cost roughly $44,000 to $53,000 of future buying power in this example. The same pattern holds for monthly savers: $1,000 a month for 10 years, started at 60, is worth about $291,000 at 85. Started at 70, about $188,000.
Bottom line on waiting: Waiting for the "perfect moment" is still a decision, and historically an expensive one. If fear of a crash is what's stopping you, read should I sell my stocks before a crash? before you make that call. |
The One Mistake That Hurts Late Starters Most
Here is the mistake: treating all your money as if it has the same deadline.
At 30, a crash is an inconvenience. At 60, if you must sell stocks to pay the bills during a crash, you lock in the loss. Experts call this sequence-of-returns risk. The order of your returns matters as much as the average, once you start withdrawing.
Same returns, different order, very different life
Take $500,000 at 60. You withdraw $20,000 a year (4%), raised each year with inflation. Two retirees get the exact same 25 yearly returns, with the same 3.57% compound average. The only difference is the order.
Retiree A gets the five bad years first: –15%, –10%, –5%, –8%, +2%, then 6.5% a year (all after inflation).
Retiree B gets the same 25 returns in reverse order: twenty years of 6.5% first, then +2%, –8%, –5%, –10% and –15% at the end.
Age | Retiree A (bad years first) | Retiree B (bad years last) |
65 | $254,307 | $563,769 |
70 | $227,148 | $651,138 |
75 | $189,938 | $770,840 |
80 | $138,958 | $934,843 |
85 | $69,109 | $563,700 |
Stylised example, after-inflation dollars, calculated by the author.
Without withdrawals, both would end at exactly the same $1,201,532. Withdrawals during a slump are what do the damage.
What really happened to people who retired in 2000
This isn't just theory. I ran the actual 2000–2024 returns, after inflation, for someone with $500,000 withdrawing $20,000 a year from age 60.
Portfolio | Left after 25 years (actual order, 2000 first) | Left after 25 years (same years reversed) |
100% S&P 500 | $36,667 | $975,032 |
60% stocks / 40% US Treasury bonds | $304,638 | $563,631 |
Approximate, after inflation, in start-of-2000 dollars. Rebalanced yearly. Calculated by the author from Damodaran and Minneapolis Fed data.
The all-stock retiree was nearly broke by 85. The 60/40 retiree, facing the same terrible start, still had about $305,000. The bonds supplied the cash to live on while stocks recovered.
So here is the mistake from the top of this article: the danger at 60 is not owning stocks. It's having to sell them at the wrong time. Charles Schwab's guidance makes the same point and suggests keeping roughly one year of spending in cash and two to four years in high-quality short-term bonds.
The Three Buckets: Invest by Time Horizon, Not Birthday
The cure is to give every dollar a job and a deadline. Think of three buckets.
Bucket | When you'll need it | What usually goes in it | Why |
1. Now money | Years 0 to 5 | Cash, savings accounts, short-term high-quality bonds | Pays the bills so you never sell stocks in a crash |
2. Soon money | Years 5 to 15 | Mostly bonds, some stocks (for example, 40% stocks) | Refills Bucket 1; steadier growth |
3. Later money | Years 15 to 25+ | Mostly diversified stock index funds (for example, 80% to 100% stocks) | Long horizon; outpaces inflation |
A worked example
Say you have $500,000 and need $20,000 a year from savings, on top of any pension.
Bucket 1: $100,000 in cash and short-term bonds, covering five years of withdrawals.
Bucket 2: $200,000, about 40% in stocks ($80,000).
Bucket 3: $200,000, about 90% in stocks ($180,000).
Overall, that's $260,000 in stocks, or 52% of the total. That lands close to Vanguard's target-date glide path, which holds about 50% in stocks at 65 and gradually lowers this to 30% about seven years later.
In the bad-years-first example above, simply setting aside five years of withdrawals ($100,000) in cash, and leaving the other $400,000 invested and untouched, nearly doubled what was left at 85: about $135,000 instead of $69,000. The bucket didn't stop the crash. It stopped the forced selling.
This is general education, not a recommendation for your portfolio. Your buckets depend on your spending, pensions and health. A simple set of funds can fill Bucket 3; readers outside America can see how to build a three-fund portfolio outside the US.
How Much Can You Safely Spend?
Investing at 60 only helps if you can also draw income without running dry. Three respected benchmarks:
The 4% rule. Financial planner William Bengen's 1994 research found that a 4% first-year withdrawal, raised with inflation, never ran a 50/50 stock and bond portfolio dry in under 33 years in the US history he tested. Here's the 4% rule explained in plain English.
Morningstar's 3.9%. In December 2025, Morningstar said retirees starting in 2026 could safely begin at 3.9% for a 30-year retirement, with a 90% chance of success, holding 30% to 50% in stocks.
Bengen's update to 4.7%. In his 2025 book A Richer Retirement, Bengen raised his estimate to 4.7% for a more diversified portfolio.
Your savings | 3.9% a year | 4% a year | 4%, as a monthly amount |
$100,000 | $3,900 | $4,000 | $333 |
$250,000 | $9,750 | $10,000 | $833 |
$500,000 | $19,500 | $20,000 | $1,667 |
These sound small, and that is the honest truth. For most people at 60, savings are a top-up, not the whole meal. Which brings us to the biggest lever many people ignore.
Your government pension may be your best "investment"
In the US, Social Security pays 30% less if you claim at 62 (with a full retirement age of 67). Waiting past full retirement age adds 8% a year, up to age 70. On a $2,000 monthly benefit at 67, that's $1,400 at 62 versus $2,480 at 70, a difference of $12,960 a year for life, raised with inflation.
Other countries work similarly. Canada's CPP is cut by 0.6% a month before 65 (up to 36% at 60) and grows 0.7% a month after 65 (up to 42% at 70). The UK's new State Pension grows by 1% for every nine weeks you defer, just under 5.8% a year.
Delaying isn't right for everyone, especially with poor health. But using savings to bridge a few years while your pension grows is one of the few inflation-linked, lifetime increases you can buy.
Is It Too Late to Invest at 60 With Little Money, a Lump Sum or a Pension?
Your starting point changes the plan. Here are the three most common.
If you have almost nothing saved
Clear high-interest debt first. Paying off a credit card at 20% interest is a guaranteed 20% "return".
Build a small emergency fund, then automate even $200 to $500 a month into a low-cost index fund.
If you're still working in the US, the age 60 to 63 catch-up limits let you save far more than younger workers.
Plan to work a little longer if you can, and delay your government pension.
This is the same playbook laid out in starting to invest at 50 with nothing saved, just with a shorter runway and a stronger focus on pension timing.
If you have a lump sum sitting in cash
Fill Bucket 1 first: five years of the spending your pension won't cover.
Invest the rest by bucket. Vanguard research covering 1976 to 2022 found that investing a lump sum at once beat spreading it over a year in about 62% to 74% of periods. Still, phasing in over 6 to 12 months can be easier on the nerves after a big loss.
Weigh both sides in lump sum or monthly investing after a big loss.
If you have a pension
A guaranteed pension acts like a giant bond. If it covers most of your basic bills, your savings have less work to do and can often take a longer view. Some people also buy a guaranteed income annuity (as a category) with part of their savings to cover essentials. Compare the fees and terms carefully and get independent advice before signing anything.
What Could Go Wrong (and How to Defend Yourself)
A good plan tells you in advance what can break. Here are the six biggest risks at 60, and the defence for each.
1. A crash right after you start
Sequence risk is real, as the 2000 example shows. Defence: keep five years of spending outside stocks. Know in advance what happens to index funds in a crash, so it doesn't shock you into selling.
2. Inflation
Inflation is the quiet thief. Cash and fixed payments lose buying power every year. Defence: keep long-term money (Bucket 3) in growth assets, and prefer inflation-linked pension income where you can.
3. Fees
On $250,000 over 25 years at a 5% return before fees, a 1% annual fee leaves about $666,000. A 0.1% fee leaves about $827,000. That's $160,000, or 19% of your result, gone to costs. See what a 1% fee costs over 30 years.
4. Scams and "guaranteed return" pitches
The FBI's 2025 Internet Crime Report recorded $7.7 billion in losses reported by people aged 60 and older, including about $3.5 billion from investment fraud. The SEC's red flags for seniors include "promises of high returns with little or no risk" and "pressure to buy quickly". Defence: if it's guaranteed and high, walk away. Here's how guaranteed returns compare with the stock market.
5. Concentration
One hot stock, one sector or one country can sink a late starter. Defence: own the whole market through broad index funds, and stay spread across regions. Readers outside the US can see how to invest in the S&P 500 from outside the United States.
6. Panic selling
Morningstar's 2026 Mind the Gap study found that over the 10 years to 2025, fund investors earned 8.7% a year while their funds returned 9.9%. Bad timing cost about 1.2 percentage points a year, roughly 12% of the total return. Defence: a written plan and a full Bucket 1. Here's why investors sell at the bottom, and how average investor returns compare with the S&P 500.
Your 7 Steps to Start Investing at 60
List your income for life. Write down every pension, government benefit and annuity, and when each starts.
Find your gap. Subtract that income from your expected yearly spending. The gap is what savings must cover.
Fill Bucket 1. Put five years of the gap in cash and high-quality short-term bonds.
Split the rest into Buckets 2 and 3. Bucket 2 mostly bonds, Bucket 3 mostly broad stock index funds. A target-date fund is one simple all-in-one option.
Use tax-sheltered accounts and catch-up limits. Check the rules where you live.
Set a spending rule. Start near 3.9% to 4% of savings and adjust if markets fall hard.
Automate, then leave it alone. Rebalance once a year and refill Bucket 1 from whichever bucket did well. This is the heart of set-and-forget investing.
Quick decision guide: where should this dollar go?
Ask yourself | If yes | If no |
Do I have debt above about 8% interest? | Pay it down first | Go to the next question |
Do I have 3 to 6 months of emergency cash? | Go to the next question | Build it first |
Will I need this money within 5 years? | Bucket 1: cash and short-term bonds | Go to the next question |
Will I need it in 5 to 15 years? | Bucket 2: mostly bonds, some stocks | Bucket 3: mostly broad stock index funds |
Would a 30% fall make me sell? | Hold more in Buckets 1 and 2 | Keep the plan |
Your move tonight:
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Frequently Asked Questions
Is 60 too old to start investing in the stock market?
No, for most people. A 60-year-old couple has about a 49% chance that one of them reaches 90, so part of their money has a 25-year horizon. Keep money needed within five years out of stocks, and invest longer-term money in low-cost, diversified index funds. Check your plan against your health and pension income.
How much should a 60-year-old have in stocks?
There's no single right number. Vanguard's target-date glide path holds about 50% in stocks at 65, falling to 30% about seven years later. A more personal method is the bucket approach: hold stocks mainly with money you won't need for at least 10 to 15 years.
What if I have almost nothing saved at 60?
You can still make a real difference. Clear high-interest debt, build an emergency fund, and invest monthly. Saving $1,000 a month from 60 to 70 could grow to about $150,000 in today's money at an assumed 4.5% real return. Delaying your government pension can add even more lifetime income.
Should I invest a lump sum all at once at 60?
First set aside five years of spending in cash and short-term bonds. For the rest, Vanguard found investing at once beat spreading it out about two-thirds of the time. But if a past loss makes you nervous, phasing in over 6 to 12 months is a reasonable compromise that helps you stick with it.
How long will my money need to last if I retire at 60?
Plan for at least 30 years. Using SSA data, a 60-year-old woman has about a 54% chance of reaching 85 and a 33% chance of reaching 90. For a couple, the chance that one of you reaches 90 is about 49%. Running out of money is a bigger risk than dying with some left.
Is the 4% rule safe if I retire at 60?
It's a sensible starting point, not a guarantee. Morningstar put the safe starting rate at 3.9% for 2026 retirees over 30 years, while Bengen's update suggests 4.7% for a broader portfolio. Starting near 4% and cutting back after bad market years makes your money far more likely to last.
Can I still contribute to a 401(k) or IRA after 60?
Yes, if you have earned income. For 2026, the IRS allows $24,500 in a 401(k), plus a $11,250 catch-up at ages 60 to 63, and $7,500 plus $1,100 in an IRA. Other countries have their own accounts and limits, so check local rules.
What is the safest investment for a 60-year-old?
For money needed soon, cash and high-quality short-term government bonds are the safest. But "safe" from crashes isn't safe from inflation. Cash has historically earned about 0.5% a year above inflation, which barely grows. Long-term money usually needs some stocks to keep its buying power.
The Real Answer: Time Horizon, Not Birthday
So, is it too late to invest at 60? The honest answer is that the question is slightly wrong.
Your birthday doesn't decide how you should invest. Your time horizon does. Money you need next year should not be in stocks, whether you are 30 or 60. Money you won't touch until 85 can still grow, and in the S&P 500 record since 1928, every 25-year period has beaten inflation.
You don't need to be brilliant. You need a five-year cushion, low costs, broad diversification, a sensible spending rule and the patience to leave Bucket 3 alone.
Anne Scheiber's clock started at about 50. Yours can start tonight.
First, understand why it went wrong last time
If you've lost money before, the fear is natural. But investing again without understanding what went wrong is like driving the same road without fixing the brakes.
That's why I wrote a free 38-page report, Why You Lost Money in the Stock Market (And Why It Wasn't Your Fault). Inside, you'll:
See why ordinary, careful people lose money in the market, and why it usually isn't their fault.
Let go of the guilt that keeps your savings stuck in cash while inflation eats it.
Understand the traps to avoid before you invest again at 60.
Get the clarity and confidence to start over calmly, with your time horizon in mind.
About the author Stephen Loke has been a student of the market for more than 15 years. He is also an agritourism entrepreneur whose farm has been featured in Bloomberg News and Asahi Shimbun. General education, not personal financial advice. I'm not a licensed financial adviser. Rules on accounts, taxes and pensions vary by country, so check yours or speak with a licensed professional before acting. |
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When to start your CPP retirement pension. Government of Canada. https://www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-benefit/when-start.html
Deferring your State Pension. GOV.UK. https://www.gov.uk/deferring-state-pension/if-you-reach-state-pension-age-on-or-after-6-april-2016
2025 Internet Crime Report. Federal Bureau of Investigation, Internet Crime Complaint Center, 2026. https://www.ic3.gov/AnnualReport/Reports/2025_IC3Report.pdf
Updated Investor Alert for Seniors: Five Red Flags of Investment Fraud. US Securities and Exchange Commission, Investor.gov, 2016. https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/updated-4
The Truth About Cost Averaging (Vanguard Research, Finlay and Zorn, 2023). Vanguard UK, 2026. https://vanguard.co.uk/professional/vanguard-365/financial-planning/financial-well-being/cost-averaging
Mind the Gap 2026. Morningstar, 2026 (as reported by WealthManagement.com). https://www.wealthmanagement.com/investing-strategies/investors-miss-out-on-12-of-fund-returns-over-decade
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