Will you be a Caregiver?– An estimated 17% of American adults will provide some level of care to their aging parents (e.g., dressing, bathing, feeding or shopping) at some point in their lives (source: Health and Retirement Study). Another point of discussion for clients about their needs and for their family, how will their care be provided. Its typically too late to obtain Long Term Care Insurance for those old enough now who may need skilled nursing care or even in-home care. So those family members near and dear will be required to do the heavy lifting and care giving.
Interest rate update: The U.S. stocks made slight gains recently after the Federal Reserve kept interest rates unchanged and said it expected to start selling down its massive holdings of bonds “relatively soon” in a sign of confidence in the U.S. economy.
As expected by investors, the Fed maintained its benchmark, Federal Funds lending rate and said it was continuing the slow path of monetary tightening. In its statement following a two-day policy meeting, the Fed’s rate-setting committee reported that the economy was growing moderately and job gains had been solid. But it noted that both overall inflation and a measure of underlying price gains had declined and said it would “carefully monitor” price trends.
Rocky Mountain High – Colorado, which has legally sold marijuana since 2014, recorded $128 million of sales in May 2017 (flower, edibles and concentrate sales), the 10th consecutive month of sales of at least $100 million. The state has collected $96 million YTD in marijuana taxes and licensing fees (source: TheCannabist.com). With states suffering from budget cuts and other revenue sources, we may wonder where this will take other states eager to cash in on the pot money pot.
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