Amid election-related uncertainty and “headline risk,” stocks failed to defend gains Friday. The S&P ended lower for a ninth straight session but stayed above its 200-day moving average. For the week, the Dow fell 1.47 percent to close at 17,888.28. The S&P lost 1.89 percent to finish at 2,085.18, and the NASDAQ dropped 2.77 percent to end the week at 5,046.37.
Three in a Row –
India’s economy is forecasted to grow by 7.6 percent in calendar year 2017, a result that would make India the fastest growing major economy in the world for the third straight year (source: IMF, BTN Research).
Of millennials, 78 percent follow a budget to manage their monthly spending. Millennials are adults aged 19-35 in 2016, i.e., individuals born from 1981-1997 (source: Chase, BTN Research).
Longest Ever -
The yield on the 10-year Treasury note closed at 1.85 percent on Friday, Oct. 28, the 190th consecutive trading day that the yield has closed below 2 percent, the longest stretch below 2 percent in the history of the nation. Ten-year notes have been traded since 1790, i.e., 226 years of trading (source: Treasury Department, BTN Research).
WEEKLY FOCUS - Honoring Family Caregivers
Every day throughout America, parents, adult children and spouses selflessly care for loved ones afflicted with illnesses, disabilities, traumatic injuries or the effects of aging. According to a study by the National Alliance for Caregiving and AARP, approximately 43.5 million caregivers provided unpaid care to an adult or child over the previous year. About 34.2 million cared for an adult age 50 or older.1 To honor their service, November has been proclaimed National Family Caregivers Month.
As medical advances prolong lives and turn once-deadly conditions into disabilities, chances of becoming a caregiver for an older family member dramatically increase. Elder caregiving is often a rewarding act of service as well as a demanding sacrifice. In contrast to caring for children, care requirements for older adults can go from zero to 100 percent overnight. Few programs support those caring for the elderly who often juggle multiple responsibilities for which they may feel ill-equipped.
In addition to the mental and physical challenges, the caregiver’s finances may be impacted dramatically – particularly if the role requires them to reduce work hours or stop working entirely. They may lose employer-provided health care coverage, and their lost wages could in turn reduce their retirement savings and Social Security benefits. Middle-aged women who leave jobs to care for an aging parent may find it difficult to re-enter the workforce. Recent research suggests the average female caregiver loses more than $142,000 in wages and over $131,000 in Social Security benefits over a lifetime.2
Depending on the type and degree of the condition producing the need for care, a variety of solutions may lessen the burden on family members. An older individual might be able to live independently with the help of a visiting nurse, home health aide or homemaker. A caregiver may be able to continue working if their relative is able to participate in an adult day care. But at some point, assisted living or long-term care may become unavoidable.
Financial issues related to caring for a loved one can be complicated and difficult to predict. Call our office today to discuss what you can do now to be financially prepared should you or a loved one require care.
2 MetLife, “The MetLife Study of Caregiving Costs to Working Caregivers,” https://www.metlife.com/mmi/research/caregiving-cost-working-caregivers.html#key findings, June 2011.
The Dorion-Gray Team
Securities offered through Securities America, Inc., Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. a Registered Investment Advisory Firm. Dorion-Gray Retirement Planning is a trade name of Dorion-Gray Financial Services, Inc. located at 2602 IL Route 176, Crystal Lake, IL 60014. Dorion-Gray and the Securities America companies are separate, unaffiliated entities.
Diversification seeks to reduce the volatility of a portfolio by investing in a variety of asset classes. Neither asset allocation nor diversification guarantee against market loss or greater or more consistent returns.
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