Debt Ceiling

Janet Yellen Pulls an Emily Litella


There are just three more jobs reports before the December Federal Reserve policy meeting and each one is carries even more weight than usual. The September data are out this Friday and the consensus is for the economy to add 200,000 jobs and for the unemployment rate to remain at 5.1 percent. While the pace of job creation has slowed from last year (it was hard to imagine that we could sustain 300,000 per month), even the Fed had to admit that gains in the labor market have been “solid”. So what are the central bankers looking for to convince them that labor market slack is diminishing? My guess is that high on the list would be to see annual wage growth pick up from the sub-par 2 percent level and move towards 2.5 percent; an increase in the participation rate (the number of people employed or actively looking for a job); a continued drop in part time workers who are seeking full time positions; and a decrease in the number of long-term unemployed.

Although the jobs report is the main focus the week, the Fed is also likely to examine data on manufacturing. And spillover from the slowdown in China and other emerging markets is likely to be seen in that sector. If manufacturing indexes hold steady, it would likely provide some solace to Fed officials concerned about a global economic deceleration.

Meanwhile, last week, Yellen seemed to brush aside the China worrywarts, when she said “we do not currently anticipate that the effects of these recent developments on the U.S. economy will prove to be large enough to have a significant effect on the path for policy.” In that same speech, Yellen also said that she expects “inflation will return to 2 percent over the next few years as the temporary factors that are currently weighing on inflation wane”.

So if the labor market is solid, global slowdown worries are overblown and inflation is likely to gradually increase, why didn’t the Fed raise rates at the last meeting? As Weekend Update’s Emily Litella (Gilda Radner) would say “Never Mind”.

But wait; maybe Congress will trump the Fed’s rate increase mission. Even if lawmakers pass a continuing spending resolution to keep the Federal government open through December 11th, that’s just FIVE days before the last Fed meeting of the year. It could be déjà vu all over again (RIP Yogi), as we hurtle to the end of the year, talking about the raising the debt ceiling and defaulting on our obligations. Isn’t this fun?

MARKETS: The biotech sector is under siege again, as it has been at various times over the past couple of years. The biotech index tumbled 13 percent on the week and is now in bear market territory, off 22 percent from its recent high in July.

  • DJIA: 16,314 down 0.4% on week, down 8.5% YTD
  • S&P 500: 1,931 down 1.4% on week, down 6.2% YTD
  • NASDAQ: 4,686 down 2.9% on week, down 1% YTD
  • Russell 2000: 1122, up 3.5% on week, down 6.8% YTD
  • 10-Year Treasury yield: 2.17% (from 2.19% a week ago)
  • November Crude: $45.70, up 1.5% on week
  • December Gold: $1,145.60, up 0.6% on week
  • AAA Nat'l avg. for gallon of reg. gas: $2.29 (from $2.30 wk ago, $3.34 a year ago)


Mon 9/28:

8:30 Personal Income & Spending

10:00 Pending Home Sales

Tues 9/29:

9:00 Case Shiller Home Price Index

10:00 Consumer Confidence

Weds 9/30:

8:15 ADP Private Payrolls

9:45 Chicago PMI

3:00 Fed Chair Janet Yellen speaks at Conf of State Bank Supervisors

Thurs 10/1: 9:45 PMI Manufacturing Index

10:00 ISM Manufacturing Index

10:00 Construction Spending

Fri 10/2:

8:30 September Employment Report

10:00 Factory Orders

Should your retirement plan be to work longer?


Here’s the good news: we’re living longer. And here’s the bad news: we’re living longer. According to the Society of Actuaries, Americans who reached age 65 in 2011 are projected to live another 21 years to age 86, on average. If these same Americans reach age 86, their life expectancy would extend to age 93! As a result, the U.S. population aged 65 years and older is growing rapidly. In 2010 (the most recent year for which data is available), older Americans comprised 13 percent of the population. But as baby boomers creep up in age, population projections for those over 65 explode within two decades. In 2030, older adults are expected to number 72 million, almost 20 percent of the country’s total population.

While 75 may be the new 55, there are some significant ramifications of the population boom. Whereas previous generations could plan on retirement lasting 10 or 15 years, today we have to count on 25 or 30 years, making the task of saving enough a mighty difficult one.

When most people think about retirement planning, there are three basic strategies: save during your working years; spend less in retirement; and delay the age of retirement. While saving early and consistently is the oft-prescribed remedy, it’s not always easy to implement. In fact, pre-financial crisis retirement planning often consisted of relying more on an increase in home equity and a steady rise in investment accounts, than on increasing contribution levels. But the financial crisis and Great Recession of 2008-2009 blew up those assumptions, forcing some to reduce or abandon contributions and in extreme cases, to spend down a substantial portion of their nest eggs to survive.

These folks are looking at ways to squeeze their current and future expenses, but many have determined that the only way they will be able to fund a lengthy retirement is to work longer. According to a recent Associated Press poll, 82 percent of working Americans over 50 say it is at least somewhat likely they will work for pay in retirement, and 47 percent of working respondents now expect to retire later than they previously thought. Respondents plan to call it quits at about 66, or nearly three years later than their estimate when they were 40.

Given what has transpired over the past five years, those results should not surprise anyone. Among those who report retiring before the Great Recession, the retirement average age was 57, while the average for those who retired after the crisis is 62. The dramatic turn in financial circumstances, combined with living longer and healthier lives, has led many to remain in the workforce. According to the U.S. Bureau of Labor Statistics, about 18.5 percent of Americans age 65 and over were working in 2012, almost 8 percentage points higher than in 1985, when just 10.8 percent of Americans over age 65 were still at work. By 2020, an estimated one-quarter of workers will be 55 or older, up from 19 percent in 2010.

But just because you want to work, does not mean that you will easily get a job. The AP poll found that 22 percent of adults, age 50 years and older have searched for a job in the last five years. Of that group, over half have found the job search to be moderately or very difficult. With 11.3 million Americans seeking employment, the competition is obviously stiff.

In fact, a third of retirees told AP that they did not feel they had a choice except to retire. They may have wanted to work longer, but without steady income, they were forced to file for Social Security benefits early. Although doing so permanently reduced their benefits, a lower monthly check is far better than no check at all.

One glimmer of hope is that as the recovery continues, more jobs will become available and as the folks in charge of hiring examine the applicant pool, they may find that a robust 55 year old will be a more appreciative and loyal employee than a younger counterpart.

Distributed by Tribune Media Services

Week ahead: Debt Deal Done, Data Dump Due


After three weeks of political wrangling, the federal government is open and the debt ceiling has been increased. The good news/bad news is that there’s a 90-day grace period before the next potential round of budget/debt ceiling debates recurs. So, now the fun begins: parsing the deluge of delayed economic reports and trying to figure where the economy stands. Global/US Growth: Before the shutdown, there was ample evidence that the global economy was picking up steam. The rebound in China helped alleviate worries over a “hard landing”, the euro zone finally emerged from recession, Japan remains relatively strong and the slow down in emerging markets is picking up as worldwide demand increases.

In the U.S., the recovery was gaining momentum, until the two-headed monster of the government shut down and debt ceiling debate reared its ugly head. Moody's Analytics estimates that the whole fiasco cost $22 billion dollars and Standard and Poor’s estimates that the closure has shaved 0.6 percent from fourth quarter growth. As a result, Q4 should expand by just 2 percent, though analysts are hopeful that the hit to growth will be a blip and 2014 will make up for the short-term damage. That said, if Congressional fighting recurs in January and February, there could be more “blips” on the radar screen. Additionally, if the next round of sequester cuts go into effect, U.S. growth could be hampered in 2014.

Jobs: There will be two employment reports released within a short period of time: September will be released this Tuesday, with expectations that 180,000 jobs were created and the unemployment rate will remain at 7.3 percent. Then just 2 ½ weeks later on November 8th, the October report will be available. Over the first eight months of the year, the economy has added an average of 180,000 non-farm positions per month, but the August and July numbers were weaker than expected. The economy has added 6.8 million total jobs (7.5 million private sector jobs) since employment bottomed in February 2010.There are still 1.4 million fewer private sector jobs now than when the recession started in 2007.

Housing: The increase in mortgage rates combined with rising inventories will likely slow down the sizzling pace of the housing recovery, but should not snuff it out. Housing should continue to be a positive force in the economy.

Consumers: It was hard to hit the stores with gusto when the government was shut down and the U.S. was on the verge of defaulting on its obligations. ShopperTrak said that total retail store shopper traffic during the week of Sept. 29-Oct. 5 decreased 7.5 percent compared to the same time period last year. During the week of Oct. 6-12, foot traffic decreased 7.1 percent compared to 2012. But consumers are a mercurial bunch - visions of sugarplums may help them forget about Washington and engage in a bit of retail therapy during the holiday season.

Federal Reserve: Remember way back in September when Ben Bernanke raised the concern over “fiscal uncertainty”? (See: Congress is the biggest near-term risk to the U.S. economy) Well, that fear was well founded and probably the main reason that the central bank kept its current policies in place, including the $85 billion worth of monthly bond purchases. There are two more policy meetings before the end of the year, in October and December. It is almost a certainty that the Fed will do nothing in October, but if the economy were to pick up substantially, there is a chance of a small pull back in bond purchases at the December meeting. It is more likely that Bernanke would use his last FOMC meeting in January to change course, unless fiscal uncertainty returns to the fore. If things heat up in Congress, Janet Yellen may use her first FOMC meeting to announce the reduction in bond purchases.

Congress: Are we in for déjà vu all over again (h/t Yogi)? The agreed upon three-month time horizon has invoked a chorus of “kick the can down the road”, but wait - it could last even longer! The debt ceiling date of February 7th could be extended when Treasury Secretary Jack Lew invokes extraordinary measures.

MARKETS: Investors typically do not like uncertainty. Except last week, when they brushed aside worries over the debt ceiling and then celebrated when the deal was sealed. With indexes up sharply on the year, optimists are touting a resurgent economy,  decent earnings and a Fed policy that will remain market-friendly. Pessimists argue that the bulls are confusing the avoidance of disaster with real economic is October, after all!

  • DJIA: 15,399 up 1% on week, up 17.5% on year
  • S&P 500: 1744, up 2.4% on week, up 22.3% on year (new all-time closing high)
  • NASDAQ: 3914, up 3.2% on week, up 29.6% on year
  • 10-Year Treasury yield: 2.59% (from 2.68% a week ago)
  • Nov Crude Oil: $100.83, down 1.2% on week
  • Dec Gold: $1314.60 up 3.6% on week
  • AAA Nat'l average price for gallon of regular Gas: $3.36

THE WEEK AHEAD: Get ready for a “Jobs Tuesday”! Reports in BOLD are rescheduled releases of reports that were on hold until the government reopened. It is possible additional data will be released later this week by other government entities.

Mon 10/21:

Halliburton, McDonald’s, Netflix, Texas Instruments

8:30 Chicago Fed Nat’l Activity Index

10:00 Existing Home Sales

Tues 10/22:

Coach, DuPont, Kimberly Clark,

8:30 September Jobs Report

10:00 Richmond Fed Manufacturing Index

Weds 10/23:

AT&T, Boeing, eTrade

8:30 Import/Export Prices

9:00 FHFA Housing Price Index

Thurs 10/24:

3M, Altria, Amazon, Ford, Colgate, Palmolive Microsoft, Zynga

8:30 Jobless claims

10:00 Job Opening and Labor Turnover (JOLTS)

10:00 New Home Sales

Fri 10/25:


8:30 Durable goods orders

9:55 Consumer Sentiment

Radio Show #137: Debt Deal Done (Now Back to Work!)


Congress finally got its act together and agreed on a deal to reopen the government and raise the debt ceiling. Sure, we may have to go through this all over again in January and February, but in the mean time, it's back to our regularly scheduled programming!

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Our young listeners are so great, because in answering their questions, I can review some of the basic premises we should all be applying throughout our lives. Leah got us started with questions about rolling over an old retirement plan and whether or not to combine assets with her soon-to-be husband. Aaron's wife wants to buy a house, but is that the best idea at this point in their lives? Steve needed advice about where to invest $5K and Tim and his wife have whole life insurance and want to know whether to exchange it for term -- YES! 29 year old Jaydan wrote such a nice e-mail, that I wanted to give him a shout-out on the show and in the show notes as well.

On the retirement front, Cheryl asked about the nasty provision of Social Security that reduces benefits for federal employees (Windfall EliminationProvision (WEP) and Government Pension Offset (GPO). While there is legislation pending to undo these punitive rules, given the state of affairs in DC, I wouldn't hold my breath for action.

Ena has a wonderful problem: she has saved $1.35 million and needs a strategy to create income from the portfolio in retirement. Now is a good time to interview fee-only advisors. Howard asked about index vs. managed funds (INDEX RULES!), Andy is weighing a lump sum versus an annuity for his wife's retirement account, and Robert asked about the file and suspend strategy for Social Security.

Thanks to everyone who participated and to Mark, the BEST producer in the world. If you have a financial question, there are lots of ways to contact us:

  • Call 855-411-JILL and we'll schedule time to get you on the show LIVE 

Investor Survival Kit


While many are saying that the U.S. has never defaulted on its obligations, that’s not exactly the case. Historians say that technical default has occurred five times in the country's history. In 1779, the government was unable to redeem the continental currency issued during the Revolutionary War; in 1782 the Colonies defaulted on the debt they had assumed to pay for the war; in 1862, the Union failed to redeem dollars for gold at terms stated by the debt contracts; in 1934 FDR defaulted on the debt issued to finance World War I; and in 1979, a bureaucratic snafu resulted in missed interest on some small bills. But you get the point -- default is rare and is certainly unprecedented in the age of electronic trading and an interconnected globe. In the unlikely event that politicians can’t pull it together, stocks could plunge; short-term interest rates could spike; business and consumer confidence would falter, which would cause an increase in unemployment and potentially push the economy into recession.

Since you can’t control any of those dramatic events, here are seven things you can do to prepare for the worst…while of course hoping for the best!

1. Review and replenish emergency funds: Make sure that you have an emergency fund of 6-12 months worth of expenses. If you have less than that amount, you may want to sell securities from your taxable portfolio and replenish.

2. Rebalance your investment and retirement accounts: Do not arbitrarily sell all of your investments or cash out of your retirement and college plans! But if you have not rebalanced your accounts in a while, this week would be a perfect time to do so. Make sure that your allocation matches your time horizon and your risk tolerance and don’t forget to sell company stock that has increased to more than 5 percent of your portfolio’s value.

3. Get ready to accelerate the pay down of adjustable rate loans: From mortgages to credit cards, if the worst-case debt ceiling scenario plays out, interest rates on these types of loans could rise. That may mean that you will need to refocus your available cash flow to paying down higher interest debt.

4. Lock in loans/obtain a commitment letter: Analysts are not sure whether or not longer-term interest rates will rise because of the debt ceiling. There is some evidence that when the world is in turmoil, investors have traditionally flocked to the 10-year treasury, which has kept a lid on rates. That said, since most believe that interest rates are headed higher generally, it would be advisable to secure a fixed loan now. If you have government-guaranteed student loans, you can consolidate them with the Federal Direct Loan Program.

5. Review the terms of small business loans: During the financial crisis of 2008, many small companies learned a bitter lesson: their business loans were callable. Find out the exact terms and conditions of any loans and try to work with your bank to build a contingency plan.

6. Say goodbye to German beer and French cheese: Any destabilizing event like the debt ceiling fiasco could push down the value of the U.S. dollar, making foreign imports more expensive. In those trying times, comfort yourself with Vermont cheddar and domestic beer and wine!

7. Don’t Panic: Time and time again, it has been proven that those who react emotionally at the wrong time often pay the price over the long-term. As the British say, “Keep calm and carry on.”

Week ahead: Debt Ceiling Thaw Warms Traders’ Hearts


Traders seemed convinced that Congress will come to an agreement on the debt ceiling, which propelled stocks higher on Thursday and Friday, and saved what was starting to look like an ugly week. Presuming that the collective wisdom is correct, then fears of financial catastrophe and recession will recede and everyone can start chewing on the boring old stuff: the pace of economic growth and corporate earnings. Of course it’s difficult to analyze the economy while the government is shut down. Menzie Chinn of EconBrowser notes that even the Fed is forced to conduct “macroeconomic policymaking with increasingly sparse or mis-measured data. If one doesn’t believe in expertise and information, then this is not a problem. If one believes that knowledge should inform decision-making, it is.” (You can almost hear Larry Summers saying, “Good luck with the new gig, Janet Yellen!”)

While Wall Street was instantly soothed by the thaw in Congressional relations, Main Street was not yet convinced. Beyond the massive reputational damage lawmakers have inflicted on themselves, many Americans are now worried that the economy will be harmed. Consumer sentiment fell in October to its weakest level in nine months, according to the Thomson Reuters/University of Michigan preliminary sentiment index.

Additionally, a recent Wall Street Journal poll showed that 42 percent of Americans think the economy will worsen over the next year, which is double the amount observed in September, and the number of those surveyed who think the country is on the right track has fallen by half. The WSJ results jibes with Gallup, which showed that consumer confidence now measures at the same low levels as that of the 2008 economic collapse.

Suffice it to say, if political gridlock goes on too long, then consumer confidence could drop, which could lead to slower than expected spending during the holiday shopping season. To underscore the risk of sliding consumer confidence, the Leaders of the National Retail Federation sent a letter to Congress, warning:

“For retailers – who represent the sector of the American economy most closely tied to consumer attitudes – these numbers are deeply disturbing…Moreover, since the very modest growth the U.S. economy has experienced following the 2008 recession has been attributed to the willingness of the American consumer to keep shopping, a lasting decline in consumer confidence is likely to translate into increased unemployment and slower growth in coming months.” The NRF also detailed practical problems the shutdown has created for retailers – from the lack of economic data and reports to concerns over processing of imported merchandise.

If the economy were to slow, it would be bad news for companies, which were at the precipice of doing something that have not done in a while: spending some of the piles of cash they have accumulated. As a reminder, non-financial companies held a record $1.78 trillion in cash and other liquid assets as of the first quarter of the year. Many analysts thought that the companies would start to spend money in order to expand their businesses and drive more sales. If Congressional bickering drags on too long, some companies may rethink those plans.


  • DJIA: 15,237 up 1.1% on week, up 16.3% on year
  • S&P 500: 1703, up .7% on week, up 19.4% on year
  • NASDAQ: 3791, down 0.4% on week, up 25.6% on year
  • 10-Year Treasury yield: 2.68% (from 2.65% a week ago)
  • Nov Crude Oil: $102.02, down 1.7% on week
  • Dec Gold: $1268.20, down 3.2% on week
  • AAA Nat'l average price for gallon of regular Gas: $3.34

THE WEEK AHEAD: Government reports in italics are due to be released, subject to the status of the shutdown. Reports that were delayed over the past two weeks, including the all-important jobs report, could be released this week, if a deal is reached. Q3 earnings season gets into full swing, with a slew of S&P 500 companies reporting this week.

Mon 10/14: Columbus Day: US stock markets open, bond markets and banks closed

Tues 10/15:

Citigroup, Intel, Johnson & Johnson, Coca Cola, Yahoo, Schwab

8:30 Empire State Manufacturing Index

Weds 10/16:

AMEX, Bank of America, BNY Mellon, Pepsi, IBM, eBay

8:30 CPI

10:00 Housing Market Index

2:00 Fed Beige Book


Capital One, Goldman Sachs, Verizon, Google

8:30 Jobless claims

8:30 Housing Starts

9:15 Industrial Production

10:00 Philadelphia Fed Survey

Fri 10/18:

GE, Honeywell, Morgan Stanley, Schlumberger

10:00 Leading Indicators

Will Hitting the Debt Ceiling be Catastrophic?


With the government partially shutdown and the nation moving closer to the debt ceiling, how bad will this mess get? The Treasury Department released a report, which noted, “The United States has never defaulted on its obligations…a default would be unprecedented and has the potential to be catastrophic.” Catastrophic is a pretty scary word, so what exactly will happen on October 17, when the nation can no longer juggle the books and needs to borrow more than the statutory limit of $16.7 trillion?

Treasury expects it would still have about $30 billion cash on hand to cover its bills. Between money coming in and obligations, we can make it to the end of the month, but then things gets dicey. On November 1 there is $25 billion bill for Social Security and on November 15, a $30 billion interest payment on government bonds is due. Without an increase to the debt ceiling, neither will get paid on time, which would qualify as a technical default.

The mere whiff of a default could throw financial markets into disarray. Treasury says that “credit markets could freeze, the value of the dollar could plummet, U.S. interest rates could skyrocket, the negative spillovers could reverberate around the world, and there might be a financial crisis and recession that could echo the events of 2008 or worse.”

Most traders agree that if a default were to occur, it could make the August 2011 debt ceiling swoon look like child’s play. In August 2011, Congress came to a last-minute deal to avert hitting the debt ceiling, but it was too late: ratings agency Standard & Poor’s downgraded the credit rating of the United States by one notch and the S&P 500 stock index subsequently dropped by more than 17 percent. Given the bad memories of 2011 and the credit freeze of 2008, there is widespread belief on Wall Street that not even the most extreme members of Congress would allow a default to occur.

Some legal experts have said that the President could invoke emergency powers if Congress could not come to an agreement. According to the New York Times, there are three options: “One is grounded in an aggressive understanding of presidential power, the second in an interpretation of an obscure provision of the 14th Amendment and the third on a choice among three irreconcilable constitutional obligations.” But White House officials maintain that the President will not act alone and that Congress must provide the authority to borrow money.

What about Treasury’s claim that "even the prospect of a default can be disruptive to financial markets and American businesses and families." There is some evidence that we are already seeing the ill effects of both the government shutdown and the debt ceiling: stocks have dropped about 3.5 percent in the past two weeks and confidence could erode as the negotiations drag on. That's why the National Retail Federation said that Congress could blow a hole in its holiday sales forecast. "Our forecast is also somewhat hinging on Congress and the Administration’s actions over the next 45 days; without action, we face the potential of losing the faith Americans have in their leaders, and the pursuant decrease in consumer confidence."

As the battle on the debt ceiling nears, it’s important to underscore that Congress has already agreed to spend a certain amount of money, by virtue of the annual budgets that come to the floor for a vote. After budget resolutions are passed, if the government cannot meet its obligations from revenue, it borrows money by selling bonds. Increasing the debt limit does not authorize new spending commitments; rather it allows the government to finance existing obligations that Congresses and presidents have made.

For decades, lawmakers increased the debt ceiling as a course of business. Since 1960, Congress has acted 78 separate times to permanently raise, temporarily extend, or revise the definition of the debt limit under both Republican and Democratic presidents.

So what’s an individual investor to do? Stick to your long term balanced approach. Looking back to 2011, the year felt like a roller coaster, but it ended more like a merry go-round. The S&P 500 was up by over 8 percent in the spring, was down 12 percent over the summer and finished the year nearly unchanged at 1257.60, a drop of -0.003 percent for the year, the smallest annual market move for the S&P 500 since 1947. While we are rooting for Congress to do something, the best prescription for investors may be to do nothing!


  • DJIA: 15,072 down 1.2% on week, up 15% on year
  • S&P 500: 1690, down .07% on week, up 18.5% on year
  • NASDAQ: 3807, up 0.7% on week, up 26.1% on year
  • 10-Year Treasury yield: 2.65% (from 2.62% a week ago)
  • Nov Crude Oil: $103.84, up 0.9% on week
  • Dec Gold: $1309.90, down 2.1% on week
  • AAA Nat'l average price for gallon of regular Gas: $3.36

THE WEEK AHEAD: The Federal Reserve is self-funded, so it will release the monthly Consumer Credit report, as well as minutes from the last Fed policy meeting. Other government reports in italics are due to be released, subject to the status of the partial shutdown. Meanwhile, as the shutdown continues, companies will begin to report corporate earnings. Although earnings increased by just 5 percent in the first half of the year, stock indexes have more than tripled that growth rate. Thompson Reuters estimates that third-quarter earnings will increase by 4.9 percent

Mon 10/7:

3:00 Consumer Credit

Tues 10/8:


7:30 NFIB Small Business Optimism

8:30 International Trade

10:00 Job Openings and Labor Turnover (JOLTS)

Weds 10/9:

2:00 FOMC Minutes

Thurs 10/10:

Chain Store Sales

8:30 Jobless claims

8:30 Import/Export prices

Fri 10/11:

JPMorgan Chase, Wells Fargo

8:30 PPI

8:30 Retail Sales

9:55  Consumer Sentiment

10:00 Business Inventories

Radio Show #135: Government Shutdown, Debt Ceiling


With the government shutdown in full swing and the debt ceiling looming, should you be making any changes to your portfolio? The easy answer is: NO! Stick to your diversified, balanced approach and you will be more likely to survive this latest crisis with less anxiety.

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David and Matt had government shutdown-related questions, but Jane was focused on what to do with a lump sum to help fund retirement. 

Shelley's debt consolidation questions allowed me to talk about financial scams, while Milton and Matt sought advice on selecting financial advisors.

TIB and Andy wrote about investing retirement assets, which Daphna and Tim are just starting their retirement funding journey.

Thanks to everyone who participated and to Mark, the BEST producer in the world. If you have a financial question, there are lots of ways to contact us:

  • Call 855-411-JILL and we'll schedule time to get you on the show LIVE