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What does the government shutdown mean for you?

Late last night, the federal government was forced to shut down for the first time since 1995 – leaving many to wonder, "What does this mean and how will it affect me?"

Because Congress couldn't agree on a spending bill, the government is not legally able to spend money; therefore, non-essential agencies are not operating as of today. Rehmann Principal Stephen Blann says, "The average citizen will likely not see any direct impact. Although certain non-essential services will be delayed, most people will be able to go about their daily lives as usual."

Most federal services with which the public has a day-to-day interaction have not been affected by the shutdown. They include:

  • U.S. Postal Service
  • Social Security
  • Airport services such as air-traffic controllers and airport screeners
  • Food stamps

Many federal employees, however, are facing a furlough. Although no official numbers have been reported, USA Today quotes J. David Cox, president of the American Federation of Government Employees, as saying that he expects the number will be between 800,000 to 1 million employees. Services that are affected by the shutdown may upset some vacationers, too; national parks are now closed and passport processing will likely be delayed.

Those worried about slower mortgage approvals shouldn't be too concerned as long as the shutdown doesn't linger. Rehmann Principal Joe Heider, as quoted on
DailyWorth.com today: "Assuming this doesn't drag on longer than two or three weeks, the mortgage loan process may not slow down too much." To read the entire DailyWorth.com article, click here.

Contact your Rehmann advisor if you have any questions regarding how the government shutdown may affect you.

Rehmann is an independent member of Nexia International. Securities offered through Royal Alliance Associates, a member of FINRA/SIPC. Investment advisory services offered through Rehmann Financial, a Registered Investment Advisor. Rehmann Financial and Nexia are not affiliated with Royal Alliance Associates Fixed and/or Traditional Insurances Services offered through Rehmann Insurance Group. Rehmann Insurance Group is not affiliated with Royal Alliance Associates or registered as a broker-dealer or investment advisor. The views expressed are not necessarily the opinion of Royal Alliance Associates, Inc. This material contains forward looking statements and projections and past performance is not a guarantee of future results. This information is not intended to be a substitute for specific individualized tax or investment advice. 29065 Clemens Rd., Bldg B. Westlake, OH 44145 | 440.356.4520.

 

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