Weekly Market Recap This Thursday, the UK voted to leave the EU. This is a nonbinding vote, but the UK is expected to leave the EU in a process that is expected to take a minimum of two years. The British Prime Minister also resigned, given he had supported remaining in the EU. He plans to aid in the transition until his replacement is appointed, which is expected to be by October. The British Prime Minister noted, "There will be no initial change in the way our people can travel, in the way our goods can move, or the way our services can be sold. We must now prepare for a negotiation with the European Union." Capital markets had been rising all week, expecting a "stay" vote. The surprise result has created short-term market volatility as investors evaluate what the Brexit will actually mean to businesses and Europe in general. Elsewhere in the US, housing sales data continued to show robust growth, with the volume of existing home sales rising 1.8% in May, though recent house price increases were softer than anticipated. Janet Yellen, Chair of the Federal Reserve (Fed), spoke publicly this week, confirming the Fed's commitment to a gradual trajectory of interest rate increases, dependent on future economic data. As we approach the midway point for the year, now is a sensible time to check in on your retirement plan contributions at work, such as for a 401(k), 403(b) or 457 plan. It can be jarring to adjust your contribution rates late in the year to hit your savings goal. So if you know you want to increase, or even start, your retirement plan contributions this year, then now may be a good time to do so. This way you spread the contributions across a number of your remaining 2016 pay periods. As a reminder, generally we are supportive of retirement savings plans such as 401(k)s given their potential tax efficiency and the potential for employer matching benefits, depending on your employer. Disclaimer:
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