April was another positive month for global equities, with shares benefitting from the strong recovery in crude oil prices and the Federal Reserve’s decision to again delay raising interest rates. Further, positive data out of China showed increases in industrial output, fixed asset investment, and retail sales. International developed equities benefitted the most from this backdrop, as did energy-related equities. A notable detractor during the month was the tech-laden Nasdaq, which has lost -4.6% in '16, as investors have repriced the sector based on earnings potential, not top-line revenue growth. Investment grade bonds were largely unchanged while high yield bonds delivered another strong month on further spread compression.

Social Security is more than just a retirement program. Its scope has expanded to include other benefits as well, such as disability, family, and survivor's benefits.  In fact, over 64 million people today receive some form of Social Security benefits. (Source: Fast Facts & Figures About Social Security, 2015).