Category Archives: 50-Plus

By Carol Ann Conover

As more adults 50 and older look to travel rather than downsize their plans, AAA Northway says it is seeing steady demand for hands-on trip planning, along with a renewed emphasis on the trust between traveler and travel agent.

Amy Roode has spent 20 years with AAA Northway and now serves as managing director of travel operations, based out of the organization’s Queensbury office. AAA Northway’s footprint spans five locations, from Vestal in the Binghamton area up through Schenectady, Saratoga, Halfmoon and Queensbury. Roode works with more than 50 preferred vendors, including Royal Caribbean, Celebrity Cruise Line and Trafalgar escorted tours, managing marketing contracts, training and travel events while coaching the sales team one-on-one.

Roode said travel habits among the 50-plus set have shifted noticeably since the pandemic. “I think COVID has helped us,” she said, describing a mindset she now sees regularly among clients. “They’re like, travel while you can. They have that mentality.” River cruising, in particular, has grown. “River cruises have picked up in the past eight years in our area,” Roode said, noting it appeals to travelers who want the intimacy of a smaller ship and closer ports alongside the variety of an escorted tour.

By Brian M. Johnson, MBA, CLTC

Ask most Capital Region residents about retirement planning, and they’ll likely talk about 401(k)s, IRAs, Social Security, investment portfolios, or estate planning.

Ask about long-term care planning, however, and the conversation often becomes much quieter.

That’s surprising considering that long-term care may represent one of the largest financial risks facing retirees today. Whether care is received at home, in an assisted living community, or in a nursing facility, the costs can have a significant impact on retirement savings and family finances.

In New York, those costs are among the highest in the nation. According to Genworth and CareScout’s most recent Cost of Care Survey, the median annual cost of a home health aide in New York is approximately $77,792, assisted living costs roughly $75,600 annually, and a semiprivate nursing home room costs approximately $176,660 per year.

For many families, the challenge isn’t simply paying for care; it’s understanding their options before a health event occurs.

Why Waiting Can Reduce Your Options

One of the biggest misconceptions about long-term care planning is that it can be addressed later. The reality is that many planning options depend on both age and health. Traditional long-term care insurance and many hybrid long-term care solutions require medical underwriting. As people age, premiums generally increase, and certain medical conditions may limit eligibility or reduce available choices. A strategy that may be available at age 55 could be unavailable at age 70 following a major health diagnosis. That’s why many financial professionals encourage clients to begin evaluating long-term care funding options in their 50s and early 60s, while they are still healthy and insurable.

Revised for updated statistics, minor factual corrections. By Rod Bacon A game created on the West Coast 60 years ago has become the fastest growing sport in the United States. The brainchild of three fathers — Joel Pritchard, Bill Bell, and Barney McCullum — Pickleball was designed as a backyard game to entertain families....

By Christine Graf

Volunteering is vital to the economy, the estimated economic value of volunteer work in America exceeding $120 billion. With volunteer rates and hours on a steady decline for the past 20 years, local non-profits are relying more than ever on the 50-plus demographic. 

Family Services Association of Glens Falls, a non-profit agency that provides services and support to families in crisis or in an emergency situation, relies heavily on a small team of volunteers, most of them retired. The agency serves Warren, Washington and Northern Saratoga counties. 

“We help people that are in situations that are beyond their resources,” said Executive Director Kimberly Sopczyk. “We pride ourselves on being kind and offering assistance and support. Our volunteers play a large role with that.”

Volunteers staff the agency’s full-service food pantry, one that operates Monday through Friday. 

“We consider it an emergency food pantry because you don’t need an appointment,” said Sopczyk. “You can either call that day and arrange a visit or stop in.” 

According to Sopczyk, the agency also relies on volunteers to help with Feet First, an annual event that takes place in August. 

“We assist low-income families with purchasing new school shoes for their children to return to school in the fall. Our tagline is that we want all children to put their best foot forward. Our goal is to serve 450 this summer,” she said.

By Christine Graf

Americans are traveling in record numbers, with the United States aviation industry reporting that 2023 was its busiest year ever. Local travel advisors expect 2024 to be another banner year for travel, particularly among the age 50-plus demographic.

At Heber Travel Services in Queensbury, sales manager Stacie Baxter said many of her clients in the 50-plus demographic are venturing to far-off destinations including Singapore, Hong Kong, Vietnam, Africa, and Australia.  

“People are traveling more, and they are taking month-long vacations instead of one-week vacations. A lot of older people are traveling, and my oldest this year is 95, and he’s going to Europe,” she said.

Many of Baxter’s clients are opting for ocean or river cruises or a combination of land and sea vacations. Others are choosing to travel to countries from which their ancestors emigrated, their interest often fueled by genealogy research.

“I see a lot of older people wanting to go back to their roots,” she said. “They may go and spend a month there.”

Regardless of the destination, when working with agents at Heber Travel, clients receive personalized attention.

By Debra A. Verni, ESQ.

The answer to this age-old question is, it depends. It depends on what you consider estate planning. It is a safe bet that after you pass away it is too late to prepare a will to dispose of your worldly possessions, but an estate plan is not just a will. 

 A good estate plan consists of a will, a durable power of attorney, a health care proxy and a living will. When is the best time to create an estate plan? Any time after the age of 18. I know 18 sounds young to be worrying about an estate plan but 18 is a pivotal age. Most parents forget that when their children turn 18 their ability to get information or make health care decisions for their children ends. 

Most kids at 18 are off to college. As a parent of a college student, especially one far away from home, you should have your child appoint you as their health care proxy so you can receive medical information and make medical decisions for them if they become hospitalized or need care. Additionally, your child should appoint you as their power of attorney so you can deal with financial aid and any other financial issues such as housing, paying bills etc. 

So now that your kids are all set what about you? Do you have an estate plan? I always joke with clients and say that if you don’t have a will, you have a won’t. I won’t ever die, I won’t need to plan, everything will work out fine. 

By Brian M. Johnson, MBA, CLTC

Long-Term Care, we often dread hearing the words. Our minds quickly go to an image of a nursing home. However, the good news is that many of us will never see the inside of a nursing home. 

According to the Family Caregiver Alliance, the vast majority (80 percent) of elderly people receiving assistance, including many with several functional limitations, live in private homes in the community, not in institutions. Your home doesn’t instill the same doom and gloom that a nursing home might. 

Still, in a recent study of adults over age 65, it was found that most respondents were more comfortable discussing and planning for their own death than their potential need for long-term care. That is probably why many Americans fail to address this single biggest risk they will face in retirement. 

In our practice, we regularly address long-term care planning options. In doing so, we consistently coordinate planning with elder law and estate planning attorneys, geriatric care managers, accountants, and financial advisors. One of the biggest misconceptions we hear from consumers and advisors is that long-term care is covered by Medicare and Medicaid. 

Many seniors are under the impression that their traditional health care programs will provide the desired services in the home such as meal preparation, grocery shopping, assistance with hygiene, dressing, grooming, 24-hour care, etc. Medicare, Medigap and most Medicare Advantage Plans are designed to cover hospital stays, doctor bills and some short-term skilled nursing. Unfortunately, they do not cover the cost of everyday assistance in your own home.

By Susan Elise Campbell

The 50-plus demographic looking to make their next move in housing is seeking specific amenities and they are willing to wait for and pay for what they want, accoding to those in the industry.

At The Glen at Highland Meadows, there is typically a waitlist for the independent living arrangements that Eddy Senior Living offers, said Andrea Hebert, executive director of the Queensbury facility.

“The particular size, location or layout of the apartment or cottage they like may not be available when they apply,” said Hebert.

But prospective residents can transition into that retirement community early by joining The Stoddard Club, by which Hebert said applicants can come for dinner and participate in social activities before they move in.

Many individuals are taking more time and waiting longer to downsize or enter independent living, a trend that Hebert said is not local but national.

“The population of seniors has increased as baby boomers continually age,” she said. “But people are also healthier longer and more wellness-focused in general, even working longer. This is why we are building a new wellness center and pool, to focus on keeping our residents healthy and independent as long a possible.”

Now in its 20th year, The Glen markets its  services to seniors who are researching and making a decision about their next residence.

Hebert said decisions have been driven more and more by their adult children.