Category Archives: 50-Plus

By Susan E. Campbell
The high-risk elderly population has faced greater challenges than most other demographic groups during the coronavirus pandemic. But although their doors are temporarily closed, local senior citizens centers have made sure their members stay safe through outreach and by shifting programs into the digital realm.
As the staff of the Greater Glens Falls Senior Center moved work to their homes, they made calls to the 1,100 members to assess needs, according to Executive Director Kim Bren. In some cases, a senior services specialist was called in to arrange rides, although with social distancing requirement the center’s 12-person van could not transport more than one senior at a time.
“Many members who didn’t know exactly what we do are very appreciative and will be more active as we slowly get back to normal,” said Bren. “Staff has learned that talking to the members personally lets them hear different sides and opinions.”
Saratoga Senior Center also did one-on-one phone calls to nearly 2,000 seniors who were either active members or who had recently not renewed memberships, according to Lois Celeste, executive director.

By Meghan Murray
If you have decades to go until you retire, you don’t need to panic over volatile financial markets. You have plenty of time to regain lost ground and potentially achieve more growth in your investment portfolio.
But what if you are nearing retirement or already retired? After all, you will probably need to draw on your investments to pay for some of the costs associated with housing, food and the many other expenses you incur in daily life. So, is a down market cause for alarm?
It shouldn’t be. And you can help reduce your stress level by understanding your “reliance rate.” As its name suggests, your reliance rate tells you how much you rely on your portfolio—rather than other sources, such as Social Security or a pension—to meet your income needs during retirement.

by Andrea Palmer

The Senior Center of Kingsbury and Fort Edward, 78 Oak St., Hudson Falls, has been an area resource for many years.

Max McDonnell, executive director of the center for nine of those years said he is “proud of all the services, programs and activities we have. We work closely with the municipalities of the town of Kingsbury the village of Hudson Falls and the town and village of Fort Edward. We work closely with the Washington County Office for the Aging, and the Tri-County United Way.”

“It’s a rewarding job,” said McDonnell. “What a great opportunity it is to work with seniors, and to be the director of the Senior Center. I enjoy going to work every day.”

He said the center gives the seniors the opportunities they want and need “to live the best lives possible. This includes physical fitness, transportation, cultural enrichment, socialization, nutrition, education and health information, and community interaction.”

By Christine Graf

An estimated 29 million Americans between the ages of 50 and 70 say they are interested in starting a new business. In recent years, more than a quarter of all new businesses were started by people over the age of 50, analysts say.

Starting a business at any age can be a daunting task, and approximately half of all new small businesses close within five years. It is for that reason that experts warn those in the 50-plus  age group to avoid investing their retirement income in new business. If a business fails, there is less time to rebuild these retirement savings.

Lake George human resources consultant Gail Hamel advises new business owners to be prepared to weather financial difficulties.

“They have to make sure they are going to be able to live without making money, and that they have some sort of fallback for a while until money starts coming in. I think that’s the hardest part for a lot of people. It’s not for everybody,” she said.

Hamel started her own business, Hamel Resources, when she was 52. She said it took almost two year before her business began to generate a steady stream of income. Before starting her own company, she worked as a human resources manager for a bank with more than 20,000 employees.

“I went from that steady paycheck getting dumped into my account every two weeks to draining my savings,” she said.

By Jennifer Farnsworth

The Wesley Community in Saratoga is undergoing renovations.

Wesley CEO Brian Nealon said the $20 million  project will include apartment renovations, a memory care assisted living facility and a training center.

Nealon said the entire project will take about three and a half years to complete, pending final approval from the city.

Renovations on the 37-acre property have already begun on the Springs building, the oldest part of the property, according to Nealon.

He said the fifth floor of the residential building has been completed and they will continue to work their way down to lower floors, working on about a quarter of the floor at a time.

AOW Associates of Albany is the construction manager.