Category Archives: 50-Plus

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.

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.