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Business Report: How the Economy Affects Your Retirement Plan

Posted onJanuary 20, 2025
David M. Kopyc, CRPC®, is president of Retirement Planning Group LLC.

By David Kopyc

Retirement planning is a critical aspect of ensuring financial security in later years. While individuals often focus on personal savings, investments, and pensions, the broader economy plays a pivotal role in shaping their retirement plans. Economic factors such as inflation, interest rates, stock market performance, and governmental policies profoundly influence how much individuals can save and how effectively they can manage their retirement funds.

Inflation is one of the most insidious economic factors affecting retirement planning. It represents the rate at which the general level of prices for goods and services rises, eroding purchasing power. For retirees, especially those relying on fixed income sources like pensions or Social Security, high inflation can severely diminish their standard of living. 

When planning for retirement, individuals must consider the expected inflation rate over their retirement years. For example, if inflation averages 3% annually, a retirement nest egg needs to grow at a rate that at least matches inflation to maintain its real value. Investors often seek assets that tend to outpace inflation, such as stocks or real estate, but these come with their own risks. As a result, a sound retirement strategy must include a diversified investment portfolio that considers inflation risk.

Interest rates, determined largely by the economic environment and actions of central banks, directly influence the cost of borrowing and the return on savings. Low interest rates may seem appealing for borrowers; however, they can negatively affect savers and retirees who depend on interest yield from fixed-income investments for support. 

When interest rates are low, the returns on savings accounts, bonds, and similar instruments decrease. This scenario forces retirees to seek riskier investments to secure adequate returns, which can increase the likelihood of losses during market downturns. Conversely, higher interest rates can benefit retirees; they encourage savings, increase yields on fixed income, and stabilize the economy. Therefore, understanding interest rate trends is essential for effective retirement planning.

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Business Report: What is a Financial Advisor?

Posted onJanuary 20, 2025
Matthew Burnell, CFP®, MBA, Financial Advisor, HK Wealth Management Group, Clifton Park.

By Matthew Burnell, CFP®, MBA

A question that is often asked to me in my line of work is what is a financial advisor? A financial advisor is a broad title and can go by many names, often depending on what a particular firm likes to use or may have meaning depending on the types of clients one works with or a specialty they may possess. A few names that can be interchangeable include financial planner, registered representative, financial consultant, wealth advisor, wealth manager, investment advisor representative, etc.

For this article we will use the term financial advisor. As Financial Advisors, one primary responsibility of ours is to understand the financial goals of our clients which can include businesses, organizations and/or individuals, and use that understanding to help develop a plan to reach those goals. This is often established early in the relationship and updated as needed. During this process, educating clients on the steps being taken to reach these goals is important.

The exact duties that we as financial advisors perform will vary from client to client and will depend on what, if any, area of finance the advisor specializes in. However, most financial advisors will perform some combination of the tasks below.

Investment management: Offer advice on or directly invest in assets based on the client’s risk tolerance and goals. Assets can include stocks, bonds, mutual funds, exchange-traded funds, annuities, real estate, private equity and many other options. While we may handle the investment needs of our clients, we like to educate our clients as to how any of the investments meet their goals.

Taxation: Depending on the advisor, they may prepare tax returns, create tax plans and scenarios, educate or answer questions for specific individuals needs which can cover anything from the tax implications associated with actions taken in their portfolios to tax planning on the sale of a business that works into investable assets. As an example, our Wealth Management practice and tax practice allow us to coordinate our tax and financial planning for clients.

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Cannabis Products Are Becoming Popular For Both Medical And Recreational Use

Posted onJanuary 20, 2025
Two Strains Cannabis Compay store front is located in Aviation Mall in Queensbury.
Courtesy Two Strains Cannabis

By Rod Bacon

For millennia the cannabis plant has been valued for its use for fiber and rope, food and medicine, and for its psychoactive properties for religious and recreational use. It has also gone through periods of being accepted and being banned by countries throughout the world.

Currently, cannabis use is legal in 24 U.S. states, Washington, D.C., and Guam for recreational use and in 39 states for medical use. It became legal for medical use in New York state in 2016 when the Medical Cannabis Program was implemented and for recreational use in 2021 when the Marihuana Regulation & Taxation Act (MRTA) was signed into law.

There are 285 adult-use cannabis dispensaries in New York state that recently surpassed $1 billion in retail sales generating nearly $150 million in tax, fee and fine revenue. 

For those who don’t want to use cannabis with a high THC content there is cannabidiol (CBD), a chemical found in the cannabis plant that is non-impairing. It can be used to treat a variety of medical conditions without giving the user a “high” and running the risk of developing physical cravings.

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From Christmas Trees To Maple Empire: How A Warren County Farm Thrived

Posted onJanuary 20, 2025
Jim Carpenter hangs a Christmas wreath on display at River Bend Christmas Tree Fam in Lake Luzerne.
Courtesy River Bend Christmas Tree Farm

By Paul Post

A family-run Warren County firm has parlayed robust Christmas tree sales into a booming maple products business.

River Bend Christmas Tree Farm in Lake Luzerne provides fresh-cut trees to nearly 1,000 customers each year.

But starting in late winter, 78-year-old Bruce Carpenter and his wife, Rosann, spend several weeks producing maple syrup on land they own in Minerva.

Their son, Jim, 43, puts his RPI business degree to good use by marketing trees and maple with a variety of social media platforms.

“Trees are a higher ticket item, but maple because it’s consumable can be sold year round,” Jim said. “During COVID we had a lot of syrup and not a lot of places to sell it so we trademarked the name, Saratoga Maple, and built a mail-order business where we ship gifts all over the country.”

In addition to traditional syrup flavors, the Carpenters age maple in a bourbon barrel to make bourbon maple syrup and a bourbon maple cream. They also make a maple walnut topping, maple jelly, hard and soft candy and a gourmet pancake mix that comes in a breakfast gift basket with bags of mix and Adirondack maple syrup.

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RPI And GlobalFoundries Partner On Semiconductor Workforce Development

Posted onJanuary 20, 2025
Employees at GlobalFoundries can enhance their skills in semiconductor technology through a partnership with Rensselaer Polytechnic Institute.

Building on several ongoing collaborations, Rensselaer Polytechnic Institute (RPI) and GlobalFoundries (GF) are working together to further grow and strengthen the semiconductor workforce in the region.

RPI has launched a partnership program with GF to provide their employees with opportunities to pursue degrees and enhance their skills in semiconductor technology. Through dedicated RPI scholarships and GF’s tuition assistance program, GF employees will be able to pursue a new Master of Science in Semiconductor Technology (MaST) degree and take part in other graduate programs including Rensselaer at Work certificates.

Under the expanded partnership, GF has pledged a gift totaling $150,000 over the next three years to sponsor RPI students who have a strong interest in the semiconductor industry, interwoven with an internship opportunity. The initiative aims to incentivize students to join the semiconductor industry.

“When industries and educational institutions seek ways to work together, great things happen,” said Rebecca Doerge, Ph.D., provost at RPI. “This advancement of our ongoing partnership with GF further solidifies the Capital Region’s preeminence as a hub of semiconductor research and manufacturing while addressing workforce development needs that are at the core of the CHIPS initiative.”

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A Local Railway Offers Holiday Cheer And Adirondack History On Its Scenic Rides

Posted onDecember 16, 2024
Hal Raven stands with Santa, Mrs. Claus, and an elf as they prepare to head down the tracks on the Saratoga, Corinth & Hudson Railway’s Candy Cane Express.
Courtesy of Saratoga, Corinth & Hudson Railway

By Paul Post

Hal Raven could drive the train, but he’d rather be the conductor punching tickets like Tom Hanks on the Polar Express.

“That’s my thing, talking with people, interacting, getting kids excited,” he said.

His company, the Saratoga, Corinth & Hudson Railway, gives people Christmas-themed memories to last a lifetime on the Candy Cane Express, a fun festive ride that runs through Dec. 22 highlighted by visits from Santa, music, lights and hot cocoa refreshments.

Raven, a Queensbury resident, gave up a 28-year railroading career to fulfill his dream of owning a scenic line. It operates year-round between South Greenfield and Hadley on 17 miles of track owned by the Town of Corinth.

“We do all the maintenance and repairs,” he said. “When we first took over, weeds were chest high and overgrown. We had to fix all the crossings.”

Two previous operators had run tourist trains from Saratoga Springs to North Creek, but couldn’t make a go of it. This is Raven’s third year in business and by all accounts it’s full steam ahead.

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Queensbury Leads Clean Energy Charge With A 6-Megawatt Solar Project On Former Brownfield

Posted onDecember 16, 2024
A surface-mounted solar project is currently under construction on a brownfield site at the former Ciba-Geigy property in South Queensbury.
Courtesy of the Town of Queensbury

By Paul Post

An industrial brownfield site, vacant for 35 years, is being repurposed as a productive 6-megawatt community solar project.

The 44-acre former Ciba-Geigy property in South Queensbury borders the Hudson River, nestled between Perkins Recycling and the recently shuttered Glens Falls Cement Company plant.

“With its unobstructed southern exposure, a surface-mounted solar project is the best and only practical use for the site,” Queensbury Supervisor John Strough said. “It’s the least intrusive and will add value to the property.”

The site housed several industrial plants beginning in 1901, starting with wallpaper manufacturing and later producing inorganic pigments. Hercules Inc. took over operations in 1960, selling the property to Ciba-Geigy 19 years later. Ciba-Geigy ceased operations in 1989 and demolished the buildings soon after. A more-than-decade-long cleanup effort removed toxic chemicals and heavy metals, concluding in 2002. While the topsoil at the site is now safe, contaminants remain in bedrock fissures, making excavation for large commercial developments financially unfeasible.

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Foothills Farm Is Scaling The Production Of Hydroponic Greens For New Markets

Posted onDecember 16, 2024
Max Poritzky inspects hydroponic greens, grown using innovative technology in a sustainable environment. The farm provides fresh, locally grown produce to local restaurants and institutions
Courtesy Foothills Farm

By Susan Elise Campbell

Looking back on their first full year of production, entrepreneurs Max and Nikki Poritzky have counted one ton of produce grown and distributed to restaurants and schools from their hydroponic farming facility, Foothills Farm, in Greenfield Center.

The farm is a 40-by-eight-foot container housing an efficient, vertical growing system that produces high quality lettuces and herbs using a fraction of the space of traditional farming.

The couple have backgrounds and careers in the field of nutrition and come from health conscious families, they said. 

She studied nutritional biochemistry at UC Davis and was a commercial executive marketing dietary supplements, an industry in which Max also had an executive career spanning 25 years. He said his mother founded Wild Oats, the first health food store in Saratoga Springs. 

“‘Let food be thy medicine’ might sound clichéd, but this is how our families live,” Max said. 

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Personnel Brief: December 2024

Posted onDecember 16, 2024

Whiteman Osterman & Hanna LLP, the Capital Region’s largest law firm, has announced that John B. Cannie has joined the firm as Of Counsel in the firm’s Environmental, Land Use & Development, and Real Estate Practice Groups.

Prior to joining Whiteman Osterman & Hanna, Mr. Cannie was an Associate at Snyder, Kiley, Toohey, Corbett & Cox LLP, where his practice focused on land use, zoning, and real estate development and transactional matters. He has represented clients in a variety of development projects, including residential, commercial, and public benefit initiatives, assisting with contract negotiations, securing government approvals, and finalizing transactions.

Mr. Cannie holds a Bachelor of Arts degree in Politics from Bates College and earned his Juris Doctor degree from the University of Kentucky College of Law in 2014.

Whiteman Osterman & Hanna LLP, the Capital Region’s largest law firm, has announced that John M. Czajka has joined the firm as partner and John F. Wirenius has joined as of counsel.

Czajka, who spent the last 15 years in New York State government service, most recently serving as General Counsel to the New York State Police, will join the Litigation and Government Relations practice groups. Wirenius is the immediate past Chair of the New York State Public Employment Relations Board and will join the Labor & Employment and Litigation practice groups.

Czajka, who has over 19 years of criminal and civil investigatory and litigation experience having served in various capacities in both the private and public sector, also brings to the firm extensive legislative and policy making experience as a former Albany County Assistant District Attorney, Assistant Counsel to the Governor, General Counsel of the NYS Division of Criminal Justice Services, and most recently as General Counsel of the New York State Police. While Counsel at the NYSP for the past five years, Czajka served as the chief legal officer responsible for providing legal and ethical advice to the NYSP Superintendent and the more than 4,000 sworn and non-sworn NYSP personnel. During his tenure with the Troopers, Czajka was also responsible for managing the drafting of proposed legislation, implementing policy and legislative initiatives, coordinating and managing all State Police involved litigation, managing labor and employment issues, and advising the agency and the Governor’s office on the legal, regulatory, administrative, and legislative matters facing the agency.

He is a graduate of Union College and in 2004 earned his law degree from Albany Law School and his MBA from Clarkson University. He is a resident of Guilderland.

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Romeo Family Expands Automotive Legacy With Whiteman Chevy Acquisition In Glens Falls

Posted onDecember 16, 2024
Romeo family expands with the acquisition of Whiteman Chevy in Glens Falls.
Glens Falls Business Journal

By LEE COLEMAN  

The Romeo family is purchasing Whiteman Chevy, a local automotive institution on Dix Avenue in Glens Falls for the past 68 years, from the Whiteman family.  

The late Roland Whiteman opened the dealership in 1956. His son Robert took over the business and for the past 20 years it has been operated by Amy Whiteman Brown, Roland’s granddaughter.  

“My father (Len Romeo) has done business with Whiteman for years. It’s been a wonderful relationship, pushing some 40 years,” said Mike Romeo.  

Mike Romeo said he and his three siblings — Joe, Lucia, and Genese — are buying the dealership together. “Amy has been wonderful,” he said. The closing on the sale was held earlier this month.  

This is the first time he and his siblings have purchased a dealership together.  

Family members currently own Carriage Traders on Saratoga Road in South Glens Falls, Romeo Toyota of Glens Falls on Broad Street, and Romeo Auto Outlet on Quaker Road in Queensbury.  

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