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Category Archives: Retirement Planning

Business Report: Begin Estate Planning ASAP

Posted onDecember 13, 2022
Eric Scaringe, is a principal at UHY Advisors, Inc.

By Eric Scaringe

Recently, the office of the Illinois state treasurer was tasked with handling one of the most bizarre and complicated unclaimed estate cases ever recorded in U.S. history. 

Chicago resident Joseph Stancak passed away in 2016, secretly leaving behind $11 million in his estate. Fast forward to October 2022, 119 of Stancak’s relatives have now received a portion of his wealth more than five years later.

With no siblings, children of his own, or nephews and nieces, his lineage had to be traced by going all the way back to his parents before coming back to these relatives who are located in multiple states and even countries. That is a life-changing amount of money, and there is not much information on how he accumulated the wealth, but there is an important lesson to be learned here.

The best time to begin estate planning is as soon as possible. It basically starts with going through “what if” scenarios, some financial housekeeping and then bringing in professionals to finalize the process. 

The biggest error you can make is thinking that estate planning is only for those worth tens of millions of dollars and doesn’t apply to your family.  Anyone with assets owned in their own names may be subjecting their heirs to a long and expensive probate court process to simply inherit their assets.

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Planning Ahead, Making Informed Decisions Are Vital To Amassing Funds For Retirement

Posted onDecember 13, 2022

By Paul Post

John Shartrand helps clients contemplating retirement prepare for their own personal Fourth of July or Financial Independence Day.

Deciding when to leave is never easy, especially for business owners during uncertain economic times.

“As we deal with a huge amount of money in motion and supply chain challenges creating rates of inflation we have not experienced since the 1970s, the question you might be asking is, ‘How can I possibly retire in 2023?’ ” said Shartrand, chief investment officer at CAP COM Financial Services. “If you are just starting to think about retiring now, we may tell you it’s not the right time. But if you have been planning to retire, we are picking a date.”

Steve Bouchey, president and CEO of Bouchey Financial Group, said there two things every business person needs to do. “One: fully fund a pension plan, somehow, some way because retirement depends on their ability to save enough money to be prepared. The other thing is having disability insurance because if you become disabled who’s going to pay the bills? Bills will still come in.”

There are three main concepts and strategies to consider, Shartrand said.

First, as business professionals or owners, clients are urged to target their Financial Independence Day, even if they plan to stay on to help the next generation. “We develop an income plan together,” Shartrand said. “We work with our clients to transition from balance sheet-focused to income statement-focused.”

Next, defense and controllables are considered.

“We strengthen our balance sheet by paying down debt and accumulating safe investments,” he said. “We expect a bear market in retirement, so we plan. You may be in a position when you retire where withdrawing from your investments may not be necessary.”

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Business Report: Investments – Time To Be Merry Or Wary?

Posted onDecember 13, 2021December 13, 2021
Rick Schwerd, VP, senior Investment officer, Saratoga National Bank and Trust Co.

By Rick Schwerd

The end of the year is always a good time to take stock of your investments and look ahead. Last year at this time, it was easy to be bullish on the stock market. Vaccine distribution was just starting, the country was continuing to reopen and unprecedented stimulus was being injected into the economy.

As we head into 2022, there is still a lot to be positive about, such as robust company earnings and a very healthy consumer base. However, concerns about the Omicron variant, global supply chain issues, labor shortages and inflation are tempering enthusiasm.  

Stock markets had another good year. The Standard and Poor’s (S&P) 500, an index of 500 of the largest companies in the U.S., is up approximately 20 percent year-to-date, as of early December. Small-cap stocks, mid-cap stocks and most international markets have also shown strong gains this year. As expected, short-term interest rates have remained near zero as the Federal Reserve continues its accommodative fiscal policy. Intermediate and long-term rates have risen as the economy has improved, but in a measured way.

As we look forward, there is plenty to be positive about. The U.S. consumer is doing very well, which is vital since consumer spending accounts for nearly 70 percent of our Gross Domestic Product (GDP). The unemployment rate has fallen from 6.7 percent at the start of the year to 4.2 percent in November. Wages and salaries are up approximately 10 percent year-over-year. U.S. consumers have accumulated more than $2 trillion in excess savings and consumer net worth has surged about 30 percent since the start of the pandemic. These factors provide confidence that strong retail sales of goods and services will continue into 2022.  

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People Who Save For Retirement At An Early Age Will Benefit Greatly In The Long Term

Posted onDecember 13, 2021
Mark Wells is the co-founder of Three Buckets Wealth Management.
Courtesy Three Buckets Wealth Management

By Christine Graf

According to the Federal Reserve, only 36 percent of Americans are adequately saving for retirement.  The National Institute on Retirement Security estimates that almost 40 million U.S. households have no retirement savings.

Certified Financial Planner Mark Wells, co-founder of Three Buckets Wealth Management, recommends that everyone have three to five months of living expenses in their savings accounts. A private wealth advisory practice of Ameriprise Financial Services, Three Buckets has offices in Glens Falls, Latham, and Tucson, Arizona.

“If you don’t have disability insurance through your employer, it should be closer to six months of living expenses,” said Wells.

He recommends making maximum contributions to employer matched 401K programs in order to take advantage of “free money.” He also recommends Roth IRA’s to many of his clients including recent college graduates who are in lower tax brackets than they will be later in their careers.

“What we have been doing with a lot of our clients is a Roth conversion which is essentially realizing the tax or converting pre-tax assets like a 401K or IRA to a Roth IRA so that you realize the tax in that year. But that amount going forward is tax free, and the earnings are also tax free. It’s tax free to the owner of the account but also tax free to the beneficiary when they receive it down the road. In your early years when income is lower than it will be in the future, making a Roth contribution is a wise idea.”

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Calm Urged By Advisors During COVID; Roth IRAs Among Strong Investment Options

Posted onDecember 11, 2020December 14, 2020

By Susan Elise Campbell
Retirement plan holders went on a historic roller coaster ride this past year, but to their credit they held on tight, said local investment professionals.
“Fortunately no one panicked in March,” said Mark Wells, CFP, co-founder of Three Buckets Wealth Management serving clients out of Fort Covington and Glens Falls.“In all aspects of life, when things are up in the air it’s easier to act irrationally.”
Uncertainty is what no one wants, said Wells.
The Three Buckets formula is to determine guaranteed income sources such as Social Security and pension, then calculate the gap between that amount and what the client wants to live on in their retired years, he said.
With a comprehensive plan and short, intermediate and long-term investment buckets in place, Wells said “clients understood how unexpected market swings can affect their overall goals and therefore did not act emotionally” when COVID-19 drove down the stock market.
“Who could know how the pandemic would play out?” said Conor Boyd, managing partner of Thoroughbred Advisors, which has a Queensbury office. “But we were prepared by being positioned in such a way that we could take advantage of opportunities.”
Boyd highlighted the need for a strong liquidity position in any portfolio, through cash equivalents and a guaranteed portion, which is traditionally fulfilled by insurance products.
“One end of the advisory spectrum is investment and the other is insurance, an area in which some advisers fall short,” said Boyd.
He promotes three factors to successful retirement planning. “The first is a focus on habit formation, which includes automated savings. Next are the tools, including investments and insurances. The third is the strategy that informs the habits to create and the tools to implement.”
At Minich MacGregor Wealth Management in Saratoga Springs, financial planner Cory Laird, CFP said the methodology is “to determine the risk profile and make sure clients are getting the growth rate they’re expecting and the amount of sleep that they want at night” using a sector rotation strategy.
“Even if we see a couple of down years, customers can still be comfortable,” he said.
With COVID’s striking impact on investments, Laird said “by the time clients got their statements the first week in June, the markets were already improving.”
Now, with a new year and a new administration ahead, professionals are focusing on planning techniques that help retirement account holders meet goals beyond simply accumulating money.

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Business Report: Your Retirement Plan Under A New Employer

Posted onDecember 11, 2020December 14, 2020
Meghan Murray is a financial advisor with
Edward Jones Financial in Queensbury.

By Meghan M. Murray
Your employer-sponsored retirement plan is a valuable asset. But sometimes things happen that can affect the status of your plan. So, for example, if you work for a hospital that changes ownership, and you have been participating in a 403(b), 457(b) or 401(k) retirement plan, what should you do with it now?
Basically, you have four options:
Cash out your plan. You can simply cash out your plan and take the money, but you’ll have to pay taxes on it, and possibly penalties as well. So, unless you really need the funds and you have no other alternative, you may want to avoid liquidating your account.
Roll your account into your new employer’s plan. If it’s allowed, you can roll over your old 403(b), 457(b) or 401(k) plan into your new employer’s plan. Before making this move, you’ll want to look at the new plan’s investment options (which should be numerous) and fees (which should be low). If you move the money directly to the new plan, you won’t be taxed at the time of the transfer, and your funds can continue to grow tax-deferred.
Leave your plan with your old employer. If your account balance is above a certain level, you may be able to leave your plan with your old employer’s plan administrator. You won’t be able to contribute any more money to the plan, but if you like the investment options you’ve chosen, keeping the money in your old plan might be a viable choice.

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Advisors: Hold The Course With Retirement Plans, Even If Investment Markets Are Shaky

Posted onDecember 12, 2019December 13, 2019
Don Tenne, financial planner with Ameriprise Financial Services.
Courtesy Ameriprise Financial Services

By Susan E. Campbell
Whether the forecast for the economy and the investment markets is good, bad, or middle-of-the-road, retirement professionals agree that staying the course is the best course.
“The number one thing for 2020 is, in a word, uncertainty,” said Don Tenne, a financial planner with Ameriprise Financial Services and based in Glens Falls.
“Tariffs, elections, China and other international uncertainties are things that tend to slow down the market even though the economy is doing very well,” said Tenne.
Markets are driven by not only by fundamentals but also by investor psychology, which can be impacted by alarmist media, he said.
“The media says a recession is coming, but we don’t know when,” he said. “Many experts say recession may be one to six years ahead. So we see the stories, and then they go away.”

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Business Report: Beware Of Retirement Sprawl

Posted onDecember 12, 2019December 13, 2019
David Cumming, senior vice president and financial advisor, Morgan Stanley.

By David L. Cumming
As we move through our career, we often accumulate a number of different retirement accounts: A traditional IRA here, a rollover IRA there, and two or three scattered 401(k) accounts left in the plans of former employers.
As the accounts add up, it can become difficult to get a clear picture of your overall retirement preparedness.
Consolidating your retirement accounts into one central account can help you make sure your retirement assets are invested appropriately for your overall goals, better track the performance of your holdings and, in some cases, discover more investment choices and potentially incur lower fees.
However, consolidating retirement accounts into one account may not be right for everyone. Before taking any action, you should carefully compare your potential options in order to reach an informed decision about what makes the most sense for you.

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AARP: Cost Of Drugs Is Rising Dramatically

Posted onDecember 12, 2019December 13, 2019

Retail prices for 267 brand-name drugs commonly used by older adults surged by an average of 5.8 percent in 2018, more than twice the general inflation rate of 2.4 percent, according to new AARP Public Policy Institute (PPI) data released in November.
The annual average cost of therapy for one brand-name drug ballooned to more than $7,200 in 2018, up from nearly $1,900 in 2006, the study said.
“There seems to be no end to these relentless brand-name drug price increases,” said Debra Whitman, executive vice president and chief public policy officer at AARP. “To put this into perspective: If gasoline prices had grown at the same rate as these widely-used brand-name drugs over the past 12 years, gas would cost $8.34 per gallon at the pump today. Imagine how outraged Americans would be if they were forced to pay those kinds of prices.”

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Financial Advisers Help Clients With Valuable Year-End Advice About Retirement Planning

Posted onDecember 13, 2018December 14, 2018
Paul Dowen, partner, Whittemore Dowen and Riccaiardelli LLP.
Courtesy Whittemore Dowen and Riccaiardelli

By Susan E. Campbell

December is  good time for business people  to meet with investment, accounting and tax professionals to look at the year behind and the one ahead.

At Paul Dowen’s office, Whittemore Dowen and Riccaiardelli, LLP in Queensbury, the team is working to manage retirement accounts in a way that maximizes deductions and minimizes tax liabilities under the new rules.

Even though all individual tax brackets, except the 10 percent bracket, are lower because of the Tax Cuts and Jobs Act, the experts can offer some tried-and-true tips for managing the tax burden. 

“The biggest jump in the new tax tables is from the 12 percent bracket to 22 percent, so the challenge is how we keep more income at the 12 percent rate,” said Dowen. “The first step is to make sure the maximum amount allowed has been contributed to the company’s 401(k) plan.”

These plans must be funded by salary deductions before year-end, so time is running out to play catch-up.

“The new tax laws mean a tax cut or a break-even for retirees,” said Don Tenne of Tenne Financial Group in Glens Falls. But for small proprietors and the self-employed who file a Schedule C, there are two hefty tax breaks now in the code.

“Starting in 2018 there is up to a 20 percent deduction in taxable income for those businesses,” said Tenne. “If net profit is $200,000, for example, $40,000 is not taxed, a savings of $12-13,000 or more. That’s huge.”

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