Category Archives: Retirement Planning

By Susan Elise Campbell

Aging baby boomers continue to represent a growing population in the Capital District and up the Northway, especially in the Glens Falls region. But seniors moving from their homes to an independent living situation have not changed as much demographically over the past five or 10 years as one may have thought.

“If anything, they are entering senior living later and later in life because they are active longer, due to medication and the wellness impact on the community,” said Andrea Hebert, executive director of The Glen at Hiland Meadows in Queensbury, an Eddy Senior Living Community.

On the other hand, for those anxious to shed the responsibilities and costs of maintaining a house and yard, age is less of a factor.

“We do see residents seeking us out at a younger age than they may have 20 years ago, partly because this type of independent living situation didn’t exist a generation ago,” said Kellie Postlethwaite, general manager at Prestwick Chase in Saratoga Springs. 

Nursing homes were the common option then, and Postlethwaite said many people still do not understand the difference between what is now called enhanced assisted living and independent senior living, such as The Glen and Prestwick Chase provide. 

Adult living communities encourage residents to pursue their interests and to come and go as they please. Staying active is the opposite of a stereotypical rocking-chair, sedentary lifestyle, the latter an image of seniors that continues to linger, Postlethwaite said.

“Independence means more than maintenance-free living,” said Hebert. “It can also mean not climbing stairs and having transportation needs met and meals prepared, if that is what residents seek.”

By Dave Kopyc

Over the next two to three decades, the world will witness one of the largest intergenerational wealth transfers in history. An estimated $85 trillion is expected to pass from Baby Boomers to their Gen X and Millennial heirs in the United States alone. This unprecedented financial shift is reshaping how individuals approach retirement planning, inheritance, tax strategies, and financial legacy.

As people live longer and families become more financially interconnected, preparing for this massive wealth transition is essential—not just for those passing on assets, but also for those who will inherit them. Effective retirement planning now means more than just ensuring you don’t outlive your savings. It also means positioning your wealth in a way that aligns with your values, minimizes tax liabilities, and ensures smooth succession.

Baby Boomers, born between 1946 and 1964, collectively hold more than half of all U.S. household wealth. Much of this is tied up in real estate, investment portfolios, family businesses, and retirement accounts. As this generation enters advanced retirement or passes away, these assets will gradually transfer to younger generations.

Estimates from Cerulli Associates indicate that roughly $84-85 trillion will transfer through inheritances and estate planning by 2045, with $72.6 trillion going directly to heirs and another $11.9 trillion to charities. For both givers and recipients, planning is essential to preserve this wealth.

For retirees with significant assets, estate planning must be an integral part of retirement strategy. A comprehensive estate plan includes wills, trusts, power of attorney, and healthcare directives, ensuring that assets are distributed as intended and legal hurdles are minimized.

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.

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.

By Christine Graf

Certified public accountant Brian Stidd has opened his own firm at 11 South Street in Glens Falls. Prior to opening Stidd CPA, PLLC, the Siena College graduate worked for Whittemore, Dowen & Ricciardelli LLP in Queensbury. He has almost 20 years of experience working in public accounting and the private sector. 

“I have an entrepreneurial spirit and always wanted to open my business,” said Stidd. “I enjoy working with clients, and I also enjoy the technology piece of the business.”

Stidd specializes in business and individual tax planning, advisory and preparation, and general business accounting and advisory. He also provides outsourced accounting services to small businesses that don’t have accountants on staff.

“A lot of small businesses need more than just bookkeeping but aren’t quite ready for or in need of a CFO for hire,” he said. “My clients have anywhere from $100,000 in revenue to $2 million-$3 million in revenue.”

BY DAVE KOPYC

Eventually in life we must face the reality of building out our own personal retirement plan for the golden years. We live in a society today where most of us will not have a pension benefit from our employer and we will have to take our life’s savings to create a paycheck once we lose the employer’s weekly or biweekly payment we receive in our working years.

For some of you that are reading this article it will send a chill up your spine with anxiety to think that this daunting task can be handled with great concern and respect for you, the individual that is receiving the payment and it is specific to you and your individual needs. The cookie cutter approach where you are grouped into an investment or specific type of investment program can cause you to lose some of the personal touch that you may have had during your accumulation years.

Retirement income distribution is probably the most important decision you will make in your pre- and post-retirement years. There have been many different strategies and concepts to accomplish retirement income in my 42 years of being in the financial services industry, and every strategy has pros and cons and should be specific to you and your family – no matter what the strategy may be. It is critical that 100 percent of your hard-earned assets do not go into any investment program. Diversification is your friend and low cost and flexibility follow closely behind.

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.