Category Archives: 50-Plus
Despite Building Closures, Senior Centers Provide Food Delivery And Virtual Activities
The Moreau Community Center, like other senior centers in the area, is keeping in close contact with its membership and conducting programs stressing safety.
Courtesy Moreau Senior Center
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.
Business Report: Lower 'Reliance Rate' During Retirement
Meghan Murray is a financial advisor with
Edward Jones Financial in Queensbury.
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.
U.S. Census Bureau: Age Group Of 65 And Older Exhibits Rapid Growth Since 2010
The U.S. Census Bureau released estimates showing the nation's 65-and-older population has grown rapidly since 2010, driven by the aging of Baby Boomers born between 1946 and 1964.
The 65-and-older population grew by over a third (34.2 percent or 13,787,044) during the past decade, and by 3.2 percent (1,688,924) from 2018 to 2019. The growth of this population contributed to an increase in the national median age from 37.2 years in 2010 to 38.4 in 2019, according to the Census Bureau's 2019 population estimates.
"The first Baby Boomers reached 65 years old in 2011," said Dr. Luke Rogers, chief of the Census Bureau's Population Estimates Branch. "Since then, there's been a rapid increase in the size of the 65-and-older population, which grew by over a third since 2010. No other age group saw such a fast increase. In fact, the under-18 population was smaller in 2019 than it was in 2010, in part due to lower fertility in the United States."
Showcase Of Homes Event Canceled By Pandemic Concerns; Online Presence Planned
This year's "live" Showcase of Homes has been canceled by the Saratoga Builders Association due to public health and safety concerns from the COVID-19 pandemic.
The event this fall would have been he 25th for the organization.
This annual community event has contributed over $1.3 million dollars to local charities over the years.
Though the organization has dropped the "live" tour for 2020, officials said there will be special alternative programming this fall in several forms—online, virtual and TV—to celebrate "our builder's homes and developments, plus provide a way for you to contribute to our two important local charities that normally benefit from ticket sales," the group said in a statement. "The Showcase Committee is working on the details" and more information will be released in August.
"We are thankful for all the generous support of this annual event over the years and look forward to presenting the 2021 Saratoga Showcase of Homes next year as we celebrate our 25th anniversary," the group statement said.
Senior Center of Kingsbury And Fort Edward Runs Programs That Improve Quality Of Life
Max McDonnell, executive director of the Senior Center of Kingsbury and Fort Edward, oversees programs that include physical fitness, cultural enrichment, nutrition, education and health.
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."
People Over 50 Opening A Business Should Be Careful With Investment Funds
Ginny Brandreth is the co-owner of Zobel & Co. kitchens in Glens Falls.
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.
Wesley Community Renovating Apartments; Phased Work Schedule Is Three Years-Plus
The Wesley Community CEO Brian Nealon says a renovation project will cost $20 million.
©2019 Saratoga Photographer.com
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.
Organize Senior Moves LLC Helps Older People Settle Into New Home, Surroundings
Organize Senior Moves LLC helps senior citizens decide on new living arrangements.
Courtesy Organize Senior Moves LLC
Choosing to leave one's home is one of the last major decisions a senior citizen may make, and one of the most difficult. A local company serving the Capital District and beyond is helping to make not only the decision but also the transition a comfortable, stress-free process.
"We really do make moving easier," said Michelle Kavanagh, CEO and founder of Organize Senior Moves LLC, a certified woman-owned business.
Kavanaugh's enterprise was first a companionship service offering such help as food shopping and preparing meals.
Business Report: The Caregiver's Conundrum
David Kubikian is a principal with Herzog Law Firm in Saratoga Springs.
By David Kubikian
When I meet with prospective clients who want to engage in estate or elder law planning, it is not uncommon to hear them forcefully tell me something along the lines of, "I will never go to a nursing home" and/or hear them allude to preferring to take walk in the woods and "take matters into their own hands"
I understand what they are saying. It should be nobody's life goal to ever call a skilled nursing facility their home. Nonetheless, we don't always have a choice in life and the truth is that with caring and compassionate skilled care, the quality of our life can greatly be enhanced, even in a nursing home. There is however, an alternative called "aging in place".
Business Report: Planning For Peace Of Mind
Brian M. Johnson, director of business development. New York Long Term Care Brokers Ltd.
By Brian M. Johnson, MBA, CLTC
If you're approaching age 50 or thinking of retirement, keep this acronym in mind "SWAN."
Surveys from folks in this retirement planning age group are interesting because these concerns are almost always in their answers to questions such as: What do you worry about after your working years are over?
Here are some top concerns:
• Outliving my money.
• Keeping my nest-egg secure (no or little risk of principal).
• Dying too soon.
• Becoming sick or disabled which in turn could eat up my retirement nest-egg.
• Becoming dependent on my children.
• Leaving a meaningful and significant legacy to my children/grand-children/charity.
These concerns are real-life and can happen to any of us without proper planning
This is where my "SWAN" comes in. It stands for Sleep Well at Night.
If you have this SWAN wish for yourself or a parent/family member, then you need to speak with a competent financial/insurance advisor that knows about a fairly new financial-insurance product that is extremely popular to folks approaching age 50 and above.
It combines long term care, critical illness and life insurance along with tax advantaged cash value build up that can be used as an annuity income stream for retirement.