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Category Archives: 50-Plus

Business Report: Receiving Care At Home

Posted onJuly 11, 2022
Brian Johnson, director, business development at Advisors Insurance Brokers.
Courtesy Advisors Insurance Brokers

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.

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Ground Broken For Construction Of YMCA Addition That Will House Senior Center

Posted onJuly 11, 2022July 11, 2022
This is a rendering of the addition to the Saratoga Regional YMCA that will be built.
Courtesy Saratoga YMCA

The Saratoga Regional YMCA and the Saratoga Senior Center  broke ground June 21 on a revolutionary joint capital project that officials said will create an intergenerational wellness environment for residents from children to seniors living in the greater Saratoga region. 

The $8.2 million community collaboration is the first of its kind and will add approximately 38,000 square feet to the Y’s West Avenue facility, which will include a 14,500 square-foot new home for the Saratoga Senior Center. 

The collaboration between the two organizations will help create an intergenerational community hub dedicated to health and wellness. The relocation of the Senior Center to the West Avenue campus will free up the current Senior Center space for other civic organizations to operate, which is a benefit to the entire community.

Since 1955, the Saratoga Senior Center has empowered seniors to achieve and maintain personal independence and individual well-being by providing the program structure and support services necessary for healthy recreation, companionship, social involvement, and problem solving.  

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Business Report: When Is It Too Late To Plan Your Estate?

Posted onJuly 11, 2022
Debra A. Verni, Esq., senior counsel, Rowlands, LeBrou, & Griesmer PPLC.
Courtesy Rowlands, LeBrou, & Griesmer PPLC.

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. 

Unfortunately, if you do not prepare an estate plan that gives your family direction as to who you want to be in charge and where you want things to go, could be a mess. Newsflash—if your family does not get along now, they will not get along if you get ill or pass away. The best plan is to have your documents in place and tell the person that is going to be in charge where your documents are or give them the name of your attorney so they know where to find your documents and the attorney can give them direction. 

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After Pandemic Problems, Travel Agencies Are Finding People Are Anxious To Get Away

Posted onJuly 12, 2021July 12, 2021
Anne Gordon of Love Life Travel in Saratoga Springs says her business is booming.

By Christine Graf

According to the United Nations World Tourism Organization, 2020 is on record as the worst year ever for global tourism. Worldwide travel revenues decreased by $1.3 trillion and are not expected to return to pre-pandemic levels until 2023.

This applies to older people seeking getaways from work or retirees with time on their hands.

“I’ve been in business for 47 years, and this is the worst thing I’ve ever seen,” said Ed Plog, president of  Playbill Travel in Saratoga Springs. “I’ve been through airline defaults, fare wars, 9/11, and the Great Recession, and I’ve never experienced anything as bad as this for the industry.”

Plog said he is “ecstatic” that business is beginning to rebound and that his company’s specialty cruises are once again in high demand.

Because of the widespread COVID-19 outbreaks on cruise ships at the beginning of the pandemic, the cruise industry has been especially hard hit. Before that, it was one of the fastest growing segments of the global tourism industry. Although cruises attract people of all ages, they have always been especially popular with the 50-plus demographic.

At Live Life Travel in Saratoga Spring, owner Anne Gordon said business is booming.

For her clients that are in the 50-plus demographic, the company arranges a lot of what Gordon described as “celebration travel.” For example, she recently planned an anniversary trip to Iceland.

“We do a lot of 50th  and 40th anniversaries, and we’re doing a lot more 50th birthdays. We’re also getting a lot of requests for multi-generational trips to the Caribbean for next February break and April break. Families are so ready to vacation again, ” she said. “Everything we do is very unique to each client. Our agency doesn’t have anything pre-packaged.”

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Housing For 50 And Over Demographic Puts Focus On Quality More Than Size

Posted onJuly 12, 2021July 12, 2021
Cindy Quade, principal broker, owner Signature One Realty Group in Malta.
©2021 SaratogaPhotographer.com

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.

“I work with many at different stages of the 50-plus demographic and they are an active group,” said Cindy Quade, broker and owner with Signature One Realty Group in Malta.

“They are looking to scale back on the size of their next home, but not the amenities,” Quade said. “Some don’t mind even larger parcels as long as there is minimal maintenance to them.”

A single-family home that is maintenance free, and ideally on one level, is the market that her clients are looking for but that is under-served, according to Quade

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.

Said, Quade, “New construction is designed for the traditional growing family, and seniors do want new construction,” she said. “At the same time, they do not want to sacrifice one-level living and low maintenance, which is more important to them than square footage.”

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Despite Building Closures, Senior Centers Provide Food Delivery And Virtual Activities

Posted onJuly 16, 2020July 16, 2020
The Saratoga Senior Center has been running virtual programs for members.
©2020 Saratoga Photographer.com

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.
The Saratoga Senior Center 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.
“Our first step was reassurance calls, then needs assessment,” Celeste said. “This resulted in a list of several hundred we have been calling daily.”

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Business Report: Lower ‘Reliance Rate’ During Retirement

Posted onJuly 16, 2020July 16, 2020
Robert Snell, financial adviser with Edward Jones Financial in Saratoga Springs.

By Robert Snell
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.
Your reliance rate can influence your emotions and investment behavior. A higher reliance rate may tempt you to make emotional decisions during a market decline, since your portfolio is supplying more of your needs.

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‘Share A Step For Seniors’ Event Raises A Record Amount In Excess Of $30,000

Posted onJuly 16, 2020July 16, 2020

The Wesley Foundation, the philanthropic arm of The Wesley Community, said its recent Share A Step For Seniors virtual fundraiser raised more than $30,000 to support local seniors served by The Wesley Community.
That figure is a record for the event since its inception in 2018, officials said.
Donations were received via the virtual fundraiser, which invited community members to work toward a fitness-oriented goal while raising funds. The money will support continued efforts to serve residents and staff during the coronavirus global health pandemic.
The Wesley Community is a nonprofit senior living campus in Saratoga Springs with more than 700 residents.

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U.S. Census Bureau: Age Group Of 65 And Older Exhibits Rapid Growth Since 2010

Posted onJuly 16, 2020July 16, 2020

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.”

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Clifton Park Senior Community Center Provides Many Free Programs For Members

Posted onJuly 3, 2019July 10, 2019
Senior Citizens take part in activities at the Clifton Park Community Center located at 6 Clifton Common Boulevard in Clifton Park.
©2018 Saratoga Photographer.com

by Andrea Palmer
The Clifton Park Community Center provides a variety of services for those 50 and up. The town of Clifton Park took over the center in 2016 and has been running it ever since.
“Our programs are better than ever and our membership has increased tremendously, almost double in size,” said Susan Leonard, director of the center for the last two years. “We are all very proud of our accomplishments”

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