Category Archives: 50-Plus

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.

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.”

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.”

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.”

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.

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”