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Category Archives: Business Reports

Business Report: Diversified Approach To Retirement Savings

Posted onNovember 7, 2019November 7, 2019
Sherry Finkel Murphy, CFP®, ChFC®, RICP® at The Atrium Financial Group of Northwestern Mutual.

Provided By Sherry Finkel MurphY Associate Wealth Management Advisor
For most people, saving for retirement means making steady contributions to a 401(k) until they hit a specific goal. However, a broader approach to saving and investing offers more options for building that nest egg.
Keep in mind that where you put your money is as important as how much you save. That’s because each savings strategy has tax considerations that can impact how much you’ll have when it’s time to take the money out. By keeping a mix of tax-free and tax-deferred sources of income, you’ll have the flexibility to withdraw funds strategically during retirement, based on tax and market implications.
While tax-qualified retirement plans like 401(k)s and 403(b)s are the most common retirement savings plans, they shouldn’t be your only option. These plans give you the ability to make pretax contributions that reduce your taxable income today. However, you’ll have to pay taxes on those dollars when you make withdrawals. This can greatly reduce the amount of money you’ll have to spend when you’re retired.

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Business Report: End-Of-Year Financial Moves

Posted onNovember 7, 2019November 7, 2019
Robert Snell, financial adviser with Edward Jones Financial in Saratoga Springs.

By Robert Snell
We’ve still got a couple of months until 2019 draws to a close, but it’s not too early to make some end-of-the-year financial moves. In fact, it may be a good idea to take some of these steps sooner rather than later.
Here are a few suggestions:
• Boost your 401(k) contributions. Like many people, you might not usually contribute the maximum amount to your 401(k), which, in 2019 is $19,000, or $25,000 if you’re 50 or older. Ask your employer if you can increase your 401(k) contributions in 2019, and if you receive a bonus before the year ends, you may be able to use that toward your 401(k), too.
• Add to your IRA. You have until April 15, 2020, to contribute to your IRA for the 2019 tax year, but the more you can put in now and over the next few months, the less you’ll have to come up with in a hurry at the filing deadline. For 2019, you can put up to $6,000 in your IRA, or $7,000 if you’re 50 or older.

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Business Report: Design Trends To Boost Productivity, Satisfaction

Posted onOctober 3, 2019October 4, 2019
Dorothy Rogers-Bullis is owner and president of drb Business Interiors in Saratoga Springs.

By Dorothy Rogers-Bullis
At some point along the way, the term “trendy” became pejorative—a design concept to be avoided—evoking images of orange shag carpet and Harvest Gold appliances.
When it comes to office design, however, the latest trends aren’t just about flash-in-the-pan materials or color palettes. More often than not, today’s innovations in workplace technology and space planning allow for increased productivity, better ergonomics, and higher employee satisfaction.
Is your workspace keeping up with the times? Here are just a few of the many trends we are seeing in workplace design in 2019.
“Resimercial” style
Increasingly, office workers are seeking the comfortable furniture and settings they enjoy at home, but companies still desire the durability of traditional office products and materials.
Blending residential warmth and familiarity with pragmatic commercial design elements, the so-called “resimercial” trend sits at the intersection of the home and the office. This less formal, highly adaptable style appeals to younger workers, as well as to forward-thinking industries like technology and marketing. It can boost productivity, creativity, and even employee wellness.

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Business Report: Benefits And Perks; Culture Or Hawthorne Effect?

Posted onOctober 3, 2019October 4, 2019
Jim Marco, president and principal consultant with Saratoga Human Resources Solutions Inc.

By Jim Marco
In the 1920s and 1930s, Elton Mayo conducted a series of experiments at the Hawthorne Electric Plant near Chicago. The study was intended to find out how different aspects of the work environment, like lighting, the timing of breaks and the length of the workday affected worker productivity.
The hypothesis was to see if changes in these environmental factors could increase productivity. The researchers found that productivity increased, for a while, and returned to normal once the experiment was over. This became known as “The Hawthorne Effect.”
We read a lot today about the new workplace; flexible office space, fully stocked kitchens, ping pong tables, bean bag chairs, stand up desks, even bringing dogs to work. Employers are trying to copy the superficial trappings of really successful companies like Google and Apple. They hope that these trappings will create a “culture” that will allow them to achieve some terrific level of success.
It won’t, and these programs will be abandoned, because the companies will not get the desired productivity or engagement boost from their workforces. Like Hawthorne electric, the effect is only temporary.

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Business Report: What New Data Breach Law Means

Posted onOctober 3, 2019October 4, 2019
Richard Ruzzo is managing partner, COO, of Shepherd Communication and Security.

by Richard Ruzzo
On July 26, the Shield Act was signed into law by Gov. Andrew Cuomo to direct that better security measures and policies are put in place by all business that store, maintain or electronically handle non-public personal information (NPPI) to help protect against hackers obtaining an individual’s personal and private information.
The law is set to take effect March 21.
What determines a breach in a security system?
A breach occurs when one’s NPPI is exposed, made vulnerable or stolen from the host organization by unscrupulous data thieves. The information at risk and covered by the new statue is as follows:
Any data that is compromised and consisting of any combination of; name, Social Security number, driver’s license number or non-driver identification card, account number, credit card number, security access code, password or PIN to a financial account, username/email address with a security question/password and any biometric data information based on unique features that can be viewed digitally.

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Business Report: Businesses Can Be Protected From Divorce

Posted onOctober 3, 2019October 4, 2019

By Tammy J. Arquette, Esq.
Small business owners typically put in many hours per week to operate and sustain the success of their company. They make investments of money, time and sweat equity.
They take on debt. And they utilize various experts to assist in the operation of the business, from accountants and lawyers to insurance and real estate professionals. Statistically, 50 percent of all marriages end in divorce, but when you add the stress of building a business, the strain on the marriage may be too much to bear.
Sometimes the best offense to protecting business asset is a good defense planned out when circumstances are still favorable and amicable. A classic example is the effect of a divorce on a small business.
The Domestic Relations Law defines marital asset as “all property acquired by either or both spouses during the marriage and before the execution of a separation agreement or the commencement of a matrimonial action, regardless of the form in which title is held, except as otherwise provided” in a separation agreement. This means that a business venture that is started during the marriage is subject to equitable distribution in the divorce process.
And a business that was commenced before the marriage is also at risk to the extent that it appreciated in value during the marriage.

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Business Report: Before Signing Commercial Lease, See This

Posted onOctober 3, 2019October 4, 2019
Jennifer Tsyn is a business law attorney with Bond Schoeneck & King.

By Jennifer Tsyn
Whether your business is just starting up, expanding, or relocating, you are likely to find yourself negotiating a lease. Of major concern to most commercial tenants are the maintenance, upkeep and repair of their space and the entire building. These issues should be carefully negotiated and then written into the lease.
1. Who is responsible for repairs and maintenance of the tenant’s space?
Commercial leases often require that tenants maintain, repair and replace those portions of the HVAC, electrical, plumbing, and water and sewer systems that are located inside or outside of the leased space, but which exclusively serve the leased space.
Tenants should always take steps to learn whether the heating, cooling and ventilation for their space will be provided by a shared HVAC unit or a designated HVAC unit, and whether that unit will be considered to be inside their space or outside of it (for example, if there is a rooftop unit). Similarly, tenants should make sure that they understand what parts of the electrical, plumbing, water and sewer systems that they will be responsible for.

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Business Report: Health Savings Account For Your Retirement

Posted onSeptember 7, 2019September 9, 2019

By David Kopyc

The average 65-year-old couple will spend $285,000 on medical expenses in their retirement and this figure does not include any long-term care expenses.

Healthcare continues to be one of the greatest expenses and concerns for retirees and individuals considering retirement in the near future.

Unlike your parents’ generation, most of you will not have any employer or union-sponsored health benefits. Therefore, healthcare costs will likely consume a larger portion of your budget in retirement and you will need to plan for this well in advance of your date of separation.

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Business Report: Compensation Package Concerns

Posted onSeptember 7, 2019September 9, 2019
Rose Miller is president of Pinnacle Human Resources LLC.

By Rose Miller

With the frequent changes in wage and hour laws, many companies are struggling with decisions regarding increases in pay. Minimum wage will be increasing again in December. The end of the year is also a time when employers are evaluating performance and employees are evaluating their jobs and their pay.

Although pay dissatisfaction is only a symptom of job unhappiness, it can be the excuse on whether an employee decides to stay or leave. Many companies have advertised their company’s record high in sales and profits yet not have it translate to increases in pay for workers. The new laws passed regarding pay history and pay equity have female and other workers wondering if they are being paid equally and fairly.

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Business Report: Don’t Make Estate Plan A Family Secret

Posted onAugust 7, 2019August 8, 2019
Debra Verni, principal of the Herzog Law Firm in Saratoga Springs.

By Deborah Verni
Only about 40 percent of adults in America have a will, which may not be entirely surprising. No one wants to be reminded of their own mortality or spend too much time thinking about what might happen once they’re gone.
Many people are uncomfortable discussing how they will distribute their estate with their children. Perhaps you don’t want your children to realize how much they may receive after your death. Or you may think your choice of heirs could change in the future.

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