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Category Archives: Retirement Planning

Business Report: How the Economy Affects Your Retirement Plan

Posted onJanuary 20, 2025
David Kopyc, president of Retirement Planning Group LLC in Saratoga Springs.

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.

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Business Report: What is a Financial Advisor?

Posted onJanuary 20, 2025
Matthew Burnell, CFP®, MBA, Financial Advisor, HK Wealth Management Group, Clifton Park.

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.

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Business Report: What should you know about RMDs?

Posted onDecember 16, 2024
Eric Snell, financial advisor with Edward Jones Financial in Saratoga Springs.
Courtesy Edward Jones

Provided By Eric Snell

You may spend many decades contributing to your IRA and 401(k), but eventually you will likely need to take the money out — in fact, you must take the money out or face penalties. What should you know about these mandatory withdrawals?

Here are some of the basics:

• What are they called? Mandatory withdrawals are technically called required minimum distributions, or RMDs.

• When must I take RMDs? If you were born before 1951, you’ve probably already begun taking RMDs. If you were born between 1951 and 1959, your RMD age is 73. And if you were born in 1960 or later, your RMD age is 75. You can postpone accepting your first RMD until April 1 of the year after you reach your RMD age, but this will result in two RMDs for the year. After you take your first RMD, you must take subsequent ones by December 31 of each year.

• What penalties will be assessed if I don’t take all my RMDs? For every dollar not withdrawn, the IRS will charge a 25% penalty, but this can drop to 10% if you subsequently withdraw the correct amount within two years.

• Which accounts have RMDs? RMDs apply to traditional IRAs, as well as other types of IRAs, including SIMPLE and SEP IRAs. RMDs don’t apply to Roth IRAs. RMDs also apply to traditional 401(k)s, but not Roth 401(k)s.

• Can I withdraw more than the RMD for any given year? Yes, you are free to take out as much as you want. However, if you take out more than the RMD for one year, you can’t apply the excess to the RMD for the next year. 

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Business Report: Securing Your Retirement Future

Posted onDecember 16, 2024
David Kopyc, president of Retirement Planning Group LLC in Saratoga Springs.
Courtesy Retirement Planning Group LLC

By David Kopyc

Retirement, once a distant dream, can quickly become a tangible reality.  As you navigate the complexities of modern life, it’s crucial to prioritize financial planning to ensure a comfortable and secure retirement.

Understanding Your Retirement Needs

The first step in effective retirement planning is to assess your financial needs.  Consider the following factors:

• Desired Lifestyle:  What kind of lifestyle do you envision in retirement?  Will you travel extensively, pursue hobbies, or volunteer?

• Healthcare Costs:  Factor in potential healthcare expenses, including insurance premiums, prescription drugs, and long-term care.

• Inflation:  Account for the impact of inflation on your future spending power.

• Dependency Ratios:  If you plan to support dependents, include their needs in your calculations.

To determine the amount you need to save, you can use various retirement calculators or consult with a financial advisor.  Here are some key factors to consider:

• Time Horizon:  The longer your investment horizon, the more time your savings have to grow.

• Expected Rate of Return:  Estimate the average annual return on your investments.  

• Social Security Benefits:  Factor in the potential income you will receive from Social Security.

• Pension Income:  If you have a pension, include it in your calculations.

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Planning Ahead, Making Informed Decisions Are Vital To Amassing Funds For Retirement

Posted onDecember 12, 2022

By Paul Post

John Shartrand helps clients contemplating retirement prepare for their own personal Fourth of July or Financial Independence Day.

Deciding when to leave is never easy, especially for business owners during uncertain economic times.

“As we deal with a huge amount of money in motion and supply chain challenges creating rates of inflation we have not experienced since the 1970s, the question you might be asking is, ‘How can I possibly retire in 2023?’ ” said Shartrand, chief investment officer at CAP COM Financial Services. “If you are just starting to think about retiring now, we may tell you it’s not the right time. But if you have been planning to retire, we are picking a date.”

Steve Bouchey, president and CEO of Bouchey Financial Group, said there two things every business person needs to do. “One: fully fund a pension plan, somehow, some way because retirement depends on their ability to save enough money to be prepared. The other thing is having disability insurance because if you become disabled who’s going to pay the bills? Bills will still come in.”

There are three main concepts and strategies to consider, Shartrand said.

First, as business professionals or owners, clients are urged to target their Financial Independence Day, even if they plan to stay on to help the next generation. “We develop an income plan together,” Shartrand said. “We work with our clients to transition from balance sheet-focused to income statement-focused.”

Next, defense and controllables are considered.

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Business Report: Changes To Employer Retirement Plans

Posted onDecember 12, 2022December 12, 2022
Carissa Conley, CPA, co-managing partner, Bucknam & Conley CPAs.

By Carissa A. Conley, CPA

This year has seen a lot of legislative proposals and a lot of speculation, but not too many new changes to employer-sponsored retirement plans. The most recent set of changes came from the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) of 2019. 

Congress has been working on what’s being tagged as the SECURE Act 2.0, but nothing has yet to make it through. From the 2019 legislation, these are the updates that could affect your retirement plan and employees.

• The age at which Required Minimum Distributions (RMDs) must begin is now 72, instead of age 70 ½.

• Long-term part-time employees will be eligible to participate in employer retirement plans after three years of employment. Since this provision went into effect 2021, the earliest their participation can begin is 2024.

• Inherited retirement accounts must now be fully distributed within 10 years and can no longer be stretched out over the beneficiary’s life expectancy. (There are certain exceptions to this for surviving spouses, minor children, disabled taxpayers, or beneficiaries not more than 10 years younger than the participant).

• New parents can withdraw up to $5,000 from eligible retirement plans without incurring the normal early withdrawal 10% penalty – if this is not incorporated into your plan, the employees can still take advantage of this on their personal tax return.

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People Who Save For Retirement At An Early Age Will Benefit Greatly In The Long Term

Posted onDecember 13, 2021
Steve Bouchey is the president and CEO of Bouchey Financial Group.

By Christine Graf

According to the Federal Reserve, only 36 percent of Americans are adequately saving for retirement.  The National Institute on Retirement Security estimates that almost 40 million U.S. households have no retirement savings. 

According to Steve Bouchey, president and CEO of Bouchey Financial Group in Saratoga Springs, it is never too early to start saving for retirement. He  has been helping clients for 34 year and has a team of 16 professionals who manage approximately $1 billion in assets for clients in 25 states and overseas.

“Start saving for retirement sooner than later. The sooner you get started, the more money you will have at retirement, and you may be able to retire sooner than expected or have the quality of life you always hoped to have,” he said. “The best advice I can give to a college graduate is that the first thing they need to do is put away as much as they can into a pension plan, and because they are likely in a low tax bracket, fund a Roth IRA.”

Roth IRA contributions are taxable, but earnings and withdrawals are tax free. Individuals who are covered by an employer’s retirement plan can make contributions to a Roth IRA as long as they do not exceed IRS income limits.

Those who haven’t adequately saved for retirement often find themselves having to work for much longer than they had planned. This is a major concern for those who begin to experience health issues as they get older.

“For a lot of people, they don’t have their health and may not have a job they are able to work at,” said Bouchey. “My goal for my clients is that if they are working during their retirement years it is because they are bored silly and not because they need to work.”

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BST & Co. Forms New Wealth Management Division As It Merges With Affinity Group

Posted onDecember 13, 2021

BST & Co. CPAs LLP, an accounting and management consulting firm, have formed a new wealth management division called Affinity BST Advisors. 

The new entity is a merger between BST Wealth Management LLC and The Affinity Group, a boutique wealth management firm founded by Gary Sancilio and Nicholas Preddice, that has served clients in the Capital Region and Hudson Valley for two decades.

The new entity is designed to usher in an entrepreneurial approach to financial planning and management by offering clients a comprehensive and holistic suite of services all under one roof. Through this model, a client-first experience will be available with access to comprehensive wealth management strategies and services; integrated tax planning for both individuals and businesses; private investments; trust and estate planning; and a full range of complementary financial services, the company said.

“We are thrilled to join forces with The Affinity Group to create a new model for financial planning and fill a gap in services needed for our clients who are busy business owners and executives looking for a single source for solutions related to family and business finances,” said Ron Guzior, BST & Co. managing partner. “As a result of this merger we will be able to offer our current and future clients a collaborative powerhouse of comprehensive and strategic services and fulfill a need they have been sharing with us.”

Sancilio and Preddice each launched their careers in financial services more than two decades ago. Sancilio initially began his career in law, while Preddice began his in insurance. The pair launched The Affinity Group in 2002 which employs a client-centric approach using a fee-for-service model, rather than fee-for-product, to provide enhanced value to clients.

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Business Report: Your Retirement Plan Under A New Employer

Posted onDecember 11, 2020December 14, 2020
Robert Snell, financial adviser with Edward Jones Financial in Saratoga Springs.

By Rob Snell
Your employer-sponsored retirement plan is a valuable asset. But sometimes things happen that can affect the status of your plan. So, for example, if you work for a hospital that changes ownership, and you have been participating in a 403(b), 457(b) or 401(k) retirement plan, what should you do with it now?
Basically, you have four options:
Cash out your plan. You can simply cash out your plan and take the money, but you’ll have to pay taxes on it, and possibly penalties as well. So, unless you really need the funds and you have no other alternative, you may want to avoid liquidating your account.
Roll your account into your new employer’s plan. If it’s allowed, you can roll over your old 403(b), 457(b) or 401(k) plan into your new employer’s plan. Before making this move, you’ll want to look at the new plan’s investment options (which should be numerous) and fees (which should be low). If you move the money directly to the new plan, you won’t be taxed at the time of the transfer, and your funds can continue to grow tax-deferred.
Leave your plan with your old employer. If your account balance is above a certain level, you may be able to leave your plan with your old employer’s plan administrator. You won’t be able to contribute any more money to the plan, but if you like the investment options you’ve chosen, keeping the money in your old plan might be a viable choice.

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Business Report: Checklist For Ending 2020

Posted onDecember 11, 2020December 14, 2020
Stephen Kyne, CFP, partner at Sterling Manor Financial LLC in Saratoga Springs.

By Stephen Kyne, CFP
The end of another year is rapidly approaching, and just as you cross items off your checklist and prepare your home for the winter, it’s also important to complete maintenance items to prepare your finances to close out 2020.
The first piece of financial housekeeping will be to begin to gather documents you’ll be needing just after the new year to prepare your taxes. Compile receipts for medical bills, tuition payments, child care and charitable contributions, among others.
While many of us will no longer be able to itemize deductions due to recent tax law changes, there are credits for things like child care and education expenses which you may still be eligible for. For those with large medical bills, mortgage interest, or who have been particularly philanthropic this year, you may still be able to itemize, so it is important to have those receipts handy.
When it comes to planning for your retirement, this is the perfect time to evaluate your contribution levels to your retirement plans at work. If you have the ability, and you’re not yet contributing to the maximum levels allowed, consider topping these accounts off to take advantage of the possible tax deduction this year, as well as the ability to simply squirrel as much away for the future as possible.
Even if you can’t contribute to the maximum, be sure to at least contribute enough to take advantage of any employer matching contributions.
You may not be aware, but once you reach age 50, you are eligible for higher contribution levels than in prior years. So, if you’ve turned 50 this year, consider increasing your contributions. For 401(k) and 403(b) plans, you can contribute an additional $6,000 to a max of $25,500 from $19,500 for those under 50. For SIMPLE plans, you get to contribute an additional $3,000, up to a new max of $16,500. Take advantage of this opportunity to catch-up on contributions you may not have been able to make when you were younger.

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