According to this same survey, 20 years ago, the average expected retirement age was 63 years old, but the average actual retirement age was 59 years old. We see there has been a consistent gap between the expected retirement age and actual retirement age. Crediting longer life expectancy where retirement could last 10, 20 or 30 years, the actual retirement age has been primarily increasing. American workers may be retiring later in hopes of accumulating more wealth, collecting higher Social Security benefits and feeling well enough to continue to work. As we know, each workers retirement goal is different.

To read more on the study presented by Gallup, click here to access the article “More in U.S Retiring, or planning to retire, Later.”

With the holiday season rapidly approaching, do you aim to provide a donation to a charitable organization?

If so, Donor-Advised Funds offers a simple, efficient way to gain eligibility for a federal income tax deduction while enjoying the flexibility to support the charity you select, when you want.

Each Donor-Advised Fund may accept contributions from individuals, trusts, estates and more. Generally acceptable contributions include cash, stocks, mutual funds, real estate, annuities and more!

So how does it work? Donor Advised Funds, otherwise known as DAFs, can be summed up with the 4 G’s:

-Give: The Donor contributes assets into a DAF as an irrevocable gift. Gifts can be completed with liquid assets (cash and/or appreciated securities). Some DAF administrators can also accept illiquid assets.

-Get: the donation is considered a gift for tax purposes and the Donor may be eligible to account for the donation as an itemed income tax deduction.

-Grow: Assets in the DAF can be invested and grow tax-free, under the ownership of the DAF Administrator, for the purpose of funding future charitable grants. The Donor "recommends" the investment allocation. Some Administrators allow the Donor to hire an Investment Advisor.

-Grant: The Donor requests grants from the DAF to other qualified charitable organizations. The Donor "recommends" amounts, timing, and recipients. Grants can be requested during the Donor's lifetime or during the lifetime of a Successor Donor. Timing can also be requested to occur at the Donor's death.

If you are interested in learning more about the Donor Advised Funds, click here or give our office a call at (518) 584-2555.

Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 8.7% in 2023. Since 1975, Social Security’s general benefit increase has been based on increases in the cost of living, as measured by the Consumer Price Index. Such increases are called COLAs or cost of living adjustments. On average Social Security checks will increase by more than $140 per month starting in January 2023.

Click here to read the official news release from the Social Security Administration.

To see more of the 2023 Social Security Changes, click here to access the Social Security Fact Sheet.

  Source: Social Security Administration

You can apply for Social Security benefits up to four months before you want to receive your retirement benefits to start. Keep in mind Social Security benefits are paid in the month following the month they are due. For example, if you are due benefits for the month of December, you will receive your first check in January for December.

Save the date! The 17th Anniversary of Saratoga County’s Original Restaurant Week will be Monday, November 7th through Sunday, November 13th. You will be able to enjoy a three-course dinner for just $25 or $35 plus tax & tip. Some participating restaurants will offer a $15 lunch special too! Click here to access the list of restaurants participating in the Discover Saratoga Annual Restaurant Week.

Bon Appetit!

Robert Schermerhorn, CFP® 

Jamie Usas, CFP®

Andrew Chapman, CFP®

18 Division Street, Suite 305

Securities & advisory services offered through LPL Financial, a registered investment advisor, member FINRA/SIPC