March 2021
IN THIS ISSUE...
to stay up to date on LPL Financial's Market Insight!
Parents, the Children Will Be Fine
While the responsibility and reward that comes with being a parent is unending, there comes a point when you need to take a step back and feel confident that you have raised independent adults that can sustain themselves financially. Doing so is especially important if you've found yourself sacrificing your own financial security to help your adult children.

While parental instinct may make cutting the financial cord difficult, the purpose is in their best interest - to encourage them to be independent and disciplined in order to achieve their goals. It's important to explain that this is not a form of punishment, but instead a way of helping them establish a successful future of their own.

Click here for more information.

Please don't hesitate to call our office at (518) 584-2555 if we can be of any assistance!
Did You Know?
A 2019 report from Age Wave found that...

- Parents are spending a combined $500 billion on their grown children - double what they're putting towards their own retirement.

- 79% of parents are helping their adult children in some financial way.

- 20% of homeowners received a gift or interest-free loan from their parents to make the purchase.

- More than 1 in 7 say they've had to adjust to a lower standard of living as a result of giving or lending their children money.

- 14% feel less secure about their future and 7% expect to postpone retirement because they have helped their children too much.
Do You Know Your Life Expectancy?
Do you have any guess as to how long you'll live? A recent survey conducted by the Society of Actuaries found that about half of consumers incorrectly estimate their life expectancy by five or more years - with 23% overestimating, and 28% underestimating. It's important to understand your life expectancy in order to make more informed decisions and better plan for retirement.

Click here for the Social Security Administration's Life Expectancy Calculator.
Do You Have Unclaimed Funds?
Did you know that New York State alone holds more than $16 billion in unclaimed funds? Banks, utilities, insurance and many other companies are required by law to surrender inactive accounts to the State.

Click here to check the NYS Comptroller's office website and see if you have any unclaimed funds.
10th Annual SFS Shred Event
We've set the date! Our 10th Annual Shred Event will be held the morning of Saturday, June 12th from 9am-11am. We will be located in the parking lot adjacent to our building at 18 Division Street in Saratoga Springs.

If you haven't already, now would be a great time to start a box and begin sorting through your old and unneeded documents. 

For further details, be sure to check out our upcoming newsletters or follow the event on Facebook by clicking here!
Robert Schermerhorn, CFP® 
Jamie Usas, CFP®,
Operations Manager
Amanda Friedman,
Wealth Consultant
Andrew Chapman, CFP®,
Operations Research Associate
Lindsay Duma,
 Office Coordinator

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18 Division Street, Suite 305
Saratoga Springs, NY 12866
Phone: 518-584-2555

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2020 RMD Repayments
For those that repaid their 2020 RMDs, you will receive a 1099R (if you haven't already) showing the total IRA distribution for 2020.  Your repayment will be reported on the 5498, which is not received until June.
You must report the repayment when filing your 2020 return.
We will be reaching out to clients that repaid their 2020 RMDs to ensure they have the correct information when filing.
In the meantime, feel free to reach out with any questions.

Planning Tip
It's not too late! You still have until April 15th to make an IRA contribution for the 2020 tax year.

2020 contribution limits are $6,000 for those younger than 50, or $7,000 for those 50 or older.

Please call our office at (518) 584-2555 if you have questions or would like to make a contribution!
Securities & advisory services offered through LPL Financial, a registered investment advisor, member FINRA/SIPC

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.