Senior Life is a special supplement published by Anton Media Group

SENIOR LIFE AN ANTON MEDIA GROUP SPECIAL

JUNE 23 - 29, 2021

Wealth Management Retirement Myths Rediscovering Hobbies Long Island’s Premier Home Heatlh Care Agency

516-719-0909

TLCcompanions.com

220691 M

Everyone Needs a Little TLC Hourly or Live In Companion Short and Long Term Care

220689 S

Arriving to care for you or your loved ones with maximum safety precautions including face shields, masks, gloves, sanitizers and more.

2A

JUNE 23 - 29, 2021 • SENIOR LIFE

FULL RUN

A secure retirement doesn’t just happen. It requires a plan.

The PWM MasterPlan delivers financial peace of mind When it comes to retirement planning, most people don’t know where to start or who to trust. They lack the time, knowledge and tools needed to take control of their financial lives.

As a Certified Financial Planner, we know it’s almost impossible to do this on your own. That’s why we created the PWM MasterPlan, the foundation enabling us to offer you the most appropriate fiduciary advice.

The PWM MasterPlan is a holistic, long-term framework that provides you clarity and direction in making the correct financial decisions. Serving as your personal ““chief financial officer officer,” we apply our knowledge and experience from working with many individuals and families. The process offers you peace of mind knowing you can achieve your retirement goals.

The PWM MasterPlan provides you with: • Compr Comprehensive financial organization • Fully in integrated retirement plan • Tailored investment strategy • Detailed adv advanced planning With more than 100 years of combined experience, Palumbo Wealth Management is the client-first private wealth management firm delivering the highest level of service to clients who are nearing or in retirement.

Contact us today to build your own PWM MasterPlan.

Philip G. Palumbo, CFP® Founder and CEO

Palumbo Wealth Management 1010 Northern Blvd., Suite 310 | Great Neck, NY 11021 | 516.629.7536 | palumbowm.com

Palumbo Wealth Management is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Palumbo Wealth Management and its representatives are properly licensed or exempt from licensure. For additional information on the Advisor, please visit the Investment Adviser Public Disclosure website at www.adviserinfo. sec.gov by searching with the Advisor’s CRD #306548.

Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

As a firm providing wealth management services to clients, Palumbo Wealth Management LLC offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements.

224678 S

FULL RUN

SENIOR LIFE • JUNE 23 - 29, 2021

3A

Managing Your Wealth Leading Into Retirement

T

BY CHRISTY HINKO

Chinko@antonmediagroup.com

here are only a few things better than finally arriving at your retirement, fully satisfied and confident about all the saving and planning that you did to make it all happen. Your journey to retirement has taken decades and now, it is finally here.

Unfortunately, arriving is simply not enough and financially, you may not be out of the woods yet. There are myriad risks to your strategy, even after you have made the decision to retire. We spoke with Philip G. Palumbo, CEO, founder and chief investment officer of Palumbo Wealth Management (1010 Northern Blvd. in Great Neck), to learn more about some of the key things you should consider about managing your wealth before reaching retirement.

“My team and I were recently thinking about what people are really concerned about as they think about retirement and what their next chapter in life looks like,” Palumbo said.

Some of the key questions that individuals and their families need to consider when building a retirement plan and managing wealth are:

1. Do you have confidence in your financial plan as you think about retirement?

“To build confidence you have to understand how much money you will be spending during retirement on an after-tax basis,” Palumbo said. “Our

ultimate goal is to help people achieve peace of mind.”

With more than 21 years in the business, Palumbo said the way you achieve peace of mind is to deliver a plan to people that they can understand and builds confidence that they can be financially secure throughout their retirement years.

“When people do it on their own the problem is, most of the times they will make one or two mistakes that will cost them their retirement,” he said.

and banking accounts.

“You get a paycheck; you spend it,” Palumbo said. “The leftovers are your savings.”

He added, “Assets like your primary home, vacation home, RV or additional vehicles should not be considered in your retirement plan unless you plan to sell these things off as income.”

2. How will inflation affect your spending?

“If you need $100,000 today for spending, five years from now, you’ll need $125,000. Ten years from now you’d probably need $170,000 because of inflation,” Palumbo said. “This is why you need your full $2.5 million, as an example, to be fully invested and to grow over time to support your lifestyle.”

4. What income streams will you have coming in?

Additional income sources such as Social Security, a pension, rental property income, consulting income or hobbies are all supplemental sources that provide residual or passive income.

“Say you need $100,000 after taxes per year to live on, but you may have $20,000 from social security, and another $20,000 from your pension, so now you really need $60,000 from your savings so you can live your same lifestyle,” Palumbo said.

3. Do you have enough money saved in retirement and non-retirement assets that will distribute an income in retirement years? Do you have enough savings to support and distribute this income so as to not disrupt your lifestyle?

Retirement assets include things like IRAs and a 401k, money that you invested pre-tax that grew tax-deferred.

When retirement assets are pulled out, they are then taxed. Non-retirement assets include things like brokerage

5. How much money do you have saved? Is that enough to support your lifestyle?

“You need to hone in on what you are spending per month,” Palumbo said. “Will you still spend the same way during your retirement years? Do you plan to stay in your home or go on the same exact types of vacations, drive the same car, etc.? If the answer is yes, then you expect that your expenses will be the same in retirement.”

He said if you’re thinking about moving down to Florida, Texas,

Tennessee, for example, where the cost-of-living is cheaper than staying in New York, then you have to factor that in. If you stay in New York, your expenses might be, for example $10,000 per month, but in a lower cost-of-living state, your expenses might go down to $7,000.

“It’s all about our lifestyles; we don’t want our lifestyles to be interrupted,” Palumbo said. “We all have certain things that we enjoy doing on a daily basis and throughout the year. We want to be able to just do that as long as we have our health and the only way to be able to do that is through the use of money. If you don’t have money or your money diminishes, then your lifestyle diminishes. Who wants that in the last chapter, in our golden years.”

Many of these factors pose a significant risk to your retirement. Financial professionals such as Palumbo and his team are able to help you create a reassuring plan that will reduce some of your exposure.

“Building confidence and having a coach helps guide you through those tough times; it’s imperative to successfully retire and not make the mistakes,” Palumbo added.

Retirement should be enjoyed, free from financial stresses and worry over unpleasant surprises.

Visit https://palumbowm.com to contact Palumbo and his team and to learn more about wealth management.

4A

JUNE 23 - 29, 2021 • SENIOR LIFE

FULL RUN

GIFT IDEAS

Thoughtful Retirement Gifts

A

BY CHRISTY HINKO

Chinko@antonmediagroup.com

er to slow down, take it easy and just relax.

Camera: Consider

upgrading the model they already have.

Choose something that a professional would use, but one that is easy enough for the novice.

enjoy life a little extra since reaching the end of work days milestone and who doesn’t love a regular gift box being delivered to the house.

Check out epicurean indulgences like wine, beer, nuts, fruit, dessert and other delicious treats.

Food or beverage subscriptions:

Let’s admit it, the retiree deserves to

can be a wide ranging list of gift ideas. Consider which hobbies the person is interested in, or has expressed interest in learning. Many people would like to learn how to paint or draw, some would like to master playing an instrument like guitar or piano, while others would love to be a better cook or learn a cooking specialty.

ND HEA HA LT

ILY! EMS SERV

SCHEDULE YOUR VISIT TODAY

WELCOME home

E

D

N

IT

models don’t just track steps anymore. They are sleek, durable and have dozens of added features like texting, making phone calls, in addition to monitoring sleep habits and heart rate trends.

& GIVING TOURS

DA

ME

U

Fitness tracker: New

WE’RE OPEN

•

• NEW

ES

Lessons: This

Cozy robe or new slippers: A subtle remind-

HY

FR

pproaching retirement marks a significant chapter in someone’s life coming to an end and a journey into something brand new.

It is apropos to celebrate it with a thoughtful gift.

Oftentimes, retirees receive golf clubs, wine glasses, coffee mugs, gift cards, a fishing pole or lessons for bettering or learning a new skill. A great retirement gift is something that fits the person’s hobbies or pairs with how they would like to spend their newly found free time.

What do you give the person who most likely

has everything at this point in their life? Here are a couple of ideas to steer you in the right direction when selecting a gift.

AMBER COURT OF WESTBURY

Everyone deserves happiness in their life — especially today’s seniors. That’s why Amber Court Assisted Living works hard every day to create a safe, healthy, and joyful home for the wonderful people we call family.

Discover the Amber Court difference. Schedule your visit today.

MEDICAID OPTIONS AVAILABLE

888.929.4929 | AmberCourtAL.com ASSISTED LIVING COMMUNITIES

WESTBURY

SMITHTOWN

516.334.3838 | 3400 Brush Hollow Road, Westbury, NY 11590

PELHAM GARDENS

BROOKLYN

ELIZABETH

HARBORVIEW

223643 S

FULL RUN

SENIOR LIFE • JUNE 23 - 29, 2021

5A

A LIFESTYLE COMMUNITY FOR THOSE 55 AND BETTER

READY TO RIGHT-SIZE YOUR HOME WITHOUT DOWNSIZING YOUR LIFE? Move into the perfect place that’s easier to manage but is still close to everything and everyone you love.

The Seasons at Dix Hills is a 55 and better lifestyle community with 86 residences. It’s all the excitement of a fresh new start without having to move away.

•

Low real estate taxes starting at just $6,765 •

Pre-construction prices starting at $775,000

CALL OR VISIT OUR SALES CENTER TODAY VIRTUAL APPOINTMENTS ALSO AVAILABLE

652 Deer Park Avenue, Dix Hills, NY 11746 631.528.2400 | seasonsatdixhills.com

AN ENGEL BURMAN COMMUNITY

The complete offering terms are in an Offering Plan available from Sponsor. File No. CD19-0396 Equal Housing Opportunity.

225074 S

6A

JUNE 23 - 29, 2021 • SENIOR LIFE

FULL RUN

Estate Planning: Where Do I Start?

Personal Approach

BY ANTHONY RUSSO

S

Specialsections@antonmediagroup.com

electing a law firm to work with when planning your estate is not an easy decision to make. An estate planning/elder care attorney will help you plan for today while always taking future possibilities into consideration. Planning your estate requires a “what if” approach.

An elder care attorney always considers possible contingencies when helping you to formulate a plan. That’s why selecting the right firm is so important. As time goes by and circumstances change, you need a trusted advisor to turn to and address your concerns.

Some factors to consider as you make this decision:

trusts and the various Medicaid planning options so you can make an educated and intelligent decision.

Focus on Elder Law

Long-Term Care Planning

Make sure the firm you are considering concentrates on elder care, estate planning and Medicaid planning. Ask the attorney to explain the differences between wills and

If you are interested in protecting your assets from long-term care costs through the use of Medicaid, make sure the firm you

Anthony F. Russo, P.C. is the owner of Anthony F. Russo & Associates, P.C., 3601 Hempstead Tpke., Suite 210, Levittown, and can be reached at afrlaw.com or 516-794-1100.

Step Into Your Bath Once Again...

SAFELY! SAFELY!

Never

are considering not only plans for Medicaid, but can actually apply on your behalf.

Looking for a new attorney or professional to apply for Medicaid because the attorney you used previously cannot assist you is a stressful and frustrating position to be in.

Perhaps most important, you need to find an attorney you can communicate with. If you have questions about your planning or an unexpected situation arises, can you call the estate planning attorney? Will there be an extra fee to consult with you after you are already a client? Will you be able to speak with the specific attorney you worked with?

Discussing your estate planning can be an overwhelming and uncomfortable topic for many.

This is why so many people fail to take advantage of planning options available to protect assets and provide for loved ones. Finding an attorney who can make the process understandable and stressfree is the first step towards creating a plan that best suits you and your family.

End

Any tub can be converted into a walk-in shower!

FREE CONSULTATION AND ESTIMATES

Never Step Over That US DANGERO Tub Again!

The Residences at Plainview

Luxury Independent Living apartments in an all-inclusive community

LOCALLY FAMILY OWNED & OPERATED

225338 M

residencesatplainview.com

Lic# 57644-H

Safebathli.com 631-923-6502

THE LEADER IN BATHTUB MODIFICATIONS

225400 S

Visit Our Website Or New Showroom - Now Open For More Options And Ideas

Now offering fully furnished Staycation rooms. Call for more details!

9 Gerhard Road Plainview, NY 11803 (516) 726-9452

AFTER

GRAB BARS INSTALLED

Live life with meaning at

*Indoor and Outdoor Pools *3 Meals Prepared by Executive Chef *Outdoor Kitchen with BBQ *Sports Bar & Relaxation Lounges *Fully-equipped Fitness Center *Themed Events, Happy Hour, & More!

BEFORE

FULL RUN

SENIOR LIFE • JUNE 23 - 29, 2021

●

●

●

• • • • • •

●

• • ••• •• • •• ••

AS A FAMILY OPERATED LAW FIRM, IT IS OUR PLEDGE TO PROVIDE THE LEVEL OF SERVICE WE WOULD WANT FOR OUR OWN LOVED ONES WANT TO LEARN HOW YOU CAN PROTECT YOUR HOME AND ASSETS? CALL (516) 194-1100 OR VISIT WWW.AFRLAW.COM TO REGISTER FOR OUR FREE ON-DEMAND ONLINE ESTATE PLANNING SEMINAR. For your safety and comfort, we offer FREE consultations via Office Visit, Video Conference and Phone Conference.

Anthony F. Russo & Associates, P.C. 3601 Hempstead Turnpike, Suite 210, Levittown, New York 11156

(516) 794-1100 • WWW.AFRLAW.COM -Attorney Advertising-

225300 S

• • • • • •

7A

8A

JUNE 23 - 29, 2021 • SENIOR LIFE

FULL RUN

Financial Myths And Misconceptions

BY ANTON MEDIA STAFF

M

Specialsections@antonmediagroup.com

any people look forward to retirement and all the enjoyment it can bring after having worked so hard for decades. But from a distance, whether it’s a few years or many years away, it’s not easy to clearly see what retirement will look like.

It’s a bit misty because, after all, there is a lot of uncertainty about the future, and how much money someone will need to have on hand during retirement is subject to numerous variables. But in the process of looking ahead some people miscalculate, in part because they are not fully informed, says Dariusz Godlewski (financialwealthalliance. com), a licensed investment advisor representative and the president of Financial Wealth Alliance.

“Some of the things people assume to be true about money matters in retirement actually are not, and some financial points they think they grasp instead require a deeper dive,” Godlewski said. “Misconceptions and

myths can develop, and those can be harmful to one’s retirement and their enjoyment of it.”

Godlewski points to three key areas where myths and misconceptions can cost you in retirement:

Taxes Godlewski said that one of the biggest misconceptions people have is that they will pay less in taxes in retirement, but for many, that’s not true.

“For one thing, they won’t have many deductions anymore,” he said.

“If they were itemizing, a lot of those deductions go away. Most of the money Americans have is in tax-deferred accounts such as IRAs and 401(k)s, and they’re going to pay taxes on those distributions. Therefore, they need to strategize to lower their tax bill in future.”

One strategy, Godlewski said, is doing partial Roth conversions on their IRAs and 401(k)s.

“Roth IRAs offer tax-free growth on both the contributions and the earnings that accrue over the years, and

YOU DESERVE A NEW AND IMPROVED SMILE! Quality Dentistry, Specialties include: Implants, Dentures, full mouth Restorations and Reconstructions, Replacement of Missing Teeth

Trust The Skill Of A Dental Expert!

WELCOMING NEW PATIENTS

Donna Gentile, D.D.S Prosthodontist Updated protocols in compliance with CDC, DOH, OSHA, AND ADA GUIDELINES

Major Insurance Plans Accepted

DONNA GENTILE, D.D.S Gentile Dental Care

89 Grand Avenue, Massapequa, NY 11758

516.639.6975

GentileDentalCare@outlook.com DonnaGentileDDS.com

In-house Financing Solutions Available

225362 S

• Community Dentist for Over 10 Years • Brand New Modern Office • Digital X-Rays & State-of-the Art Dental Technology • Replace Missing Teeth & Restore Your Ability to Chew, Speak and Smile with Comfort and Confidence.

FULL RUN

SENIOR LIFE • JUNE 23 - 29, 2021

9A

About Retirement the other big benefit in retirement is you won’t pay taxes when you take the money out,” he said. “When current tax rates are relatively low, it’s a good window of opportunity to partially convert to a Roth.”

Godlewski said tax diversification also is important—having a portion in taxable accounts, another amount in tax-free accounts, and some in tax-deferred accounts.

Annuities

Godlewski said. “In a variable annuity, more risk is involved as investors aim “They all sound similar but they Asset diversification for bigger profits. The insurer invests all work differently,” Godlewski said.

Proper diversification across in a portfolio of mutual funds, which Some have high fees, some have low non-correlated asset classes is the key are chosen by the buyer.” fees. Some are safe, some have risk. to protecting one from too much vola“Misconceptions about some finanAnnuities can get complicated and it’s tility in the markets, Godlewski said. A cial elements of retirement can lead you wise to have a fiduciary explain the non-correlated asset is an asset whose down the wrong path and bring stress at differences. value isn’t tied to larger fluctuations a time you’re supposed to be relaxing,” “Annuities supplement other in the traditional markets.

Godlewski added. “Gain the knowledge retirement income, such as Social “Many people think they are you need to bring clarity to your plan Security and pensions. Fixed annuities very diversified because they have and the enjoyment you deserve.” make sense for people who don’t want different stocks and mutual funds, Index or fixed annuities are not demuch risk. An insurance company but that is not being diversified,” he signed for short-term investments and guarantees a specific payment by a said. “Stocks and mutual funds are may be subject to caps, restrictions, fees certain date, and in the interim period just one asset class. Non-correlated and surrender charges as described in the insurer invests in safe vehicles assets such as real estate, commodthe annuity contract. Guarantees are such as highly-rated corporate ities, and municipal bonds can help backed by the financial strength and bonds and U.S. Treasury securities,” you diversify.” claims paying ability of the issuer.

Friends for Life Homecare Services has led

the way providing compassion, comfort and expert care since 2010, and will continue to do so for generations to come.

Proudly Serving Nassau, Suffolk and Queens

225314 S

Call today for a FREE assessment!

10A JUNE 23 - 29, 2021 • SENIOR LIFE

FULL RUN

Twelve Best Retirement Hobbies All the amenities and comforts of home, including: • 24/7 Emergency Response System

All the amenities and andcomforts of home, including: • Threecomforts Daily Meals of home, including: • Custom Wellness Program

All the amenities • Signature Lifestyle Program

• 24/7 Emergency Response System • 24/7 Emergency Response SystemWellness Program • Custom

BY PETER SPIERS • Nurse on Call 24/7 Specialsections@antonmediagroup.com • Custom Wellness Program • Signature Lifestyle Program • Social, Cultural and Religious • Signature Lifestyle Program Activities • Three Daily Meals • Housekeeping and Maintenance

R

etirement can be a shock to the system.

The job that once • Housekeeping and Maintenance kept you busy at least 40 hours • Housekeeping and Maintenance CALL 516-576-3330 TODAY! • Nurse on Call 24/7 a week is gone, and with it—for • Nurse on Call 24/7 • Social, Culturalsense and Religious some—your of purpose. If you Activities don’t find fun things to do, you can • Social, Cultural and Religious CALL AHEAD TO 150 Sunnyside Boulevard Activities find yourself feeling lost and lonely in • Scheduled Transportation ARRANGE A VISIT. Plainview, NY 11803 retirement.

• Scheduled Transportation SAFETY PROTOCOLS my book Master Class: Living CALL In 516-576-3330 TODAY! ChelseaSeniorLiving.com OBSERVED. Longer, Stronger, and Happier, I recomCALL 516-576-3330 TODAY! mend that retirees make a “retirement that blendsTO socializing, CALLlist” AHEAD 150 Sunnyside Boulevard hobbies moving, creating and thinking CALL AHEAD TO ARRANGE A VISIT.— build150 Sunnyside Boulevard NYand 11803 ing blocks that have been shown to All Plainview, the amenities ARRANGE A VISIT.correlate SAFETY PROTOCOLS with high scores on standard NYand 11803 All Plainview, the amenities comforts of home, including: measures of successful aging and SAFETY PROTOCOLS ChelseaSeniorLiving.com OBSERVED. All the amenities and comforts of home, including: cognitive health.

• 24/7 Emergency System ChelseaSeniorLiving.com OBSERVED. comforts ofResponse home, including: We surveyed more than 1,000 retirees • 24/7 Emergency Response SystemWellness Program • Custom to find out what hobbies for seniors they • 24/7 Emergency Response System • Custom Wellness Program • Signature Lifestyle Program have taken up in retirement, and we • Custom Wellness Program used their recommendations to build • Signature Lifestyle Program • Three• Signature Daily Meals Lifestyle Program this list of top hobbies for retirees. These • Three Daily Meals • Housekeeping and Maintenance • Three Daily Meals retirement pastimes are all rich in two • Housekeeping and Maintenance or more of the four key dimensions that • Nurse on Call 24/7 and Maintenance • Housekeeping came out on top in our poll. Are any of • Nurse on Call 24/7 • Nurse on Call • Social, Cultural and24/7 Religious these a big part of your life? What other Activities • Social, Cultural and Religious • Social, Cultural and Religious hobby ideas for newly retired folks Activities Activities • Scheduled Transportation should we add to the list?

• Scheduled Transportation • Three Daily Meals

• Scheduled Transportation

• Scheduled Transportation

CALL 516-576-3330 TODAY! CALL 516-576-3330 TODAY! CALL 516-576-3330 TODAY!

CALL AHEAD TOTO 150 Sunnyside Boulevard CALL AHEAD 150 Sunnyside Boulevard CALL AHEAD TO ulevard ARRANGE A VISIT. ARRANGE A VISIT. Plainview, NY 11803 Plainview, NY 11803 ARRANGE A VISIT. SAFETY PROTOCOLS SAFETY PROTOCOLS 03 SAFETY PROTOCOLS ChelseaSeniorLiving.com OBSERVED. ChelseaSeniorLiving.com OBSERVED. 225010 S ing.com OBSERVED.

1Online Learning

Mobility issues, travel restrictions, budget or time constraints may make your opportunities for international learning and travel a challenge. But you don’t have to leave your front door to continue your journey of lifelong learning in retirement. There are countless

online lectures, educational programs and courses designed for seniors that you can take to occupy and expand your mind even when you don’t have the ability or budget to learn about the world in person.

2 Volunteering

One top retirement hobby is volunteering. It’s good for the soul, highly social and comes in a thousand forms.

Work in a museum, and you’ll have daily opportunities to learn something new.

Take part in a service role where you can help others. Or volunteer at an arts center where you can have (often free) access to performances.

in a 3 Participating Book Club Love to read?

Make your reading even more rewarding by joining a book club as one of your hobbies in retirement, and you can deepen your understanding of both books and people.

4Walking/Hiking

Another idea for the newly retired is walking or hiking. Both pastimes come with fresh air and a quickened pulse, a chance to observe nature and, if you walk with a friend, a dose of the socializing

FULL RUN

SENIOR LIFE • JUNE 23 - 29, 2021 11A

on the bird and your mind in trying to identify the bird. Birding is an excellent hobby for any senior or retired person.

8 Gardening

Gardening is good for the body, the brain and the soul and a great idea for retirement. Add this popular pastime to your retirement hobbies list, and you’ll get exercise and, if you grow vegetables, eat more healthfully.

9 Foreign Language Study

Don’t fall for the trap that learning a foreign language is only a young person’s game. While youth has some advantages, older people bring something special to the task, namely, focus and a genuine commitment to learning that children often lack.

For years, they took care of us.

Now, it’s our turn.

10 Writing that’s so important to healthy aging.

Add that all up, and in a 45-minute walk you’ve helped your brain more than you would by doing a crossword puzzle.

5 Photography

Would you like to learn to see in a completely new way?

The great photographer Alfred Stieglitz wrote that “in photography there is a reality so subtle it becomes more than reality,” and several of the retirees we surveyed made similar observations.

6 Genealogy

With abundant Internet resources and the advent of other digital tools, genealogy has perhaps never been more popular, making it one of Road Scholars’ top hobbies for retirement.

Genealogical detective work is a great pastime for your brain and might even introduce you to distant cousins you otherwise would never have met.

7

Birding

Birding is a perfect activity for older people —you get outside and walk, you can go by yourself or with a group, and you exercise your reflexes in focusing

Erik Erikson, the eminent psychologist who carefully mapped the stages of human life, wrote that the seventh stage is marked by conflict between stagnation and generativity.

“Generativity” means leaving something of value to future generations, whether by changing the world or by passing on stories and lessons to one’s children and grandchildren. Writing is a great tool for generativity, and many seniors who have written memoirs have jumped into other genres of writing.

Sing11 ing or Playing a

At Gurwin Healthcare System, we’ve been caring for Long Island families for generations, providing a full continuum of services that offer unparalleled clinical excellence, innovative approaches to care and unmatched safety protocols.

It’s reassuring to know that Gurwin will be here, helping you care for your family the way they cared for you, no matter what tomorrow brings.

Musical Instrument

Another top hobby for retirees: taking music lessons. Like studying a foreign language, this pastime is something seniors are often a little afraid of. But here, too, older people often have a more disciplined approach to practice that young musicians lack.

That can be a great advantage and can lead to satisfying progress.

12 Bicycling

If walking or hiking is too hard on your knees, bicycling may be the best retirement hobby for you. Many seniors say that bicycling rekindles the feelings of freedom they experienced as children cycling everywhere.

Peter Spiers, senior vice president of strategic outreach at Road Scholar. Visit www.roadscholar.org for Spiers’s full list of best retirement hobbies.

Healthcare System

Caring for Generations

Gurwin.org 631.302.7772

Our family of healthcare services includes: Long-term Care

Home Care

Short-term Rehabilitation

Palliative & Hospice Care

Advanced Care

Adult Day Programs

Memory Care

Assisted Living

Ventilator/ Respiratory Care On-site Dialysis Fountaingate Gardens Independent Living Community

Island Nursing and Rehab Center in Holtsville is now a member of the Gurwin Healthcare System.

GUR132_Yesterday+Today_4.25x11.25_4C_Anton.indd 1

225011 S

6/16/21 1:17 PM

12A JUNE 23 - 29, 2021 • SENIOR LIFE

FULL RUN

Nursing Facilities Produce TV Show For Homebound Seniors

E

xcel at Woodbury for Rehabilitation and Nursing and Lynbrook Restorative Therapy and Nursing have joined with The Life Enrichment Center at Oyster Bay (LECOB), to produce a series of entertaining and educational TV shows to engage senior citizens who may still be homebound while senior centers remained closed.

LECOB provides social activities and vital services for people 60 years old and older.

“The goal of this project is to reach seniors to combat the isolation, depression and anxiety that is prevalent due to social isolation,” Palladino said.

“From our experience over the last year, we have learned only about 10 percent of the seniors are comfortable or able to operate Zoom. In an effort to reach these seniors, Paragon Management is collaborating with the Life Enrichment Center to produce a series of one hour shows that will cover subjects such as nutrition, exercise, meditation and more.”

The show is co-produced by Carolyn Palladino, community liaison at Excel at Woodbury and Denise Walsh, community liaison at Lynbrook Restorative Therapy and Nursing.

“When Carolyn and Denise proposed the project to the center, we signed on without hesitation”, said Judy Palumbo, executive director of LECOB. “The need to reach homebound seniors was always

Nancy Farinaccio and Mary Frignani of The Life Enrichment Center at Oyster Bay do a healthy cooking segment on the show ‘Wisdom and Wonder’ which debuts on NSTV. there. The pandemic helped bring to light the social isolation that older adults experience in the best of times. It has been difficult to engage older adults in digital programs, so we jumped at the opportunity to bring them programs through a medium that they are comfortable with, the TV.” The LECOB is providing the site for filming and suggested content segments, with Paragon Management providing content and guest hosts.

“This collaborative effort will help the senior

community who are now facing the challenge of having many of their senior centers closed due to the pandemic,” Walsh said. “We are excited to work in partnership with LECOB to create senior programing to be shown across Long Island throughout the pandemic and after, to any homebound person who may need the engagement.”

Viewers can tune in to the show on first and third Sundays of the month at 9 a.m. on NSTV (Ch 20 on Optimum and Ch 37 on FIOS), a public access channel that reaches 14 incorporated villages on the north shore, including Great Neck Estates, Great Neck Plaza, Kensington, Kings Point, Lake Success, Munsey Park, North Hills, Plandome, Plandome Manor, Plandome Heights, Russell Gardens, Saddle Rock, Thomaston and more. The shows can also be accessed via YouTube at NSTV or on the website NSTV.org.

In addition to Excel at Woodbury Nursing and Rehabilitation and Lynbrook Nursing and Rehabilitation, Glen Cove Center for Nursing and Rehabilitation and Emerge Nursing and Rehabilitation are also contributing content for the new show. There are future plans to expand the distribution of the show to other cable public access stations.

—Submitted by NSTV

224914 M

FULL RUN

SENIOR LIFE • JUNE 23 - 29, 2021 13A

What Retirees Should Know Retirement is yours to define

BY ANTON MEDIA STAFF

M

Specialsections@antonmediagroup.com

any people planning for retirement anticipate those post-working years eagerly, ready to veg out after a life of toil. Others plan with greater anxiety, unsure whether they even have an identity without their jobs.

But it may be that retirement these days is far different from what either point of view envisions.

“We all have made decisions based on the information we had at the time, but later realized we would have planned differently if we knew then what we know now,” said Patti Hart, co-author with her husband, Milledge, of The Resolutionist: Welcome to the Anti-Retirement Movement. “That’s definitely true when it comes to planning for retirement.”

The Harts don’t even think of themselves as retirees, but as “resolutionists,” constantly challenging themselves to improve.

“I’m busier now than I’ve ever

been,” Milledge said. “I’m using this time to be a better me than I could when my days were structured and my time was spoken for.”

With that said, the Harts share five things future retirees may wish they had known sooner:

isn’t what 1Retirement it used to be

Most people’s vision of retirement is built on what the people around them did, but that vision is outdated.

“Many of us watched our parents or grandparents settle into a quiet, nondescript life,” Milledge said. “We’ve seen the stereotypical portrayal of aging and irrelevant ‘retirees’ on TV shows and in the movies.”

Many retirees are much more vibrant than those stereotypes and have no intention of sitting quietly on a front porch while the world passes them by.

People have more time 2 in this phase of life than previous generations Anyone who expects retirement to

be a few short years tacked on to the end of their working life could be in for an awakening. In actuality, this period could last 20 to 30 years or more. The average 65-year-old man can expect to live another 18 years and the average 65-year-old woman nearly 21 more years, according to the Social Security Administration. And those, it should be remembered, are averages.

It’s important to con3 stantly prepare for the next phase

The Harts acknowledge they should have been planning earlier than they did. Instead, time slipped by.

So, when should you get serious about planning for those post-career years?

“Right now would be a good time,” he said.

need to 4 Retirees redefine their metrics

The Harts say it’s important for people to redefine how they measure success in this phase of life because it’s different from how they likely

measured success in their career days.

That simple change, she said, improved their lives substantially.

a resolutionist 5 Being is fun

If someone had told the Harts when they were in their 30s that their “retirement” years would be filled with so much fun, laughter, and fulfillment, they would have been skeptical.

“We laugh more now than we’ve laughed at any other stage in our life,” Milledge said. “This phase is instilled with so much adventure, and it’s a feeling that comes from within rather than the happiness of achieving a certain stock price.”

“I wish I had known sooner that I could say goodbye to the corporate world and still be interesting and relevant,” Patti said.

“I wish I had known that retirement is yours to define. I successfully defined my role in the business world, but it didn’t dawn on me that I could also reinvent retirement. It seems perfectly obvious now,” she added.

JOIN US FOR A SPRING OPEN HOUSE at Orchard Estate of Woodbury Throughout each day, our residents are energized and engaged with programs that nurture passions and connections, and we invite you to be part of the fun. Attend one of our spring open houses to sample our chef’s specialties, try out a program and tour our beautiful community.

THURSDAY

June 24 4-6PM

SATURDAY

June 26 11AM-2PM

For more information or to RSVP, call 516.284.8405 or email tlynch@benchmarkquality.com Assisted Living | Mind & Memory Care 900 Woodbury Road, Woodbury OrchardEstateWoodbury.com 224994 S

14A JUNE 23 - 29, 2021 • SENIOR LIFE

FULL RUN

Taxes, Retirement And The Need

BY SCOTT STATON

taxes now than to wait until they reach retirement.

With all that in mind, let’s take a look at a few things retirees, pre-retirees and others need to know:

C

Specialsections@antonmediagroup.com

oncerned about how taxes may affect your retirement?

If so, you’re part of a growing cadre of Americans, some of whom are beginning to reassess their finances as a result of the COVID-19 pandemic and the uncertainties it brought about.

In a recent Harris poll conducted in conjunction with Nationwide, 62 percent of those surveyed said they think it is more important now than it was previously for them to develop a strategy to address taxes in retirement.

Actually, it was always important, so it’s good to see that more people are coming to realize they should be proactive in accounting for taxes as they stash away money for what they hope will be their Golden Years.

Sure, we all realize taxes are important. Otherwise we wouldn’t have roads, bridges, a military and all the other services our contributions to the government help pay for.

But that doesn’t mean we enjoy

1

Tax-deferred accounts

paying taxes—or that we have any interest in paying more than what is necessary.

The trick, of course, is making sure you take steps to ensure you pay what you owe—but not a dollar more. That’s not always easy and lawmakers routinely change the rules and the allowable deductions, making it that much harder.

The good news is, sometimes changes to the tax code benefit you.

The bad news is, sometimes they don’t.

That Harris poll showed that 60 percent of Americans, leaning toward the bad news side of things, expect their taxes to go up significantly in the next four years. Also, 62 percent say it’s more important to minimize

When you set aside part of your income to contribute to a traditional IRA or 401(k), you can postpone paying taxes on that money.

You also can gain interest on those accounts each year without paying taxes. Of course, with tax-deferred accounts, the key word is “deferred.”

Eventually, the tax bill comes due.

When you retire and start withdrawing money from those accounts, the IRS will want its share. But what if you decide not to withdraw money from your tax-deferred accounts because you have other income that can pay your bills? Once you reach age 72, you have no choice. That’s when required minimum distributions come into effect. The government requires you to withdraw a certain percentage of your money each year so it can claim those taxes.

Stop Paying High Assisted Living Costs 10 ACRE NORTH SHORE ESTATE

The Home Away from Home

NYS licensed adult home since 1962 for the purpose of extending tender loving care & spiritual encouragement to those in their senior years.

FULL SERVICE • Activities • 24/7 Care

Starting at

4500

$

• Laundry • 24/7 Security

• Live In Staff • Medication & Showering

• Bed & Breakfast Atmosphere • Daily Housekeeping

CHRISTIAN FELLOWSHIP HOUSE 516-922-6040 • 369 Split Rock Road • Syosset, NY www.christianfellowshiphouse.net • cfranch369ps@gmail.com

223395 M

FULL RUN

SENIOR LIFE • JUNE 23 - 29, 2021 15A

To Develop A Strategy—Now

2

Roth conversions

Let’s say you are worried about those tax-deferred accounts and the tax bill that’s going to come due down the road.

One solution that’s become popular in recent years is a Roth conversion.

In such a conversion, you move money from your tax-deferred accounts to a Roth IRA. You pay taxes when you make the conversion, so typically you move portions of the money over several years to avoid a big tax hit all at once. But once it’s in the Roth, the money draws interest tax free and you pay no taxes when you make withdrawals in retirement.

3

Capital gains

President Joe Biden has proposed raising the capital gains tax on investors who make more than $1 million. Capital gains are profits made from selling investments. Currently, the top capital gains tax rate is 20 percent, but Biden’s plan essentially would eliminate that and tax the capital gains as

ordinary income, which could mean a rate as high as 37 percent. As you can imagine, that has some people concerned. What can those investors who would be affected do? One option would be to spread out the sale of their assets over several years to avoid having more than $1 million in gains in a single year.

These, of course, are just a few ways taxes might impact your retirement, whether that retirement is happening soon or is still several years away.

Remember that Harris poll I cited earlier? One of its other findings was that 41 percent of retirees said they wish they had been better prepared for paying taxes in retirement.

In truth, you won’t find many investments that allow you to escape paying taxes completely and no generic advice can account for everything that might affect your post-working years can become the individual situation. That’s why it’s retirement you dreamed about. important to seek financial advice from someone who can help you navigate the sometimes confusing Scott Staton is the founder and tax rules so that more money president of Staton Financial Group stays in your pocket—and those Inc. (www.statonfinancialgroup.

r e v o c s i D

com), an independent firm that specializes in retirement planning, income planning, 401(k) and IRA rollovers and investment advisory services, as well as life and long-term care insurance.

In an all new community located in the heart of Levittown, at Village Green your loved one will enjoy beautifully appointed private apartments and exceptional community amenities, along with assistance with activities of daily living and specialized care for individuals with Alzheimer’s and other forms of dementia.

Call (516) 271-2500 to schedule a visit!

Make sure your loved one doesn’t miss this opportunity for exceptional care in an all-new senior living community.

Call now about our summer specials!

Only available until June 30.

90 schoolhouse road • levittown, ny 11756 VillageGreenSeniorLiving.com 225345 M

JUNE 23 - 29, 2021 • SENIOR LIFE

FULL RUN

DISCOVER THE FINEST IN SENIOR LIVING

The Bristal Assisted Living has been serving seniors and their families in the tri-state area since 2000, offering independent and assisted living, as well as state-of-the-art memory care programs. We are committed to helping residents remain independent, while providing peace of mind that expert care is available, if needed. Designed with seniors in mind, each of our communities feature exquisitely appointed apartments and beautiful common areas that are perfect for entertaining. On-site services and amenities include daily housekeeping, gourmet meals, a cinema, salon, plus so much more. Discover a vibrant community, countless social events with new friends, and a luxurious lifestyle that you will only find at The Bristal.

SCHEDULE YOUR VISIT TODAY!

For a list of all locations in the tri-state area, visit: THEBRISTAL.COM

AN ENGEL BURMAN COMMUNITY

Licensed by the State Department of Health.

Eligible for Most Long Term Care Policies.

224789 M