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Wednesday, January 27, 2021

Virginia Named 2020 Top Retirement Destination


o Spotlight


n e m e r i t Re Page 6


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Wednesday, January 27, 2021

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The Shenandoah Valley Business Journal is a monthly publication of the Daily News-Record, 231 S. Liberty St., Harrisonburg, VA 22801.

■ Virginia Is 2020’s Top Retirement Destination......Page 6

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■ New Restaurant Set To Open.........................Page 4

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C olumns

Contributing Writer: Ian Munro

O n T he C ov er:

■ Financial Focus with Kathy Armentrout..........Page 2

Contributing Photographer: Ian Munro

■ Investments with Matthew Frakes..................Page 3

Contributed Photo Nursing resident David Nalker receives his first dose of the COVID-19 vaccine at Bridgewater Retirement Community on Dec. 30.

Pre-Retirees: Plan Now For Health Care Costs If you’re close to retirement, you’ll have several financial issues to consider. But you’ll want to pay attention to one of the most important of these issues: health care costs. How can you prepare yourself for these expenses? First, get an early start on estimating health care costs. More than two-thirds of those planning to retire in the next 10 years say they have no idea what their health and long-term care costs will be in retirement, according to the Edward Jones/Age Wave Four Pillars of the New Retirement study. And some people don’t worry much about these costs, which may be considerable, thinking that Medicare will pay for most of them. While Medicare does cover many medical expenses, it also has its own costs. You probably won’t pay a premium for Part A (inpatient/hospital coverage), since you likely had this cost deducted from your paycheck when you were working. But if you

Financial Focus Kathy Armentrout are hospitalized, you’ll have to pay deductibles and coinsurance (the percentage of costs you pay after you’ve paid your deductible). Part B (doctor’s visits) requires a premium, deducted from your Social Security checks, and you must pay an out-ofpocket deductible. After you meet this deductible for the year, you typically pay 20% of the Medicare-approved amount for most doctor’s services. And when you enroll in Part D (prescription drug plan), you will likely also have to pay a monthly premium, an annual deductible and

coinsurance or copays. To help pay for the Medicare deductible, coinsurance and copayments, you may want to get supplemental insurance, known as Medigap. Premiums for Medigap vary, depending on the plan you choose. As an alternative to original Medicare, you could select Medicare Advantage (sometimes called Part C). Medicare Advantage plans are offered by private companies approved by Medicare, but the benefits and costs vary by plan. These plans

generally will incorporate Medicare Parts A and B and will provide additional medical coverage, such as prescription drugs. When you incorporate all the above, the annual out-of-pocket costs for traditional medical expenses likely will be about $4,500 to $6,500 per year, per person – not insignificant, but certainly a number that can be addressed by careful planning. But there’s one more expense to keep in mind: long-term care. The average cost of a private room in a nursing home is more than $100,000 per year, according to the insurance company Genworth. And Medicare typically pays few of these expenses. Clearly, between regular medical costs associated with Medicare or those not covered by it, and costs resulting from the possible need for long-term care, your health care bills can mount. To meet these costs, you need to plan ahead —

and take action. For example, it’s essential that you incorporate health care expenses into your overall financial strategy. You can also work with a financial professional to run some “what-if ” analyses to see if your strategy would be derailed by a potential long-term care stay. And the professional you work with may be able to suggest specific protection vehicles that can help you meet the costs of long-term care. The best time to prepare for your health care costs during retirement is well before you retire. So, if you haven’t already started, now is the time to do so. When it comes to paying for health care, the fewer surprises, the better. This article was written by Edward Jones for use by Kathy Armentrout, an Edward Jones financial adviser at 560 Neff Ave., Suite 100, Harrisonburg; 540-574-1013.

Harrisonburg, Va.


Wednesday, January 27, 2021


When Things Seem Out Of Control, Some Things You Can Control During times of heightened stress a person can quickly become overwhelmed and even struggle to do things that might be considered simple or obvious. It can be helpful to focus on the things you can control, to identify actions that you can take, and to complete those action steps. Here are four action items an investor may want to consider completing during extraordinary (and ordinary) times.

1. Review Your Investment Plan

Before you start making changes to your investment portfolio, the first thing you should do is consider your goals. Are you saving for retirement? Do you need to build a college fund for your children? Did a recent event

create a need to adjust your plan? If your goals have changed or if you haven’t updated your plan in a while, set up a meeting with your financial adviser to review and update your investment strategy to support reaching your goals.

2. Understand Your Risk Tolerance

After recent events, you may have a ne definition of your tolerance for risk. Risk is a key principle in investing. Some investments are riskier than others, but every financial decision involves risk. Risk is inescapable, so the key is to understand your risk tolerance and manage the risk you are taking, which should be based on your long term financial goals. If your tolerance for

divorce eneficiary designations typically supersede your will, so you’ll want to confirm that your beneficiary designations are current and accurate.

Investments Matthew R. Frakes risk has changed, review your strategy ith your financial adviser and make sure you are still comfortable with the amount of risk you’re taking.

a market decline will likely lock in the losses; staying invested may allow you to benefit hen the mar et comes back. If you haven’t updated your plan in a while, set up a meeting ith your financial 3. Stick To Your Plan When the market gets vol- adviser to review it and make atile, investors often have an any necessary adjustments. emotional reaction and may want to pull out of the mar- 4. Organize And Update ket to try to avoid loss. Try Important Documents to remember that moving or Are your important docselling investments during uments up to date and ac-

cessible to those who may need them? Take time to create a reference list of your documents and consider creating a digital version for easy storage and accessibility. Also check that your beneficiary designations for investment accounts, life insurance, and other accounts are up to date to re ect any new circumstances such as marriage, birth, death or

This article was written by/for Wells Fargo Advisors and provided courtesy o att ew ra es, financial adviser in Harrisonburg at (540) 801-3211. Investments in sec u r i t i e s a n d i n s u rance products are: NOT FDIC-INSURED/ NOT BANK- GUARANTEED/ MAY LOSE VALUE Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company.



Wednesday, January 27, 2021

New Restaurant Set To Open At Former Quaker Steak And Lube By IAN MUNRO

Daily News-Record

Nearly a year ago, Travis and Corri Loan visited their first sland ing o location in lorida “As soon as we walked through the doors, we thought to ourselves, e need to bring this to arrisonburg, orri oan said he enn aird couple said the island-themed restaurant they plan to open at the former Quaker Steak and ube location at niversity lvd ill appeal to local residents, families and students tems on the menu ill include ba ed chic en ings, ahi po e tuna nachos, blac ened mahi-mahi BLT, vege-

tarian options and gluten-free options, orri oan said e re not going to have any fryers in the restaurant, ravis oan said verything is either ba ed, steamed or grilled, hich is going to allo customers ho are more health conscious to come in and dine and feel good about hat they re eating he , s uare foot restaurant is slated to open in late une, the oans said t ould be the first such restaurant to open in the common ealth and the th location of the chain that as established in by the founders of the ropical moothie afe chain, according to the oans he eatery is e pected to create bet een and

obs, they said t s bright, it s vibrant, it s tropical, it s fun, orri Loan said, while Travis Loan added, e love the island life The Loans operate the three ropical moothie afe locations in the alley t o in arrisonburg and one in taunton ravis oan, born in arrisonburg and a graduate of arrisonburg igh chool, has lived in the area his entire life e said he went to Quaker Steak and ube hen it as open bet een and e feel li e this spot is a perfect spot for the concept e re bringing, and it has a

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Wednesday, January 27, 2021



lot of the bones and structure we need to operate our business,” he said. Remodeling of the site, both inside and out, is slated to begin this week, Travis Loan said. The front of the restaurant will have wood accents and a coastal theme, an awning will cover the existing patio and another patio will be added. “We want to be able to accommodate the customers that are OK with coming inside, but also the ones that would rather sit outside,” Travis Loan said. The existing building has a drive-thru window, which Island Wing Co. will use so customers can pick up orders more easily, they said. Thirdparty delivery will also be available. Of the two bars inside, one will be moved and the other removed. The parking lot will


Ian Munro / DN-R

Corri and Travis Loan, of Penn Laird, are opening Virginia’s first Island Wing Co. location at the former Quaker Steak and Lube on University Boulevard in Harrisonburg. also be resealed, among other changes. “We’re excited to give it a fresh face-lift and revitalize something that’s sat vacant in the community for so many years,” Corri Loan said. She said it has been a challenge working on the project for nearly a year as



the pandemic has complicated matters. “But we are optimistic and very hopeful for the restaurant industry in the future,” Corri Loan said. Contact Ian Munro at 574-6278 or imunro@dnronline.com. Follow Ian on Twitter @iamIanMunro




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Wednesday, January 27, 2021


Harrisonburg, Va.

Virginia Is 2020’s Top Retirement Destination By IAN MUNRO

Daily News-Record

Though some may have decided to put off retirement due to the COVID-19 economic collapse, there is still demand for spots at area retirement communities. ne out of five mericans, million, estimate they will now retire later than anticipated, according to a joint Edward ones and ge ave study released in late summer. The average delay to retirement is roughly 3.3 years, according to the study. ver half of merican part time or ers, , plan to continue or ing even into retirement while 21% of part-time or ers and of full time or ers have no plan to retire at all, according to a 2020 report from Transamerica Center for Retirement Studies. nd merican or ers aren t the only ones considering such measures. In Canada, million residents are rethin ing retirement timing, according to the same study cross the tlantic, million ritons decided to put off retirement for at least several more years, according to a May report from the nation s ffice for National Statistics. o ever, about one in mericans are opting to retire earlier than expected, and for the commonwealth, that could be good news. In 2020, Virginia was the prime destination as the highest number of mericans moved across state lines for retirement in five years, according to a study by ire Helper.com. Of retirees who left their state, 15% moved to irginia, ma ing it s top retirement destination, according to the study. Yet, moving to the state does not mean moving into a retirement community. rista abe, spo esperson for ridgewater Retirement Community, said there has been a “very light shift” downwards in the number of residents from 99% capacity to he said that is hat the nonprofit was expecting as it recently expanded its capacity. e have had a couple of people ho have said they re going to delay moving in until after the pandemic is over, mostly because of the additional ris of e posure during the move-in process itself,” Cabe said. aren iggington, spo esperson at Sunnyside Communities, said the sheer number of questions from prospective residents has increased over the years. She

said it is unrelated to the pandemic. “It has more to do with how people are exploring and comparing their options,” iggington said t s in the higher levels of living we are getting more questions about how we are managing the COVID crisis.” Maureen earson, spo esperson for irginia Mennonite Retirement Community, said the pandemic has increased the research families and potential residents do into retirement communities, such as those in the Valley. “People are more educated and aware of health concerns because of the coronavirus,” Pearson said. “They are more careful and as ing uestions that they ouldn t have as ed before, such as ho are e doing meals, what activities are available, ‘How can I stay connected and socialize ith family and friends earson said Visitation polices at the facilities have been tough on families, but welcomed by residents and their in out of necessity to Contributed Photo eep their family members safe, according Independent living resident Richard Reeves receives his first dose of the COVID-19 vaccine at to the spo espeople our out of five deaths have Bridgewater Retirement Community on Jan. 20. been reported in mericans or older he virus is roughly times as deadly to those and older than to people aged to or patients to , the virus is times as deadly compared to young adults. t s been a serious issue e ve tried to mitigate with iPads or window visit, but it s ust not the same as the normal visitation,” Cabe said. rea retirement homes have ramped up protective procedures and testing of their o n staff to ma e sure any trace of the virus does not reach residents, according to the spo espeople Whether you are just starting out, already retired, or To avoid the chance of contracting the anywhere in between, let us help you get your retirement virus, many in urban areas with the money picture in focus. to do so have left for more rural residences, according to various reports. Local real estate agents have said they have heard  anecdotal evidence of such a trend hapFinancial Services, Inc. pening in the area. Over a quarter of retirees moved away from large cities and metropolitan areas in , according to the ire elper com study ast year, more mericans CALAN JANSEN MATT ROBINSON moved for retirement than in 2019, accordInfinex Financial Advisor Infinex Financial Advisor ing to the study. cjansen@infinexgroup.com mrobinson@infinexgroup.com It is a recurring pattern, not just driven 540-325-5642 540-437-3467 fmbankva.com/calan-jansen fmbankva.com/matt-robinson by the pandemic. In 2019, 35% more people moved for retirement than in 2009, according to data from the ensus ureau WWW.FMBANKVA.COM/WEALTH-MANAGEMENT iggington said unnyside has seen INVESTMENT AND INSURANCE PRODUCTS AND SERVICES ARE OFFERED THROUGH INFINEX






Harrisonburg, Va.



Wednesday, January 27, 2021

for retirees, had about 13.5% of moving retirees choose the state in 2019, followed by 10.3% who moved to Wyoming and 7% who chose Pennsylvania. The data also showed that retired singles and women are more likely to move to Virginia, while couples are more likely to move to Florida, according to the HireAHelper.com study. Roughly 8,000 retirees moved to the Waynesboro metro area and another 8,000 moved to Charlottesville metro area in 2020 for a combined nearly 10% of retiree moves that year, according to U.S. Census data. Data for the Harrisonburg metro area, which includes the city and the county, could not be found through the U.S. Census Bureau.

a “noticeable” increase in inquires from other states with large metro areas such as New Jersey, Maryland, Ohio and even Florida. “Some of the more identifiable reasons for this increase were location, affordability, proximity to family and quality of health care in the area,” she said. The city’s population grew by 13% between 2010 and 2018, with about 14% of that being new residents 65 and older and 37% being students, according to data from the Comprehensive Housing Assessment & Market Study presented to City Council on Jan. 12. The number of residents moving to the city has steadily grown over the years from 121 in 2015 to 323 in 2016 to 721 in 2017 and 813 in 2018, the last Contact Ian Munro at 574-6278 or imunro@dnronline.com. Follow year data are available. Ian on Twitter @iamIanMunro Florida, a popular state


A CVS Pharmacy tech preps doses of the COVID-19 vaccine at Bridgewater Retirement Community on Dec. 30. Contributed Photo

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Wednesday, January 27, 2021


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Shenandoah Valley Business Journal - January 2021  

Shenandoah Valley Business Journal - January 2021