Jewish News - Retirement Special Issue - February 22, 2021

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Supplement to Jewish News February 22, 2021 jewishnewsva.org | February 22, 2021 | Retirement | JEWISH NEWS | 13

Are You Certain...

• You are on track for the retirement you want?

• Your portfolio reflects your risk?

• You have the right amount of insurance?

• Your Estate Plan reflects your wishes?

• Your Estate Plan will cover expenses?

Contact Old Point Trust to make sure

YOU ARE CERTAIN. OldPointTrust.com 757.599.2200

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14 | JEWISH NEWS | Retirement | February 22, 2021 | jewishnewsva.org

Retirement Dear Readers,

S

ome people know just how to ‘do things right.’ Is it attitude, intellect,

or good fortune? Does it matter?

Jewish News asked a few community members about their lives in retirement, specifically during the pandemic. Their responses are inspirational in that they’ve all been busy, productive, and making the most of their time during lockdown. As important as how they are spending their days during this COVID-19 experience, are their plans post-pandemic. Thank you Stephanie Adler Calliot, Abbey Pachter and Gene Ross for sharing. Clearly, you

A Lifestyle to Smile About

are all doing it right!

On page 20, Naomi Limor Sedek, Tidewater Jewish Foundation president

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and CEO, offers some tax-wise strategies

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However or whenever you retire, we at Jewish News hope you are able to ‘do it right’ in the way you want to spend your days. We also hope that some of the advice and advertisers in this section offer helpful suggestions to make it possible.

Thanks for reading!

Stay safe,

Terri Denison Editor

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jewishnewsva.org | February 22, 2021 | Retirement | JEWISH NEWS | 15

Retirement GENE ROSS Retired as president of Essex Bancorp, Inc. May 2018 What profession did you retire from?

I started and was responsible for running a residential mortgage loan servicing operation that eventually became the

Family owned and operated since 1917

Chris Sisler, Vice President, Member of Ohef Sholom Temple, Board member of the Berger-Goldrich Home at Beth Sholom Village, James E. Altmeyer, Jr., President, James E. Altmeyer, Sr., Owner

third largest in the country. Today, we are one of the largest employers in Tidewater. My background was public accounting and left it to run banks. I served as the president or CEO of four banking institutions and was instrumental in selling three of them.

Before I retired, I hired my replacement and solely worked on business development for the company.

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What are you doing now?

I spend time golfing, biking, walking my dog, swimming indoors, cooking, and taking care of personal finances. Plus, I’m involved with a few non-profits.

I’m a board member of the Chesapeake Bay Wine Foundation and Ohef Sholom Temple’s Foundation. I have always had a passion for physical activity. When COVID-19 Gene and Sharon Ross. is behind us, I don’t see that changing, although some activities When COVID-19 restrictions lift, what will likely receive more emphasis, such do you want to do? as traveling and socializing with friends.

Travel…especially to see my kids in We like entertaining and, of course, Colorado and San Francisco and my new that has been difficult, if not impossible granddaughter. We have a condo under during the pandemic. I miss dining out construction in Lafayette, Colorado, with friends and especially not seeing which is in proximity to my daughter, my kids and granddaughter. her husband, and child. We can’t wait!

TOGETHER WE CAN TAKE THE GUESSWORK OUT OF YOUR FINANCIAL FUTURE.

Retirement

MOST PEOPLE DON’T PLAN TO FAIL... THEY FAIL TO PLAN!

ABBEY PACHTER, PHD Retired as director of the Nursing Program and assistant professor at the Virginia Beach campus of South University.

2014 What are you doing now?

During the first six months of COVID, I wrote a research-informed journal-style book about it as it was unfolding. I was in Florida with my mother (now 96) during that time. At first I was there to help her, then we were both there until we felt it was safer for her to get home to Chicago and avoid hurricane season. Since January, I’ve been a volunteer with the Virginia Beach Medical Reserves Corps actually giving vaccines at the Convention Center. I spend part of my time there with the pharmacy teams preparing the vaccines for administration, which helps make the lines move faster.

After coming home from being with my mom, my older daughter and her family from urban New Jersey moved in for about a month so their kids could play outdoors and so I could help with their preschooler while their older son started first grade—online, of course.

It was a very busy and fun late August/ September/October. Then, I flew to Chicago to share in my mom’s 96th birthday, and got to visit my sister and cousins.

Now I’m in two Melton classes, one with Rabbi Panitz, the other with Amy Milligan.

In addition to being on Ohef Sholom Temple’s board, I was secretary of our neighborhood homeowners’ association until I was elected president in November.

Oh, and I was nurturing a Monarch Butterfly....

It has been a productive, busy year. I really haven’t had time to be depressed about COVID. Rather, I’ve been impressed with all the science that has progressed at a tremendous pace, and all the thousands of people who have devoted their careers to the effort.

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Abbey Pachter, Phd, at the pavilion in Virginia Beach helping administer vaccines.

The first step is to answer a 5-minute questionnaire that covers topics such as portfolio size, top financial goals, and what you’re willing to risk for potential gains. Then we’ll pinpoint your exact Risk Number to guide our decision making process.

ALIGN YOUR PORTFOLIO After pinpointing your Risk Number, we’ll craft a portfolio that aligns with your personal preferences and priorities, allowing you to feel comfortable with your expected outcomes. The resulting proposed portfolio will include projections for the potential gains and losses we should expect over time.

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Abbey Pachter’s Monarch butterfly.

When COVID-19 restrictions lift, what do you want to do?

Visit my kids and grandkids as soon as their parents will let me. Other than that, my top three are a trip to explore Patagonia, the Chilean Fjords, the Straits of Magellan and Antartica, aiming for part of Jan–March 2022 (anyone interested in joining me?). The other trip i want to make is to the National Parks nearest Las Vegas, by renting a camper. Then, Alaska.

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jewishnewsva.org | February 22, 2021 | Retirement | JEWISH NEWS | 17

W H AT P E O P L E A R E S AY I N G A B O U T

Retirement

Want or need to retire early?

Tips on how to pay for it Alan Becker

D “The Our Lady of Perpetual Help staff are truly angels in the here and now. Thank you for the loving care you give on a daily basis...you always put your residents first.”

Family of Our Lady of Perpetual Help Resident

The safety, health, and well-being of our residents has always been our top priority.

elaying retirement has become common for many Americans, either because they saved too little or they just want to continue working because they enjoy it.

Others go in the opposite direction.

They retire early—sometimes out of choice but often because their health or the economy forces it.

While early retirement might sound appealing, it can be a struggle for those who don’t have sufficient income to pay their bills. That is why if you are weighing the pros and cons of early retirement, you need to get a good handle on your potential sources of income.

You may find you lack what you need —an especially unnerving conclusion if

early retirement isn’t really a choice.

It’s also possible you have more income options than you realize. Those can be broken down into the categories of bridge income, fixed income, guaranteed income, and speculative income.

Bridge income. To support yourself in early retirement, you may need to tap into your assets sooner than planned—essentially bridging the gap until your other expected retirement income sources kick in.

Fixed income. One example of fixed income is real estate rentals.

Guaranteed income. It’s important in retirement to have some income that arrives each month, regardless of what’s happening in the market. The most common source of guaranteed

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18 | JEWISH NEWS | Retirement | February 22, 2021 | jewishnewsva.org

continued on page 19

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Retirement STEPHANIE ADLER CALLIOT Retired as senior vice president, Children’s Hospital of The King’s Daughters 2018 What profession did you retire from?

I had a wonderful career working with great colleagues, clients, and donors— 27 years in wealth management/finance and 8 years in philanthropy.

What are you doing now?

I’m grateful I’ve had the opportunity to give back to the community in different ways. I was honored to chair the Norfolk Retirement System for 12 years until we moved to Virginia Beach in October. Governor Ralph Northam appointed me to the Virginia College Building Authority, which has been really interesting. Retirement gave me more time to focus on community boards including CIVIC Leadership Institute, ACCESS College Foundation, and United Jewish Federation of Tidewater. I co-chaired our synagogue’s rabbi search committee.

When the pandemic hit, masks were nowhere to be found. I joined a group of women who lead the coordinated efforts of 1,400 volunteers who sewed and distributed 40,000 masks in six weeks for healthcare workers, community organizations, senior living facilities and other needy groups. We popped up when we were needed and popped back down once masks were

continued from page 18

retirement income is Social Security.

Speculative income. One of the risks of retiring early is that you are even likelier than the average person to outlive your savings. That means you may want to keep at least a portion of your money in the market so it can grow.

Finally, it’s worth noting that with retirement comes extra time, and how you use that time could make a difference in your financial situation. Maybe you could take on a part-time job to pull in extra cash. Or possibly you just need to be cautious about becoming bored

Stephanie Adler Calliot with her grandson.

readily available It was awesome!

I’ve been very busy, no question about it. My favorite retirement activity, though, has been babysitting my grandson. Such a cutie.

When COVID-19 restrictions lift, what do you want to do?

I’m a social gal so I look forward to gathering with my family and friends and traveling to wonderful places. The world is full of them.

and filling that extra time with too many vacation trips or shopping sprees, spending money you really can’t afford to spend.

Regardless, though, it’s important in retirement—early or otherwise—to have an assortment of income sources.

Many times the best retirement plans combine three of the aforementioned strategies if not all four. With the right amount of diversity in your portfolio, you may be able to live well in early retirement now, while still growing a nest egg that will see you through your later years.

Take control of your retirement years and plan for a community to support you when you need it. like these, the senior themselves might not have the opportunity to choose their community. This creates a difficult decision for the adult children. Is this what mom would want? Will she be As we age, we may experience happy here? Am I doing the decreased stability, limited sight, right thing?

The choice of a senior living and impaired dexterity, all of community can and should be which may lead to a dangerous made now so that everyone can living environment. For seniors be emotionally and financially living alone, this problematic scenario may become even more prepared to take that step when the time comes. Commonwealth difficult as feelings of isolation Senior Living has been helping and depression set in. In fact, families through this process for studies have shown that seniors nearly 20 years and can help your experiencing loneliness are family too. more at risk for heart disease, stroke, and even mild cognitive impairment. As we live longer, we are more likely to need additional support.

When asked where they would like to live in their 80s and 90s, most Americans will say, “At home.” But as people live longer, health complications may interfere with these plans.

It might feel uncomfortable to admit that you can no longer manage your life at home.

Senior living is a topic most families do not discuss until the need is imminent. Oftentimes the choice is made by an adult child because they can no longer care for their parent. Or a loved one is being discharged from the hospital and are told they can no longer live alone. In situations

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www.CommonwealthSL.com jewishnewsva.org | February 22, 2021 | Retirement | JEWISH NEWS | 19

Retirement

Has your tax situation changed?

Looking for a new tax-wise strategy this year?

Naomi Limor Sedek

A

s you collect your 2020 income tax information and prepare to file a return, are you: • Realizing that your tax situation may be different Naomi Limor Sedek from previous years?

• Interested in learning about a way to support your community in a tax-wise manner?

Tax law changes last year could impact your tax strategy as you begin filing your taxes. On January 1, 2020, the SECURE Act increased the beginning age for Required Minimum Distributions (RMDs)

from Individual Retirement Accounts (IRAs) and other qualified retirement plans from 70½ to 72 for individuals that had not reached age 70½ by December 31, 2019. If you, or someone you know, reached 70½ years of age by December 31, 2019, you must withdraw a portion of your IRA each year based upon your age.

This RMD is mandated and you must pay income tax on the portion you withdraw.

If you fail to withdraw your RMD, you will face stiff penalties.

In March of 2020, the CARES Act waived RMDs for the 2020 calendar year for qualified IRA or retirement plans. As an example, if you reached 70 ½ in 2019, you could have taken your 2019 RMD in 2019, or you could have waited until April 1, 2020. Either way, you would have been required to take your 2020 RMD

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20 | JEWISH NEWS | Retirement | February 22, 2021 | jewishnewsva.org

by December 31, 2020. The CARES Act waived both RMDs for 2020.

If you need to make an RMD in 2021, you can make what’s called a Qualified Charitable Distribution (QCD), also known as a Charitable IRA Rollover.

These “charitable rollovers” count as part of your required minimum distribution, but aren’t taxable income to you.

While the SECURE Act changed the minimum age for RMDs, it did not change the minimum age for Qualified Charitable Distributions (QCDs). If you are age 70½ or older, you are still eligible to make QCDs. Rather than simply take your RMD as a withdrawal this year, you can direct your IRA administrator to distribute a gift from your IRA to benefit the Jewish community. Any amount you transfer counts against your required minimum distribution (RMD), and you can direct up to $100,000 to your favorite causes this year.

So, how does it work? Making an IRA Rollover gift is easier than ever and here are the simple steps: 1. If you qualify, contact your IRA administrator. Because of the popularity of the rollover, most administrators provide forms and a procedure to help you make a rollover gift, also known as a Qualified Charitable Distribution or QCD. 2. Direct a transfer of any amount (up to $100,000) from your IRA to the Tidewater Jewish Foundation (TJF). This gift can be designated to benefit any local charitable organization.

3. You will pay no income taxes on the amount transferred. Note: Because you are not claiming the transferred amount as income, you will not receive an income tax deduction for your gift (though you

may realize those deductions are harder to claim with the new thresholds).

Caution: The check from your IRA must be made out to a charity (such as TJF), not to you. Call the financial institution that holds your IRA and ask about its charitable rollover procedures. You will likely need to fill out a simple distribution form, naming TJF as the recipient and specifying the dollar amount.

The more you can save on your tax bill, the more your heirs will inherit from you.

Additionally, you can name TJF as the beneficiary of your IRA plan. Use this asset to endow your gift and leave other assets subject to lower taxes to your heirs.

Often subject to high estate and income taxes, an IRA left to your heirs may result in fewer dollars for them. The more you can save on your tax bill, the more your heirs will inherit from you. At the same time, future Jewish generations in Tidewater will enjoy the benefits of your generosity.

For more information, contact Naomi Limor Sedek, Tidewater Jewish Foundation president and CEO, at 757-965-6102 or nsedek@ ujft.org.

This information is not intended as tax, legal, or financial advice. Gift results may vary. Consult your personal financial advisor for information specific to your situation.