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Projecting Your Income Needs in Retirement
If you want to retire comfortably, how much do you need to save before you can leave your job? You’ve probably heard that you’ll need to replace a certain percentage of your income to sustain your lifestyle in retirement. Financial experts estimate that percentage could be anywhere from 60 to 90 percent, or even more. […]
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If you want to retire comfortably, how much do you need to save before you can leave your job?
You’ve probably heard that you’ll need to replace a certain percentage of your income to sustain your lifestyle in retirement. Financial experts estimate that percentage could be anywhere from 60 to 90 percent, or even more. Reducing your income by a certain percentage will take into account the fact that there will be certain expenses you’ll no longer be liable for, such as payroll taxes, in retirement.
It’s a simple, common-sense approach, but it doesn’t always work because each of us have specific needs and plans for retirement. If you want to travel extensively once you retire, for example, you might need 100 percent of your income. While it’s advisable to use a certain percentage of your income as a benchmark, it’s also important to review your current expenses and to think about how they will change over time.
Estimating your retirement expenses
What type of annual expenses will you have in retirement? To determine how much to save before you retire, identify all of your expenses and project how much you’ll spend in each area. Here are some of the common retirement expenses you’ll need to consider:
Keep in mind that the cost of living will increase as you age. The average annual rate of inflation over the past 20 years has been about 2.3 percent, according to data from the U.S. Department of Labor. And your retirement expenses may vary over time. You may pay off your home mortgage or your children’s college education, while your health care and insurance may increase. It’s best to build in a cushion in your projected estimates to protect yourself from these variables.
Determining when you will retire
Estimating your retirement needs will not only depend on your annual income. Deciding when you’ll retire is a key part of the equation. A longer retirement will require more income to finance it.
Your decision on when to retire will center on your personal goals and your financial situation. You may want to retire at age 50 to pursue a personal goal, such as writing a book or traveling around the world. This may be possible if you benefit from a booming stock market or a substantial early retirement plan. As you make this important decision, keep in mind that retiring at 50 will be much more expensive than waiting until you’re 65.
Projecting your life expectancy
Another factor in the retirement equation, Murphy says, is your life expectancy. Living longer, of course, means you’ll have more years of retirement to fund. To protect yourself from potentially outliving your savings, you should estimate your life expectancy. Some possible sources to help guide you are government statistics, life-insurance tables, or a life-expectancy calculator. These estimates are based on your age, gender, race, health, lifestyle, occupation, and family history. Remember these are just estimates and there’s no way to determine precisely how long you’ll live. Since life expectancies have been rising, however, it’s advisable to project that you’ll live longer than you expect.
Selecting your sources of income
After you’ve calculated your financial needs in retirement, you’ll need to determine what sources of income are available to you. You may receive a traditional pension from your former employer that will pay you monthly benefits. And you will probably rely on Social Security benefits to fund part of your retirement. (You can get an estimate of your Social Security benefits by visiting www.ssa.gov.) Other sources of retirement income may include a 401(k), an IRA, annuities, or other investments.
Dealing with an income gap
In the best-case scenario, your income sources will more than cover a lengthy retirement. But if you find that you have an income gap, there are steps you can take to make up that shortfall. For one, you can cut your current expenses so you’ll save more for retirement. You can shift assets to investments that have higher potential to earn more, although those investments involve greater risk. And you can consider delaying your retirement, lowering your expectations (forget the second house in the Florida Keys), or consider working part-time. If you do face a shortfall, it’s best to consult a financial planner to help you figure out how to bridge that income gap.
William (Bill) Murphy, CFP is a VP and senior wealth advisor with Tompkins Financial Advisors. Contact him at WMurphy@tompkinsfinancial.com or call: (607) 273-0037. Author disclosures: Some of this material was prepared by Forefield/Broadridge for Tompkins Financial Advisors. The opinions in this article are for general information only and are not intended to provide specific investment advice or recommendations for any individual.

Doubledays say season attendance grew for a third consecutive year
AUBURN — Nearly 53,000 fans attended Auburn Doubledays games at Falcon Park in Auburn during the 2016 season. It marks the third straight year of attendance growth for the Doubledays, the team said in a news release issued Sept. 12. A total of 52,811 fans attended the club’s 37 home games, an average of 1,427
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AUBURN — Nearly 53,000 fans attended Auburn Doubledays games at Falcon Park in Auburn during the 2016 season.
It marks the third straight year of attendance growth for the Doubledays, the team said in a news release issued Sept. 12.
A total of 52,811 fans attended the club’s 37 home games, an average of 1,427 per game, the Doubledays said.
Mike Voutsinas, general manager of the Auburn Doubledays, called the attendance-increase figures a “nice reward for the hard work” of the team’s staff.
“It’s a credit to the staff for putting in the time and coming up with some good programs and promotions. It’s a credit to the community and our fans for responding to those,” he adds. Voutsinas spoke with CNYBJ on Sept. 20.
The minor-league baseball team averaged 1,408 fans per game in 2015 with total attendance of 50,670 for 36 home games.
The Doubledays drew 44,640 fans for 36 games in 2014 for an average game attendance of 1,240, while the team attracted 39,381 fans for 34 games in 2013 for an average game attendance of 1,158, according to the website of Minor League Baseball.
Average attendance for Doubledays’ home games has increased about 23 percent in three seasons under the direction of the current management team, according to Voutsinas.
The Auburn Doubledays are a Single-A short-season affiliate of Major League Baseball’s Washington Nationals. They play in the New York-Penn League.
A season-high 2,938 fans attended the Doubledays’ July 4 victory over Lowell, one of six crowds larger than 2,000 fans this season, the team said.
Fan cost index
The average cost for a family of four to attend an Auburn Doubledays home game at Falcon Park is $50, which is 23 percent lower than the minor-league average.
That’s according to a news release about the Minor League Baseball 2016 Fan Cost Index posted July 7 on the Doubledays website.
The average cost for a family of four to attend a minor-league baseball game this past season was $64.97, according to the 2016 Fan Cost Index.
The price includes parking, two adult tickets, two child tickets, four hot dogs, two sodas, and two beers.
In its release, St. Petersburg, Florida–based Minor League Baseball boasted that “attending one of its games is, yet again, one of the most economical forms of family entertainment available.”
Nationals renew
The Washington Nationals have renewed their player-development contracts with the Doubledays through the 2018 season.
Mike Rizzo, Nationals president of baseball operations and general manager; Bob Boone, Nationals VP and senior advisor to the general manager; Doug Harris, assistant general manager and VP of player personnel; and Mark Scialabba, director of player development made the joint announcement in a Sept. 13 news release.
“I think again, that’s a result of our hard work to make sure that we’re providing the Nationals and their players what they expect at this level,” says Voutsinas.
Washington also announced a similar renewal with Single-A Potomac of the Carolina League. With the agreements, the Nationals franchise has now extended all of its minor-league affiliates through the 2018 season. The Triple-A Syracuse Chiefs are also a Nationals minor-league affiliate.
The Nationals began their relationship with Auburn in 2010, making it the first stop for many of their players as they begin their ascent through baseball’s minor-league system.
In the last six years, Auburn has posted a 215-235 record with division championships in 2011 and 2012.
Current Washington Nationals third baseman Anthony Rendon and pitchers Aaron Barrett, Lucas Giolito, and Reynaldo Lopez spent time with the Doubledays, the parent club said.
Contact Reinhardt at ereinhardt@cnybj.com
In the middle of Bill Clinton’s 1992 run for the White House, his top adviser scrawled a big note on a blackboard for campaign staff to see: “It’s the economy, stupid!” In this campaign, someone should write “It’s the elitism, stupid!” There is so much evidence that millions of voters feel the country is run by
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In the middle of Bill Clinton’s 1992 run for the White House, his top adviser scrawled a big note on a blackboard for campaign staff to see: “It’s the economy, stupid!” In this campaign, someone should write “It’s the elitism, stupid!” There is so much evidence that millions of voters feel the country is run by elites who don’t care about them.
Here are examples of what they regard as elitism.
Small-business owners have railed against taxes and regulations for years. They want government to get out of their way. Politicians glad-hand them. They promise reform, but never deliver. By their actions, they say to the business owners “Tough it out. We hear you. But we know what is best for you.” This is elitism.
Small businesses depend upon small community banks. We suffered a banking crisis, so politicians voted in new regulations. They are too onerous for small banks. They have forced them to merge and sell out to bigger banks— thus harming small businesses.
They let big banks virtually write, and certainly approve, these regulations. These are rules that big banks could live with but small banks could not. By their actions, the pols said to small banks “We know better than you. We will let you go out of business.” Elitism writ large.
Majorities of Americans said no to Obamacare. They still do. Politicians said, “Take your medicine. We know what is best for you.” Elitism.
For years, majorities of Americans have begged for a simpler tax system. Politicians have promised to deliver one, but have failed. By their actions they say, “We hear you. But your complaints are not important to us. Here are another 100 pages for the tax code.” Elitism.
About 40 percent of Americans have identified themselves as conservative. Do they feel their percentages are represented in government programs? In academia, in the colleges their taxes pay for? In the mainstream media? In how the IRS treats their organizations? They do not. They feel that such are run by elites who despise their views.
Majorities of Americans want to do something about our open southern border. They want to stop the free flow of illegal (or undocumented as the elites call them) immigrants. They want us to have records of who enters this country. At the very least. For years, politicians have promised reforms. By their actions, they say, “Forget our promises. Bottom line is that your views are wrong. We know what is best.” Elitism.
The president has seen what millions of people don’t want. By virtue of their representatives in Congress. Obama has skirted their wishes by major executive orders. “I know better than you do,” is his message. Elitism.
Then there are the lies. The president lied. His secretary of state lied. His IRS commissioner lied. Innumerable top officials have flat-out lied to the public. Basically, they say or imply, “We can lie to you because we know what is best for you. You don’t.” Elitism.
Our bureaucrats have unleashed an endless stream of regulations and rules. Millions with common sense know these are ridiculous. “Tough,” the bureaucrats tell us by their persistence. “We know what is best for you.” Elitism.
Meanwhile, elites in various cities simply refuse to enforce our laws. “Yes, we have violent criminals living in our cities. Criminals who are illegal aliens. You worry that they may harm you? Tough. We know what is best. Ours is a sanctuary city.”
Every week, Americans are told, by elites, what words they can no longer use. For fear of offending sensitive souls. If folks express disagreement, they get branded and reviled. By elites who feel it is their right and duty to dictate the rules of political correctness.
There sure is a whole lot of elitism going ‘round.
From Tom…as in Morgan.
Tom Morgan writes about political, financial and other subjects from his home near Oneonta. Several upstate radio stations carry his daily commentary, Tom Morgan’s Money Talk. Contact him at tomasinmorgan@yahoo.com
Why This Democrat Wants a Strong Republican Party
I’ve been a Democrat all my life. But that doesn’t mean I favor a weak Republican Party. Indeed, just the opposite. Before my Democratic friends drum me out of the party, let me explain why. Our nation is stronger and our representative democracy healthier when we have two strong parties. A single political party that’s
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I’ve been a Democrat all my life. But that doesn’t mean I favor a weak Republican Party. Indeed, just the opposite. Before my Democratic friends drum me out of the party, let me explain why.
Our nation is stronger and our representative democracy healthier when we have two strong parties. A single political party that’s able to dominate public policy-making undermines the give-and-take that’s crucial to effective policy and leaves us weaker as a country.
Why is this? For starters, none of us, and neither political party, has a monopoly on wisdom. Moreover, the legitimacy of the political system rests on its ability to give voice to the multitude of concerns and attitudes held by the American people. It’s important they all have a political party to turn to.
I don’t want to get into the split between backers of Donald Trump and the traditional Republican leadership — that’s for the GOP to sort out. But there is no doubt that the Republican Party has reached a crossroads.
If Trump wins the presidency, he’ll be the chief actor in determining the future of his party and what it stands for. If he loses, the GOP will more than likely move back toward its more traditional views.
I suppose I’m showing my biases here, but I believe that a robust Republican Party will strengthen its willingness to improve and broaden the policy debate and move it away from steps to impede it. This would be a GOP that advocates for limited government, wants to reform our unwieldy tax code, and is determined to remain fiscally responsible so that deficits don’t explode. It would tackle our health-care system by reforming it using market mechanisms. It would push to devolve power away from Washington, D.C. — giving states more control over such basic responsibilities as highways, welfare, and education.
Each of these issues has been at the center of the national agenda for many years, suggesting their difficulty. We need proposals from both sides that are realistic, coherent, and based on numbers that add up. We need parties that are at the top of their game, generating solutions to the issues we confront and prepared to negotiate to move us beyond our current gridlock.
This can best happen when a healthy Republican Party is competing with a healthy Democratic Party. At the moment, that’s not what we’re seeing.
Lee Hamilton is a senior advisor for the Indiana University (IU) Center on Representative Government, distinguished scholar at the IU School of Global and International Studies, and professor of practice at the IU School of Public and Environmental Affairs. Hamilton, a Democrat, was a member of the U.S. House of Representatives for 34 years, representing a district in south central Indiana.

MacKenzie-Childs to open retail store inside del Lago Resort & Casino
TYRE, N.Y. — MacKenzie-Childs, a luxury home-furnishings company, will open a 2,000-square-foot store in the upcoming del Lago Resort & Casino in Tyre in Seneca

Saab Defense and Security to add 50 jobs after winning $38.1 million Navy contract
DeWITT, N.Y. — Saab Defense and Security USA LLC said it plans to add 50 new jobs at its DeWitt site in the coming months

Eric Mower named board co-chair for Business Council of New York State
ALBANY, N.Y. — The Business Council of New York State announced it has appointed Eric Mower, chairman and CEO of Eric Mower + Associates (EMA),

COR officials among nine people charged in federal corruption case; SUNY suspends Kaloyeros
Two executives at Fayetteville–based COR Development Company, LLC are among nine people charged in a case involving federal corruption and fraud offenses. The charges arise

Onondaga County Sheriff says Kavajecz was among eight people charged in prostitution sting
SYRACUSE, N.Y. — The former dean of the Martin J. Whitman School of Management at Syracuse University is among eight men facing charges following a

Lockheed Martin opens bioenergy facility at Owego plant
OWEGO, N.Y. — Lockheed Martin Corp. (NYSE: LMT) on Tuesday formally opened a new bioenergy facility at its location in Owego. The system uses Concord
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