November 2020
to stay up to date on LPL Financial's Market Insight!
34% of Retirees Are Spending
More Than Expected

Choosing to retire is a serious decision that takes a great deal of thought and planning. A big part of that involves taking a look at your financial situation long before you decide you'd like to stop working. Is your investment strategy on track? Do you need to increase your contributions?

It may be beneficial to set up a budget ahead of time to get an idea of what your spending might look like when you are no longer working. If you find yourself spending more than anticipated, see what adjustments can be made.

While it's important to think about your financial situation when you are still working, you should continue to do so throughout retirement. Circumstances are bound to change, therefore it's important to check in periodically to consider any potential changes that can be made to improve your lifestyle. 

Click here to see where retirees are finding themselves spending more than they anticipated.

If you have any questions or concerns about planning for your future, please don't hesitate to call our office at (518) 584-2555.
Did You Know?
Based on a 2019 survey of American retirees,
  • 55% said they have retirement planning regrets

Of that 55%, 

  • 36% said they didn't save enough
  • 20% said they relied too much on Social Security
  • 12% said they regret not paying down debt before retiring
  • Women had more retirement planning regrets than men
  • Women were more likely than men to adjust their lifestyle in retirement with spending cutbacks when needed

Source:, 2019
Meet Lindsay!
We have a new employee here at SFS! Lindsay Duma has joined our team as Office Coordinator. Lindsay's voice will be the one you hear when you call our office, and the first face you see when you walk through our door!

Mollie Flynn has been our Office Coordinator the past 7 years and will be stepping into a new role as our Business Development Coordinator.

We are confident that Lindsay will make an excellent addition to our team and help us to continue to provide the high-quality service that our clients deserve!

Visit our website to read her full bio!
Social Security Recipients
are Getting a Raise!
Retired Americans who collect Social Security can look forward to an increase in benefits for 2021.

Retirement benefits are slated to rise 1.3% next year, based on the formula that determines annual cost-of-living adjustments in Social Security. 

With the 1.3% increase, the average beneficiary (of the 70 million Americans who receive benefits) can expect an additional $20 per month. 

While benefits are merely supposed to keep up with inflation, some retirees are affected by it more than others. Regardless, some extra cash is better than none at all!
Thanksgiving in Saratoga Springs
As we continue to avoid large gatherings and travel, Thanksgiving may look a little different this year. If you find yourself sticking around town and don't feel up to cooking, be sure to check out one of the many restaurants offering dine-in and take-out specials this year! There are several options throughout the Capital Region that will offer you the opportunity to enjoy a Thanksgiving feast without the added work. Click the links below to check them out.

We hope everyone has a safe, healthy and happy Thanksgiving! 
Robert Schermerhorn, CFP® 
Jamie Usas, CFP®,
Operations Manager
Amanda Friedman,
Wealth Consultant
Andrew Chapman,
Operations Research Associate
Mollie Flynn,
Business Development Coordinator
Lindsay Duma,
 Office Coordinator

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

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Planning Tip
November is Long-Term Care Awareness Month! 

One of the biggest threats we have to our overall financial security is that of a long-term care event. According to the Department of Health and Human Services, about 70% of Americans who reach age 65 will need long-term care at some point, and if it's a major event, the costs are usually significant.

While you're in your 50s and early 60s, it's important to consider coverage that could pay for the cost of a lengthy stay in a nursing facility or in-home care. It's typically better to lock in premiums while you're younger and in many cases, healthier.

Please call our office at (518) 584-2555 if you'd like more information on LTCi and see if it may be right for you.
Securities & advisory services offered through LPL Financial, a registered investment advisor, member FINRA/SIPC

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