June 2020
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Quarantine: A Retirement 
Practice Run?
Choosing to retire is a serious decision that takes a great deal of thought and planning.
While some may worry they won't be able to maintain their lifestyle once they are no longer receiving a paycheck, others are concerned that they'll become bored with the endless amount of free time they'll have.

It may be helpful to think of the recent quarantine we've experienced as a good test run for what retirement may be like. Do you enjoy taking your time to wake up in the morning or did you prefer your daily work routine? Have you found yourself creating a budget and being more aware of what you're spending your money on? 

Taking the time to evaluate how you've handled the sudden isolation may bring clarity to your retirement timeline. 

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Did You Know?
65% of workers believe they'll continue working part-time in retirement, but only 7% actually do. 

This is a common misconception that can be dangerous if you're not saving enough for retirement because you plan on working part-time to earn income.

While working in retirement may sound like a good idea now, you never know what circumstances may arise that can potentially alter your plan. Playing it safe and saving more than you think you'll need for retirement is most likely the best option.

Source: Allianz
RMD Rollbacks
If you already took your required minimum distribution (RMD) from your retirement account this year and don't need the money, you may be able to roll it back into your account! 

If you took your RMD between February 1st and May 15th this year, you have the option to roll it back into your account until July 15th (unless you are a beneficiary who inherited the IRA). Please note: If you took your RMD in January, the IRS has stated that you cannot roll it back into your retirement account or IRA, in accordance with the standard 60-day rollover rule.

Please call our office at (518) 584-2555 if you have any questions!
Free Virtual Tours
You Can Take Today!
As travel has come to a near standstill and social distancing has become the norm these past couple of months, we've had to be more creative in finding ways to occupy our time.  Thanks to modern technology, virtual tours are becoming more popular than ever before. You can now beat the crowds and travel the world from the comfort of your own living room.

Click here for a great list of free virtual tours you can take today!
SFS 9th Annual Shred Event 
Please join us for our 9th Annual Shred Event on Saturday, June 27th from 9 to 11am! The event will be located at the Fingerpaint parking lot outside of our office building at 18 Division Street in Saratoga Springs.

This year will be a bit different as we practice social distancing. We encourage you to stay in your car and we will come over to say hello and do the unloading for you.

The event is free of charge but monetary donations will be accepted to benefit the local Act With Respect Always program to help spread the "pay it forward" movement!

Unsure of what to keep and what to shred?
Click here to visit our website for a list of suggestions. We also recommend following the Facebook Event page for updates. 

We hope to see you there!
Robert Schermerhorn, CFP® 
Jamie Usas, CFP®,
Operations Manager
Amanda Friedman,
Wealth Consultant
Andrew Chapman,
Operations Research Associate
Mollie Flynn,
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
Choose Your Trustee Wisely

Sometimes the best way to keep wealth in the family is to have someone outside the family manage the wealth. In certain circumstances it may make sense to name an impartial professional trustee of your family trust.

Being trustee is often a difficult job with a great deal of complexity due to an unpredictable amount of legal and tax choices that can jeopardize relationships within a family. A professional trustee is more likely to have the expertise and resources needed to hold and continue the profitability of assets for the benefit of its beneficiaries.

If you're considering your options in naming a trustee, we can help. Here at Saratoga Financial Services, we are affiliated with The Private Trust Company, a wholly owned indirect subsidiary of LPL Financial and a federally chartered non-depository limited purpose bank licensed to provide trust and estate planning services in all 50 states.

Please call our office at (518) 584-2555 if you're interested in learning more about how The Private Trust Company can help serve your needs.
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.