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Chornyak & Associates

614.888.2121  •  877.389.2121   •  Chornyak.com


September 2019

How much will your retirement cost?  We are asked this question daily, and the answer is unique to each family.  Our lead story addresses this, and can only be developed with our clients through detailed planning.

More people are being 'hacked' or 'spoofed' these days than ever before.  Commonwealth addresses how to deal with these threats in our second article.

This month's "What's Happening Now" section shares interesting stories on making the best retirement community decision, top places to buy a retirement home, and how many jobs the average person has had during a career.

We'd like to hear from you. Please feel free to contact us by phone at 614-888-2121, toll-free 877-389-2121 or e-mail chornyak@chornyak.com with any questions or comments.  Or, follow this link to request a meeting with us to discuss your financial planning needs: https://www.chornyak.com/appointment-request 

Sincerely, Joe
How Much Will Retirement Cost?

How Much Will Retirement Cost?

How much will retirement cost? If that question stops you in your tracks, you’re not alone. A 2018 Bankrate survey found 61 percent of Americans don’t have a clue about how much they need to save for their future. That’s alarming news, considering pensions have dissipated and individuals are now expected to rely on themselves more than ever when it comes to saving for their future.

You may have heard from some experts that a person needs about a $1 million in the bank to retire comfortably, or perhaps even a more modest estimate of what it might take. But with all of the advice out there, how can anyone know which figure is most relevant to them?

“That is the million dollar question: How much do I need to retire?” says Brent Weiss, CFP, head of planning at Facet Wealth. “But it really comes down to each person — every situation is unique.”

Read More


You've been Hacked or Spoofed: Now What?

Unfortunately, many of us who become victim to any sort of information security breach won’t know until someone else tells us. For example, we might get a message or call from a friend asking why we sent that “spammy” email with a link to a free Amazon gift card. Have we been hacked? Spoofed? And how do we prevent it from happening again?

Here, we’ll discuss the difference between hacking and spoofing, plus provide some simple tips to help protect your personal information.

Spoofing Vs. Hacking
Let’s start by taking a look at what happens when you’ve been spoofed versus what it means to be hacked.

Spoofing. You might think of spoofing as something like falsifying a letter sent via the USPS. Anyone can write a letter, sign someone else’s name, and put that individual’s return address on the envelope. If you were to receive that phony letter, you would likely believe that it came from the individual who supposedly signed it and from the return address indicated. In reality, it could have been sent from anyone, anywhere.

Spoofers often forge the header information of the emails they send (i.e., the To, From, and Subject lines, as well as the time stamp and path that the emails took to arrive in your inbox). They do this in an attempt to make it appear as if their messages came from someone or somewhere you know (e.g., a friend or familiar organization like Bank of America). The goal? To get you to respond to their spam or to click on the malware-laden links or attachments in their phony messages.

When an email address has been spoofed, the spammer doesn’t gain access to your email account. Hacking, however, is a different story.

Hacking. This is when a criminal actually gets into your email account. He or she can do this in a number of ways—by sniffing your activity on a public Wi-Fi network, through a phishing email, or via password-guessing software. Once in, the hacker will have access to all the information stored in your email account. This might include your contact list, bank account numbers, credit card information, online transaction receipts, and emails from other organizations confirming changed passwords (making it easier to identify other accounts of yours that can be hacked).

Read More


What's Happening Now

Photo Photo Photo
Making the Retirement Community Decision 10 Best Places to Buy a Retirement Home How Many Jobs
Have You Had?

Market Update


August was a rough one for stocks, with all three major U.S. indices declining during the month. The Dow Jones Industrial Average (DJIA) fell by 1.32 percent, while the S&P 500 lost 1.58 percent. The Nasdaq Composite suffered the heaviest losses, finishing the month down 2.46 percent. Still, things could have been worse. With periods during the month where markets fell by as much as 4 percent to 6 percent, a bounce back at month-end helped stave off larger declines.

Despite the volatility, fundamentals improved in August. According to Bloomberg Intelligence, S&P 500 earnings grew by 2.2 percent in the second quarter. This result was up from the 0.8 percent estimated growth rate on July 31 and was driven by strong earnings growth in the health care and communication sectors. As we know, fundamentals drive long-term performance. So, the growth in the second quarter is encouraging. Read More


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614.888.2121  •  877.389.2121  •  Request Appointment

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member FINRA/SIPC, a registered investment adviser.