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Retirement

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By Michael Christodoulou

Michael Christodoulou
Michael Christodoulou

It’s human nature to want to make things easier for our loved ones — and to have great concern about adding any stress to their lives. In fact, 72% of retirees say that one of their biggest fears is becoming a burden on their families, according to the Edward Jones/Age Wave Four Pillars of the New Retirement study. 

How can you address this fear? First, don’t panic. In all the years leading up to your retirement, there’s a lot you can do to help maintain your financial independence and avoid burdening your grown children or other family members. Consider these suggestions:

Increase contributions to your retirement plans and health savings account. The greater your financial resources, the greater your financial independence — and the less likely you would ever burden your family. So, contribute as much as you can afford to your IRA, your 401(k) or similar employer-sponsored retirement plan. At a minimum, put in enough to earn your employer’s matching contributions, if offered, and increase your contributions whenever your salary goes up. You may also want to contribute to a health savings account (HSA), if it’s available.

Invest for growth potential. If you start investing early enough, you’ll have a long time horizon, which means you’ll have the opportunity to take advantage of investments that offer growth potential. So, in all your investment vehicles — IRA, 401(k), HSA and whatever other accounts you may have — try to devote a reasonable percentage of your portfolio to growth-oriented investments, such as stocks and stock-based funds. 

Of course, there are no guarantees and you will undoubtedly see market fluctuations and downturns, but you can help reduce the impact of volatility by holding a diversified portfolio for the long term and periodically rebalancing it to help ensure it is aligned with your risk tolerance and time horizon. Keep in mind, though, that diversification does not ensure a profit or protect against loss in a declining market.

Protect yourself from long-term care costs. Even if you invest diligently for decades, your accumulated wealth could be jeopardized, and you could even become somewhat dependent on your family, if you ever need some type of long-term care, such as an extended stay in a nursing home or the services of a home health care aide. The likelihood of your needing such assistance is not insignificant, and the care can be quite expensive. In fact, the median cost for home health services is nearly $55,000 per year, while a private room in a nursing home can exceed $100,000, according to Genworth, an insurance company. To help protect yourself against these steep and rising costs, you may want to contact a financial professional, who can suggest an appropriate strategy, possibly involving various insurance options.

Create your estate plans. If you were ever to become incapacitated, you could end up imposing various burdens on your family. To guard against this possibility, you’ll want to ensure your estate plans contain key documents, such as a financial power of attorney and a health care directive.

It’s safe to say that no one ever wants to become a financial burden to their family. But putting appropriate strategies in place can go a long way toward helping avoid this outcome.

Michael Christodoulou, ChFC®, AAMS®, CRPC®, CRPS® is a Financial Advisor for Edward Jones in Stony Brook. Member SIPC.

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METRO photo

By Michael Christodoulou

Michael ChristodoulouIt’s unfortunate but true: As we age, we encounter more health-related issues – and they carry a price tag that can get pretty high in retirement. Will you be ready for these costs?

Perhaps your first step in preparing yourself is knowing what you may be facing. Consider this: 80% of Americans 65 and older have a chronic condition and 42% live with a disability, according to the National Coalition on Aging and the Centers for Disease Control and Prevention, as reported in a recent Edward Jones/Age Wave survey titled Four Pillars of the New Retirement: What a Difference a Year Makes. 

The study also found that retirees’ greatest financial worry is the cost of health care and long-term care – concerns that have increased during the COVID-19 pandemic.

And health care is likely going to be one of the largest expenses in retirement – the average couple might spend $10,000 to $12,000 per year on health care costs. Nonetheless, you can boost your confidence about meeting these costs by making the right moves.

Here are a few suggestions:

Take advantage of your health savings account. If you’re still working, consider contributing to a health savings account (HSA) if it’s offered by your employer. This account allows you to save pretax dollars (and possibly earn employee matching contributions), which can potentially grow, and be withdrawn, tax-free to help you pay for qualified medical expenses in retirement.

Incorporate health care expenses into your overall financial strategy. As you estimate your expenses in retirement, designate a certain percentage for health care, with the exact amount depending on your age, health status, income and other factors. You’ll certainly want to include these costs as a significant part of your planned retirement budget.

Learn what to expect from Medicare. You can enroll in Medicare three months before you turn 65. Before you sign up, you’ll find it helpful to do some research on what Medicare covers, or perhaps even attend a seminar or webinar. On the most basic level, you’ll need to choose either the original Medicare program, possibly supplemented with a Medigap policy, or Medicare Advantage, also known as Medicare Part C. Given all the variables involved – deductibles, copayments, coinsurance, areas of coverage and availability of your personal doctors – you’ll want to choose your plan carefully.

Protect yourself from long-term care costs. No matter which Medicare plan you choose, it won’t cover much, if any, of the costs of long-term care, such as an extended stay in a nursing home. You may want to consult with a financial advisor, who can suggest options to protect you and your family from long-term care costs, which can be considerable.

And of course, do whatever you can to stay healthy, before and during your retirement. It’s been shown that exercise and a balanced diet can help you feel better, maintain your weight and even reduce the likelihood of developing some serious illnesses.

By making the right financial moves and taking care of yourself, you can go a long way toward managing your health care costs in retirement – and enjoying many happy and rewarding years.

Michael Christodoulou, ChFC®, AAMS®, CRPC®, CRPS® is a Financial Advisor for Edward Jones in Stony Brook. Member SIPC.

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By Michael Christodoulou

Michael Christodoulou
Michael Christodoulou

If you’re getting close to retirement, you’re probably thinking about the ways your life will soon be changing. And one key transition involves your income — instead of being able to count on a regular paycheck, as you’ve done for decades, you’ll now need to put together an income stream on your own. How can you get started?

It’s helpful that you begin thinking about retirement income well before you actually retire. Many people don’t — in fact, 61% of retirees wish they had done better at planning for the financial aspects of their retirement, according to an Edward Jones/Age Wave study titled Retirement in the Time of Coronavirus: What a Difference a Year Makes.

Fortunately, there’s much you can do to create and manage your retirement income. Here are a few suggestions:

Consider ways to boost income. As you approach retirement, you’ll want to explore ways of potentially boosting your income. Can you afford to delay taking Social Security so your monthly checks will be bigger? Can you increase your contributions to your 401(k) or similar employer-sponsored retirement plan, including taking advantage of catch-up contributions if you’re age 50 or older? Should you consider adding products that can provide you with an income stream that can potentially last your lifetime? 

Calculate your expenses. How much money will you need each year during your retirement? The answer depends somewhat on your goals. For example, if you plan to travel extensively, you may need more income than someone who stays close to home. And no matter how you plan to spend your days in retirement, you’ll need to budget for health care expenses. Many people underestimate what they’ll need, but these costs can easily add up to several thousand dollars a year, even with Medicare.

Review your investment mix. It’s always a good idea to review your investment mix at least once a year to ensure it’s still appropriate for your needs. But it’s especially important to analyze your investments in the years immediately preceding your retirement. At this point, you may need to adjust the mix to lower the risk level. However, you probably won’t want to sell all your growth-oriented investments and replace them with more conservative ones — even during retirement, you’ll likely need some growth potential in your portfolio to help you stay ahead of inflation.

Create a sustainable withdrawal rate. Once you’re retired, you will likely need to start taking money from your IRA and 401(k) or similar plan. But it’s important not to take too much out in your early years as a retiree, since you don’t want to risk outliving your income. A financial professional can help you create a sustainable withdrawal rate based on your age, level of assets, family situation and other factors. 

By planning ahead, and making the right moves, you can boost your confidence in your ability to maintain enough income to last throughout your retirement. And with a sense of financial security, you’ll be freer to enjoy an active lifestyle during your years as a retiree.

Michael Christodoulou, ChFC®, AAMS®, CRPC®, CRPS® is a Financial Advisor for Edward Jones in Stony Brook. Member SIPC

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The Hartlin Inn in Sound Beach. File photo by Kevin Redding

A community staple has officially shut its doors for good. 

The Hartlin Inn, located at 30 New York Ave in Sound Beach, announced this week that they will be closing after 25 years in business. 

Linda Sarich, one of its three owners, said the trio is preparing to retire. 

“We were going to try and reopen in April, but after COVID, it was very stressful,” she said. 

Sarich said the Hartlin Inn had to temporarily close, like other restaurants did, right before St. Patrick’s Day last year — their busiest holiday. 

When restaurants were allowed to open up with outdoor dining and half capacity in May, Sarich said they scrambled to adhere to the new guidelines, but it was a stressful situation. 

“We just weren’t doing enough business with 50% capacity,” she said. 

Sarich added that the Inn holds just 11 tables, so half of it would fit only six. 

The Hartlin Inn closed for the winter, because the owners didn’t want to operate additional costs with low revenue and let go of their staff. 

Recently, the owners talked it over, preparing to reopen in April and decided it was time to close up shop.

April 12 would have been the inn’s 25th anniversary. 

“It’s a sad thing, but at least were going out on our own terms,” Sarich said. “We’ve been talking about retiring and COVID forced our hand … the next people who come in will make it a great place. I have high hopes.”

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Marie Marsh

Employees and patients of an East Setauket dental office are bidding bon voyage to a familiar face.

On Dec. 12, after more than 25 years with Koeppel Dental Group, office manager Marie Marsh is retiring. Dr. Ira Koeppel, the director of the dental group, said she gave her notice a few years ago but stayed on to train her replacement, Alexandrea Kizenberger. Koeppel said he remembers meeting Marsh when he asked a former office manager to have someone look at financial information. He was so impressed with how Marsh interpreted the information and did everything with such care, that he knew he had to hire her.

“I told my office manager back then ‘I don’t care what it takes, hire her,’” he said.

Marsh started as a receptionist at the office and later became office manager.

Koeppel described Marsh as a caring person with an unconditional love for everyone.

“Marie cares how she helps people, whether it’s fellow employees or patients,” the dentist said. “She walks on this planet helping others.”

Koeppel said Marsh has been integral in helping the office raise more than $160,000 over the years for nonprofits such as Little Flower Orphanage, the Fortunato Breast Health Center, Carol M. Baldwin Breast Center, Stony Brook Children’s Hospital, Long Island Veterans Home at Stony Brook University and the Ronald McDonald House.

“I’m so grateful and thankful to have met her and her family, and for letting us be a part of her life,” Koeppel said.

Patient Michael Horney, who is also a chiropractor, said when he heard about Marsh’s retirement, he felt bad for the dentist as he understands the importance of a good office manager. Horney said Koeppel could focus 100 percent on patients with Marsh there.

“He knew that Marie did everything else in the office,” he said, adding that the manager not only possesses the know-how to run a business but also has the personality to interact with patients.

Horney wished Marsh, who is a St. James resident, well with her retirement and knows she will keep busy.

“She’s going to have a fulfilling retirement for sure, because that’s the nature of the person she is,” he said. “She’s a giver. Wherever she moves to, she’ll get involved in the community.”

In a letter to patients, Marsh said the relationships she developed during her time with the office changed her immensely.

“I have watched the ‘practice’ children grow into some of the finest people that I have ever met,” she wrote. “You all made me a better person. For all the times that you let me be part of your life, I will forever be grateful.”

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Bridget McCormick, above, recently retired as business manager from St. James R.C. Church. Photo from Bill McCormick

When Bridget McCormick recently retired from her position as business manager at St. James R.C. Church in Setauket, she wanted to keep things low key. But her family felt after 31 years of service, the news was worth spreading.

Bridget McCormick, right, with her daughter, Kenzie, and granddaughter, Addy. Photo from Bill McCormick

McCormick and her husband, Bill, moved to Stony Brook in 1975 and a few years later to Setauket. Her husband said after he was laid off from a job, his wife took on the business manager position at the church. Even though they would have been OK financially, McCormick’s husband said his wife stepped up to the plate, something he said she always does when anything needs to be done.

The Rev. Robert Smith, who worked with Bridget McCormick for 12 years until 2015, said the business manager took on a wide variety of tasks in addition to being in charge of the church’s financial matters. Smith said she taught religious education for a few years, helped to create the church’s annual 5K run and was always willing to help whenever it was needed. The reverend said McCormick’s attentiveness helped the church to be in a healthy financial state, and she is a warm, generous person with a good sense of humor.

“She was quite skilled in her area of expertise,” he said. “I trusted her completely and had no worries about the financial goings-on of the parish because they were in her good and capable hands.”

Bill McCormick said his wife always was appreciative of her job, and he said he feels in some ways God put her there.

“That may sound a little silly, but I really believe that, because she’s so passionate,” he said. “Every day she enjoyed going to work. Even when there were problems, she loved going to work and helping that church.”

The parish celebrated McCormick’s retirement in October with a gathering in the church’s community center. McCormick’s son, Ryan, said her retirement party was emotional with many of her present and former co-workers in attendance.

The McCormicks currently live in Port Jefferson Station. Bill McCormick said his wife plans to travel and visit family and friends more often, including their daughter, Kenzie, and granddaughter, Addy, in Maryland.

Smith was unable to attend McCormick’s send-off but wishes her well.

“I hope she enjoys that well-deserved family time and well-deserved rest and relaxation after so many years of service to St. James,” he said. “I believe very strongly that the parish will always be in her debt, and the parish’s well-being is greatly due to her service there over the years.”

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Comsewogue Superintendent Joe Rella congratulates a member of the class of 2016 during graduation June 23, 2016. File photo by Bob Savage

By Rob DeStefano

What can you accomplish during a 25-year career at Comsewogue School District? Greatness. Let me explain: While I was a sophomore at Comsewogue, we were introduced to Joe Rella as the new teacher in the music department, a quarter century ago. In the months that followed, students started talking about music, band, theater and jazz with an increased frequency not measurable before. Something special was beginning.

I don’t remember which concert it was, winter or spring, but as a junior participating in the newly reinvigorated jazz band, it happened. We sat playing an upbeat swing-time classic — maybe Glenn Miller’s “In the Mood” or Benny Goodman’s “Sing, Sing, Sing” — and this new teacher stepped away from the conductor’s podium. We stayed cool, kept playing, though we wondered what was happening. He walked to the audience and offered a hand to his wife. A moment later, this new teacher and his wife were doing the Charleston in front of an audience of parents, while our band played. In that moment, the magic became real. Comsewogue had hired our own “Mr. Holland.” We had our first glimpse of who Rella was.

In the years that followed, class after class grew to appreciate his style — and his impact. His collaboration with our music educators led to a number of new opportunities for students. We had a pep band at home football games. Our theater performances recruited more students, some discovering talent they didn’t know they had. Even more, they found confidence, overcame shyness and lifted each other to perform at higher levels. This influence benefited all the district’s high school students when he became principal in the 1998-99 school year. How he found the time to continue to accompany students in their musical endeavors, I don’t know.

Comsewogue Superintendent Joe Rella with students who participated in Joe’s Day of Service. Photo from CSD

Rella’s appointment as Comsewogue’s superintendent in 2010 coincided with my election to our board of education. To call the last eight-plus years of working with him “unforgettable” is an understatement. Just as he inspired our students, he’s been a source of trust, candor and community to Port Jefferson Station residents, and beyond.

He’s proposed innovative solutions to challenges that threaten public education. He’s stood up for our children and an educational curriculum that prepares them to be their best. He’s advocated logic in the face of unreasonable and irresponsible policies dictated by out-of-touch government actions. As he prepares to retire after nine years as superintendent, his influence on our district, community and public education are deep and long lasting.

Great leaders don’t act alone. At each step in his 25-year journey, Rella has influenced the culture of the departments, schools and communities he’s worked with. Those who became Warriors along the way have become part of this culture of openness, collaboration and unwavering spirit. That makes me very excited for our community and Comsewogue School District’s future.

Our district administration has delivered great community successes in recent years. We’ve weathered the limitations of the property tax cap without compromising the quality of student education. Student access to technology has grown at all levels. Our arts programs are amazing. If you haven’t been to one of our schools’ art shows or musicals lately, I highly recommend them.

We’ve received accreditation from the Middle States Association Commissions on Elementary and Secondary Schools, a first on Long Island for a full-sized district, putting our educational standard significantly above those dictated by the New York State Education Department. Program performance has been on a strong incline. Our literacy program and programs for English language learners are providing stronger foundations toward the educational growth of every student. Our problem-based learning program is proving our students have the analytical, critical thinking skills for 21st century success. They not only pass state exams but demonstrate deep knowledge of topics and an understanding of the world around them.

Rob DeStefano is a Comsewogue board of education member and a Comsewogue High School graduate

On top of all this, our district — and really, our community — culture is unprecedented. Our students are not only academically thriving, but they are responsible stewards of the schools and neighborhoods to which they belong. The number of volunteer initiatives and the number of students who participate is awesome to see. And the latest of these, “Joe’s Days of Service,” is one of the great cultural legacies that I have no doubt will become a lasting part of how Comsewogue students give back to the community that has supported them, even after Rella moves on. Our students, past, present and future, will continue to make us proud.

As incoming superintendent, Jennifer Quinn represents the next stage in our community’s Warrior spirit. She has worked alongside Rella to get us where we are. As our district has been elevated, she has built, evolved and driven the programs that are enabling our students to thrive. I’m extremely excited about the vision she has shared to continue Comsewogue’s trajectory toward the very best in academics, athletics and arts. Our community is becoming a more attractive place to live and raise a family. Ask your local real estate agent to confirm this. Where we’re headed, the place we live will become an even more coveted venue — a benefit for all residents.

Legacy takes many forms. Rella’s real, lasting impact on our community is proven by how we celebrate and carry forward the torch he passes along to us all. The job belongs to all of us. We must not lose sight of what makes ours a special place to be. We must recognize the opportunity ahead of us and continue toward it with the same unwavering commitment. We must continue to work together, support each other and continue to carry Comsewogue forward with pride because, in some way, we’ve all had the blessing of being students of Joe Rella. We are a family of Warriors.

Rob DeStefano is a Comsewogue School District Board of Education member and a graduate of Comsewogue High School.

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Supreme Court Justice Antonin Scalia died Feb. 13, 2016. With the presidential election 269 days away, Senate Majority Leader Mitch McConnell (R-Kentucky) and his caucus set a new precedent, refusing to hold confirmation hearings or a vote on then-President Barack Obama’s (D) nominee Merrick Garland because they believed the American people were mere months away from truly having a chance to weigh in on the decision.

This week Justice Anthony Kennedy, viewed by many as the center-right fulcrum of an otherwise politically balanced bench, announced he would retire. As a result, President Donald Trump (R), with two- to six-and-a-half more years left in the White House, will get his second bite at the Supreme Court apple, having already appointed Justice Neil Gorsuch last year.

If we are to set aside the hypocrisy of Senate Republicans pledging to plow forward with the nomination and confirmation process before the midterms, jus—-t 124 days from now, we don’t think it’s too much to ask for them to consider a few things as they begin the process.

First, can our current political climate handle the nomination and appointment of a partisan justice bent on say, being the deciding vote in overturning Roe v. Wade? Yes, it would score political points with the president’s Republican base and enflame liberals even more than they already are, which seems to be one of the few pillars guiding the right. Do Republicans in Congress truly believe they don’t have a role to play in restoring some shred of compromise and unity in our politics? Would nominating a hard-line pro-life justice this close to what was already likely to be possibly as heated a campaign season our country has ever seen (outside of 2016, of course) really do anything to advance our country’s discourse to a better place than we’re in now?

Further, beyond Roe v. Wade, are Republicans comfortable with the current discourse regarding the free press and the First Amendment? Will Trump be vetting his nominee about their stance on critical issues pertaining to his own legal situation, which includes probes into his personal attorney’s alleged pay-for-play White House access business structure and a special counsel investigation into Trump’s alleged campaign ties to the Russian government and its meddling in our election? Everyone involved is innocent until proven guilty, but if the president intends to impose a litmus test on his nominee for a question like, “Can the president of the United States legally pardon himself?” that should be a red flag to anyone who claims to believe in the rule of law.

We don’t feel it’s too much to ask for Republicans to consider a nominee that could serve as a unifier in as desperate a time as any for a little compromise, even assuming they’ve made up their mind on tearing up the McConnell Rule before the proverbial ink from 2016 is even dry. Both sides like to stake claims to a mythical moral high ground. Republicans, as they cheerlead things like tearing up the Affordable Care Act and labeling the free press as the enemy of the American people, could do more to stake an actual claim to that high ground than they have since Trump burst onto the scene with a nominee in the form of an olive branch.

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Kings Park Principal Lino Bracco gasps as he's given a standing ovation at the June 21 graduation ceremony. Photo by Rita J. Egan

Lino Bracco has become a member of the Class of 2018 by announcing his retirement as principal at Kings Park High School. Bracco has served the school district in this position for the last eight years.

“Mr. Bracco has done an amazing job moving the high school forward academically during his tenure as high school principal,” Kings Park Superintendent Timothy Eagen said. “He will be sorely missed.”

Bracco has had a nearly 40-year career in education, out of which he has spent 20 years as a high school building principal. He was given a standing ovation by the students, their parents, teachers and faculty attending the district’s graduation ceremony June 21.

“I am immensely grateful and humbled to know that my life’s work has bettered the lives of others in some small way,” Bracco said in his retirement letter to the members of the Kings Park board of education. “By continuing this mission of challenging our students’ minds with rich academia embedding choice and challenge, they will continue to find success.”

The Kings Park board of education members, students and staff of Kings Park High School are what he will miss the most, Bracco said in an email. But he is looking forward to spending more time with his wife Sandy and their three grandchildren.

His retirement will take effect Aug. 31. Jason Huntsman, assistant principal of Smithtown High School West, will be filling Bracco’s position. Huntsman has served as an assistant principal for four years, according to Eagen.

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Terryville Road Elementary School principal, April Victor, with some of her students. Photo from April Victor

By Sabrina Petroski

Goodbyes are never easy, especially when a school district has to say it to a dedicated, longtime advocate for students.

At the end of the 2017-18 school year, April Victor will be retiring from her position as the principal of Terryville Road Elementary School in the Comsewogue School District. Victor, who began in January 2001, said the past seventeen-and-a-half years have been some of the most rewarding in her life.

She said she made it her mission to turn her school into a family, an effort that has encouraged parents, teachers and students alike to work together to foster a safe and happy community.

“That’s what makes leaving so hard, because I’m leaving a family,” she said.

Victor said her proudest achievement was making the school a place where the children are put first, and the teachers and parents have a say in decision making. Once a month the district’s parent teacher association celebrates students who are seen as outstanding citizens, an initiative inspired by the longtime principal. Nominated by their teachers, each student receives a certificate and their picture is put up in the hallway of the school.

“We have to celebrate them, build the kids up,” she said. “We have to be kind and thoughtful, and care about our school.”

Comsewogue Superintendent Joe Rella praised Victor as being a brilliant educator and leader, with the ability to build a great community. Rella’s grandson attends Terryville Road Elementary School, giving the superintendent multiple reasons to keep a close eye on the school’s goings on, and the district leader beamed when asked about the work Victor has been doing in her school.

“April Victor has such a tremendous impact on the district and school community,” Rella said. “She will be missed beyond words and is a truly wonderful person.”

In 2007, Victor was named a TBR News Media Woman of the Year in education, for her leadership skills and her efforts to make sure her kids got every opportunity to fulfill their potential. Her peers spoke in glowing terms about their departing colleague.

“Ms. Victor has long had a positive effect on all who have had the opportunity to pass through the halls and classrooms of Terryville Elementary School,” said Robert Pearl, principal of Boyle Road Elementary School. “From children to faculty and staff, she has always been a remarkable anchor within the Terryville community. Her educational expertise, ability to understand the needs of her students and her compassion have enabled her to make a difference in the lives of her students each day. Personally, she has been an outstanding role model for me as I transitioned from teacher to principal.  She truly is the epitome of what every administrator strives to be.”

Victor delivered one final message to the Comsewogue community.

“Thank you for the opportunity to be with your kids and to lead them,” she said. “It’s been a blessing and I hope I made a difference. I’ll miss the energy from the children, and being able to witness their hard work and laughter. I will continue to pray for the community, for safety, joy and love.”

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