Saratoga Business Journal

People Who Save For Retirement At An Early Age Will Benefit Greatly In The Long Term

December 13, 2021

Steve Bouchey is the president and CEO of Bouchey Financial Group.

By Christine Graf

According to the Federal Reserve, only 36 percent of Americans are adequately saving for retirement. The National Institute on Retirement Security estimates that almost 40 million U.S. households have no retirement savings.

According to Steve Bouchey, president and CEO of Bouchey Financial Group in Saratoga Springs, it is never too early to start saving for retirement. He has been helping clients for 34 year and has a team of 16 professionals who manage approximately $1 billion in assets for clients in 25 states and overseas.

“Start saving for retirement sooner than later. The sooner you get started, the more money you will have at retirement, and you may be able to retire sooner than expected or have the quality of life you always hoped to have,” he said. “The best advice I can give to a college graduate is that the first thing they need to do is put away as much as they can into a pension plan, and because they are likely in a low tax bracket, fund a Roth IRA.”

Roth IRA contributions are taxable, but earnings and withdrawals are tax free. Individuals who are covered by an employer’s retirement plan can make contributions to a Roth IRA as long as they do not exceed IRS income limits.

Those who haven’t adequately saved for retirement often find themselves having to work for much longer than they had planned. This is a major concern for those who begin to experience health issues as they get older.

“For a lot of people, they don’t have their health and may not have a job they are able to work at,” said Bouchey. “My goal for my clients is that if they are working during their retirement years it is because they are bored silly and not because they need to work.”

BST & Co. Forms New Wealth Management Division As It Merges With Affinity Group

December 13, 2021

BST & Co. CPAs LLP, an accounting and management consulting firm, have formed a new wealth management division called Affinity BST Advisors.

The new entity is a merger between BST Wealth Management LLC and The Affinity Group, a boutique wealth management firm founded by Gary Sancilio and Nicholas Preddice, that has served clients in the Capital Region and Hudson Valley for two decades.

The new entity is designed to usher in an entrepreneurial approach to financial planning and management by offering clients a comprehensive and holistic suite of services all under one roof. Through this model, a client-first experience will be available with access to comprehensive wealth management strategies and services; integrated tax planning for both individuals and businesses; private investments; trust and estate planning; and a full range of complementary financial services, the company said.

“We are thrilled to join forces with The Affinity Group to create a new model for financial planning and fill a gap in services needed for our clients who are busy business owners and executives looking for a single source for solutions related to family and business finances,” said Ron Guzior, BST & Co. managing partner. “As a result of this merger we will be able to offer our current and future clients a collaborative powerhouse of comprehensive and strategic services and fulfill a need they have been sharing with us.”

Sancilio and Preddice each launched their careers in financial services more than two decades ago. Sancilio initially began his career in law, while Preddice began his in insurance. The pair launched The Affinity Group in 2002 which employs a client-centric approach using a fee-for-service model, rather than fee-for-product, to provide enhanced value to clients.

Business Report: Investments – Time To Be Merry Or Wary?

December 13, 2021

Rick Schwerd, VP, senior Investment officer, Saratoga National Bank and Trust Co.

By Rick Schwerd

The end of the year is always a good time to take stock of your investments and look ahead. Last year at this time, it was easy to be bullish on the stock market. Vaccine distribution was just starting, the country was continuing to reopen and unprecedented stimulus was being injected into the economy.

As we head into 2022, there is still a lot to be positive about, such as robust company earnings and a very healthy consumer base. However, concerns about the Omicron variant, global supply chain issues, labor shortages and inflation are tempering enthusiasm.

Stock markets had another good year. The Standard and Poor’s (S&P) 500, an index of 500 of the largest companies in the U.S., is up approximately 20 percent year-to-date, as of early December. Small-cap stocks, mid-cap stocks and most international markets have also shown strong gains this year. As expected, short-term interest rates have remained near zero as the Federal Reserve continues its accommodative fiscal policy. Intermediate and long-term rates have risen as the economy has improved, but in a measured way.

As we look forward, there is plenty to be positive about. The U.S. consumer is doing very well, which is vital since consumer spending accounts for nearly 70 percent of our Gross Domestic Product (GDP). The unemployment rate has fallen from 6.7 percent at the start of the year to 4.2 percent in November. Wages and salaries are up approximately 10 percent year-over-year. U.S. consumers have accumulated more than $2 trillion in excess savings and consumer net worth has surged about 30 percent since the start of the pandemic. These factors provide confidence that strong retail sales of goods and services will continue into 2022.

Construction Starts On New Space For Children’s Museum In Spa State Park

December 13, 2021

A project to relocate Children’s Museum at Saratoga to the Lincoln Baths has begun.

Construction has begun on a $3.1 million project to relocate an improved and expanded Children’s Museum at Saratoga to the historic Lincoln Bathhouse in Saratoga Spa State Park.

This project will mark the third museum to join the Saratoga Spa State Park system, state officials said in announcing the start of the project. The facility’s relocation will double its space and increase accessibility for guests of all ages.

“One of the biggest priorities for my administration is to keep New York state at the forefront of tourism with all we have to offer, and the Children’s Museum at Saratoga exemplifies this goal,” Gov. Kathy Hochul said. “Saratoga Spa State Park is already a hotspot for visitors with world-class arts and culture venues, performances, and outdoor recreation. With the addition of the Children’s Museum, we have added yet another valuable attraction that helps children learn through interactive, educational activities.”

The original Children’s Museum at Saratoga Spa State Park has outgrown its current 8,000-square-foot facility, where it serves 37,000 people each year. The museum will occupy 16,000 square feet of the Lincoln Bathhouse, including a 4,000 square-foot interior courtyard, offering expanded space for refurbished exhibits and full Americans with Disabilities Act accessibility.

The $3.1 million project is supported by private donors and a $600,000 grant from Empire State Development. Construction is expected to be complete in the spring.

Annual Showcase Of Homes Event Results In Donation Of $78,000 To Two Local Charities

December 13, 2021

Officials from the Saratoga Builders Association present checks to Habitat for Humanity and Rebuilding Together Saratoga from the proceeds of this year’s Showcase of Homes event.
Courtesy Saratoga Builders Association

The Saratoga Builders Association is excited to present a new record donation totaling $78,000 from the 2021 Saratoga Showcase of Homes to Rebuilding Together Saratoga County and Habitat for Humanity of Northern Saratoga, Warren and Washington Counties. The Saratoga Builders Association is proud and fortunate to have been able to contribute over $1.4 million dollars to our local charities from this area’s premiere new home tour event.

The 2021 edition of the Saratoga Showcase of Homes was an amazing event this year with 11 award-winning builders presenting 12 homes – BDC Group, Beechwood Homes, Bella Home Builders, Belmonte Builders, Bonacio Construction, Caruso Builders, Kodiak Construction, Kohler Homes, McPadden Builders, R & M Homes and Witt Construction. This year’s tour attracted about 4000 visitors (a new attendance record) to these beautiful new homes, which were on display over two weekends. In what has become an autumn tradition in our area, the Saratoga Builders Association is dedicated to this long running show being an integral part of the fabric in our fall season.

The 2021 Saratoga Showcase of Homes “People’s Choice” award winners voted on by the public were also announced – Congratulations to Matt McPadden of McPadden Builders for the Executive Home category and Erik Kohler of Kohler Builders for the Luxury Home category.

Saratoga Casino Hotel Donates $110,000 To Nonprofit Organizations In Capital District

December 13, 2021

Heather and Brian Straughter, founders of Jake’s Help from Heaven (center), receive a $10,000 donation from Saratoga Casino Hotel executives Skip Carlson, left, and Sam Gerrity.
Courtesy Saratoga Casino and Hotel

Saratoga Casino Hotel celebrated Giving Tuesday on Nov. 30 by donating $110,000 to 11 Capital Region nonprofit organizations during a Make A Difference holiday luncheon at the facility.

“We are humbled and sincerely grateful to receive this very generous donation for SNACpack from Saratoga Casino Hotel,” said Karey Trimmings, SNACpack program coordinator. “The pandemic has created a greater need of children living with food insecurity, as well as an increase in food costs. We were able to continue to provide food throughout the past year and a half of COVID because of generous donations from our community, including past donations from the casino.”

The following eleven organization each received a $10,000 donation: The Donna M. Crandall Memorial Foundation in Loudonville, Franklin Community Center in Saratoga Springs, Jake’s Help from Heaven in Saratoga Springs, LifePath Supportive Services for Older Adults in Albany, The Joseph C. and Anne T. Palamountain Scholarship Fund in Saratoga Springs , Saratoga Community Health Center, Saratoga Performing Arts Center, Saratoga Sponsor-A-Scholar, SNACpack Program (Saratoga Nutrition Assistance for Children), the Wesley Foundation and Wellspring in Malta.

“It was a natural fit to align our annual Make A Difference event with Giving Tuesday,” said Skip Carlson, vice president of external affairs at Saratoga Casino Hotel. “We’re so fortunate to have these organizations in our community and we’re happy to provide them with some assistance so they can continue to make a difference every day to so many.”

Saratoga Regional YMCA Enrolls In Solar Program, Expects To Lower Its Energy Bills

December 13, 2021December 13, 2021

The Saratoga Regional YMCA may be more than 150 years old, but its commitment to environmental sustainability and stewardship is very much rooted in the realities of 2021.

The organization recently enrolled in the Nexamp community solar program, subscribing to a solar farm in Pendleton, Niagra County, and offsetting up to 90 percent of its annual electricity usage, generating valuable savings that enable more programming and services across its multiple locations.

With a 900 kW subscription, Saratoga Regional YMCA will save up to $13,500 each year through the discounted rate it pays for community solar credits applied to its National Grid bills, realizing more than a quarter million dollars in savings over the course of the contract. Community solar farms generate clean energy that is fed directly to the grid, earning credits that are allocated across the subscriber base and billed at a fixed discount to create customer savings, officials said.

“We support more than 25,000 members in the region, offering a wide variety of services focused on overall wellness for families and individuals of all ages,” said John Pecora, CFO, Saratoga Regional YMCA. “As part of our mission, we recognize the importance of a healthy environment and the role of clean energy in making that possible. Enrolling in a community solar program provides us with the dual benefit of saving money that makes our budget go further while also participating in the growth of much-needed clean energy on the grid.”

Sotheby’s International Realty Is Part Of Strategic Partnership With Two Other Firms

December 13, 2021

Select Sotheby’s International Realty in Saratoga Springs is part of a new strategic partnership with Four Seasons Sotheby’s International Realty in South Burlington, Vt., and Peerage Realty Partners of Toronto.

This transaction will expand the company’s market presence into the mid-Hudson Valley Region and Upstate New York. This is Peerage Realty’s fifth partnership with Sotheby’s International Realty, the companies said in a news release.

The partnership will expand Four Seasons Sotheby’s International Realty’s footprint into upstate New York.

This new partnership will significantly enhance Four Seasons Sotheby’s International Realty’s position as a leading player in the premium residential real estate market throughout Vermont, New Hampshire, and now Upstate New York, positioning it for further growth and future partnership investments.

As result of this transaction, Four Seasons Sotheby’s International Realty, with which Peerage Realty partnered in July 2021, will now have over 303 agents, 48 employees in 23 offices across Vermont, New Hampshire, and New York. The firm’s sales are projected to exceed $2 billion this year, the company said.

The combined company will continue to be led by CEO and Partner Alan DiStasio and President and Partner Laurie Mecier-Brochu. Dan Collins and Lou Izzo from Select Sotheby’s International Realty and Gary DiMauro from Gary DiMauro Real Estate will continue with the company. Andrea Demoracski from Select Sotheby’s International Realty will serve as executive vice president, regional manager for the Upstate New York region.

Feds Update Guidance For Small Businesses Seeking COVID Economic Injury Loans

December 13, 2021

The U.S. Small Business Administration (SBA) announced updated guidance for COVID Economic Injury Disaster Loan (EIDL) program applicants to better serve small business owners in need, while funding remains available.

Since its inception, the COVID EIDL program, a federal disaster relief loan designed to better serve and support our small business communities still reeling from the pandemic, especially hard-hit sectors such as restaurants, gyms, and hotels, has approved nearly $300 billion in relief aid. Specifically, the following updated guidance is being provided:

EIDL loan and Targeted Advance applications will be accepted until Dec. 31 and will continue to be processed after this date until funds are exhausted.

Supplemental Targeted Advance applications will be accepted until Dec. 31; however, the SBA may be unable to process some Supplemental Targeted Advance applications submitted near the Dec. 31 deadline due to legal requirements. The SBA cannot continue to process Supplemental Targeted Advance applications after Dec. 31 and strongly encourages eligible small businesses to apply by Dec. 10 to ensure adequate processing time.

Borrowers can request increases up to their maximum eligible loan amount for up to two years after their loan origination date, or until the funds are exhausted, whichever is soonest.

Reservation Of State Campsites Hit Record Highs As People Sought COVID-Safe Trips

December 13, 2021

Overnight reservations at campgrounds operated by the Office of Parks, Recreation and Historic Preservation (State Parks) and the state Department of Environmental Conservation (DEC) climbed to record highs this year as visitors embraced safe, healthy, and affordable recreation during the COVID-19 pandemic.

Through Columbus Day in October, campsites, cabins and cottages at State Parks campgrounds were occupied for 787,103 nights, surpassing the previous 2019 record of 684,820 nights by 15 percent, according to state data. DEC campgrounds were occupied for 394,401 nights, surpassing the previous 2016 record of 354,521 nights by more than 10 percent.

“The numbers don’t lie,” said Gov. Kathy Hochul. “People have shown how much they appreciate all that our state campgrounds have to offer, especially as the pandemic made outdoor recreation more desirable than ever. Not only are our campgrounds, affordable, clean, and safe, but with these sites being so vital to New York’s tourism economy, my administration will continue to do all we can to ensure New York remains a top destination for campers.”

Officials said that over the last decade, as improvements were being made statewide under the NY Parks 2020 capital program, total overnight stays at campgrounds have risen nearly 45 percent.

State Parks operates 68 campgrounds, featuring 8,179 campsites, 825 cabins, 18 yurts, and 136 full-service cottages with amenities like power, kitchen, bath, beds, living room, and outdoor living space.