Not your grandparents’ retirement

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20 Under 40: JenniferDessoye

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Dr. Jennifer Dessoye is assistant professor of occupational therapy at Misericordia University and owner of Bright Beginnings Early Learning Academy (BBELA). Discontent with the early education curriculum and understanding of human development and neurolo (read more)

20 Under 40: Amy Hlavaty Belcher

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Amy Hlavaty Belcher, 39, owner and artistic director of Abrabesque Academy of Dancing, believes that for those who have been given much, much is expected. “I just try hard to do my best,” she said. I have been blessed with many opportunities and many gift (read more)

20 Under 40: Christopher Hetro

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Chris Hetro, 33, works hard and plays hard. “A strong work ethic is important, but finding balance outside of work is important because life is too short and you need to enjoy it,” he explained. As an electrical engineer and project manager at Borton-Laws (read more)

20 Under 40: C. David Pedri

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For attorney C. David Pedri, 37, it’s all about a combination of qualities that contribute to success. “My philosophy is simple: be open and honest, treat people the way you would want to be treated, with respect, and work hard to attain your dreams. The (read more)

20 Under 40: Ed Frable

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Ed Frable, 28, believes “if I work hard and stick to my word, good things will happen. My crew will not be deterred. We will re-evaluate our game plan and not give up until the job is complete,” explained Frable, the owner/operator of Ed Frable Constructi (read more)

20 Under 40: William H. Bender II

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William H. Bender II, CFP, CIMA, CRPC, loves what he does. “I’m lucky. I come to work every day excited to help the people and institutions we work with,” explained Bender, 34, first vice president at Bender Wealth Management Group, Merrill Lynch. The fam (read more)

20 Under 40: Angelo Venditti

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Angelo Venditti, 38, heard a call to the helping professions early on. Geisinger Northeast’s chief nursing officer answer was to volunteer for his local fire company. After high school, he became a paramedic, then enrolled in nursing school. Three years a (read more)

20 Under 40: Donald Mammano

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At 20, Donald Mammano began his own company, while attending the University of Scranton. Mammano, now 33, and president of DFM Properties, recalls, as a youngster, holding a flashlight while his father fixed the kitchen sink. “From that point on I was fas (read more)

20 Under 40: William J. Fennie III

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William J. Fennie III, 27, is always knocking on the proverbial door, because he knows one day, one will open. As an investment specialist with Integrated Capital Management (iCM) he cannot take “no” for an answer. “I make cold calls every day to invite f (read more)

20 Under 40: Marcus Magyar

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As an advisor at CAPTRUST Financial Advisors, Marcus N. Magyar, CFP, 30, provides comprehensive wealth management and investment portfolio services to business owners, executives, families and high-net worth individuals. His multi-disciplinary team of pro (read more)

20 Under 40: Heather Davis

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Heather M. Davis, 33, director of marketing and communication, is responsible for creating, overseeing and implementing a strategic marketing and comprehensive communications plan for The Commonwealth Medical College (TCMC). She is also responsible for pr (read more)

20 Under 40: Alexandria Duffney

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Alexandria Duffney, 30, is competitive by nature and loves a good challenge. These qualities have led her to her position as associate director of graduate admission at Wilkes University. Here she works with prospective students interested in enrolling in (read more)

20 Under 40: John Culkin

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John Culkin’s tenets inform: “Less haste equal more speed; the same boiling water that softens the potato hardens the egg, it is all about what you are made of, not the circumstances surrounding you; and don’t ask someone to walk a mile in your shoes, bef (read more)

20 Under 40: Conor O'Brien

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“What could be worse than getting to the end of your life and realizing you hadn’t lived it,” mused Conor O’Brien.” As co-founder and executive director of the Scranton Fringe Festival, O’Brien, 25, is responsible for leading the development of the overal (read more)

20 Under 40: Jessica Siegfried

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Jessica Siegfried, 38, is senior designer with BlackOut Design Inc., where she is responsible for all creative design at the full-service agency, from traditional branding and print to collateral and front end web design. “I’ve always had an interest in t (read more)

20 Under 40: David Johns

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David Johns’ career path has been shaped by his diverse experiences. As director of structural engineering at Greenman-Pedersen Inc., Moosic, Johns, 39, ensures that his engineering and consultant teams provide clients with their best effort. “We complete (read more)

20 Under 40: Robyn Jones

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Robyn Jones, 38, president of ReferLocal LLC, has learned just as many lessons from her business successes as she’s had from her failures — and she believes it’s important to share that knowledge with her employees. After graduating from American Universi (read more)

20 Under 40: Nisha Arora

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Nisha Arora, 36, tries to be the best version of herself every day. As general counsel for ERA One Source Realty Inc., she realized she cannot control other’s behavior so “I try to focus on myself and how I can be better,” she explained. Arora’s responsib (read more)

20 Under 40: Justin Sandy

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Starting at a young age in Hazleton, Justin C. Sandy, 33, found a passion for running. He became a member then a coach for Misericordia University’s cross country and track and field programs. “It was at Misericordia that I also garnered the profound sati (read more)

20 Under 40: Dr. Ariane Conaboy

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As a doctor of internal medicine at Physicians Health Alliance, Dr. Ariane M. Conaboy, 34, realizes the importance of human life and how fragile it can be at times. Conaboy graduated from Scranton Prep and the University of Scranton with a double major in (read more)

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Value of inherited Caddy is dubious

Q: I am now the owner of a 1978 Cadillac Seville Grand Opera Coupe. This was my grandmother’s car and one of a few hundred made of this model. It is not running, but I believe that is due to it sitting. It is all original and has very few miles. What is t (read more)

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Photo: Jay Yozviak/Photography by JAY, License: N/A, Created: 2016:07:14 23:03:52

By Peter D. Shelp

Throw out those rocking chairs — retirement is changing. The goal of enjoying a comfortable retirement lifestyle is still the same. But the types of activities people plan to enjoy in retirement and the opportunities they plan to pursue are changing and expanding.

The New 65

Advances in medicine have played a major role in the changes, especially in terms of increased life expectancies. The average life expectancy for a baby born in the U.S. at the turn of the previous century was 47.3 years. Fifty years later, the life expectancy for newborns was 68.2 years. According to projections, babies born in 2012 can look forward to an average life expectancy of 78.8 years. That’s an increase of over 66 percent in a little more than 100 years.

We’re Living Longer Average Number of Years of Life Remaining, 1989–2012 1989–91 1999–2001 2012

30-year-old female 50.2 50.6 52.1

30-year-old male 44.1 45.9 48.0

45-year-old female 36.0 36.3 37.9

45-year-old male 30.7 32.1 34.1

60-year-old female 22.9 23.1 24.6

60-year-old male 18.5 19.7 21.7

Source: The 2012 Statistical Abstract, U.S. Census Bureau, www.census.gov and Centers for Disease Control and Prevention, National Vital Statistics Reports, Vol. 65, No. 8, November 2016

The Old Three-legged Stool

More time to enjoy being retired is a big plus. However, a longer retirement means you’ll need more money. Where will your income come from when you retire? Traditionally, financial professionals used the “three-legged stool” analogy to explain the most likely sources of a person’s income in retirement. The legs were Social Security, pension benefits and personal savings: three income sources working together to support your retirement.

Let’s look at how well the three legs are holding up these days.

Social Security: The Social Security system was designed to provide supplemental income only — not the bulk of a retiree’s living expenses. At the beginning of 2017, the average monthly Social Security benefit amount was $1,360 ($16,320 per year), which is not enough to allow most people to live comfortably. As the chart shows, today’s retirees receive only 33 percent of their income from Social Security. Plus, the future of the program is uncertain; benefit formulas and age requirements could change.

Pensions: This is the leg that has changed the most. Traditionally, a pension is a steady monthly benefit paid to covered retirees who accrued vested benefits while employed. Pensions are much less common today. More and more employers are offering retirement savings plans instead. Retirement benefits under these plans are determined by the amount you have in your account.

Savings and Investments: Like many people, you will probably have to rely on your personal savings and investments, in addition to the balance in your employer’s retirement savings plan, to supply a significant portion of your retirement income, especially if you won’t receive traditional pension benefits.

A Working Retirement

Not everyone is ready to stop working at “normal retirement age.” Some people plan to continue working so they can stay active, pursue new interests, continue to earn a full-time income or simply make some extra money. However, if you have to work just to make ends meet once you reach retirement age, it could be a problem. There are many factors, such as your health and appropriate job opportunities, that you won’t be able to control.

Do It Now

Since you won’t know everything about retirement until you get there, you should make the most of what you do know. Your employer’s plan is an opportunity to save and invest for retirement. If you decide you can do more now for the future, make the changes soon.

Your situation is unique, so be sure to consult a professional before taking action.

Where Your Money Might Come From

33 percent Social Security

32 percent Earnings

10 percent Savings and investments

21 percent Pensions

4 percent Other

Source: Fast Facts and Figures About Social Security, 2016, Social Security Administration

Peter D. Shelp, AWMA®, ChFC®, CFP®, CRPC®, Kingston Retirement Group of Janney Montgomery Scott LLC, 270 Pierce St., Kingston. For more information, call 570-283-8140 or visit www.kingstonretirementgroup.com

Janney Montgomery Scott LLC Financial Advisors are available to discuss the suitability and risks involved with various products and strategies presented. We will be happy to provide a prospectus, when available, and other information upon request. Please note that the information provided includes reference to concepts that have legal, accounting and tax implications. It is not to be construed as legal, accounting or tax advice, and is provided as general information to you to assist in understanding the issues discussed. Neither Janney Montgomery Scott LLC nor its Financial Advisors (in their capacity as Financial Advisors) give tax, legal, or accounting advice. We would urge you to consult with your own attorney and/or accountant regarding the application of the information contained in this letter to the facts and circumstances of your particular situation. Janney Montgomery Scott LLC, is a full-service investment firm that is a member of the NYSE, the FINRA and SIPC.

Source: DST Systems, Inc.

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