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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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By Peter D. Shelp

Retirement planning starts with your first contribution to a retirement account and continues throughout your working years. But how much do you really know about it? Find out by taking our quiz. Answers follow each question, but don’t look ahead.

1. Shana and Doug both began working at Sooper Dooper Company at age 25. As soon as she was eligible, Shana started contributing $200 a month ($2,400 a year) to the company’s 401(k) plan. She continued contributing until her retirement at age 65. Doug waited until he was 40 to begin making contributions. Then he contributed $400 a month ($4,800 a year) — twice as much as Shana — until he reached age 65. Their investments earned a hypothetical average annual return of 7 percent,* compounded monthly.

Who had more money at retirement, Shana

or Doug?

Answer: If you chose Doug, you’re off the mark by approximately $202,000! Shana’s much earlier start gave her two huge advantages: time and the power of compounding (earning income on your original investment and on the earnings it generates). Although she contributed less than Doug — $96,000 compared with Doug’s $120,000 — Shana had $528,025 saved at retirement, while Doug had only $325,919 (before taking income taxes into account).

2. After working at Sooper Dooper Company for 20 years, Soco, Huong, and Calvin were all leaving for other jobs, so they had to decide what to do with the money in their retirement plan accounts. Soco elected to leave her money in Sooper Dooper’s 401(k) plan. Huong requested a trustee-to-trustee transfer of his account balance to a rollover IRA (individual retirement account). And Calvin withdrew all his savings in a lump sum so he could pay off his debts. How did their choices impact their federal income taxes?

Answer: Soco’s decision to leave her money in her current plan meant that her savings continued to grow tax deferred until she withdrew her money at retirement.

And because he rolled over his account balance to an IRA, Huong’s retirement savings also remained tax deferred. If allowed, Huong could also have avoided taxes on the distribution by rolling the money into his new employer’s 401(k) plan.

By taking a lump-sum withdrawal, Calvin received only 80 percent of his account balance — 20 percent was withheld to prepay income taxes. And, in his tax bracket, this wasn’t the extent of his tax liability. Since Calvin was under age 59½ and wasn’t eligible for an exception, he had to pay a 10 percent early distribution penalty. Calvin not only wound up with a lot less money than he’d planned on having to pay down his debts, but his retirement savings were also wiped out.

3. Since their employer doesn’t offer a retirement plan, coworkers Jack and Helena decided to open IRAs. Jack chose an IRA that allows him to make tax-deductible contributions and enjoy tax-deferred earnings. He won’t pay taxes until he withdraws his money. Helena’s contributions to her IRA are not deductible. However, she can withdraw her contributions tax free at any time and withdrawals of earnings will also be tax free after she’s reached age 59½, as long as she’s met a five-year waiting period.

Which type of IRA — traditional or Roth — are Jack and Helena each investing in?

Answer: Jack is investing in a traditional IRA; Helena has a Roth IRA. Both offer tax advantages — Jack’s is immediate since he gains a tax deduction for his contributions, whereas Helena’s will be realized later when she takes tax-free withdrawals. But, unlike Jack, Helena won’t be required to take annual minimum distributions from her IRA after she reaches age 70½.

* These example are for illustrative purposes and is not representative of any particular investment vehicle. Your investment performance will differ.

Peter D. Shelp, AWMA®, ChFC®, CFP®, CRPC® Kingston Retirement Group of Janney Montgomery Scott LLC, 270 Pierce Street, Kingston 18704. Call (570) 283-8140 or visit kingstonretirementgroup.com

Janney Montgomery Scott LLC is a member of NYSE, FINRA, SIPC.


Source: DST Systems Inc.

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