Both men and women in the U.S. are delaying retirement by three years By Deborah Jeanne Sergeant   The average age for retirement has increased by three years over the…

The fastest-growing group of renters in the United States is not young adults, but seniors 65 and older: study By Aaron Gifford   A young couple settles into an affordable…

Older workers still face discrimination, sometimes very subtle, because of their age By Aaron Gifford   A man who could be categorized halfway between middle-aged and senior citizen was recently…

Executive director to retire after 41 years with Oswego County Opportunities; talks about plans for new life By Stefan Yablonski   Diane Cooper-Currier joined the staff of Oswego County Opportunities…

Should you invest in real estate investment trusts? By Deborah Jeanne Sergeant   Real estate investment trusts are businesses that own and possibly operate real estate for rent or lease…

Special For Oswego County Business By Elizabeth Zelinka Parsons Retirement. The word itself conjures images of leisurely pursuits, freedom from deadlines and the long-awaited opportunity to finally enjoy the fruits…

What should you do with your health savings account? By Deborah Jeanne Sergeant   Health savings accounts allow policyholders to designate dollars tax-free for health expenses not covered by their…

Here’s where their income goes and how to plan accordinglyBy Dawn AllcotYou might be expecting your expenses to decrease with retirement and, according to 2022 data from the Department of Labor’s Bureau of Labor Statistics, that’s true.The average American retiree spends $54,975 each year.Compare that to adults aged 25 to 34, who spend $67,883 yearly, while those aged 35 to 44 spend $86,049 per year. Between the ages of 45 to 54, Americans spend $91,074 annually, according to the Bureau of Labor Statistics. However, the earnings for these age groups are proportionately higher, too.The average income before taxes for U.S. retired persons was $48,780 — less than the average expenditure. In order to keep your finances balanced as a retiree — as the average retiree is spending more than their income — you’ll want to consider what you’re spending on and how to manage that.For retirees ages 65 and up, the bulk of their income goes to four expenses. What are they? And how can you work to reduce these costs so your retirement income lasts longer — or to free that money up for things like traveling and hobbies? HousingHousing, on average, makes up about 20% of a retirees’ expenses, (more…)

You can put away a nest egg even if you don’t make a lot of money, experts sayBy Deborah Jeanne SergeantMost financial advisers have tips for people with impressive portfolios and a lot of money.But for those who don’t have a lot of liquidity — people who are on a budget — it’s still possible to save for retirement.“Most people are not on a budget, so they don’t know they have extra money,” said Cynthia Scott financial adviser and owner of OMC Financial in DeWitt. “Many people live on credit cards and when you charge things, it doesn’t seem like you’re spending money. You can’t have liquidity for investments until you sit down and design a budget to see where you can cut down and reduce so you have liquidity for an IRA, Roth IRA or a private investment account.”By knowing how much money you have and how you spend it, it’s easier to set aside money to invest.“Most people who have impressive portfolios have always diligently known where their money went and made sure they saved along the way,” Scott said.But if you lack a time machine to go back to your 20s and start investing, there’s still hope, (more…)