I nvestment & R etirement
Embrace Your Senior Living Journey
e path to senior living isn’t always clear, and taking the rst step may feel uncertain compared to the familiarity of where you are today. Commonwealth Senior Living has been trusted for over 20 years to help families navigate their journeys, and we’re here to guide yours too.
We are committed to rede ning the path to senior living. is means we believe the best moments in life are the ones yet to come.
“ e team here shared such critical expertise, while guiding my family through transitioning our loved one...all the while leading with their huge hearts, passion, and wisdom. We could never have navigated this transition with such a tremendous outcome without them by our side.” – Kara G.
There is a better path. Contact us today to learn more and reserve your personalized Journey Kit — a roadmap to your future best life. 757-347-1732
Dear Readers,
Investments and retirement seem to go together, because if you haven’t done the first, the second can be difficult to enjoy or even accomplish.
When to begin investing appears to be a question that financial experts are in agreement on: As soon as a young adult is earning money is the best time! In the long run, they say, the best strategy is not to wait to invest when there’s “extra cash” as that time may never arrive. Articles are on pages 18 and 23.
Philanthropy can also begin at any age. The advantages of starting a Donor Advised Fund are on page 22.
For the section’s lead article on the adjacent page, Stephanie Peck spoke with the Konikoff brothers who all made the decision to retire around the same time. While they loved their work and their patients, they’re all finding things they love about retirement.
Being healthy during retirement years doesn’t necessarily mean being ‘model fit’ and it doesn’t have to cost a fortune. The article on page 26 explains how lots of folks are keeping their bodies moving at the Simon Family JCC.
For those who have had a couple, even minor physical setbacks, rehab can make a huge difference. Page 25.
The takeaway? Financial fitness and health fitness both will go a long way in making those retirement years comfortable.
Editor
BRUSHING UP ON RETIREMENT WITH THE KONIKOFF BROTHERS Investment & Retirement
Albert, Stephen, and David Konikoff’s father, Arthur, was an architect, but “because we couldn’t draw or use our hands so well, we went into dentistry!” says Albert, the oldest of four siblings. The brothers also have a sister, Sharon Berger.
Now, after decades of devotion to dentistry and their patients’ smiles, the three brothers are smiling big themselves – creating active and meaningful lives in retirement.
Albert’s decision to retire after 47 years in practice came by chance. During the early days of the COVID pandemic, when he did not work for seven weeks, Albert told his wife, Wendy, that he could think about retiring. Not until his office manager of 30 years said she was going to retire, however, did Albert make the decision for himself. “I loved what I did. Going to the office was never work,” he says.
Albert’s son, Bryan, also a periodontist, took over the practice. “We worked together for 16 years. I told him everything I know,” says Albert, 77. His other son, Michael, is a pediatric gastroenterologist. Wendy and Albert have five grandchildren, ages 15 to 23 years old.
While Albert was in graduate school, he developed a passion for photography and has since become more and more involved in the art. “We had to document all of our cases (in dental school). It became a natural extension to document all of our travels,” he says.
Stephen, a general dentist with two offices in Norfolk, retired three years ago. “I enjoyed practicing for 47 years. I just had a sense inside that it was time for a new phase in my life.”
Still, Stephen says he misses his patients, recalling saying goodbye to one woman whom he treated from the start. Not only was she a patient, but two generations of her family were also under his care. “There was a richness to practicing dentistry. I received from my patients as much as they hopefully received from me.”
Outside of his professional career, synagogue attendance is important to Stephen, 75, as he regards himself as being Judaically-centered. Married to Ronnie Jane for 53 years, they have three children with one each
living in Tidewater, Providence, R.I., and Hoboken, N.J. They also are grandparents to seven.
The youngest of the three brothers, David sold his dentistry practice seven years ago and officially retired two years ago. “You know when it’s time. I came into the office one day and it wasn’t my practice anymore. There was a new culture,” he says.
Engaged to be married to Martha Mednick Glasser, David, 72, spends three to four months in Palm Beach each winter, playing golf and taking classes in varied subjects from finance to Chinese cooking. One passion involves anything related to Judaism, “That’s what fills me up, trying to make the world a better place.”
A father of seven and grandfather of five, David speaks to his children almost daily. Two of his boys are following in his footsteps; one son is currently in dental school, while another is deciding between two schools to attend.
Travel has been a big part of retirement life for the Konikoff brothers. Albert and David went to Africa together and visited Rwanda, Kenya, and Tanzania. Stephen and Ronnie Jane travelled through Italy and took a cruise to Africa. Albert and Wendy spent time on the South Georgia and Falkland Islands, in addition to voyages to Japan, Dubai, Singapore,
and Iceland. David has hiked the Alps in Switzerland, France, and Italy, as well as mountains in Norway. In addition to speaking to each other nearly every day, the three brothers play golf together whenever possible. Stephen laughs when discussing their familial relationships – dating back to their childhood growing up in the Wexford Terrace neighborhood in Norfolk. “It hasn’t changed since we were 13, 10, and 7. We still act like we’re that age and remain as close as we were as little kids!”
While their sister, Sharon, lives in Ohio, all three brothers still live in Tidewater. Albert now lives in Norfolk, and Stephen and David have homes a few blocks apart from each other in Virginia Beach.
Albert once asked a friend when to retire. The reply he received was, ‘you’ll know when you know.’
“And he was right,” says Albert. “I have never felt like I made a bad decision. I miss the people and staff, but I did everything I wanted to do in periodontics.”
Stephen agrees, “You don’t know for sure when it’s time. You just know when you know.”
“I’m looking forward to a great life,” David adds.
Stephanie Peck
The Konikoff siblings: Sharon, Albert, David, and Stephen.
EXPERTS: DEVELOP FINANCIAL PLAN EARLY FOR A SECURE FUTURE
Stephanie Peck
As college graduates enter the workforce with first full-time jobs in their 20’s, they begin to experience the task of managing financial independence after a childhood of monetary support. It can be an overwhelming time if they are not prepared. Learning that an idealized lifestyle might not be immediately possible and comprehending the need for budgeting and saving as a priority can be difficult to accomplish, but achievable with some planning and determination.
Preparing young adults for a stable financial future can take place in several ways, including through classes, conversations with parents, and one-on-one meetings with financial experts.
Benita Watts, whose son graduated from Princess Anne High School in 2021, feels most students are not ready to grasp this knowledge. “For most kids, they’re too young to understand this impact on their future lives.”
Janet Mercadante, senior vice president at Mercadante Riggan Wealth Management with Davenport & Company, stresses the impact of growing-up in homes where families don’t talk about money. “If parents don’t talk about how to make sound financial decisions, how are their kids supposed to learn how to do it? The problem is that most adults have never been taught this skill set either.”
with two buckets: short-term savings for emergencies and a long-term retirement plan (she refers to an in-between bucket, which includes investments that are not for retirement). Except for student loans, a mortgage, or a car payment, she is adamant about no debt, including credit cards. “It is easy to get into debt and hard to get out,” she says, suggesting that credit card bills be set up to be paid in full each month. With that mantra in mind, she adds, “You will not spend more than you have.”
in case you need access to money. The sooner you can save, the better.” To get the ball rolling, Harrell suggests placing 80% of savings into a short-term account and 20% towards retirement.
If parents don’t talk about how to make sound financial decisions, how are their kids supposed to learn how to do it? The problem is that most adults have never been taught this skill set either.
Most companies offer retirement plans, and Mercadante strongly recommends contributing as soon as you are eligible.
Virginia Beach City Public Schools, for example, requires junior year students to complete a personal finance class to graduate. The school system’s website describes the course as being “designed to help students explore how the economy impacts personal financial decisions.”
Since many people spend money that they don’t have, Mercadante stresses, “No matter what you’re earning, live within it.” She counsels college grads and retirees with the same advice: “It’s going to take a little while to figure out how much you’re spending.”
Mercadante recommends starting
Byron Harrell, senior vice president at Davenport & Company, offers quantitative advice with the 50/30/20 approach. Half of one’s after-tax income should be allocated to rent, utilities, groceries, and minimum loan payments. Splurges, such as entertainment, should account for 30%, and the remaining 20% should go towards savings and high-interest debt repayment.
“Save your toys for later in life,” he advises. “Build up an emergency account
“There is tremendous power in starting early,” she says, offering this example: If an employee begins saving at 25 years old and continues for 10 years, by age 65 they will have more money than if they had waited until age 35 and invested for the next 30 years. Time in the market matters!
Harrell adds,
“Never interrupt compounding. Save for the long haul and don’t get spooked by the (stock) market.”
Audrey Peck, a 2024 college graduate, chose an elective course at UNC-Chapel Hill with this future planning in mind.
“Taking a personal finance class my senior year of college was more beneficial than I could’ve imagined. The class allowed me
Janet Mercadante
Investment & Retirement
to understand how expensive life is and gave me the tools to start preparing for that now, such as opening a Roth IRA.”
During speaking engagements, Mercadante shares a JP Morgan slide as part of her presentation. Her audience learns about three different levels of control impacting their financial lives. For starters, an individual has zero control over tax policy or market return (other than voting for an elected official, who might espouse one leaning or another towards tax policy). Some control is within reach regarding earnings and longevity. But people have total control over savings and spending. This is an important concept for new college
graduates.
Harrell recommends separating real money from a small percent of play money. “The majority of investment savings should go into stable opportunities that can grow over the long haul.”
Success is most often achieved not by luck, but by diligence. For young adults to become successful retirees, planning, saving, and investing can begin with their first paychecks. A little information and guidance might be all that’s needed to get them started.
Fun.Elevated.
Byron Harrell
Investment & Retirement
Preparing graduates for financial success
TJF staff
It’s January—the holidays are behind us, and college students are back at it, hitting the books for their final semester. For seniors, the countdown to graduation is officially underway. While the focus is on finishing strong, now is also the time to start thinking about life after college— jobs, benefits, and financial independence. The transition from student to professional comes with important financial decisions, and being prepared can make all the difference.
Understanding employer benefits
Daniel S. Cook, CPA/CFP at Cook Financial Designs, Inc., emphasizes the importance of understanding and maximizing employer benefits. “When looking at potential employers, graduates should not only consider salary, paid vacations, and holidays, but also the benefits package offered,” he advises.
Key benefits include retirement plans, potential employer match or contributions, and if the plan offers pre-tax and Roth options. “For younger individuals, the Roth option is particularly attractive as it allows for tax-exempt growth over their lifetime,” says Cook. Other benefits could include Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA). FSAs provide pre-tax savings for medical expenses but must be used within the plan year, while HSAs offer long-term benefits without expiration. “HSAs are a great way to save for future medical expenses with the added advantage of tax savings,” he says.
Insurance and long-term planning
Life and disability insurance are essential considerations. “In addition to owning your own life insurance policy and disability policies which provide financial support in case of unforeseen injuries
Family owned and operated since 1917
or illnesses, group life and disability coverage offered by employers can be very affordable and offer significant protection,” Cook says. Graduates should also think long-term, including about retirement planning and saving for major life events such as buying a home or starting a family. Prioritizing savings for significant future expenses can ensure financial stability and peace of mind.
Building a financial foundation
Establishing a solid financial foundation early is vital. Cook stresses the importance of budgeting, saving, and understanding tax implications. “Living within your means and learning to save are critical steps toward financial independence,” he says. Graduates should aim to balance their spending and savings, even with a modest salary. Seeking professional financial advice can also provide valuable guidance, especially for complex areas such as taxes, employer benefits, and investment strategies. Each financial foundation should also include estate documents, such as a will, financial power of attorney, and health power of attorney. Working with a trusted estate attorney is an integral part and should be pursued.
Advice for parents
Parents play a crucial role in guiding their children through this financial transition. Cook encourages ongoing discussions about financial responsibility and planning. “Parenting doesn’t stop when they walk across that stage. Continue to encourage your young adults to look at their financial options and seek professional advice,” he suggests. For parents who want to help their graduates get started, Cook recommends directing all or a portion of financial gifts they
Advance funeral planning
Flexible payment plans
Financing available
Making your arrangements in advance is one of the best ways to show your loved ones that you care about them. Our Family Service Counselors have the training and experience that will help you in the process. Our services include a free funeral cost estimate, and we offer many options for financing. Visit our web site for a three-step Pre-Arrangement Guide or contact the Altmeyer Pre-Arrangement Center directly at 757 422-4000
Approved by all area Rabbis and Chevrah Kadisha
Celebrating life’s treasured memories.
receive for graduation towards savings or necessary expenses rather than impulse purchases. “Establishing the discipline of saving is key. Encourage them to set aside a portion of any monetary gifts they receive,” he advises.
Assistance from Tidewater Jewish Foundation
Tidewater Jewish Foundation offers valuable resources and opportunities for young adults to learn about financial planning, charitable giving, and tax advantages. “TJF can help graduates and their families understand financial
management and philanthropy,” says Cook. By setting up donor-advised funds or charitable donations through TJF, families and graduates can benefit from a tax perspective and instill a sense of community responsibility. “It’s about building a comprehensive financial strategy that includes saving, investing, and giving back to the community,” he says. Working with and through TJF, families and donors can identify worthy organizations and causes to support.
For more information, contact Naomi Limor Sedek at 757-965-6109 or nsedek@ujft.org.
Chris Sisler, Vice President, Member of Ohef Sholom Temple, Board member of the Berger-Goldrich Home at Beth Sholom Village, James E. Altmeyer, Jr., President, James E. Altmeyer, Sr., Owner
YOUR LEGACY BEGINS TODAY
“Life & Legacy is a way to honor our mother’s legacy and beautiful continuation of our family’s commitment to our faith and community. For us, supporting Jewish education provides more than just religious knowledge— it instills crucial values and practices, teaches you a new skill, helps you make friends and learn about your faith and history.”
— Joel and Sara Jo Rubin
Joel and Sara Jo established a permanent unrestricted fund for Strelitz International Academy, allowing them to honor their family while meeting the needs of current and future students.
To honor someone today and ensure your values live on, visit:
Or contact: Amy Weinstein aweinstein@tjfva.org 757-965-6111 foundation.jewishva.org
Investment & Retirement
TAX BENEFITS & GIVING STRATEGIES: A D N R ADVISED FUND
(JTA) — In a time filled with challenges, charitable giving has been a source of unity and resilience, particularly for the Jewish community expressing support and solidarity in response to the October 7th attack.
Israel-related causes saw a surge in donations, with much of the aid directed to those impacted by the war. In the first six months after the Hamas attack, organizations and individuals donated more than $1.4 billion toward Israel’s recovery, according to Israel’s Ministry of Diaspora Affairs.
“In the wake of October 7th, we saw the true power of collective giving,” says Rachel Schnoll, CEO of Jewish Communal Fund (JCF). “Donors responded with incredible generosity to support Israel and combat antisemitism, demonstrating their commitment to their longstanding charitable priorities and our community’s urgent needs.”
A donor advised fund (DAF) is a charitable giving vehicle that enables donors to streamline their philanthropy, maximize the impact of their investments, eliminate the stress of tracking receipts, and achieve
immediate tax advantages.
DAFs offer a simple way to meet end-of-year tax deadlines while simplifying the giving process.
HOW DAFS WORK
A DAF allows its owner to receive an immediate tax deduction when funds are contributed, while giving the flexibility to decide which charities to support and when. The DAF’s owner can donate to a variety of assets and realize tax advantages for the current year. Grants can be made to any IRS-approved charity.
ADVANTAGES OF A DAF
Capital Gains Savings: Donate appreciated stocks to avoid capital gains taxes and maximize the donor’s charitable deduction. For example, if the donor purchased stock for $10,000 that has grown to $50,000, they can donate the stock directly through a DAF, avoid capital gains tax on the $40,000 profit, and claim a $50,000 deduction. Other assets such as real estate may also be donated through a DAF.
• By “bunching” (combining several years’ worth of donations into a single
contribution), donors can surpass the threshold for itemizing deductions, optimizing their tax benefits while maintaining control over their giving.
• For those who want to build a legacy and involve younger generations in philanthropy, parents or relatives may want to consider opening funds for young adults (ages 18-30).
• It’s easier to respond quickly to emergencies such as natural disasters or humanitarian crises with a DAF. With funds readily available in the account, grants can be issued quickly and reach charities within days.
Jewish tradition views tzedakah not just as an act of kindness but as a sacred obligation. A good time to consider opening a DAF account to manage charitable giving and potentially reduce taxes is anytime.
This information is not accounting advice. Consult with your accountant regarding your personal situation.
This story was sponsored by and produced in collaboration with Jewish Communal Fund. This article was produced by JTA’s native content team.
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Investment & Retirement
Investing firm to stop assessing human rights risk in ‘contiguous territorial disputes’ after scrutiny from pro-Israel groups
Asaf Elia-Shalev (JTA) — When investors need help navigating business decisions in conflict zones, they turn to specialized firms that are supposed to help them keep clear of human rights abuses. But one of the biggest firms offering advice on environmental, social, and governance issues recently announced that when it comes to the Israeli-Palestinian conflict, it will no longer have anything to say.
The conflict is just too complicated to weigh in on, Morningstar announced last month, following years of pressure by proIsrael groups who charged that the ESG field effectively fuels Israel boycotts.
The company says it devised a
new policy that ends coverage of human rights issues connected to “disputes concerning contiguous territories” after an investigation of alleged anti-Israel bias in the company’s research and analysis.
“This means we won’t cover those areas because human rights issues, when related to contiguous territorial disputes, are less likely to be objective, reliable, or consistent, and subject to complex geopolitical factors, divergent views, and conflicting partisan media reports,” Morningstar says in a statement posted to its website.
The policy change caps off a series of reforms implemented by Morningstar in response to scrutiny by a coalition
of pro-Israel groups, including the Jewish Federations of North America, The Louis D. Brandeis Center for Human Rights Under Law, the American Jewish Committee, and the Anti-Defamation League.
the statement says. “The experts’ recommendations and the framework Morningstar developed should serve as a model for the entire ESG industry to ensure that credit ratings are not infected
The experts’ recommendations and the framework Morningstar developed should serve as a model
After initially rejecting allegations that the company inappropriately downgraded Israeli companies and companies doing business in Israel, Morningstar changed course in 2022 when it was on the verge of being blacklisted by Illinois’ public pension systems. The company appointed two people as independent experts and asked them for detailed feedback about its operations.
The experts, retired U.S. diplomat Alejandro Daniel Wolff and Vanderbilt University law professor Michael Newton, issued recommendations, such as eliminating the use of the term “Occupied Palestinian Territory” from its research products.
In a report released Dec. 31, the experts announced that Morningstar had implemented changes that adequately address the concerns, noting that the “Israel/Palestinian conflict area” was now excluded from analysis entirely.
The coalition of pro-Israel groups welcomed the news in a statement, saying it merely wanted Israel held to the same standards as any other country.
“Our coalition believes structural anti-Israel bias is a form of antisemitism, and we applaud Morningstar’s efforts and good faith cooperation to root out anti-Israel bias from their products,”
with anti-Israel bias.”
Other regions also now ineligible for analysis under the new rule are the Donetsk and Luhansk People’s Republics in eastern Ukraine; the Essequibo region of Guyana; Kashmir between India and Pakistan; Nagorno Karabakh, contested between Armenia and Azerbaijan; and Western Sahara in Africa, Morningstar told the news outlet Responsible Investor.
The outlet quoted a variety of voices, including investors and watchdogs, who were critical of the exclusion of contiguous territorial disputes.
Phil Bloomer, executive director of the Business and Human Rights Resource Centre, for example, called the new rule “mystifying.”
“This is the reality of most 21st-century conflict,” he says. “Investors need access to more, not less data and understanding of the role of business in contributing to human rights risks and abuse in acute and chronic conflicts.”
The conclusion of the dispute at Morningstar comes as conservative and pro-Israel groups escalate pressure on another ESG company over the same issue. MSCI is currently pushing back against allegations that it discriminates against Israel with investment ratings that rely on biased sources of information.
The late William Goldback was a forwardthinking Hampton Roads resident who cared deeply about people in the region of Virginia where he lived and worked.
A former U.S. Navy supply officer and owner of Atlantic Electric, Bill left a legacy that funds medical services, education or research as well as the performing arts through the Hampton Roads Community Foundation.
The Power of Endowment
Investment & Retirement
The benefits of in-patient rehab
Burton
Imagine this: You’re getting ready to be discharged from the hospital when you get the news that your care team is recommending you go to a rehabilitation center to get stronger. You may ask, “Can’t I just go home with home health?” The answer is yes, but the benefits of in-patient therapies offered by a skilled nursing facility might out-weigh the understandable desire to get home right away.
Maimonides Health Center of Virginia Beach, for example, offers skilled rehabilitation that includes physical, occupational, and speech therapies. Each discipline plays a vital role in the recovery process.
MCH’s physical therapy staff has more than 99 years of collective experience and provides skilled therapy to improve functional mobility through range of motion, strength, balance, transfers, and walking. In addition, the facility offers a non-pharm logical approach to pain management. It also instructs residents in skilled techniques to improve their ability to walk, negotiate steps, and increase physical stamina. Rehab patients can expect to have therapy five to six days a week, based on evaluation findings.
The occupational therapy staff has more than 90 years of collective experience providing techniques to strengthening fine
THURSDAY, FEBRUARY 6TH
and gross motor movements. It works on standing stamina and balance to improve the abilities to return to household chores and cooking meals and educates on how to use specialized equipment to improve dressing and bathing techniques. Rehab patients can expect to have therapy three to five days a week based on evaluations.
The speech pathologists have 39 years of collective experience and play an important role in treating any language and swallowing deficits. This includes cognition, voice projection, and communication through alternative methods, memory recall, and problem solving and safety awareness. Rehab patients can expect to have therapy three to five days a week based on evaluations.
For those who decide to go home with home health services, similar services will be provided. Generally, however, they are restricted to two to three times a week and the providers may not have all the tools available to improve the patient’s recovery process.
Most skilled nursing facilities can provide these same therapies. Look for the one-on-one care that makes patients feel like family while going through the recovery process.
FOOD, DRINKS & MUSIC FOR A CAUSE
DOZORETZ HOSPICE HOUSE OF HAMPTON ROADS
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Wendy
Wendy Burton with a patient.
Stay active in retirement with Silver Sneakers and Renew Active Investment & Retirement
Stephanie Peck
Turning 65 years old has its advantages, and one of them is Silver Sneakers. A health and fitness program designed for adults 65 and older, many Medicare Advantage plans and other health insurance coverages offer this no-cost access to gyms and other fitness facilities for those aiming to stay fit in “body, mind, and spirit.”
In terms of amenities, Silver Sneakers is a traditional gym membership, but with no direct out-of-pocket costs. Online physical fitness classes are offered through its website, and in-person classes are available at facilities throughout the region. At the Simon Family JCC, Silver Sneaker-licensed classes occur every Tuesday and Thursday; Circuit, at 9 am, increases muscular and cardio endurance, while Classic, at 10 am, is designed to increase
muscle strength and range of motion. All Simon Family JCC fitness classes are open to Silver Sneaker members.
According to Tom Purcell, wellness director at Simon Family JCC, the most popular Silver Sneaker classes take place in the pool. “Water Fitness and Aqua Zumba are easier on the joints,” he explains. Water 4 Arthritis is another offering in the aquatic center, a class that provides participants with gentle range of motion exercises but requires no swimming ability.
Like Silver Sneakers, with more than 15,000 nationwide participating facilities, Renew Active, offered by United Healthcare Medicare plans, has a national network of 17,000 locations, including the Simon Family JCC. The only cost for either membership is a one-time charge of $10 to pay for the key fob.
“In addition to full facility access, membership benefits include discounted pricing on offered programs as well as the feeling of inclusivity and socialization with peers in our thriving senior community,” says Leigh Ellard, member experience director for the Simon Family JCC.
To learn more about enrolling in Silver Sneakers or Renew Active, contact your insurance provider and then speak with someone at the JCC’s front desk or call 757-321-2338.
