Russ Shelton and Vito Pampoloma proudly presented a $5,000 check to Roz Burns and Natalia Petraszczuk of Next Steps for Seniors on behalf of the Rochester Rotary Charities. Next Steps supports seniors by providing home care assistance, housing grants, healthcare guidance, and access to nurse navigators. With Michigan's aging population, the organization has seen a 40% increase in demand over the past year. Their efforts focus on helping seniors in the low-income bracket or the often-overlooked middle-income group.
Carol Franciosi provided an update on the upcoming Social Committee event. She will host a charcuterie board party at her home, located at 115 Lark St., Lake Orion, on Thursday, February 27, starting at 5 p.m. Guests are welcome to bring their beverages but are kindly asked to take any leftovers home. We hope to see you there around 5 p.m.!- And the ducks kept marching on.
Sheriff David Blair took to being the sheriff today like a "duck to water." He fined Bill Ebinger for this long story about the duck carings and suggested that Bill check each piece for "quacks" around the edges. - He reminded Vito Pampoloma that the giant check was non-cashable.
- Anyone who might have had money on the Lions game was fined
- John Gaber, a.k.a. the smartest guy in the room, was asked how far the free throw line is from the basket at the Pistons' game. John estimated it was ten feet away and was wrongo bongo! It is 15 feet away, so he was out of luck and was fined $5 for the difference.
- The sheriff then changed focus to weather-related fines. You were fined if you neglected to bring cold-weather gear, shoveled your walk, didn't shovel your walk, neglected to dig out your car scraper, had frozen pipes or clogged pipes, and if you were one of the lucky ducks flying south to warmer weather.
- Lastly, call Bryan Barnett if you have any complaints about snowplow piles at the end of your recently cleared driveway.
At Tuesday's meeting, Rachel Aviles, Kyle Johnson, and Ethan Hoffman shared their insights on personal investing during a panel discussion moderated by President Designee Tami Salisbury.
Rachel earned her JD from WSU and practiced law for several years before transitioning to Merrill Lynch in Saginaw. She has served as co-chair of the Hispanic/Latino Organization for Leadership and Advancement and is set to become the president of the Rochester Rotary Club.
Ethan Hoffman graduated with a finance degree from MSU and has been with Edward Jones for over 20 years.
Kyle Johnson, a CMU graduate, has been a Personal Investment Advisor at Merrill Lynch since 2019.
Tami began the discussion by asking about the foundational principles of creating a financial plan. The panel agreed that successful planning starts with identifying clear goals and striking a balance between short-, medium-, and long-term objectives, all tailored to an individual’s current circumstances and future aspirations.
The panel emphasized the importance of developing a consistent habit of saving and investing early in life. As retirement approaches, it becomes crucial to assess all investments comprehensively and consider consolidating accounts where appropriate.
They advised starting small, such as saving a percentage of income annually and establishing a reliable emergency fund that can be accessed quickly—within a day or two. A key takeaway was to avoid waiting for ideal circumstances to begin saving and to take action immediately.
Panelists encouraged attendees to actively engage with their financial advisors by asking questions to understand when to adopt aggressive or conservative strategies and avoid making emotionally driven investment decisions. They also highlighted the importance of considering tax implications while cautioning against letting tax concerns overshadow better investment opportunities—a concept summed up as "don’t let the tax tail wag the dog."
The panel emphasized the importance of strategic planning for required minimum distributions (RMDs), suggesting that charitable contributions could benefit both the donor and the recipient organization. The required minimum distribution (RMD) age depends on the year you were born:
- 1950 or earlier: You must start taking RMDs at age 72
- 1951–1959: You must begin taking RMDs at age 73
- 1960 or later: You must start taking RMDs at age 75