JAMESTOWN, N.Y. — Bob Ricker is retired after 31 years of teaching, has a pension and is still somewhat careful about his spending.

Though his wife is still working, Ricker recently met with longtime financial advisor at Summit Wealth Management and Accounting Solutions in Jamestown.

“It’s been about long-term planning. I’ve learned to be disciplined, I’ve learned to live within my means. Not have, you know, an extravagant lifestyle or anything like that, not accumulating a lot of debt,” he said.

What You Need To Know

  • Many New Yorkers are living paycheck to paycheck no matter how much they earn 

  • Financial advisors tell people to be honest with their spending 

  • There are also people dealing with large tax increases in many upstate communities

Ricker says while he has built a nestegg, there were times early on when he spent a little more and saved a little less.

“When you’re young, you know, you have this idea that things like retirement are so far in the future, that maybe you don’t consider it as important to think long-term,” he said.

Not everyone does, as close to 70% of the group’s clients live paycheck to paycheck, regardless of how much they earn.

“A lot of it has to do with the world that we live in and the temptation to essentially overspend,” said Luke Buehler, wealth manager, Summit Wealth Management.

Buehler says people need to understand where their money is going, how to pay off debt and build a savings account.

“All driven by what they spend and what they want to spend in the future, and then compare that with what they have,” said Buehler.

He also advises people to be honest about their spending beyond fixed monthly expenses, and pay themselves first.

“The sooner a person can accurately come to grips with that, the easier for us to guide them forward,” said Buehler.

Many living check to check also coming to grips with increased cost-of-living expenses in many upstate communites, as Buehler’s clients in Fredonia are managing a 4% tax increase this year, far less, compared to 54% last year.

Mayor Mike Ferguson says after years without an increase and despite economic investment, the village still faces its own rising costs and a 24% poverty rate.

“We’re all feeling it,” he said. We’re all looking at the check and the check may be the same amount, but what we need to put into any type of savings is much less than what we just had four, five years ago. And I think that’s happening just about everywhere.”

“There is hope. And it’s usually baby steps. Being patient, being consistent, being disciplined and you can resolve your issues,” said Buehler.

Like Ricker, who encourages others to contact someone they trust.

“To bounce ideas off to make sure that you do stay on your plan, not get sidetracked,” he said.