Situated in the scenic landscapes of Western New York, Olean offers a captivating blend of small-town charm and vibrant community spirit that leaves a lasting impression on all who visit or call it home. This welcoming town is more than just a place to live—it's a place to thrive, where rich history seamlessly blends with the promise of tomorrow.
Olean is known for its stunning natural beauty that beckons outdoor enthusiasts year-round. The area's picturesque trails and parks invite residents for peaceful hikes, while nearby Allegheny River offers adventures on the water.
These natural features make Olean a haven for those who find solace in the great outdoors.
The spirit of Olean is undeniably its residents' pride and camaraderie. The town's lively events calendar is packed with festivals, farmers' markets, and social gatherings that highlight local talent and unity. Olean fosters a close-knit community, providing a safe and nurturing environment for families,
Olean, New York
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Olean, New York
where neighborly connections are just the norm.
With its robust educational institutions and vibrant arts scene, Olean is all about growth and inspiration. Its commitment to education and innovation provides enriching opportunities for all
ages, ensuring a dynamic future. In Olean, every day is a chance to celebrate culture and family, making it a true gem in the heart of Western New York.
Olean, New York: A Town with Heart and Heritage
Situated in the scenic landscapes of Western New York, Olean offers a captivating blend of small-town charm and vibrant community spirit that leaves a lasting impression on all who visit or call it home. This welcoming town is more than just a place to live—it's a place to thrive, where rich history seamlessly blends with the promise of tomorrow.
Olean is known for its stunning natural beauty that beckons outdoor enthusiasts year-round. The area's picturesque trails and parks invite residents for peaceful hikes, while nearby Allegheny River offers adventures on the water. These natural features make Olean a haven for those who find solace in the great outdoors.
The spirit of Olean is undeniably its residents' pride and camaraderie. The town's lively events calendar is packed with festivals, farmers' markets, and social gatherings that highlight local talent and unity. Olean fosters a close-knit community, providing a safe and nurturing environment for families, where neighborly connections are just the norm.
With its robust educational institutions and vibrant arts scene, Olean is all about growth and inspiration. Its commitment to education and innovation provides enriching opportunities for all ages, ensuring a dynamic future. In Olean, every day is a chance to celebrate culture and family, making it a true gem in the heart of Western New York.
FEATURED STORY
What Retirement Really Costs
by Paula Fox Derwick
Many people assume retirement will be more expensive than it really is. But when you take a closer look at your lifestyle and financial picture, retirement costs often come in lower than expected. How much you’ll need depends less on a fixed number and more on how you live, where you live, and the choices you make each month. Getting clear about the basics can help you feel more in control of your future.Housing expenses remain the highest monthly cost for many retirees. However, the shape of that cost often changes. Some people downsize into
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Paula Fox Derwick
ABOUT THE AUTHOR Paula, a Certified Financial Planner™, Certified Fund Specialist, and IRS Enrolled Agent, co-founded Fox Financial in 1989. With 30+ years of experience, she leads operations, specializes in tax-focused financial planning, stays active in professional education, and remains deeply involved in the Olean community, family life, and local service.
smaller homes or relocate to places with lower property taxes and utility bills. Others may stay in place but pay off their mortgage, reducing one of their biggest ongoing expenses. Renting is another option, especially for those who want the flexibility to move again. Looking ahead at your housing needs is one of the first steps in figuring out your overall retirement costs.Healthcare in retirement is one area where expenses typically increase. As people age, medical needs grow, and costs can rise even with Medicare. While Medicare covers a lot, it doesn’t pay for everything. Most
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What Retirement Really Costs
Many people assume retirement will be more expensive than it really is. But when you take a closer look at your lifestyle and financial picture, retirement costs often come in lower than expected. How much you’ll need depends less on a fixed number and more on how you live, where you live, and the choices you make each month. Getting clear about the basics can help you feel more in control of your future.
Housing expenses remain the highest monthly cost for many retirees. However, the shape of that cost often changes. Some people downsize into smaller homes or relocate to places with lower property taxes and utility bills. Others may stay in place but pay off their mortgage, reducing one of their biggest ongoing expenses. Renting is another option, especially for those who want the flexibility to move again. Looking ahead at your housing needs is one of the first steps in figuring out your overall retirement costs.
Healthcare in retirement is one area where expenses typically increase. As people age, medical needs grow, and costs can rise even with Medicare. While Medicare covers a lot, it doesn’t pay for everything. Most retirees pay monthly premiums, along with deductibles and out-of-pocket costs for prescriptions, dental care, and vision services. Some choose to purchase supplemental insurance or set aside dedicated funds for long-term care. Planning for healthcare in retirement can prevent sudden costs from throwing off your budget.
At the same time, other everyday costs often go down. Work-related expenses, like commuting and business attire, usually disappear. Many retirees find they spend less on eating out, especially if they now have the time to cook at home. Travel may increase for a few years early on, but often slows later. These lifestyle shifts can help offset rising healthcare expenses. Every person’s situation is different, but many find that their overall retirement costs are lower than they expected once they adjust their daily habits.
Your retirement lifestyle also affects how you draw from your savings. Making the switch from earning to spending can feel unsettling, especially if you’re unsure whether your money will last. But it helps to break down what you need each month. You might find that your actual spending is far less than you imagined. If your home is paid off and your children are financially independent, your basic monthly costs can become quite manageable.
This is where planning your income sources becomes important. Income from Social Security, 401(k)s, IRAs, and personal savings may all play a role. Knowing how much you will receive from each, and when, helps you build a stable plan. Roth IRA and Traditional IRA accounts offer different benefits in this regard. A Roth IRA allows you to withdraw funds tax-free, while a Traditional IRA offers upfront tax savings but creates taxable income later. Managing taxes in retirement by choosing the right combination of income sources can help you keep more of what you withdraw.
The biggest factor in retirement cost is often your own lifestyle and the choices you make. Whether you choose to live simply or travel extensively, whether you relocate or stay in place, and whether you continue working part-time or fully retire, your decisions shape your long-term financial picture.
That’s why it’s helpful to focus on your real numbers. Start by adding up your expected housing expenses, healthcare costs, and daily spending. Consider what kind of retirement lifestyle you want, then compare it to what your current savings can support. Many people are surprised to find that their goals are more affordable than they thought, especially with smart planning and realistic expectations.
Managing taxes is also part of keeping your retirement costs in check. Your Social Security income may be taxed depending on your total income level. Distributions from a Traditional IRA are taxable, while Roth IRA withdrawals are not. By mixing different income sources and adjusting your withdrawal strategy, you can often reduce your tax bill and stretch your savings further.
Planning for retirement doesn’t mean aiming for a huge savings number. It means understanding your monthly needs and matching those to a reliable income plan. By focusing on actual retirement costs and adjusting your lifestyle where needed, you can create a future that feels both stable and achievable.
The biggest factorin retirement costis often your ownlifestyle and thechoices you make.
retirees pay monthly premiums, along with deductibles and out-of-pocket costs for prescriptions, dental care, and vision services. Some choose to purchase supplemental insurance or set aside dedicated funds for long-term care. Planning for healthcare in retirement can prevent sudden costs from throwing off your budget.At the same time, other everyday costs often go down. Work-related expenses, like commuting and business attire, usually disappear. Many retirees find they spend less...
Education Shines in Olean, New York
Olean, New York, is more than just a charming town in Cattaraugus County; it's a vibrant hub of educational innovation and opportunity. In Olean, the commitment to nurturing future leaders is evident at every turn, from the energetic classrooms of its public schools to the lush campuses of higher education institutions.
The Olean City School District is known for its dynamic approach to learning, where educators prioritize not only academic excellence but also the well-being of each student. With a robust curriculum that embraces STEM and the arts, students are encouraged
to explore various fields and develop critical thinking skills. Programs like the Olean High School's Advanced Placement courses offer avenues for students to challenge themselves and excel.
St. Bonaventure University, a cherished part of the community, provides world-class higher education with a spirit grounded in compassion and service. Its engaging programs in business, journalism, and health
Empowering Young Minds
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Empowering Young Minds
sciences prepare students for successful careers while fostering a genuine appreciation for global citizenship.
The collective support from local organizations and the community amplifies Olean's educational initiatives, ensuring students have
access to enriching extracurricular activities and mentoring opportunities. Olean takes pride in its educational ecosystem, crafting a nurturing environment where young minds can...
Empowering Young Minds: Education Shines in Olean, New York
Olean, New York, is more than just a charming town in Cattaraugus County; it's a vibrant hub of educational innovation and opportunity. In Olean, the commitment to nurturing future leaders is evident at every turn, from the energetic classrooms of its public schools to the lush campuses of higher education institutions.
The Olean City School District is known for its dynamic approach to learning, where educators prioritize not only academic excellence but also the well-being of each student. With a robust curriculum that embraces STEM and the arts, students are encouraged to explore various fields and develop critical thinking skills. Programs like the Olean High School's Advanced Placement courses offer avenues for students to challenge themselves and excel.
St. Bonaventure University, a cherished part of the community, provides world-class higher education with a spirit grounded in compassion and service. Its engaging programs in business, journalism, and health sciences prepare students for successful careers while fostering a genuine appreciation for global citizenship.
The collective support from local organizations and the community amplifies Olean's educational initiatives, ensuring students have access to enriching extracurricular activities and mentoring opportunities. Olean takes pride in its educational ecosystem, crafting a nurturing environment where young minds can thrive and dream big.
