Taking steps toward retirement
TOAST, LET'S TOAST TO TOAST.
IT IS GOING TO BE A FUN MORNING.
WILL: THE WORDS "RETIREMENT"
MAKE A LOT OF PEOPLE HAPPY BUT
WHEN IT COMES TO PLANNING THERE
ARE CERTAIN STEPS YOU SHOULD BE
TAKING.
WITH US IS HOLLY,
MANAGING
OFFICER FOR WEALTH TRUST.
SOMEONE WILL BE RETIRING TODAY.
AT WHAT AGE SHOULD SOMEONE
BEGIN
TO THINK ABOUT RETIREMENT?
WHEN YOU GET YOUR FIRST JOB?
IT IS NEVER TOO EARLY TO
START PLANNING, BUT ABOUT 10
YEARS FROM YOUR TARGET
RETIREMENT DATE YOU SHOULD START
TO FORMULATE A COMPREHENSIVE
PLAN.
WILL: WE CAN COME TO YOU FOLKS
AND YOU CAN MAP OUT BILLS AND
YOUR LIFESTYLE.
ABSOLUTELY.
IT IS IMPORTANT TO WORK WITH AN
ADVISOR TO HELP YOU UNDERSTAND
THE MATCH -- MAXIMUM AMOUNT YOU
CAN BE CONTRIBUTING TO YOUR
PLAN.
IT IS IMPORTANT TO PAY DOWN YOUR
DEBTS.
YOU WANT TO RETIRE ANY MORTGAGE
DEBT OR CAR PAYMENTS BEFORE YOU
RETIRE.
WE WOULD BE HAPPY TO ASSIST.
WILL: HOW WOULD SOMEONE REALLY
PLANNED FOR THE FUTURE?
WHAT AMOUNT OF MONEY IS A GOOD
AMOUNT TO PUT AWAY?
THAT DIFFERS FOR EVERYONE.
THE FIRST STEP IN EVALUATING
WHAT YOU NEED TO HAVE SAVED IS
TO THINK ABOUT WHAT YOUR INCOME
NEEDS IN RETIREMENT WILL BE AND
THE INCOME SOURCES.
IF YOU HAVE A PENSION OR
RETIREMENT ACCOUNT, YOU NEED TO
UNDERSTAND YOUR NEEDS TO
DETERMINE THE AMOUNT YOU SHOULD
HAVE SAVED.
WILL: MOST FOLKS, WHEN THEY GET
A JOB, COMPANIES DON'T REALLY DO
PENSIONS ANYMORE.
THAT IS MARK CONTRIBUTING TO A
401(K).
DO YOU MAX THAT OUT?
ABSOLUTELY.
AN ACCOUNTANT OR A ADVISOR CAN
HELP YOU WITH THE MAXIMUM AMOUNT
TO PUT IN.
IT IS NICE TO HAVE THAT TAX-FREE
UNTIL YOU ARE 70 AND A HALF.
MANY PEOPLE ARE WORRIED ABOUT
MEDICAL EXPENSES THAT MAY COME
UP.
THEY WOULD LIKE TO TRAVEL IF
THAT IS SOMETHING THEY DO, AND
THEY WOULD LIKE TO HAVE A
COMFORTABLE LIFESTYLE.
THAT IS THE GOAL OF MAKING
THAT COMPREHENSIVE PLAN, WORKING
TOWARD THAT GOAL.
IF YOU WORK WITH SOMEONE TO HELP
YOU SET THOSE REALISTIC IDEAS.
WILL: ONE SOMEONE COMES TO VISIT
YOU, WHAT DO THEY NEED TO BRING?
ALL THEIR EXPENSES, BILLS FROM
THE HOUSE THEY LIVE IN, CAR
PAYMENTS, ET CETERA?
OUR USUAL MEETING IS TRYING
TO UNDERSTAND THEIR GOALS AND
WHAT THEY WOULD TRY TO
ACCOMPLISH.
IT IS REALLY JUST A
CONVERSATION.
IF YOU WANTED TO ENGAGE
WASHINGTON TRUST, WE WOULD ASK
YOU TO PROVIDE ALL OF YOUR
FINANCIALS AND MAKE SURE WE ARE
AWARE OF YOUR COMPLETE
SITUATION.
WILL: I SEE THOSE PEOPLE ALL THE
TIME, I AM HERE, I'M GOING DOWN
TO FLORIDA FOR A BIT, THAT IS
WHAT WE WANT.
YOU WANT TO BE ABLE TO RETIRE
COMFORTABLY AND CONFIDENTLY.
Honoring Fallen Officers this Weekend in Newport Touch-a-Truck Event Returns for 13th Year DIY party tips for Kentucky Derby and Cinco de Mayo Legal Logic: Who gets custody of the pets? The Rhode Show - #RSBuzz - Post-Breakup Splurge? - 4/30/19 In the Kitchen: Rocco's Ribs In the Kitchen: TPOJ Fireball The Rhode Show - #RSBuzz - Morning Routine - 5/1/19 WaterFire Ready to Spark Up Their 25th Season Eye on RI: Spring events are blooming!
