Financial Planning

A Time for New Beginnings

January 19, 2022

We Can Help You with Your Resolutions!

At Washington Trust Wealth Management, our goal is to help you achieve your goals—and this includes your New Year’s resolutions!

When you want to make changes

Although we may not be qualified to help you take up a new hobby or improve your fitness, we can help you create a wealth plan that allows you to take care of yourself and your family. Whether you foresee buying a vacation home to spend more time with your family, finally launching that new business you’ve had in mind, or achieving your philanthropic goals, your Washington Trust Wealth Advisor will help you plan to make it happen!

Top New Year's Resolutions

Life events may have occurred

We all experience life transitions at some point in time. The new year is a reminder to review and adjust your wealth plan to accommodate changes you’ve experienced since your last plan. For example:

  • If you’ve welcomed a new child or grandchild, you may want to evaluate your options for contributing towards his or her education, such as through an UGMA or UTMA custodial account, 529 plan, or trust, and update your estate plan.

If you’ve switched jobs, it may be time for a review of your executive compensation to make sure your portfolio remains diversified. And if you’ve received a sign-on or other bonus, we can help you determine how to invest those funds. If you are considering a move, we can help you evaluate the tax and other implications of your current and potential future compensation. And, we can help you determine how you should handle your prior company’s retirement plan balance and talk about your options. Each option has its own advantages and drawbacks, so we are here to help you decide what is best for your personal situation.

  • If your marital status is no longer the same, your plan needs to be updated to meet your new financial situation, needs, and goals. For example, your tax situation, estate planning goals, and insurance requirements may have shifted, and there will be important details to take care of, such as updating the designations on your investment accounts and life insurance policies.
  • If you’re contemplating an early retirement, you want to make sure you’ll have the resources to enjoy it! More than three million Americans, many of them young Baby Boomers, retired earlier than planned due to COVID-19 health concerns and increased asset values.* If you’ve been dreaming about leaving the work force, your Washington Trust Wealth Advisor can help you evaluate your options and create a plan that includes a tax- efficient withdrawal strategy and optimizing your Social Security benefits.

The new year ushers in new beginnings, and you want to be prepared. It’s a good idea to review your investment portfolio and objectives regularly, even if you have not experienced a major life transition, to make sure you remain on track and capture opportunities.

Contact your Washington Trust Wealth Advisor to see how we can help you achieve your resolutions and stay on your path through life’s transitions!

Source: Covid Early Retirees Top 3 Million in U.S., Fed Research Shows, Bloomberg, October 22, 2021

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No matter where you are in life, we can help. Get started with one of our experts today. Contact us at 800-582-1076 or submit an online form.

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This material is presented for informational purposes, and nothing herein constitutes legal, accounting, or tax advice. Please consult with an attorney or tax professional regarding your specific financial, legal or tax situation.

The views expressed here are those of Washington Trust Wealth Management and are subject to change based on market and other conditions. Investment recommendations and opinions expressed in these reports may change without prior notice. All material has been obtained from sources believed to be reliable, but its accuracy is not guaranteed.