How the Great Resignation May Impact You
March 22, 2022
Are you thinking about adjusting your course?
A record number of people quit their jobs during the pandemic in what is being called “The Great Resignation.” Some left due to childcare responsibilities when learning became remote, others were seeking a better work-life balance, higher pay, or greater opportunities. And an estimated 2.4 million pre-retirement baby boomers opted to leave the workforce entirely, many of whom retired sooner than planned.1
How does the Great Resignation impact you, and what can your Washington Trust Wealth Advisor do to help?
If you’re a business owner
Small business owners are still recovering from the pandemic, and nearly two-thirds say they still have not yet achieved pre-pandemic revenue.2 One issue they continue to face is a shortage of workers, forcing many business owners to increase wages and perks to attract qualified applicants. In addition, countless brick-and-mortar retail establishments had to add or increase their online presence and revise their growth strategies. As your business evolves, Washington Trust has the resources and experience to identify solutions to help your business thrive.
If you’re an executive pivoting in your career
When you switch from one job to another, you need to evaluate your compensation package and do what you can to avoid leaving money, such as unexercised stock options, on the table. Your Washington Trust Wealth Advisor can help you evaluate your opportunities, recommend ways to maximize your benefits and minimize your tax obligation, and help you keep control over your retirement assets.
If you’re contemplating an early retirement
Added workplace stress, the inability to work from home, and the desire to spend more time enjoying life are some of the many reasons younger baby boomers began rethinking when to retire. And over the past two years, millions of those with sufficient wealth have chosen to retire early. If this is something you’re considering, your Washington Trust Wealth Advisor can help you create a plan so you can explore new opportunities with confidence.
Washington Trust Wealth Management helps clients navigate the financial impact of life changes, evaluate new opportunities and adjust course to keep your financial plan on track.
1 The COVID Retirement Book, Faria e Castro, Miguel, Economic Research, Federal Reserve Bank of St. Louis, October 15, 2021
2 Many Small Business Owners Still Struggling to Get Back to Pre-Pandemic Revenue, Microsoft News, February 25, 2022
Connect with a wealth advisor
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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By accessing the noted link you will be leaving Washington Trust's website and entering a website hosted by another party. Washington Trust is not responsible for, nor do we control, endorse or guarantee the content of any external sites. Please be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of Washington Trust's website. We encourage you to read and evaluate the privacy and security policies of the site you are entering, which may be different than those of Washington Trust.
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