Retirement Planning

Make Your Resolutions Stick

December 13, 2022

Each new year is filled with promise. Whether you’re hoping to run a marathon, declutter your home, eat more healthfully, or launch a new business, a plan of action can help you achieve your resolutions in 2023.

If you have financial resolutions, we share tips to help them stick:

  1. Review your long-term priorities. Nearly half of married Americans argue about money, and financial disagreements are a leading cause of divorce.1 Having productive conversations about your goals and agreeing with your spouse on a strategy to achieve them helps you align financially and become more confident about the future. Your Washington Trust Wealth Advisor takes the time to understand what’s important to you and your family to ensure that your wealth plan is personalized to your goals.
  1. Create a realistic and actionable plan. Rome wasn’t built in a day. When you have significant, long-term objectives, such as saving enough for a comfortable retirement, funding your children’s and/or grandchildren’s college education, or making a consequential purchase (like a vacation home the whole family can use), it’s helpful to set smaller, achievable goals. For example, you can maximize your retirement savings contributions each year, regularly deposit money into a College Savings 529 plan, and earmark assets toward your wish list. A realistic and measurable action plan with small, incremental steps helps you move closer toward your goals.
  1. Monitor your progress. Be accountable to yourself as the new year unfolds. Periodic check-ins throughout 2023 will help you stay on track and give you the opportunity to make revisions when necessary. Your Washington Trust Wealth Advisor is available to help you re-evaluate your situation to help you stay on course.

Write Down Your Goals

Tracking your goals, as you do in your wealth plan, helps you prioritize and internalize them, and makes it more likely you will achieve them.2

Sample 2023 Goals

Long-Term Priorities

2023 Action Plan

Periodic Check-In

Save 80% of forecasted in-state tuition costs by 2035 to help send the grandkids to college

Set up a 529 plan and deposit $ each month through automatic transfer

Review balance quarterly and adjust deposit amount if necessary

Retire by age 65

Maximize retirement contributions, including contributions to Healthcare Savings Account (HSA) and invest strategically

Meet with Washington Trust Wealth Advisor to review progress

Ensure assets are left to children and grandchildren with a well thought out estate plan – we can help you with this

Review beneficiary designations on all financial accounts with your Washington Trust advisor

If there are any changes to family or wealth situation, review beneficiary designations on all financial statements

Your Washington Trust Wealth Advisor helps you create your action plan

Speak with your Washington Trust Wealth Advisor to ensure your wealth plan reflects your priorities. We are committed to helping you achieve your financial resolutions — because your goals are important!

Not yet working with a Washington Trust Wealth Advisor? Please contact us to learn more!

1 This common behavior is the No. 1 predictor of whether you’ll get divorced, MarketWatch, January 10, 2018.

2 Neuroscience Explains Why You Need to Write Down Your Goals if You Actually Want to Achieve Them, Forbes, April 15, 2018.

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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.