When would you like to retire?
Most people have an age in mind, but surprisingly few have put much thought and effort into planning how to make it happen. We usually spend more time planning our next vacation than retirement! Having a goal in place is often the missing piece – which is where The Trust Company has been able to play a vital role.
You don’t have to be the highest paid employee to be able to save enough to retire. But you do have to be proactive and disciplined in your saving habits.
Here is a true story about one of The Trust Company’s retirement plan participants:
(of course, the name has been changed for confidentiality)
“Jane Smith” has worked for her employer over 30 years and has always dreamed of retiring at age 65. The company she works for has a Retirement Plan managed by The Trust Company, and “Jane” started contributing as soon as she was eligible.
She got into a great habit of saving at a young age and has increased her 401k contribution amount whenever she could afford to do so. “Jane” makes sure to attend the semi-annual employee 401k meetings on a regular basis. She also sets up individual meetings to review her investment allocation mix every year.
Her investment mix has gradually changed over the years, becoming a bit more conservative as she neared retirement, and keeping a portion in stock mutual funds to protect against inflation. It definitely helps that “Jane” has worked for a wonderful company that has made a matching contribution and a profit sharing contribution every year.
“Jane” also took advantage of another service that The Trust Company offers its clients, financial planning. We ran retirement income projections and prepared a financial plan to help “Jane” feel more secure about her retirement decision and gave her the confidence she needed to retire at age 65.
The Trust Company has built a solid relationship with “Jane” over the years that will last her lifetime, and we look forward to working with her in the “golden years”. “Jane’s” diligence and perseverance have paid off and she is able to retire on her terms.
As we mentioned, a top-dollar salary isn’t required to be able to retire comfortably. “Jane’s” salary averaged $40,000, and she will retire with over $600,000. It’s our objective to help all of our clients reach their financial goals, just like “Jane”. We’d like to be a part of your success story.
-The Trust Company
Knoxville | Chattanooga | Tri-Cities