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Teach Your Children to Save for College

Being part of the college planning process can be very educational for children, as it presents them with valuable financial lessons for the future. Children can earn money, learn about sources of financial aid, research potential colleges, and take other steps that may relieve their parents of some of the responsibility of college planning.

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September is College Savings Month

September is College Savings Month, which means that we’ll be posting new advice all month on the Washington Trust blog about how to save for college, best ways to avoid struggling with student loans and how to prepare for dealing with other costs associated with college life. The goal of College Savings Month is to encourage parents to plan ahead for their children's college education costs. According to the College Board nearly half (47 percent) of all full-time undergraduate college students attend a four-year college that has published charges of less than $9,000 per year for tuition and fees. At the other end of the spectrum are private four-year colleges that cost $35,000 or more yearly in tuition and fees. And that doesn't include room & board or other costs like books and a laptop!

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Retirement Savings Tips for Those 50+

If you find yourself with an empty nest and a well-paying job, it may be tempting to indulge in a few splurges that were not possible when college tuition or mortgage payments were due. But before throwing caution to the wind financially, remember that you could be passing up your last opportunity to make significant headway in investing for retirement. Here are three steps to prepare financially.

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Financial Preparedness for Hurricane Season

Not only is September the peak of hurricane season, it is also National Preparedness Month. National Preparedness Month is sponsored by the Ready Campaign of FEMA and held each September to encourage Americans to take simple steps to prepare for potential emergencies in their homes, businesses and communities. The Ready Campaign asks individuals to do three key things to prepare for the unexpected: 1) get an emergency supply kit, 2) make a family emergency plan, and 3) be informed about the different types of emergencies that could occur and their appropriate responses. Something else to consider is your financial readiness in case of an emergency.

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What To Know When A Loved One Passes

Dealing with the death of a loved one can be difficult enough without the additional responsibilities of settling the deceased's estate, particularly when it comes to bills, taxes, and other outstanding debt.

Legal requirements regarding a decedent's expenses can vary widely state by state, so if you are handling a loved one's estate, be sure to consult with an attorney. Here are some important factors to keep in mind.

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Strategies for Smart Retirement Planning

A study conducted by the Employee Benefit Research Institute estimated that Americans born between 1948 and 1954 will face a retirement savings shortfall of more than $70,000.1 How can you avoid a similar fate?

Some factors that influence your retirement savings results, such as the types of investments available to you through your plan and the performance of the financial markets, can't always be controlled. But there are some factors you can influence that can help keep your portfolio on track.

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The opinions expressed in this newsletter are those of the author and may not reflect those of The Washington Trust Company. The information in this report has been obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. Any opinions expressed herein are subject to change at any time without notice. Any person relying upon this information shall be solely responsible for the consequences of such reliance. Performance is historical and does not guarantee future results.

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