Launched in 2005, WellesleyWeston Magazine is a quarterly publication tailored to Wellesley and Weston residents and edited to enrich the experience of living in two of Massachusetts' most desirable communities.
Issue link: https://wellesleywestonmagazine.epubxp.com/i/256387
children and grandchildren, are explored, as are estimates for contin- gencies. Health issues head the list of contingencies—our own, our spouse's, our parents', or our children's. Some people choose to supple- ment the income of their aging parents or of their not-yet-independent children or under-employed young adults. Divorce, of course, alters the financial situation of everyone involved. An analysis of reliable sources of income such as savings, annuity payments, pensions — and perhaps Social Security— complements this list of expenses. Together, they provide an interdependent frame- work for understanding how much is enough generally, as well as a forum for ongoing evaluations of the benefits and costs of incremental lifestyle choices: What will it take to fund this choice? Are we produc- ing enough income to afford it? "It is important to meet regularly with a wealth advisor to know where you stand and to explore what the future can look like under various scenarios," Rapaport suggests. The financial advisors we spoke with described the necessity of revisiting asset mix on an ongoing basis to ensure that an appropriate balance between risk management and growth potential is achieved. Accelerate Your Financial Readiness Here are a few tips from the financial planners with whom we spoke, to get where you want to be. n START THE CONVERSATION with your partner now — the earlier the better. Understanding trade-offs positively impacts behavior over time. n SAVE NOW. Remember the adage: "It is not how much money you earn, it's how much you keep." Fidelity recommends saving 10 to 15 101 Are You Ready to Retire? s p r i n g 2 0 1 4 | W e l l e s l e y W e s t o n M a g a z i n e ( C O N T I N U E D F R O M P A G E 9 6 ) M E D I A B A K E R Y If you are over 50 , take advantage of "catch-up" contributions 090-102_WWMa14_ready to retire_v3_WellesleyWeston Magazine 2/1/14 4:36 PM Page 101