Fidelity Transformation at RWMS
Serve Rhode Island is Rhode Island's volunteer center as well as it's commission for national and community service. Each year, the volunteer center at Serve Rhode Island connects thousands of volunteers to service opportunities in their community. In the past few years, Serve Rhode Island has taken on a new initiative, connecting local businesses and other agencies to volunteer opportunities in our Providence public schools. The changes that these organizations have made, through their involvement with our middle schools, have made the buildings that our students learn in safer, healthier and.
Happier places. The following is an example of just how impactful a single day of service can be. instrumental music I think that the biggest challenge that I face is, is really along the lines of facilities. Making sure that there is a high quality teacher in the classroom, we've been able to do that. Making sure there are engaging lessons taking place in the classroom, we've been able to do that. But just the repair of the building is something that needs a lot of attention, and that is a huge challenge.
Instrumental music You know, the kids, to come into a classroom, the condition it was in, really isn't right for the kids. You know, they deserve to be in a real classroom. You know, a lot of the students I have they come from pretty rough backgrounds, and school should be their safe haven. I don't think that they really got that impression. Kids have been saying that my classroom has gone from worst to first. Meaning, this was the worst classroom in the school, and now it is the best.
They did a great job, we got new white boards, we got a new coat of paint, they cleaned up my radiators, it really looks good. It's what a classroom really should look like. There are already so many reasons why they don't want to come to school, and when you make the school a welcoming environment, and when you help to transform a building to make it look somewhat welcoming, that helps our students come to school more. instrumental music I would like to see the school on a level playing.
Field with the rest of the state and the rest of the city. We've kind of had the cards stacked against us for a long time and this school deserves much better. It is difficult and we've always known that, but we've always kind of worn that as a badge of honor. instrumental music Twenty volunteers, and they came in for less than a day, and if you look at the type of work they did in that classroom, just completely transforming it, where that teacher is now a little bit more excited.
About having that classroom, where the students were clearly appreciative of it, that goes a long way. It does make, the kids notice and it gives them a little pride in their school, which is always a good thing. There's no question that a little school pride to a student, it does make a difference. Like I said before, a lot of these kids they come from chaotic lifestyles, and if they can go to their school and feel some pride, then they're on their way to success, which is what we want.
Are your retirement savings at risk
Lisa goes to see her financial advisor for retirement investment advice. She needs the advice to help her choose where to put her hardearned savings. Fund A has lower costs and higher returns it's best for Lisa. Fund B has higher costs and lower returns so Lisa will earn less over her lifetime. Yet Lisa's advisor directs her to Fund B, the worse option. Why Because Fund B has backdoor payments. He does better she does worse. This is what a conflict of interest looks like. Her financial advisor puts his.
Sources of Retirement Income
Whether you're just starting your career or approaching retirement age, you'll need to consider how you're going to fund that eventual phase of your future. retirement. Think about it. With every job you work, you receive a paycheck that covers your essential living expenses, like housing and food. But what happens when you retire and those paychecks stop coming You'll need other income sources to continue to live comfortably. And don't forget that some expenses, like healthcare, may continue rising in the future. You may be tempted to think that you'll be able to rely on Social Security benefits.
Once you retire, but the fact is that Social Security is only designed to supplement your savings, not to cover all of your expenses. Depending on your salary, Social Security may replace less than onethird of your income. While few employers still offer pension plans. many employers sponsor retirement plans, like a 403b, or a 401k. As part of the sponsored retirement plans, many also offer matching contributions, which can help you maximize your retirement savings, especially if you start contributing early. You may also be able to save money in an individual retirement account, or the Roth IRA version.
With Roth accounts, you are taxed on the amount of your contribution, but if certain conditions are met, the income in retirement can be taxfree. You don't want to run out of money. Because your retirement could last decades, you'll need a plan to turn your retirement savings into a reliable stream of income to cover your essential living expenses. Some people also want to leave an inheritance or other financial legacy. How you withdraw your money is just as important as how you saved it, so consider financial products that are taxsmart and well suited to your needs.
Retirement Plan Loans what you really need to know
Music ltltVoiceover I never thought I'd have to consider taking a loan from my retirement plan. piggy bank shattering Then I hit a few bumps in the road, looked into my options, and made an informed decision. Here are some things I learned along the way. Ask yourself Is borrowing from a family member or bank a better option Also, if you're a home owner, you could consider a home equity loan, which has potential tax advantages. Did you know that if you can't pay your scheduled loan payments, you will likely be hit with taxes and a 10 penalty unless you're.
Nearly 60 years old cash register sound It's a lot to think about. If a loan from your retirement plan is still the best option for you, here are some more things to consider Borrow only what you absolutely need. Have a backup plan to pay back the loan in case you leave or lose your job, because your loan balance will probably be due within 60 days, or even right away. sound of truck backing up, then tires squeeling There are usually fees associated with setting up or maintaining the loan.
Your payments are automatically deducted from your paycheck, and you have up to five years to pay it off, possibly longer if you're using the money to buy a house. You'll pay interest on the loan, but you pay yourself the interest, so it goes right back into your retirement account, which isn't so bad. Retirement plan loans don't impact your credit because they aren't reported to credit bureaus. Another thing to think about is that, while your money is out on loan instead of in your account, it's not being invested in the market meaning that you may be missing.
Sweeten your retirement with an HSA
Music It takes a lot of smart preparation and careful thought to cover your goals for the future by putting together a retirement plan. Especially when you consider that studies show the average couple today may need $250,000 in retirement just for healthcare expenses. And that figure could jump to $500,000 in thirty years. A Wells Fargo Health Savings Account or HSA can be an important part of your retirement planning and can be used on qualified medical expenses regardless of your health plan. You can gain great financial advantages and sweeten your retirement by investing your.
HSA funds. How does that work Just think of your HSA as an IRA for healthcare expenses with similar tax advantages. Your integrated investment account gives you a simple way to grow your HSA so you have more to spend in retirement. To really maximize your savings, consider keeping all funds in your HSA and use other income for medical expenses. Just save your receipts and you can pay yourself back anytime even 30 years from now! Through the power of investing over time, the value of those dollars could be much higher.
In the future than if you pulled them out of your HSA today. And after age 65, you can use the money in your HSA for nonmedical expenses too. Those funds are only taxed at your income tax rate, which is typically lower in retirement. And the really good news Even if you invest your HSA dollars, the money is still yours to spend on medical expenses now through retirement with no income tax or penalty tax. A Wells Fargo HSA may just be the piece of your retirement planning that puts it all.
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