Follow Susan Linkedin Twitter Facebook
Email Susan Email
Financial
Sep 15, 2016

The Olympics of Savings

Sponsored Content provided by Susan Willett - Director of Trust Services, Old North State Trust, LLC

It’s that wonderful season that only comes every two years - the Olympics.

We get to watch in awe as records are broken and superhuman feats are accomplished. Our thoughts turn to greatness and our hearts swell with pride in our fellow countrymen.

However, these athletes didn’t get to the top of their games by not being prepared. So, it’s also a great time to think about making our own futures great by ensuring we are prepared. 

How do we do that? By ensuring we are saving by Olympic standards.

Gold Medal savings

  • Six months’ worth of expenses in a liquid, readily accessible account (savings, money market, etc.)
  • Maximum contribution to 401(k) plan and/or IRAs
  • Maximum contribution to Health Spending Account (HSA) or Flexible Spending Account (FSA)
  • Maximum contribution to 529 plans for children’s or grandchildren’s education (even if you think they won’t need it; you can use it later)
  • Maximum participation in any company stock option plan
Silver Medal savings
  • Four months’ worth of expenses in a liquid, readily accessible account
  • Maximum contribution to 401(k) plan
  • Some contribution to IRAs
  • Maximum contribution to HSA or FSA
  • Some contribution to 529 plans
  • Some participation in any company stock option plan
Bronze Medal savings
  • Four months’ worth of expenses in a liquid, readily accessible account
  • Maximum contribution to 401(k) plan
  • Some contribution to IRAs
  • Maximum contribution to HSA or FSA
  • Some contribution to 529 plans
  • Some participation in any company stock option plan
Depending on your age, you may even be able to make catch-up contributions to some of these plans.  Not all of these options may be available to you but if they are, you should take advantage of them while you can. You will save like a superstar and it will pay Olympic-sized results in the long run.

Old North State Trust, LLC (ONST) periodically produces publications as a service to clients and friends. The information contained in these publications is intended to provide general information about issues related to trust, investment and estate related topics. Readers should be aware that the facts may vary depending upon individual circumstances. The information contained in these publications is intended solely for informational purposes, is proprietary to ONST and is not guaranteed to be accurate, complete or timely.
 
Susan Willett is the director of trust services and oversees all aspects of trust administration for Old North State Trust, LLC. Old North State Trust, a North Carolina chartered trust company, provides: asset management services; income, estate and trust tax consulting; retirement planning and administration; and trustee and estate services to both individuals and businesses. Old North State Trust professionals have many years of experience and for over a decade have assisted clients in identifying and reaching their financial goals. For more information, visit www.oldnorthstatetrust.com or call 910-399-5470.

Other Posts from Susan Willett

Onst insights blk
Ico insights

INSIGHTS

SPONSORS' CONTENT
Jim ellis headshot 10311631058

Best Practices for UX in Email Design

Jim Ellis - Signal
Webilm julieformal kellystarbuckcom mg 5471

Traveling for Business, Leisure or Bleisure?

Julie Wilsey - Wilmington International Airport
Volety 0020 1121724229

Helping Students Get Back on the Path to Degree Completion

Aswani Volety - UNCW College of Arts and Sciences

Trending News

Morton Approved As CFCC President By State Board

Jenny Callison - Apr 20, 2018

Music Supply Firm's New Location Makes Room For Growth

Christina Haley O'Neal - Apr 20, 2018

CFCC Situation Draws State Board Scrutiny

Jenny Callison - Apr 20, 2018

State Board To Consider Morton Selection As CFCC President This Week

Jenny Callison - Apr 19, 2018

Homeowners Insurance Rate Increase Capped At 5.5 Percent

Christina Haley O'Neal - Apr 19, 2018

In The Current Issue

Facility At Autumn Hall Set To Expand

Bradley Creek Health Center at Carolina Bay recently received conditional approval to add eight non-Medicaid certified adult care home beds....


In Case Of GenX

Michael Kiser is one of four plaintiffs in consolidated toxic tort cases, proposed as a class action, filed in U.S. District Court in the Ea...


Area Attorneys Chosen For 2018 Super Lawyers List

A legal industry accolade that comes out each year is the Super Lawyers list, which is a publication of Thomson Reuters, and numerous local...

Book On Business

The 2018 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

WilmingtonBiz Expo - Keynote Lunch with John Gizdic, CEO, New Hanover Regional Medical Center
Wilmington's Most Intriguing People of 2017
2017 Health Care Heroes