Cover for Retirement in Stages

By Wells Fargo AdvisorsSubmitted Content
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While summer vacations and national holidays typically provide a break for everyone who would be considered a member of the working public, there is one big break ahead that’s a priority on most everyone’s calendar — retirement. 

And while it may be closer for some than it is for others, everyone needs to make sure they are financially prepared when the time comes to take a permanent leave from the ranks of the employed.  Personal circumstances make planning for retirement different for each individual, but there are several considerations that apply if you break it down by the amount of time you have left until you retire.

If you have at least 10 years to go until you plan on retiring, you still have the advantage of time on your side.  One of the most basic principles of investing is putting your money into different investment vehicles and then leaving it there so you can reap the benefits of long-term returns. With more than 10 years to invest, you might be able to afford to take on a little bit more risk with your investments.  While equities – such as stocks – have an inherent risk of losing money, they also have a history of providing significant returns over a long period of time.  Just keep in mind that past performance is no guarantee of future results.

Probably the biggest advantage of getting an early start is the benefit of compounding earnings.  Based on the investments in your retirement portfolio, the money you put in has the potential to earn more money for you – whether through interest payments, dividends, or other means of growth.  In many cases, those earnings can be reinvested into your portfolio, further enhancing the total value of your savings and allowing your money the opportunity to “make money” for you.

If your retirement is less than 10 years away, then it’s time to start making subtle adjustments to your investment mix.  Hopefully, at this point you’re not just getting started, but rather taking a look at how your investments are allocated and making sure they appropriately match your risk tolerance, your investment objectives and your relatively short time horizon.  Because you have less time to work with, you still want to have some investments that offer growth, but you also want to begin looking at preservation of principal through fixed income alternatives such as bonds, which may provide a little more stability in your portfolio and help reduce your overall risk.



Finally, at some point you’ll reach that day that you once thought was so far off.  When you find yourself officially in the position to retire, you will have a whole different outlook on those funds you have set aside for just that purpose.  Instead of making contributions to your retirement funds to help them grow, you’ll be looking to maintain income from those investments.  You’ll likely begin taking distributions from them to pay for your day-to-day expenses.  A thorough review of your investments will help you clearly see just how much you have saved, and how you will have to plan your distributions so you don’t run short on funds during your retirement.

Financial preparation for retirement is something that is different for every individual.  To make sure that you’re on the right track, take the time now to assess your own situation and see what you can do to make sure you’re ready when it’s time for you to retire.

This article was written by/for Wells Fargo Advisors and provided courtesy of Jonathan Buoni in Northampton, MA at 413-585-1432. Investments in securities and insurance products are: NOT FDIC-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE Wells Fargo Advisors, LLC, Member SIPC, is a registered broker-dealer and a separate non-bank affiliate of Wells Fargo & Company. ©2014 Wells Fargo Advisors, LLC.  All rights reserved.    1113-02833 (#92638    e7079)

 


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North Adams Regional Reopens With Ribbon-Cutting Celebration

By Tammy DanielsiBerkshires Staff

BHS President and CEO Darlene Rodowicz welcomes the gathering to the celebration of the hospital's reopening 10 years to the day it closed. 
NORTH ADAMS, Mass. — The joyful celebration on Thursday at North Adams Regional Hospital was a far cry from the scene 10 years ago when protests and tears marked the facility's closing
 
Hospital officials, local leaders, medical staff, residents and elected officials gathered under a tent on the campus to mark the efforts over the past decade to restore NARH and cut the ribbon officially reopening the 136-year-old medical center. 
 
"This hospital under previous ownership closed its doors. It was a day that was full of tears, anger and fear in the Northern Berkshire community about where and how residents would be able to receive what should be a fundamental right for everyone — access to health care," said Darlene Rodowicz, president and CEO of Berkshire Health Systems. 
 
"Today the historic opportunity to enhance the health and wellness of Northern Berkshire community is here. And we've been waiting for this moment for 10 years. It is the key to keeping in line with our strategic plan which is to increase access and support coordinated county wide system of care." 
 
Berkshire Medical Center in Pittsfield, under the BHS umbrella, purchased the campus and affiliated systems when Northern Berkshire Healthcare declared bankruptcy and closed on March 28, 2014. NBH had been beset by falling admissions, reductions in Medicare and Medicaid payments, and investments that had gone sour leaving it more than $30 million in debt. 
 
BMC was able to reopen the ER as an emergency satellite facility and slowly restored and enhanced medical services including outpatient surgery, imaging, dialysis, pharmacy and physician services. 
 
But it would take a slight tweak in the U.S. Health and Human Services' regulations — thank to U.S. Rep. Richie Neal — to bring back inpatient beds and resurrect North Adams Regional Hospital 
 
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