Chicago, IL Retirement Planner

Complimentary Planning By Elements

Retirement planner in Chicago, IL. Retirement planning is a critical facet of your financial life. At Correct Capital Wealth Management, we assist Chicago, IL business owners and individuals and families craft tailored retirement plans to experience their golden ages as they always wanted to. By working with our Chicago, IL retirement planners, you can set yourself up for a relaxing and satisfying retirement. A better-planned retirement typically a more enjoyable retirement. Speak to a team member today at 877-930-4015, contact us online, or schedule an appointment with a member of our advisor team to get started.

Unsure if you're prepared to partner with a financial advisor? Take a look at our process to learn how simple we make it to get started, or read our FAQs about our services.


Schedule a Meeting With an Advisor Today

Correct Capital Wealth Management's office is physically located in St. Louis, MO, but we serve clients throughout the United States in both personal financial planning and corporate retirement plans.

Schedule a 15-Minute Introductory Call


More From Correct Capital Wealth Management

Explore how Correct Capital Wealth Management can help guide you toward smarter decisions, clearer goals, and lasting financial success.

Subscribe To Our Newsletter Listen To Our Podcast Watch Our YouTube Channel


Key Components of Retirement Planning

Retirement planning is essential for securing your future and sustaining the lifestyle you want after retirement, whether that means filling out your cigar collection or visiting all the white sand beaches you desire. At Correct Capital, we view retirement planning as the process of identifying retirement income targets and taking the steps needed to reach those goals.

A thorough retirement plan should encompass the following components:

  • Savings: Building a nest egg through various savings accounts and retirement plans. This involves regularly allocating a portion of your income into accounts like 401(k)s, IRAs, and other savings vehicles, ensuring that you have a considerable savings by retirement.
  • Investments: Growing your wealth by investing in stocks, bonds, and other financial instruments. A diversified investment portfolio can help increase your retirement savings, taking advantage of market growth while mitigating risk. We'll work with you to create an investment plan that aligns with your risk tolerance and retirement timeline.
  • Income Sources: Identifying and maximizing different income streams, such as Social Security, pensions, and part-time work. Understanding the best strategies for Social Security benefits, taking advantage of employer pension plans, and evaluating supplementary income options can greatly affect your retirement funds.
  • Expenses: Projecting future expenses, including healthcare, housing, and recreational pursuits. Our retirement plans factor in inflation, escalating healthcare costs, and possible long-term care needs. We'll help you project these expenses and create a plan to cover them without compromising your quality of life.

At Correct Capital, we help our Chicago, IL clients through retirement by using tailored methods, such as the bucket system, to support you in maintaining the income needed to fulfill your retirement dreams.

Why You Need a Retirement Planner in Chicago, IL

Having a professional Chicago, IL financial advisor as a retirement planner can profoundly impact your financial future. Here are some key benefits:


Financial Planning Expertise

Retirement planners possess extensive knowledge and experience in financial planning. We keep abreast of the latest market trends, rules, and strategies, ensuring your retirement strategy is fine-tuned to meet your unique requirements.


Personalized Retirement Strategy

Each individual's retirement goals and financial circumstances are distinct. A retirement planner develops a customized plan designed to fit your unique lifestyle, goals, and financial situation, ensuring you reach your retirement aspirations.


Optimizing Your Retirement Savings

A retirement planner can help you maximize your retirement savings through smart investment approaches, tax-advantaged planning, and identifying the retirement accounts best suited to your needs. We help your money grow effectively, increasing your savings over the years.


Handling Complex Retirement Choices

Retirement involves complex financial decisions, from picking the best investment opportunities to deciding when to begin Social Security benefits. A retirement planner assists you in making these decisions, helping you make informed choices.


Risk Management in Retirement

Retirement planning requires addressing multiple risks, such as market volatility, inflation, and longevity risk. A retirement planner develops strategies to mitigate these risks, ensuring your retirement income stays consistent and able to fuel your retirement lifestyle.


Sidestepping Retirement Mistakes

Many people commit typical errors during retirement planning, such as underestimating living expenses, not accounting for healthcare costs, or failing to diversify investments. A retirement planner in Chicago, IL helps you avoid these pitfalls.


Ongoing Assistance

Retirement planning is not a one-time task but an evolving journey. A retirement planner delivers continuous guidance, frequently evaluating and updating your strategy to adapt to changes in your life, financial situation, or market conditions.


Retirement Planning Services in Chicago, IL

At Correct Capital Wealth Management, we offer a comprehensive range of financial planning services to help you live your golden years as you always wanted. When you work with us, you get:

  • Comprehensive Financial Assessment: Our retirement planners perform an in-depth analysis of your financial standing, including assets, expenses, money coming in, and your debts.
  • Personalized Retirement Planning: Based on your current finances and retirement goals, a Correct Capital Chicago, IL retirement planner develops a customized strategy that outlines the steps you need to take to reach your retirement dreams.
  • Investment Management: Our retirement planners aid in formulating an investment approach that aligns with your risk tolerance, time horizon, and retirement objectives. We provide continuous monitoring and adjustments to your investment portfolio to ensure it remains in-line with your retirement goals.
  • Tax Planning: Effective tax planning can significantly impact your retirement savings. Retirement planners offer strategies to lower your tax obligations, such as tax-efficient investment options, Roth conversions, and timing of withdrawals.
  • Social Security Optimization: Strategically maximizing your Social Security benefits is crucial. Our retirement planners review your individual case to ensure you are positioned for maximum benefits before retirement and determine the best time to start taking benefits.
  • Retirement Income Planning: A critical aspect of retirement planning is ensuring a steady income stream throughout your retirement years. Retirement planners assist in developing a long-term income strategy, managing withdrawals from different accounts and investments.
  • Estate Planning: Planning your estate guarantees your assets are allocated as you desire and can help lessen estate tax liabilities. Our retirement planners collaborate with estate lawyers to develop wills, trusts, and other necessary documents.
  • Healthcare Planning: Healthcare expenses tend to become greater as we get older. Retirement planners help you plan for these costs by reviewing insurance choices, such as Medicare and long-term care insurance, to protect your financial well-being.
  • Risk Management: Addressing risks like market fluctuations, inflation, and longevity is essential for retirement planning. Retirement planners formulate approaches to handle these risks and safeguard your retirement funds.
  • Debt Management: If you have existing debt, a retirement planner can aid in devising a plan to manage it, making sure it doesn’t impact your retirement goals.
  • Continuous Monitoring and Adjustments: Retirement planning is an ongoing process. Our Chicago, IL retirement planners consistently track your progress, frequently evaluate your plan, and modify it when necessary to keep you aligned with your objectives.

Why Choose Correct Capital Wealth Management as Your Chicago, IL Retirement Planner

Choosing the right partner for your retirement planning in Chicago, IL can have a large impact on how you live out your retirement years. Here’s why Correct Capital Wealth Management stands out:

  • Qualifications: Our team comprises seasoned professionals with a wealth of experience and credentials in financial planning, including retirement plan specialists, an Accredited Investment Fiduciary (AIF®), and CERTIFIED FINANCIAL PLANNER™ professionals. As a Registered Investment Advisor (RIA), we have access to a wealth of investment solutions and investment research sources.
  • Client-Centric Approach: We begin with your specific financial circumstances and guide you towards your retirement goals, ensuring your retirement roadmap is customized to your unique needs.
  • Fiduciary Duty: We deliver straightforward, sincere, and unbiased guidance, free from conflicts of interest. As fiduciary financial advisors, our recommendations are centered on what benefits you most.
  • Holistic Approach: Our comprehensive services encompass all elements of financial planning, ensuring no detail is overlooked in your retirement preparation.
  • Financial Resources: We equip our clients with essential information through regular webinars, podcasts, newsletters, and one-on-one meetings.
  • Proactive Communication: We ensure consistent communication to ensure you're well-informed and active, making necessary changes to stay on track with your goals.

Other services we offer in Chicago, IL include:

Frequently Asked Questions (FAQs) About Retirement Planning

Q: When should I begin planning for retirement?

A: The best time to start planning for retirement is as early as possible. Starting in your 20s or 30s allows your investments more time to grow, but it’s always better to start late than never.

Q: How much should I save for a comfortable retirement?

A: The amount needed depends on your lifestyle, health, and various other factors. A common rule of thumb is to aim for 70-80% of your pre-retirement income annually, but your Chicago, IL retirement planner will work with you to calculate the required income according to your lifestyle aspirations.

Q: What key elements should I focus on in retirement planning?

A: Critical elements to focus on are projecting future costs, knowing your income sources, diversifying your investments, and considering inflation and healthcare expenses.

Q: How do I ensure I get the most from my Social Security benefits?

A: To maximize Social Security benefits, consider delaying benefits until full retirement age or later, be aware of the spousal benefits options, and strategize your retirement income to reduce tax liabilities.

Q: How do I ensure my retirement savings last throughout my lifetime?

A: Implement a withdrawal strategy, such as the 4% rule, make adjustments for market changes, and consider annuities or other income-generating investments to provide a steady income stream. We may also suggest a “bucket” strategy in which you deliberately diversify your investments to better manage your expenses over time.

Q: What steps should I take if my retirement savings are lacking?

A: Increase your savings rate, consider postponing retirement, make the most of your retirement account limits, and review your investment strategy to ensure it's aligned with your goals. You may also consider part-time work to help supplement your income, especially in the first years of retirement.

Q: What impact do taxes have on my retirement income?

A: Taxes apply differently to Social Security, pensions, and retirement account withdrawals. Planning with a financial advisor can help minimize your tax burden.

Q: How important is healthcare in retirement planning?

A: As you and your spouse grow older, healthcare costs can become substantial. Planning for these expenses with health savings accounts (HSAs), long-term care insurance, and being aware of Medicare options is crucial.

Q: What strategies can I use to safeguard my retirement savings from market fluctuations?

A: Ensure a varied investment portfolio, including a combination of stocks, bonds, and various assets, and rebalance periodically to manage risk and ensure alignment with your retirement goals.

Hire Correct Capital as Your Chicago, IL Retirement Planner Today

Ensuring a secure and fulfilling future requires careful retirement planning. At Correct Capital Wealth Management, our Chicago, IL retirement planners are dedicated to helping you achieve the retirement income you need to live the lifestyle you want. Our tailored, all-encompassing strategy ensures that every aspect of your financial life is considered and optimized.

Contact us today to book a meeting with our knowledgeable Chicago, IL retirement planners. You can speak to a team member at 877-930-4015, contact us online, or schedule an appointment with a member of our advisor team to get started.


Are you ready to experience the Correct Capital difference?

GET STARTED

Meet our team of financial advisors.

Our Team

Services We Offer