Retirement planner in Kansas City, MO. Retirement planning is among the most significant financial choices you'll face. At Correct Capital Wealth Management, we assist Kansas City, MO business owners and individuals and families create personalized retirement plans to live out their golden ages as they always wanted to. By partnering with our Kansas City, MO retirement planners, you can set yourself up for a relaxing and rewarding retirement. A thoroughly-planned retirement frequently a more enjoyable retirement. Give us a call at 877-930-4015, fill out our online form, or schedule an appointment with one of our advisors to get started.
Not sure you're ready to work with a financial advisor? Take a look at our process to see how easy it is to get started, or read our FAQs about our services.
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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.
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Key Components of Retirement Planning
Retirement planning is essential for securing your future and ensuring you can maintain your desired lifestyle after you stop working, be it golfing three times a week or exploring every white sandy beach. At Correct Capital, we view retirement planning as the process of establishing retirement income objectives and executing the necessary actions and decisions to meet those goals.
A thorough retirement plan should encompass the following components:
- Savings: Creating a financial cushion via multiple savings vehicles. This involves consistently saving part of your earnings into accounts like 401(k)s, IRAs, and other savings vehicles, ensuring that you have a considerable savings by retirement.
- Investments: Increasing your wealth through investments in various financial assets like stocks, bonds, and more. A diversified investment portfolio can boost your retirement savings, utilizing market gains and managing risks. We'll work with you to develop an investment strategy that aligns with your risk tolerance and retirement timeline.
- Income Sources: Recognizing and optimizing various income sources, 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 significantly impact your retirement income.
- Expenses: Projecting future expenses, including healthcare, housing, and fun time. Our retirement plans factor in inflation, escalating healthcare costs, and possible long-term care needs. We'll assist you in estimating these costs and devising a plan to manage them without sacrificing your quality of life.
At Correct Capital, we assist our clients in Kansas City, MO with their retirement planning by using customized strategies, 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 Kansas City, MO
Having a professional Kansas City, MO financial advisor as a retirement planner can make a significant difference in your financial future. Here are some key benefits:
Financial Planning Expertise
Retirement planners have a wealth of expertise in financial planning. We keep abreast of the latest market trends, rules, and strategies, ensuring your retirement plan best suits your retirement goals.
Tailored Retirement Solutions
Each individual's retirement goals and financial circumstances are distinct. A retirement planner creates a personalized strategy that aligns with your lifestyle, goals, and financial status, helping you achieve your retirement dreams.
Optimizing Your Retirement Savings
A retirement planner can aid in boosting your retirement savings through strategic investments, tax-advantaged planning, and finding the right retirement accounts for you. We make sure your money is working efficiently, growing your savings over time.
Navigating Complex Financial Decisions
Retirement requires making intricate financial choices, from choosing the right investment options to figuring out the best time to claim Social Security. A retirement planner assists you in making these decisions, ensuring you make well-informed decisions.
Managing Risks
Retirement planning requires addressing multiple risks, such as changes in the market, inflation, and longevity risk. A retirement planner formulates approaches to manage these risks, keeping your retirement funds secure and capable of supporting your retirement lifestyle.
Avoiding Common Pitfalls
Many people often encounter pitfalls in retirement planning, such as underestimating expenses, not accounting for healthcare costs, or overlooking investment diversification. A retirement planner in Kansas City, MO assists in preventing these mistakes.
Long-Term Support
Retirement planning is not a one-time task but an continuous endeavor. A retirement planner offers long-term support, regularly reviewing and adjusting your plan to adapt to changes in your life, financial situation, or market conditions.
Comprehensive Retirement Services in Kansas City, MO
At Correct Capital Wealth Management, we offer a comprehensive range of financial planning services to help you achieve your retirement goals. By partnering with us, you receive:
- Comprehensive Financial Assessment: Our retirement planners carry out a detailed assessment of your financial status, including assets, expenses, money coming in, and your debts.
- Personalized Retirement Planning: Based on your financial assessment and retirement goals, a Correct Capital Kansas City, MO retirement planner develops a customized strategy that details the actions required to achieve your desired retirement lifestyle.
- Investment Management: Our retirement planners help you develop an investment strategy 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 minimize your tax liability, 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 analyze your situation 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 aid in formulating a steady income plan, harmonizing withdrawals from multiple sources.
- Estate Planning: Estate planning ensures your assets are distributed according to your wishes and can help lessen estate tax liabilities. Our retirement planners partner with estate planning professionals to draft the required wills, trusts, and paperwork.
- Healthcare Planning: Healthcare expenses can be a significant concern during retirement. Retirement planners help you plan for these costs by evaluating insurance options, such as Medicare and long-term care insurance, to ensure your financial security.
- Risk Management: Addressing risks like market fluctuations, inflation, and longevity is essential for retirement planning. Retirement planners create plans to minimize these risks and secure your retirement nest egg.
- Debt Management: If you have existing debt, a retirement planner can help you develop a strategy to pay it down, making sure it doesn’t impact your retirement goals.
- Continuous Monitoring and Adjustments: Retirement planning is an ongoing process. Our Kansas City, MO retirement planners continuously monitor your progress, review your plan regularly, and modify it when necessary to keep you aligned with your objectives.
Benefits of Choosing Correct Capital Wealth Management for Your Kansas City, MO Retirement Planning
Selecting the right retirement planning partner in Kansas City, MO can significantly influence your retirement lifestyle. Here’s why Correct Capital Wealth Management stands out:
- Qualifications: Our team comprises highly qualified specialists with extensive 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 start with your current financial situation and assist you in achieving your retirement objectives, ensuring your retirement roadmap is tailored to your specific situation.
- Fiduciary Duty: We provide clear, honest, and objective guidance, free from conflicts of interest. As fiduciary financial advisors, our recommendations are focused entirely on your best interests.
- Holistic Approach: Our comprehensive services address every facet of financial planning, ensuring no detail is overlooked in your retirement preparation.
- Financial Resources: We empower our clients with knowledge through regular webinars, podcasts, newsletters, and personalized consultations.
- Proactive Communication: We keep in frequent contact to ensure you're well-informed and active, making necessary changes to stay on track with your goals.
Other services we offer in Kansas City, MO include:
- 401(k) Audit
- High-Net-Worth Wealth Management
- Financial Planning
- Retirement Plan Consultants
- Fiduciary Financial Advisor
Frequently Asked Questions (FAQs) About Retirement Planning
Q: What age is ideal for starting retirement planning?
A: The best time to start planning for retirement is as early as possible. Beginning in your 20s or 30s provides your investments with ample growth time, but it's never too late to start.
Q: How much should I save for a comfortable retirement?
A: The amount needed varies based on lifestyle, health, and other factors. A general rule many people follow is to aim for 70-80% of your pre-retirement income annually, but your Kansas City, MO retirement planner will assist in determining the necessary income based on your lifestyle goals.
Q: Which factors are crucial for 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 can I maximize my Social Security benefits?
A: To maximize Social Security benefits, consider delaying benefits until full retirement age or later, understand the spousal benefits available, and design your retirement income approach to lower tax consequences.
Q: What can I do to make sure my retirement savings last my entire life?
A: Use a withdrawal strategy like the 4% rule, adjust for market fluctuations, and consider annuities or other income-generating investments to provide a steady income stream. We may also suggest a “bucket” strategy in which you intentionally invest your money in different types of securities to better illustrate your spending over time.
Q: What should I do if I'm behind on my retirement savings?
A: Raise your savings contributions, consider postponing retirement, maximize contributions to retirement accounts, and evaluate your investment approach to ensure goal alignment. You may also consider part-time work to help supplement your income, especially in the first years of retirement.
Q: How are my retirement income sources taxed?
A: Different income sources, like Social Security, pensions, and withdrawals from retirement accounts, may be taxed differently. Planning with a financial advisor can help minimize your tax burden.
Q: What impact do healthcare costs have on retirement planning?
A: Healthcare costs can be significant as you and your spouse near the end of your lives. Planning for these expenses with health savings accounts (HSAs), long-term care insurance, and being aware of Medicare options is crucial.
Q: How do I shield my retirement savings from market volatility?
A: Diversify your portfolio, by incorporating a balance of stocks, bonds, and other investments, and periodically rebalance to keep risk in check and meet your retirement targets.
Hire Correct Capital as Your Kansas City, MO Retirement Planner Today
Ensuring a secure and fulfilling future requires careful retirement planning. At Correct Capital Wealth Management, our Kansas City, MO retirement planners are dedicated to helping you secure the retirement income required to maintain your desired lifestyle. Our tailored, all-encompassing strategy ensures that every aspect of your financial life is considered and optimized.
Contact us today to arrange a session with our expert Kansas City, MO 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.
