Retirement planner in Virginia Beach, VA. Retirement planning is one of the most important financial decisions you'll ever make. At Correct Capital Wealth Management, we assist Virginia Beach, VA business owners and individuals and families develop tailored retirement plans to live out the retirement of their dreams. By working with our Virginia Beach, VA retirement planners, you can set yourself up for a relaxing and rewarding retirement. A well-planned retirement is often a better-lived retirement. Give us a call at 877-930-4015, fill out our online form, or request an appointment with one of our advisors to get started.
Not sure you're ready to work with a financial advisor? Check out our process to see how easy it is to get started, or read our FAQs about our services.
Key Components of Retirement Planning
Securing your future through retirement planning is crucial and maintaining your preferred lifestyle post-retirement, whether that means filling out your cigar collection or learning every beach in the Caribbean by name. At Correct Capital, we view retirement planning as the process of identifying retirement income targets and taking the steps needed to reach those goals.
Key components of a comprehensive retirement plan include:
- 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: Enhancing your wealth by diversifying investments in stocks, bonds, and other financial tools. A diversified investment portfolio can grow your retirement fund, taking advantage of market growth while mitigating risk. We'll work with you to formulate an investment approach 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. Knowing the optimal times and methods to claim Social Security, 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 leisure activities. 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 Virginia Beach, VA clients through retirement by using customized strategies, such as the bucket system, to ensure you have sufficient income to enjoy your retirement years.
Why You Need a Retirement Planner in Virginia Beach, VA
Having a professional Virginia Beach, VA financial advisor as a retirement planner can profoundly impact your financial future. Here are some key benefits:
Specialized Knowledge in Financial Planning
Retirement planners possess extensive knowledge and experience in financial planning. We keep abreast of the latest market trends, rules, and strategies, making sure your retirement plan is tailored to your needs.
Personalized Retirement Strategy
Each individual's retirement goals and financial circumstances are distinct. A retirement planner creates a personalized strategy designed to fit your unique lifestyle, goals, and financial situation, supporting you in realizing your retirement ambitions.
Maximizing Retirement Savings
A retirement planner can help you maximize your retirement savings through strategic investments, tax-efficient planning, and finding the right retirement accounts for you. We make sure your money is working efficiently, expanding your retirement funds gradually.
Guiding Through Financial Decisions
Retirement entails navigating complicated financial decisions, from selecting appropriate investment strategies to determining the optimal time to start Social Security benefits. A retirement planner assists you in making these decisions, aiding you in making knowledgeable choices.
Mitigating Retirement Risks
Retirement planning requires addressing multiple risks, such as market volatility, inflation, and longevity risk. A retirement planner formulates approaches to manage these risks, helping your retirement income remain stable and able to fuel your retirement lifestyle.
Avoiding Common Pitfalls
Many people make common mistakes when planning for retirement, such as underestimating expenses, not accounting for healthcare costs, or failing to diversify investments. A retirement planner in Virginia Beach, VA guides you to sidestep these common errors.
Ongoing Assistance
Retirement planning is not a one-off activity but an ongoing process. A retirement planner delivers continuous guidance, frequently evaluating and updating your strategy to reflect changes in your personal circumstances, financial situation, or market conditions.
Services Our Virginia Beach, VA Retirement Planners Offer
At Correct Capital Wealth Management, we offer an extensive range of financial planning services to help you live your golden years as you always wanted. By partnering with us, you receive:
- Comprehensive Financial Assessment: Our retirement planners carry out a detailed assessment of your financial status, including assets, liabilities, income, and expenses.
- Personalized Retirement Planning: Taking into account your current finances and retirement goals, a Correct Capital Virginia Beach, VA retirement planner crafts a tailored plan that maps out the necessary steps to achieve your desired retirement lifestyle.
- Investment Management: Our retirement planners assist in creating an investment plan that aligns with your risk tolerance, time horizon, and retirement objectives. We provide ongoing management 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: Optimizing your Social Security benefits involves strategic planning. Our retirement planners examine your specific circumstances to prepare you for the highest possible benefits 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, managing withdrawals from different accounts and investments.
- Estate Planning: Estate planning secures the distribution of your assets per your intentions and can help lessen estate tax liabilities. Our retirement planners collaborate with estate lawyers to draft the required wills, trusts, and paperwork.
- Long-Term Care 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 safeguard your finances.
- Risk Management: Mitigating risks including market changes, inflation, and longevity is vital in retirement. 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, ensuring it doesn’t hinder your retirement plans.
- Continuous Monitoring and Adjustments: Retirement planning is an ongoing process. Our Virginia Beach, VA retirement planners regularly oversee your progress, review your plan regularly, and make adjustments as needed to ensure you continue to meet your goals.
Why Choose Correct Capital Wealth Management as Your Virginia Beach, VA Retirement Planner
Choosing the right partner for your retirement planning in Virginia Beach, VA 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 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 centered on what benefits you most.
- Holistic Approach: Our comprehensive services address every facet 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 personalized consultations.
- Proactive Communication: We maintain regular communication to keep you informed and engaged, adjusting as needed to align with your objectives.
Other services we offer in Virginia Beach, VA include:
- 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: Starting retirement planning early is highly recommended. Beginning in your 20s or 30s provides your investments with ample growth time, but it’s always better to start late than never.
Q: How much money do I need to retire comfortably?
A: The amount needed varies based on lifestyle, health, and other factors. A common rule of thumb is to aim for 70-80% of your pre-retirement income each year, but your Virginia Beach, VA retirement planner will work with you to calculate the required income according to what you want to do in retirement.
Q: What are the most important factors to consider in retirement planning?
A: Key factors include estimating future expenses, understanding income sources, diversifying investments, and accounting for inflation and healthcare costs.
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 plan your retirement income strategy to minimize tax impact.
Q: How can I make my retirement savings last for the rest of my life?
A: Implement a withdrawal strategy, such as the 4% rule, make adjustments for market changes, and explore annuities or similar investments to ensure a consistent income. We may also suggest a “bucket” strategy in which you strategically allocate your funds in various securities to manage your spending effectively over time.
Q: How can I catch up if I'm behind on retirement savings?
A: Increase your savings rate, consider postponing retirement, fully utilize retirement account contributions, 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: Income sources such as Social Security, pensions, and retirement account withdrawals are taxed in various ways. Planning with a financial advisor can help minimize your tax burden.
Q: What impact do healthcare costs have on retirement planning?
A: Healthcare expenses often increase as you and your spouse age. Planning for these expenses with health savings accounts (HSAs), long-term care insurance, and understanding Medicare options is essential.
Q: How do I shield my retirement savings from market volatility?
A: Ensure a varied investment portfolio, consider a mix of stocks, bonds, and other assets, and periodically rebalance to keep risk in check and meet your retirement targets.
Hire Correct Capital as Your Virginia Beach, VA Retirement Planner Today
Planning for retirement is a necessary step to ensure a secure and fulfilling future. At Correct Capital Wealth Management, our Virginia Beach, VA retirement planners are dedicated to helping you attain the retirement funds necessary for the lifestyle you envision. Our tailored, all-encompassing strategy ensures that every aspect of your financial life is considered and optimized.
Contact us today to schedule a consultation with our experienced Virginia Beach, VA 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.
