Retirement planner in Virginia Beach, VA. Retirement planning is among the most significant financial choices you'll face. At Correct Capital Wealth Management, we assist Virginia Beach, VA business owners and individuals and families develop customized retirement plans to live out the retirement of their dreams. By working with our Virginia Beach, VA retirement planners, you can confidently look forward to a comfortable and rewarding retirement. A well-planned retirement typically a more enjoyable retirement. Give us a call at 877-930-4015, contact us online, 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 learn how simple we make it 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
Ensuring your future security hinges on effective retirement planning and sustaining the lifestyle you want after retirement, whether that means filling out your cigar collection or exploring every white sandy beach. At Correct Capital, we view retirement planning as the process of determining retirement income goals and taking the steps needed to reach those goals.
Key components of a comprehensive retirement plan include:
- Savings: Building a nest egg through various savings accounts and retirement plans. This involves consistently saving part of your earnings into accounts like 401(k)s, IRAs, and other savings vehicles, ensuring that you have a significant fund accumulated for retirement.
- Investments: Increasing your wealth through investments in various financial assets like stocks, bonds, and more. A diversified investment portfolio can grow your retirement fund, leveraging market growth while managing 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. Understanding when and how to claim Social Security benefits, taking advantage of employer pension plans, and exploring other income avenues can profoundly influence your retirement earnings.
- Expenses: Estimating future living costs, including healthcare, housing, and fun time. Our retirement plans consider inflation, increasing healthcare expenses, and long-term care requirements. 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 Virginia Beach, VA with their retirement planning 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 greatly influence your financial security. Here are some key benefits:
Expertise in Financial Planning
Retirement planners have a wealth of expertise in financial planning. We remain informed on current market trends, regulations, and strategies, ensuring your retirement plan best suits your retirement goals.
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, supporting you in realizing your retirement ambitions.
Optimizing Your Retirement Savings
A retirement planner can help you maximize your retirement savings through effective investment strategies, tax-efficient planning, and identifying the retirement accounts best suited to your needs. We help your money grow effectively, expanding your retirement funds gradually.
Handling Complex Retirement Choices
Retirement involves complex financial decisions, from selecting appropriate investment strategies to deciding when to begin Social Security benefits. A retirement planner assists you in making these decisions, helping you make informed choices.
Managing Risks
Retirement planning requires addressing multiple risks, such as market volatility, inflation, and longevity risk. A retirement planner creates plans to minimize these risks, keeping your retirement funds secure and sufficient to maintain your retirement living standards.
Sidestepping Retirement Mistakes
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 Virginia Beach, VA assists in preventing these mistakes.
Long-Term Support
Retirement planning is not a one-time task but an continuous endeavor. 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 a comprehensive range of financial planning services to help you achieve your retirement goals. With our guidance, you benefit from:
- 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 Virginia Beach, VA retirement planner develops a customized strategy that details the actions required 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 on track.
- Tax Planning: Effective tax planning can significantly impact your retirement savings. Retirement planners offer strategies to reduce your tax burden, 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 help you set yourself up for the maximum benefit pre-retirement and determine the best time to start taking benefits.
- Retirement Income Planning: A critical aspect of retirement planning is securing a reliable income source in retirement. Retirement planners assist in developing a long-term income strategy, balancing withdrawals from various accounts and investments.
- Estate Planning: Estate planning ensures your assets are distributed according to your wishes 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 protect your retirement savings.
- Debt Management: If you have existing debt, a retirement planner can assist in creating a plan to reduce it, making sure it doesn’t impact your retirement goals.
- Continuous Monitoring and Adjustments: Retirement planning is an ongoing process. Our Virginia Beach, VA retirement planners consistently track your progress, review your plan regularly, and tweak it as required 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 deep expertise and professional 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 help you get where you want to go, ensuring your retirement roadmap is customized to your unique needs.
- Fiduciary Duty: We provide clear, honest, and objective guidance, free from conflicts of interest. As fiduciary financial advisors, our recommendations are based solely on what’s best for you.
- 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 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 Virginia Beach, VA include:
- 401(k) Audit
- High-Net-Worth Wealth Management
- Financial Planning
- Retirement Plan Consultants
- Fiduciary Financial Advisor
- Self-Employed Retirement Plans
Frequently Asked Questions (FAQs) About Retirement Planning
Q: What is the best age to start 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 always better to start late than never.
Q: What amount is required for a comfortable retirement?
A: The amount needed is influenced by lifestyle, health, and other considerations. A general rule many people follow 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: Important considerations are future expense estimation, income source understanding, investment diversification, and accounting for inflation and healthcare costs.
Q: How do I ensure I get the most from my Social Security benefits?
A: To maximize Social Security benefits, consider postponing benefits until reaching or surpassing full retirement age, 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: Use a withdrawal strategy like the 4% rule, make adjustments for market changes, and think about annuities and other income-producing investments for a stable income. 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: Raise your savings contributions, consider postponing retirement, fully utilize retirement account contributions, and reassess your investment plan to match your objectives. You may also consider taking on part-time work to boost your earnings, especially in the first years of retirement.
Q: How are my retirement income sources taxed?
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: How important is healthcare in 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 understanding Medicare options is essential.
Q: How can I protect my retirement savings from market volatility?
A: Diversify your 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 Virginia Beach, VA Retirement Planner Today
Retirement planning is essential for a secure and enjoyable future. At Correct Capital Wealth Management, our Virginia Beach, VA 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 reviewed and enhanced.
Contact us today to book a meeting with our knowledgeable 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.
