Retirement Planning in St. Louis
Professional, Honest, and Experienced Retirement Planners and Financial Advisors
Retirement Planning in St. Louis. It's never too early — or too late — to start planning for the retirement of your dreams. Retirement planning is a necessary but sometimes confusing topic for many St. Louis residents who want to be comfortable in retirement but aren't sure if they're on the right track. Whether you're interested in fine-tuning an existing plan or are looking to create an entirely new one, the St. Louis retirement planning specialists at Correct Capital are here to help get you where you want to go; whether that means spending your retirement years on first-class flights to Lake Como, or just spending some relaxing, quality time in the garden. Speak to one of our experienced and knowledgeable financial advisors today by calling 314-930-401K or by contacting us online.
What is Retirement Planning in St. Louis?
Retirement planning is an aspect of financial planning and wealth management that seeks to determine retirement income and lifestyle goals and merge them with sound and appropriate investment options, asset management, savings plans, and more.
Retirement planning, ideally, starts from the moment you enter the St. Louis workforce and continues into a happy and relaxing retirement. If the prospect of planning for an event decades into the future is daunting, or if you simply don't have the time, knowledge, or interest to feel like you can optimize your savings, give the St. Louis financial advisors at Correct Capital a call at 314-930-401(k). Our retirement planning services will take a close look at your finances and goals and help you determine a retirement plan that works best for you.
The Importance of Retirement Planning in St. Louis
Americans are living longer than ever, and more and more of us will need prudent and wise retirement planning in order to live the lifestyle we want in our golden years. But too few people in St. Louis and beyond recognize the importance of developing a comprehensive plan years and even decades before our ideal retirement date. According to a recent study from the U.S. Department of Labor:
- Only half of Americans have considered how much they need to save for retirement
- More than a quarter of workers with access to a defined contribution plan such as a 401(k) did not contribute to it
- The average American spends roughly 20 years in retirement
Another survey found that 80 percent of Americans are anxious about their retirement funds. While it can be tempting to put off retirement planning as more pressing concerns arise in our day-to-day lives, the truth is neglecting to take a comprehensive view of our retirement plan can have consequences for ourselves and for future generations. At some point, you'll go from a consistent inflow of money and assets, to taking money out of your savings rather than putting them in. Even if you are dutifully putting money aside, it is likely best to consult with a retirement planning professional in St. Louis to see if your savings plan has any blind spots, for instance tax planning considerations or whether or not it might be beneficial to roll over your 401(k) when changing jobs. Our CERTIFIED FINANCIAL PLANNERS™ in St. Louis are here to answer any questions and offer comprehensive consultations to identify areas of your savings that are secure and those that could use improvement.
8 Keys to Successful Retirement Planning in St. Louis
Below are some of the most important steps and tips to consider when beginning or fine-tuning your retirement planning:
- Start saving early
Most experts advise starting retirement savings as early as possible, as soon as you enter the workforce. While it's never too late to start putting money aside, the earlier you start saving the more your money will grow by the time you retire.
- Understand your time horizon
Your time horizon refers to when you'll need to access savings or sell investments. Would you like to add a few more years onto your retirement by retiring early? Or are you more content working and want to put off full retirement as long as possible? Are you 5, 15, or 30 years away from retirement? The answers to those questions and more will help define your risk tolerance and determine which types of savings account may be best for you.
- Understand your lifestyle goals for retirement
If you dream of yearly trips to the south of France, or prefer to be home as much as possible to help raise the future generations of your family, your retirement planning needs will be different. It's important to have a clear understanding of how you'd like to live out your golden years, or you may find you do not have enough to be as adventurous or as comfortable as you were hoping.
- Balance your retirement goals with other priorities
While it's always a good idea to prioritize retirement planning as early as possible, it's also likely not a good idea to avoid paying down debt or establishing an emergency fund by putting all of your savings into retirement plans. Balancing retirement planning with real estate transactions, sensible insurance plans, and more is key to any St. Louis resident's financial health.
- Strive for a well-balanced financial portfolio
In order to best attain long-term growth, it's crucial to have a diversified portfolio, understand your risk tolerance as it relates to your time horizon, and maximize your tax benefits. While stocks are often seen as the keystone to a high-performing portfolio, you'll always want to invest in bonds, cash equivalents, mutual funds, ETFs, and more.
- Choose the appropriate retirement account(s) for you
Many St. Louis residents find that the 401(k) company offered by their current or past employer meets their needs and are comfortable that their savings are growing well. Others may not be offered a 401(k), wonder if their money might be best in an IRA, if they should conduct a 401(k) rollover or move funds to a new 401(k) when changing jobs, or are interested in other savings plan options. Depending on how close you are to retirement, certain tax considerations, and other factors, different plans work for different people.
- Don't forget about estate planning
Estate planning ensures you'll leave a legacy for your children, grandchildren, and anyone else you'd like to include in your will. A sound life insurance plan will also ensure your St. Louis family's future is secure in the event that the unexpected happens.
- Seek the services of professional retirement consultants
Like in any industry, there's rarely a substitute for an experienced and knowledgeable professional. Qualified retirement consultants in St. Louis, like those at Correct Capital, know how to take a look at someone's finances, goals, and current retirement funds and diagnose any potential issues and note potential areas for more growth; the same way a doctor may see something on an MRI that a patient might not.
While you're focusing on working hard to accumulate the funds needed for your retirement plan, your St. Louis retirement planning specialists at Correct Capital will be working hard to actively manage your account, identify areas of risk and opportunity, and rebalance your portfolio in the interest of keeping your money and savings performing for you.
St. Louis Retirement Planning | Correct Capital
At Correct Capital, our financial advisors pride ourselves on our I.O.U. promise: we are independent, objective, and unbiased in all of the services and advice we offer. As fiduciary advisors and a Registered Investment Advisor, we have the resources, tools, insight, and integrity to do what's best for you and only you. It's our only obligation. If you'd like a retirement planning check-up in St. Louis, or want to develop a comprehensive plan that we can help you follow for years to come, call Correct Capital today at 314-930-401(k) or contact us online.