Retirement Planning in Clayton, MO
Retirement Planning in Clayton, MO. It's never a bad time to start coming up with a financial path to the retirement of your dreams. Retirement planning can be an uphill battle for many Clayton, MO residents who want to be comfortable in retirement but aren't sure they're really saving enough and investing it wisely. Whether you're interested in tweaking an existing plan or need to develop a plan, the Clayton, MO retirement planning advisors at Correct Capital will create a bespoke plan aimed at achieving your dreams; whether you want to be on cruise ships around Greek islands, or just spending some quality time in the garden. Speak to one of our experienced and knowledgeable retirement consultants today by calling 877-930-4015 or by contacting us online.
What is Retirement Planning in Clayton, MO?
Retirement planning is one of the most important aspects of financial planning and wealth management that seeks to determine retirement income and lifestyle goals and merge them with sound and appropriate portfolios, asset management, 401(k)s, and more.
In a best case scenario, you would start saving and planning for retirement from the moment you become a full-time worker. If the prospect of planning for an event decades into the future is daunting, or if you you feel there just isn't enough time in the day to optimize your savings, give the Clayton, MO financial advisors at Correct Capital a call at 877-930-4015. Our retirement planning services will take a close look at your finances and goals and give you objective and unbiased advice aimed at getting your ideal retirement plan in place.
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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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The Importance of Retirement Planning in Clayton, MO
Life expectancy in the United States is higher than ever, which means retirement planning is becoming more and more important. But too few people in Clayton, MO and beyond appreciate how large of an effect poor retirement planning could have on their lives. According to a recent study from the U.S. Department of Labor:
- Only half of adults in the United States have thought about how much income they will need in retirement
- Over 25% of workers who were able to contribute to defined contribution plan such as a 401(k) did not contribute to it
- The average person in the United States spends roughly 20 years in retirement
More research noted that over three-quarters of Americans are apprehensive about their retirement funds. While it can be tempting to delay 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 dire consequences for ourselves and for future generations. Even if you are judicious in your savings, it is likely best to consult with a retirement planning specialist in Clayton, MO to see if there is anything you are missing, for instance analyzing tax planning considerations or whether or not it might be beneficial to roll over your 401(k) when deciding to take a new position. Our CERTIFIED FINANCIAL PLANNER™ professionals in Clayton, MO are here to offer comprehensive consultations and to identify what is working well and what could be improved.
8 Keys to Productive Retirement Planning in Clayton, MO
Below are some crucial steps to contemplate no matter where you are in your retirement planning journey:
- Don't wait to save
Most economists advise starting retirement savings as early as possible, as soon as you start working full time. While at any age you can start saving, starting a few years earlier can result in a difference of tens of thousands, if not hundreds of thousands of dollars.
- Decide on your time horizon
Your time horizon refers to how far you are from your ideal retirement date. Would you like to leave the workforce sooner than most? Or would you be happier working 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 how to optimize your savings.
- Understand your lifestyle goals for retirement
If you have always envisioned yearly trips to exotic beaches, or prefer to finally be able to sit back and relax, your income needs will be different. If you don't understand your lifestyle goals, you may not be able to live the retirement you envisioned.
- Balance your retirement goals with other priorities
While it's always a good idea to prioritize retirement planning when you're young, it's also likely not a good idea to avoid other financial goals in Clayton, MO like establishing an emergency fund.
- 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.
- Put your money in the best retirement account(s) for you
Many Clayton, MO 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 have access to a 401(k), wonder if their money might be best in an IRA, if they should carry out a 401(k) rollover, or are interested in other savings plan options. Depending on your time horizon, tax liability, and other factors.
- Don't forget about estate planning
Estate planning ensures a safe financial future for those you love most. A dependable life insurance plan will also safeguard your Clayton, MO family if the tragic happens.
- Seek the services of professional retirement consultants
Like in any industry, the experts know best. Professional retirement consultants in Clayton, MO, like those at Correct Capital, know how to analyze your finances, diagnose any possible problem areas and see where you can improve; 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 Clayton, MO retirement planning consultants at Correct Capital will be working hard to actively manage your account.
Other services we offer in Clayton, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
Clayton, MO Retirement Planning | Correct Capital
At Correct Capital, our financial planners always offer 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 analytics, and legal and moral imperative to help you achieve the retirement of your dreams. If you want to make sure you're on the right track in Clayton, MO, or want to implement a plan for the first time, call Correct Capital today at 877-930-4015 or contact us online.
