Retirement Planning in Columbia, IL
Retirement Planning in Columbia, IL. You work hard for your money to live the lifestyle you want; not only now, but after you've left the workforce. Retirement planning can be an uphill battle for many Columbia, IL residents who know that saving for retirement is important but aren't sure if they're going to make it where they want to go. Whether you're interested in modifying an existing plan or are just starting on your retirement planning journey, the Columbia, IL retirement planning consultant at Correct Capital are here to help get you where you want to go; whether you want to be as a frequent flyer to Hawaii, or just spending some relaxing time in the garden. Talk to one of our seasoned and astute wealth managers today by calling 877-930-4015 or by getting in touch with us online.
What is Retirement Planning in Columbia, IL?
Retirement planning is an integral part of of financial planning and wealth management that sets goals for your retirement income and lifestyle and developes a sound strategy to get there, which includes portfolios, asset management, savings plans, and more.
Successful retirement planning should begin years before you leave the workforce. If the idea of planning for an event decades into the future is challenging, or if you you feel there just isn't enough time in the day to optimize your savings, give the Columbia, IL financial advisors at Correct Capital a call at 877-930-4015. Our retirement planning services will help you understand how we can merge your finances and goals and help you determine a retirement plan that works best for you.
The Importance of Retirement Planning in Columbia, IL
Life expectancy in the United States is higher than ever, and more and more of us will need wise retirement planning in order to live the lifestyle we want in our golden years. But not enough people in Columbia, IL and beyond understand 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 about 50% of Americans have planned for how much they need to save for retirement
- Over a quarter of workers who were able to contribute to defined contribution plan such as a 401(k) did not put any money into it
- The average worker in the U.S. lives for about two decades
Another survey noted that over 75% of Americans lack retirement planning knowledge. At some point, you'll go from acquiring money and assets, to going through them. Even if you are dutifully putting money aside, it is likely best to consult with a retirement planning specialist in Columbia, IL 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 moving to a new employer. Our CERTIFIED FINANCIAL PLANNER™ professionals in Columbia, IL are here to offer comprehensive consultations and to identify areas of your savings that are secure and those that could use an upgrade.
8 Steps to Productive Retirement Planning in Columbia, IL
Below are some key steps to consider no matter how close you are to retirement:
- Start saving early
Most economists recommend starting retirement savings as early as you can, as soon as you have left college or otherwise entered the professional sphere. While it's never too late to start putting money aside, you want the money to spend as much time collecting interest and growing from investments as possible.
- Understand your time horizon
Your time horizon refers to how far you are from your ideal retirement date. Would you like to add a few more years onto your retirement? Or would you be happier working for a few more years? Are you retiring soon, or do you still have more promotions and accolades to earn? A key understanding of your time horizon is imperative when you need to define your risk tolerance and determine how to best position your savings.
- Understand your lifestyle goals for retirement
If you can't stop thinking about yearly trips to the south of France, or prefer to finally be able to sit back and relax, your retirement plan can obviously vary significantly. If you don't understand your lifestyle goals, 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 you should never undervalue the advantages of retirement planning as early as possible, do not forget about other financial goals in Columbia, IL like savings for your children's college education.
- 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 Columbia, IL 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), are considering moving the funds to an IRA, if they should look into a 401(k) rollover, or have any of countless other doubts. Different plans work for different people.
- Remember estate planning
Estate planning ensures you'll leave a legacy for future generations and anyone else you'd like to include in your will. A sound life insurance plan will also ensure your Columbia, IL family's future is secure if the tragic happens.
- Speak to professional retirement consultants
Like in any field, there's rarely a substitute for an experienced and knowledgeable professional. Qualified retirement consultants in Columbia, IL, like those at Correct Capital, know how to analyze the path you're currently on, note any possible blind spots and make any necessary adjustments; the same way a dentist can notice cavities we don't.
While you're working hard to make a living and save for your retirement plan, your Columbia, IL retirement planning advisors at Correct Capital will be working hard to identify areas of risk and opportunity.
Other services we offer in Columbia, IL include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
- 401(k) For Small Business
- Small Business Retirement Plans
- Tax Planning
Columbia, IL Retirement Planning | Correct Capital
At Correct Capital, our financial advisors give you our I.O.U. promise: all the advice we give will be independent, objective, and unbiased. As fiduciary advisors and a Registered Investment Advisor, we have the tools, and legal and moral imperative to only act in your best interest. If you'd like a retirement planning check-up in Columbia, IL, or need to start a plan, call Correct Capital today at 877-930-4015 or contact us online.
