Retirement Planning in Columbia, IL

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Retirement Planning in Columbia, IL. You work hard every day to live the lifestyle you want; not only now, but in retirement. Retirement planning can be an uphill battle for many Columbia, IL residents who want to be comfortable in retirement but don't know if they're going to make it where they want to go. Whether you already have a plan and want insight as to how it's performing or need to develop a plan, the Columbia, IL retirement planning consultant at Correct Capital will create a customized plan aimed at attaining your dreams; whether your ideal retirement means on first-class flights to Lake Como, or perfecting your crossword skills. Speak to one of our accomplished and skilled financial advisors today by calling 314-930-401K 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 stock options, asset management, 401(k)s or IRAs, and more.

Retirement planning, ideally, starts from the moment you enter the workforce and continues into a relaxing retirement. If the idea 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 to actively manage a great retirement plan, give the Columbia, IL financial advisors at Correct Capital a call at 314-930-401(k). Our retirement planning services will get to know you and your finances personally and help you determine a retirement plan that works best for you.



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The Importance of Retirement Planning in Columbia, IL

Americans are living longer than ever, which means retirement planning is becoming more and more important. But too few people in Columbia, IL and beyond recognize how much good or bad retirement planning will determine the final 20%-33% of their lives. According to a recent study from the U.S. Department of Labor:

  • Only about 50% of Americans have calculated how much they need to save for retirement
  • More than one-fourth of employees whose employers' offered a defined contribution plan such as a 401(k) did not contribute to it
  • The average worker in the U.S. lives for about two decades

More research noted that over three-quarters of Americans have expressed anxiety that they have not saved enough to be take care of themselves in retirement. While it can be tempting to delay retirement planning as more immediate concerns arise in our day-to-day lives, the truth is failing to set up a sound retirement plan can have dire consequences for ourselves and our families. Even if you are judicious in your savings, you should still set up a meeting with a retirement planning specialist in Columbia, IL to see if your plan could be improved, for instance assessing tax planning considerations or if it might be better to keep your 401(k) or roll over your 401(k) when deciding to take a new position. Our CERTIFIED FINANCIAL PLANNER™ professionals in Columbia, IL are here to perform a thorough evaluation of your finances and to identify areas of your savings that are safe and those that could use improvement.

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8 Keys to Productive Retirement Planning in Columbia, IL

Below are some crucial steps to follow no matter how much money you've saved:

  1. Start saving early

    Most financial professionals recommend starting retirement savings as early as you can, as soon as you get your first paycheck. While even if you are closer to retirement you can still start contributing to a retirement plan, the earlier you start saving the more your money will grow by the time you retire.

  2. Understand your time horizon

    Your time horizon refers to an investment timeline based on when you want to retire. Would you like to add a few more years onto your retirement? 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 where you money is better off growing.

  3. Understand your lifestyle goals for retirement

    If you dream of yearly trips to some of the world's most incredible landmarks, 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 dreamed of.

  4. Balance your retirement goals with other priorities

    While it's always a good idea to prioritize retirement planning when you're young, you still need to be aware of other financial priorities in Columbia, IL like valuable real estate investments.

  5. 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.

  6. Choose the appropriate 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 have access to a 401(k), wonder if their money might be best in an IRA, if they should conduct a 401(k) rollover, or have any of countless other doubts. Different plans work for different people.

  7. Remember estate planning

    Estate planning ensures a safe financial future for those you love most. A wise life insurance plan will also ensure your Columbia, IL family's future is secure in the event that the unexpected happens.

  8. Hire professional retirement consultants

    Like in any industry, there's rarely a substitute for an experienced and knowledgeable professional. Veteran retirement consultants in Columbia, IL, like those at Correct Capital, know how to take a look at someone's finances, goals, and current retirement funds and locate any possible issues and optimize your savings plan; the same way a vet can notice symptoms in a pet that the owner doesn't.

    While you're busy earning money for your retirement plan, your Columbia, IL retirement planning specialists at Correct Capital will be working hard to ensure your hard work is paying off as much as it can.

Other services we offer in Columbia, IL include:

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Columbia, IL Retirement Planning | Correct Capital

At Correct Capital, our retirement consultants always offer our I.O.U. promise: everything we tell you will be independent, objective, and unbiased. As fiduciary advisors and a Registered Investment Advisor, we have the insight, and legal and ethical imperative to do what's best for you and only you. If you'd like a retirement planning check-up in Columbia, IL, or want to implement a plan for the first time, call Correct Capital today at 314-930-401(k) or contact us online.


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