Retirement Planning in Columbia, IL

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Retirement Planning in Columbia, IL. It's never a bad time to start planning for the retirement of your dreams. Retirement planning can be an uphill battle for many Columbia, IL residents who know what they want their retirement years to look like but don't know if they're really saving enough and investing it wisely. 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 advisors at Correct Capital are here to help get you where you want to go; whether that means spending your retirement years as a frequent flyer to Hawaii, or kicking back on the porch with a cigar. Talk to one of our experienced and skilled financial planners today by calling 314-930-401K or by getting in touch with us online.

What is Retirement Planning in Columbia, IL?

Retirement planning is one of the most important aspects of financial planning and wealth management that refers to financial strategies to meant to save for the future, like investment options, asset management, 401(k)s, and more.

Retirement planning, ideally, starts from the moment you get your first paycheck and continues into a relaxing retirement. If the idea of planning for an event decades into the future is nerve-racking, or if you you don't have the abilities or time to stay on top of market trends and familiarize yourself with financial law and lingo, give the Columbia, IL financial advisors at Correct Capital a call at 314-930-401(k). When you hire our retirement planning services, we get to know you and your finances personally and give you objective and unbiased advice with the objective of getting your ideal retirement plan in place.

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 judicious retirement planning in order to live the lifestyle we want in our golden years. But not enough people in Columbia, IL and beyond recognize the importance of developing a comprehensive plan years and even decades before our ideal retirement date. According to data from the U.S. Department of Labor:

  • Only half of adults in the United States have calculated how much income they will need in retirement
  • More than 25% of employees whose employers' offered a defined contribution plan such as a 401(k) did not add any savings to it
  • The average American spends roughly two decades in retirement

Another survey found that over three-quarters of Americans have expressed anxiety that they have not saved enough to be take care of themselves in retirement. At some point, you'll go from a consistent inflow of money and assets, to only withdrawing money. Even if you are responsibly putting money aside, it is likely best to reach out to a retirement planning consultant in Columbia, IL to see if your money is set up as well as it can be for long-term growth, for instance assessing tax planning considerations or if your savings would be better positioned if you roll over your 401(k) when changing jobs. Our CERTIFIED FINANCIAL PLANNERS™ in Columbia, IL are here to answer any questions and to identify how to best position your savings.

Retirement Planning Columbia, IL | Financial Advisors | Retirement Consultants Near Columbia

8 Steps to Productive Retirement Planning in Columbia, IL

Below are some vital steps to consider no matter how close you are to retirement:

  1. Don't wait to save

    Most experts advise starting retirement savings as early as possible, as soon as you have left college or otherwise entered the professional sphere. While it's never too late to start saving, starting a few years earlier can result in a difference of tens of thousands, if not hundreds of thousands of dollars.

  2. Understand 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 are you more content working and want to put off full retirement for a few extra years? 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 best position your savings.

  3. Understand what kind of life you want to live in retirement

    If you can't stop thinking about yearly trips to expensive travel destinations, or prefer to watch all 162 Cardinals' games, your income needs will be different. It's imperative to have a clear understanding of how you'd like to live out your retirement, or, you may not be able to live the retirement you envisioned.

  4. Don't forget about other priorities

    While you should never undervalue the advantages of retirement planning as early as possible, you still need to be aware of other financial issues in Columbia, IL like savings for your children's college education.

  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 ideal retirement account(s) for you

    Many Columbia, IL residents feel their current 401(k) company is the best place to see their money grow. Others may not be offered a 401(k), are considering transferring the savings to an IRA, if they should conduct a 401(k) rollover, or are interested in other savings plan options. Depending on your time horizon, certain tax considerations, and other factors.

  7. Remember estate planning

    Estate planning ensures a safe financial future for those you love most. A dependable life insurance plan will also ensure your Columbia, IL family's future is secure if the tragic happens.

  8. Speak to professional retirement consultants

    Like in any industry, 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 evaluate the path you're currently on, note any potential issues and make any necessary adjustments; 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 Columbia, IL retirement planning specialists at Correct Capital will be working hard to rebalance your portfolio in the interest of keeping your money and savings performing for you.

Other services we offer in Columbia, IL include:

Retirement Planning Columbia, IL | Financial Advisors | Retirement Consultants Near Columbia

Columbia, IL Retirement Planning | Correct Capital

At Correct Capital, our wealth managers always offer 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 insight, and honesty to create a retirement plan that benefits you. If you want to make sure you're on the right track in Columbia, IL, or need to start a plan, call Correct Capital today at 314-930-401(k) or contact us online.


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