Retirement Planning in Concord, MO
Retirement Planning in Concord, MO. It's never a bad time to start saving for a happy and healthy retirement. Retirement planning is a necessary but sometimes mysterious topic for many Concord, MO residents who know that saving for retirement is important but aren't confident 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 are have just started saving, the Concord, MO retirement planning consultant at Correct Capital are here to help you get from where you are to where you're headed; whether your ideal retirement means as a frequent flyer to Hawaii, or perfecting your sudoku skills. Talk to one of our seasoned and astute financial advisors today by calling 314-930-401K or by contacting us online.
What is Retirement Planning in Concord, MO?
Retirement planning is an important facet of financial planning and wealth management that seeks to prepare for your future life today by choosing the best investment options, asset management, savings plans, and more.
In a best case scenario, you would start saving and planning for retirement from the moment you receive your first paycheck. 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 Concord, MO 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 Concord, MO
Americans are living longer than ever, and retirement planning has never been more essential to ensuring we are set up for the remainder of our lives. But too few people in Concord, MO and throughout the country appreciate how much good or bad retirement planning will determine the final quarter to a third. According to reporting from the U.S. Department of Labor:
- Only about 50% of adults in the United States have planned for how much in savings will be required for retirement
- Over a quarter of employees who were able to contribute to defined contribution plan such as a 401(k) did not put any money into it
- The average American spends approximately 20 years in retirement
Another survey found that over three-quarters of Americans lack retirement planning knowledge. 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 get in touch with a retirement planning professional in Concord, MO to see if there is anything you are missing, for instance evaluating tax planning considerations or whether or not it might be beneficial to roll over your 401(k) when changing jobs. Our CERTIFIED FINANCIAL PLANNER™ professionals in Concord, MO are here to offer comprehensive consultations and to identify what is working well and what could be improved.
8 Ways to Improve Retirement Planning in Concord, MO
Below are some vital tips to abide by when beginning or fine-tuning your retirement planning:
- 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 even if you are closer to retirement you can still start contributing to a retirement plan, the earlier you start contributing to a savings account the more your money will grow by the time you retire.
- Understand your time horizon
Your time horizon refers to an investment timeline based on when you want to retire. Would you like to retire early? Or would you be happier working for a few more years? Are you a few years or a few decades away from retirement? when you know that, you will be able to define your risk tolerance and determine how to optimize 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 help raise the future generations of your family, your retirement plan can obviously vary drastically. It's important to know how you'd like to live out your retirement, or, you may not have sufficient income to live the retirement you envisioned.
- Balance your retirement goals with other priorities
While it's always a good idea to prioritize retirement planning as early as possible, do not forget about other financial goals in Concord, 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 Concord, 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 have a job with a 401(k), are considering transferring the funds to an IRA, if they should perform a 401(k) rollover, or have any of countless other doubts. Depending on your time horizon, certain tax considerations, and other factors.
- Pay attention to 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 wise life insurance plan will also safeguard your Concord, MO family in the event that the unexpected happens.
- Seek the services of professional retirement consultants
Like in any field, there's no replacement for a professional. Professional retirement consultants in Concord, MO, like those at Correct Capital, know how to take a look at someone's finances, goals, and current retirement funds and identify 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 Concord, MO retirement planning specialists at Correct Capital will be working hard to actively manage your account.
Other services we offer in Concord, MO 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
- Social Security Consultants Near Me
Concord, MO Retirement Planning | Correct Capital
At Correct Capital, our financial advisors pride ourselves on 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 resources, and legal and ethical imperative to help you achieve the retirement of your dreams. If you'd like a retirement planning check-up in Concord, MO, or need to start a plan, call Correct Capital today at 314-930-401(k) or contact us online.
