Retirement Planning in Ellisville, MO
Retirement Planning in Ellisville, MO. You work hard every day 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 Ellisville, MO residents who understand the value of planning ahead but don't know if they're on the right track. Whether you already have a plan and want insight as to how it's performing or need to develop a plan, the Ellisville, MO retirement planning consultant at Correct Capital will create a customized plan aimed at attaining your dreams; whether you want to be on the sandy white beaches of the British Virgin Islands, or perfecting your sudoku skills. Speak to one of our accomplished and knowledgeable financial planners today by calling 877-930-4015 or by contacting us online.
What is Retirement Planning in Ellisville, MO?
Retirement planning is an aspect of financial planning and wealth management that seeks to determine retirement income and lifestyle goals and merge them with sound and appropriate stock options, asset management, savings plans, and more.
Retirement planning, ideally, starts from the moment you enter the workforce and continues into a relaxing retirement. If the prospect of planning for an event still decades away is challenging, or if you you don't have the abilities or time to optimize your savings, give the Ellisville, 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 with the objective of 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 Ellisville, MO
Americans are living longer than ever, which means retirement planning is becoming more and more important. But not enough people in Ellisville, MO and beyond appreciate how much good or bad retirement planning will determine the final quarter to a third. According to data from the U.S. Department of Labor:
- Only about 50% of Americans have calculated how much income they will need in retirement
- More than 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 approximately two decades in retirement
Additional studies found that over three-quarters of Americans lack retirement planning knowledge. While it can be tempting to put off retirement planning as more immediate concerns arise in our day-to-day lives, the truth is neglecting to set up a sound retirement plan can have dire consequences for ourselves and our families. Even if you are consciously preparing for retirement, you should still consult with a retirement planning specialist in Ellisville, 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 deciding to take a new position. Our CERTIFIED FINANCIAL PLANNER™ professionals in Ellisville, MO are here to offer comprehensive consultations and to identify how to best position your savings.
8 Tips to Successful Retirement Planning in Ellisville, MO
Below are some vital tips to contemplate no matter how much money you've saved:
- Start saving early
Most experts advise starting retirement savings in your early 20s, as soon as you have left college or otherwise entered the professional sphere. While it's never too late to start saving, the earlier you start contributing to a savings account the more your money will grow by the time you are ready to leave the workforce.
- Understand your time horizon
Your time horizon refers to when you'll need to access savings or sell investments. Would you like to retire early? Or are you more content working and want to put off full retirement as long as possible? Are you retiring soon, or several decades down the line? A key understanding of your time horizon is imperative when you need to define your risk tolerance and determine where you money is better off growing.
- Understand your lifestyle goals for retirement
If you have always envisioned yearly trips to the south of France, or prefer to be home as much as possible, your retirement planning needs will be different. If you don't understand your lifestyle goals, you may not have sufficient income to be as adventurous or as relaxed as you were hoping.
- Don't forget about other priorities
While you should never underestimate the benefits of retirement planning when you're still far away from retirement, it's also likely not a good idea to avoid other financial goals in Ellisville, MO like paying down debt.
- 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 ideal retirement account(s) for you
Many Ellisville, 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 look into a 401(k) rollover, or have any of countless other doubts. Depending on when you'll need to take the money out, certain tax considerations, and other factors.
- Pay attention to estate planning
Estate planning ensures the people you care about most will be taken care of once you're gone. A good life insurance plan will also ensure your Ellisville, MO family's future is secure if the tragic happens.
- Seek the services of professional retirement consultants
Like in any sphere, there's rarely a substitute for an experienced and knowledgeable professional. Veteran retirement consultants in Ellisville, MO, like those at Correct Capital, know how to take a look at someone's finances, goals, and current retirement funds and diagnose any possible blind spots and optimize your savings plan; the same way a dentist can notice cavities we don't.
While you're busy earning money for your retirement plan, your Ellisville, MO retirement planning consultants at Correct Capital will be working hard to ensure your hard work is not being wasted.
Other services we offer in Ellisville, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
Ellisville, MO Retirement Planning | Correct Capital
At Correct Capital, our wealth managers pride ourselves on 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 ethics to help you achieve the retirement of your dreams. If you'd like a retirement planning check-up in Ellisville, MO, or need to start a plan, call Correct Capital today at 877-930-4015 or contact us online.
