Retirement Planning in Fairview Heights, IL
Retirement Planning in Fairview Heights, 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 daunting for many Fairview Heights, IL residents who understand the value of planning ahead but aren't sure they're really saving enough and investing it wisely. Whether you're interested in modifying an existing plan or need to develop a plan, the Fairview Heights, IL retirement planning consultant at Correct Capital will create a personalized plan aimed at realizing your dreams; whether your ideal retirement means as a frequent flyer to Hawaii, or perfecting your crossword skills. Speak to one of our seasoned and astute retirement consultants today by calling 314-930-401K or by reaching out to us online.
What is Retirement Planning in Fairview Heights, IL?
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, 401(k)s or IRAs, and more.
Successful retirement planning should begin years before you leave the workforce. If the idea of planning for an event still decades away is daunting, or if you simply don't have the time, knowledge, or interest to feel like you can to stay on top of market trends and familiarize yourself with financial law and lingo, give the Fairview Heights, IL financial advisors at Correct Capital a call at 314-930-401(k). When you hire our retirement planning services, we 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 Fairview Heights, IL
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 not enough people in Fairview Heights, IL and throughout the country recognize the importance of developing a comprehensive plan years and even decades before our ideal retirement date. According to a recent study from the U.S. Department of Labor:
- Only about 50% of Americans have calculated how much income they will need in retirement
- Over a quarter of employees 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 20 years in retirement
Another survey found that over 75% of Americans are worried that they will not have enough for retirement. At some point, you'll go from acquiring money and assets, to taking money out of your savings rather than putting them in. Even if you are dutifully putting money aside, you should still consult with a retirement planning consultant in Fairview Heights, IL to see if your money is set up as well as it can be for long-term growth, 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 Fairview Heights, IL are here to offer comprehensive consultations and to identify what is working well and what could be improved.
8 Ways to Upgrade Retirement Planning in Fairview Heights, IL
Below are some vital steps to follow no matter where you are in your retirement planning journey:
- Start saving early
Most economists advise starting retirement savings as young as you can, as soon as you start working full time. While it's never too late to start saving, the earlier you start saving the more your money will grow by the time you are ready to leave the workforce.
- Decide on 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 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? The answers to those questions and more will help define your risk tolerance and determine how to best position your savings.
- Understand what kind of life you want to live in retirement
If you can't stop thinking about yearly trips to the south of France, or prefer to be home as much as possible, your retirement plan can obviously vary considerably. If you don't understand your lifestyle goals, you may not be able to live the retirement you dreamed of.
- Don't forget about other priorities
While you should start saving as early as possible, it's also likely not a good idea to avoid other financial issues in Fairview Heights, IL like valuable real estate investments.
- 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 Fairview Heights, IL residents feel their current 401(k) company is the best place to save. Others may have employment with 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. Different plans work for different people.
- Remember estate planning
Estate planning ensures you'll leave a legacy for latter generations and anyone else you'd like to include in your will. A wise life insurance plan will also safeguard your Fairview Heights, IL family if something happens to you.
- Speak to professional retirement consultants
Like in any industry, there's no replacement for a professional. Veteran retirement consultants in Fairview Heights, IL, like those at Correct Capital, know how to take a look at someone's finances, goals, and current retirement funds and diagnose 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 working hard to make a living and save for your retirement plan, your Fairview Heights, IL retirement planning consultants at Correct Capital will be working hard to identify areas of risk and opportunity.
Other services we offer in Fairview Heights, IL include:
- 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
- Retirement Calculator
Fairview Heights, 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 analytics, and legal and moral imperative to help you achieve the retirement of your dreams. If you'd like a retirement planning check-up in Fairview Heights, IL, or want to implement a plan for the first time, call Correct Capital today at 314-930-401(k) or contact us online.
