Retirement Planning in Fairview Heights, IL
Retirement Planning in Fairview Heights, IL. It's never too early — or too late — to start saving for your golden years. Retirement planning is a necessary but sometimes confusing topic for many Fairview Heights, IL residents who know that saving for retirement is important but aren't sure if they're headed in the right direction. Whether you already have a plan and want insight as to how it's performing or are looking to create an entirely new one, the Fairview Heights, IL retirement planning specialists at Correct Capital are here to help you get from where you are to where you're headed; whether your ideal retirement means snorkeling the coral gardens of Bora Bora, or helping raise the next generations. Talk to one of our experienced and astute financial advisors today by calling 877-930-4015 or by reaching out to us online.
What is Retirement Planning in Fairview Heights, IL?
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, 401(k)s or IRAs, and more.
Successful retirement planning should begin years before you leave the workforce. If the prospect of planning for an event decades into the future is nerve-racking, or if you you don't have the abilities or time to optimize your savings, give the Fairview Heights, IL financial advisors at Correct Capital a call at 877-930-4015. Our retirement planning services will develop a deep understanding of where you are and where you want to be financially and help you determine a retirement plan that works best for you.
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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 Fairview Heights, IL
Life expectancy in the United States is higher than ever, which means retirement planning is becoming more and more important. But not enough people in Fairview Heights, IL and beyond understand how large of an effect poor retirement planning could have on their lives. According to reporting from the U.S. Department of Labor:
- Only about 50% of adults in the United States have calculated how much income they will need in retirement
- More than 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 worker in the U.S. spends roughly 20 years in retirement
Another survey noted 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 failing to set up a sound retirement plan can have negative consequences for ourselves and our families. Even if you are responsibly putting money aside, it is likely best to get in touch with a retirement planning professional in Fairview Heights, IL 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 moving to a new employer. Our CERTIFIED FINANCIAL PLANNER™ professionals in Fairview Heights, IL are here to answer any questions 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 of the most important steps to consider when beginning or fine-tuning your retirement planning:
- Don't wait to save
Most experts advise starting retirement savings as early as you can, 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 saving, the earlier you start saving the more your money will grow by the time you retire.
- Understand your time horizon
Your time horizon refers to how far you are from your ideal retirement date. 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 a few years or a few decades away from retirement? A key understanding of your time horizon is imperative when you need to define your risk tolerance and determine how to best position your savings.
- Understand your lifestyle goals for retirement
If you dream of yearly trips to some of the world's most incredible landmarks, 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 find you do not have enough to be as adventurous or as relaxed as you were hoping.
- Don't forget about other priorities
While you should never underestimate the advantages of retirement planning when you're young, do not forget about other financial goals in Fairview Heights, IL 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.
- Choose the appropriate retirement account(s) for you
Many Fairview Heights, 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 be offered a 401(k), are considering transferring the funds to an IRA, if they should carry out a 401(k) rollover, or are interested in alternative solutions. Depending on how close you are to retirement, certain tax considerations, and more.
- Pay attention to estate planning
Estate planning ensures a safe financial future for those you love most. A wise life insurance plan will also ensure your Fairview Heights, IL family's future is secure if the tragic happens.
- Hire professional retirement consultants
Like in any industry, there's no replacement for a professional. Accomplished 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 locate any potential blind spots and optimize your savings plan; the same way a vet can notice symptoms in a pet that the owner doesn't.
While you're focusing on working hard to accumulate the funds needed for your retirement plan, your Fairview Heights, IL retirement planning advisors at Correct Capital will be working hard to ensure your hard work is not being wasted.
Other services we offer in Fairview Heights, IL include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
Fairview Heights, IL Retirement Planning | Correct Capital
At Correct Capital, our wealth managers give you 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 analytics, and morals to do what's best for you and only you. 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 877-930-4015 or contact us online.
