Retirement Planning in Kirkwood, MO
Retirement Planning in Kirkwood, MO. It's never a bad time to start saving for your golden years. Retirement planning can be daunting for many Kirkwood, MO residents who know that saving for retirement is important but don't know if they're going to make it where they want to go. Whether you're interested in a second opinion on an existing plan or need to develop a plan, the Kirkwood, MO retirement planning consultant at Correct Capital will create a personalized plan aimed at realizing your dreams; whether that means spending your retirement years touring French vineyards, or kicking back on the porch with a cigar. Speak to one of our seasoned and astute wealth managers today by calling 314-930-401K or by contacting us online.
What is Retirement Planning in Kirkwood, MO?
Retirement planning is one of the most important aspects of financial planning and wealth management that sets goals for your retirement income and lifestyle and developes a sound strategy to get there, which includes investment options, asset management, 401(k)s or IRAs, 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 prospect of planning for an event decades into the future is challenging, 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 Kirkwood, 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 Kirkwood, MO
Americans are living longer than ever, and retirement planning has never been more essential to ensuring we are happy and comfortable for the remainder of our lives. But too few people in Kirkwood, MO and beyond 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 half of Americans have considered how much income they will need in retirement
- More than one-fourth of workers whose employers' offered a defined contribution plan such as a 401(k) did not add any savings to it
- The average American spends approximately 20 years in retirement
Additional studies found that four-fifths 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 dire consequences for ourselves and for future generations. Even if you are consciously preparing for retirement, it is likely best to set up a meeting with a retirement planning professional in Kirkwood, MO to see if your plan could be improved, for instance assessing tax planning considerations or if it might be better to keep your 401(k) or roll over your 401(k) when changing jobs. Our CERTIFIED FINANCIAL PLANNER™ professionals in Kirkwood, MO are here to answer any questions and to identify areas of your savings that are secure and those that could use an upgrade.
8 Ways to Enhance Retirement Planning in Kirkwood, MO
Below are some of the most important tips to follow no matter how close you are to retirement:
- Start saving early
Most economists suggest starting retirement savings young, as soon as you get your first paycheck. While even if you are closer to retirement you can still start putting money aside, 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 long you have to before you'll need to start withdrawing from your savings. Would you like to start your golden years? Or would you be happier working for a few more years? Are you 5, 15, or 30 years away from retirement? A key understanding of your time horizon is imperative when you need to define your risk tolerance and determine which types of savings account may be best for you.
- 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 help raise the future generations of your family, your retirement plan can obviously vary significantly. 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 dreamed of.
- Balance your retirement goals with other priorities
While it's always a good idea to prioritize retirement planning when you're young, you still need to be aware of other financial goals in Kirkwood, 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 appropriate retirement account(s) for you
Many Kirkwood, MO residents are happy with their current 401(k) company. Others may not be offered a 401(k), are considering transferring the funds to an IRA, if they should consider a 401(k) rollover, or are interested in other savings plan options. Different plans work for different people.
- Don't forget about estate planning
Estate planning ensures the people you care about most will be taken care of once you're gone. A dependable life insurance plan will also protect your Kirkwood, MO family if the tragic happens.
- Speak to professional retirement consultants
Like in any industry, the experts know best. Professional retirement consultants in Kirkwood, MO, like those at Correct Capital, know how to take a look at someone's finances, goals, and current retirement funds and locate any possible blind spots and note potential areas for more growth; the same way a dentist can notice cavities we don't.
While you're focusing on working hard to accumulate the funds needed for your retirement plan, your Kirkwood, MO retirement planning advisors 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 Kirkwood, 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
Kirkwood, MO Retirement Planning | Correct Capital
At Correct Capital, our financial advisors 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 morals to only act in your best interest. If want us to evaluate your current plan in in Kirkwood, MO, or want to develop a comprehensive plan that we can help you follow for years to come, call Correct Capital today at 314-930-401(k) or contact us online.
