Retirement Planning in Lake St. Louis, MO
Professional, Honest, and Experienced Retirement Consultants and Wealth Managers
Retirement Planning in Lake St. Louis, MO. It's never too early — or too late — to start saving for your golden years. Retirement planning can be daunting for many Lake St. Louis, MO residents who know what they want their retirement years to look like but don't know if 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 need to develop a plan, the Lake St. Louis, MO retirement planning specialists at Correct Capital will create a customized plan aimed at achieving your dreams; whether your ideal retirement means as a frequent flyer to Hawaii, or kicking back on the porch with a cigar. Speak to one of our seasoned and skilled retirement planners today by calling 314-930-401K or by reaching out to us online.
What is Retirement Planning in Lake St. Louis, MO?
Retirement planning is one of the most important aspects 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.
Retirement planning, ideally, starts from the moment you enter the workforce and continues into a happy retirement. If the idea of planning for an event decades into the future is challenging, or if you you feel there just isn't enough time in the day to actively manage a great retirement plan, give the Lake St. Louis, MO financial advisors at Correct Capital a call at 314-930-401(k). 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.
The Importance of Retirement Planning in Lake St. Louis, MO
Americans are living longer than ever, and more and more of us will need judicious retirement planning in order to be comfortable and happy our golden years. But not enough people in Lake St. Louis, MO and throughout the country recognize how much good or bad retirement planning will determine the final 20%-33% of their lives. According to a recent study from the U.S. Department of Labor:
- Only about 50% of Americans have calculated how much they need to save for retirement
- More than one-fourth of workers who were able to contribute to defined contribution plan such as a 401(k) did not contribute to it
- The average American spends approximately two decades in retirement
Another survey found that over three-quarters of Americans lack retirement planning knowledge. At some point, you'll go from acquiring money and assets, to only withdrawing money. Even if you are responsibly putting money aside, you should still reach out to a retirement planning professional in Lake St. Louis, 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 Lake St. Louis, MO are here to perform a thorough evaluation of your finances and to identify how to best position your savings.
8 Ways to Improve Retirement Planning in Lake St. Louis, MO
Below are some crucial steps to abide by when beginning or fine-tuning your retirement planning:
- Don't wait to save
Most experts suggest starting retirement savings as early as you can, as soon as you enter the workforce. While at any age you can start saving, starting a few years earlier can result in a difference of tens of thousands, if not hundreds of thousands of dollars.
- Have a good grasp of 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 add a few more years onto your retirement? Or are you more content working and want to avoid full retirement as long as possible? Are you 5, 15, or 30 years away from retirement? The answers to those questions and more will help define your risk tolerance and determine where you money is better off growing.
- Understand your lifestyle goals for retirement
If you can't stop thinking about yearly trips to exotic beaches, or prefer to be home as much as possible, your retirement plan can obviously vary considerably. It's important to have a clear understanding of how you'd like to live out your golden years, or, you may find you do not have enough to be as adventurous or as comfortable as you were hoping.
- Don't forget about other priorities
While you should never undervalue the benefits of retirement planning when you're young, you still need to be aware of other financial goals in Lake St. Louis, MO like protecting your family and assets with proper insurance.
- 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 Lake St. Louis, MO residents are happy with their current 401(k) company. Others may not have access to a 401(k), are considering transferring the funds to an IRA, if they should consider a 401(k) rollover, or have any of countless other doubts. Depending on when you'll need to take the money out, tax liability, and other factors.
- Remember estate planning
Estate planning ensures you'll leave a legacy for your children, grandchildren, and anyone else you'd like to include in your will. A good life insurance plan will also ensure your Lake St. Louis, MO family's future is secure if something happens to you.
- Speak to professional retirement consultants
Like in any industry, the experts know best. Veteran retirement consultants in Lake St. Louis, MO, like those at Correct Capital, know how to take a look at someone's finances, goals, and current retirement funds and note any potential problem areas and see where you can improve; the same way a meteorologist can see weather patterns we can't.
While you're working hard to make a living and save for your retirement plan, your Lake St. Louis, MO retirement planning advisors at Correct Capital will be working hard to identify areas of risk and opportunity.
Other services we offer in Lake St. Louis, MO include:
- 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
- Rollover 401(k)
Lake St. Louis, MO Retirement Planning | Correct Capital
At Correct Capital, our financial planners 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 tools, and morals to help you achieve the retirement of your dreams. If want us to evaluate your current plan in in Lake St. Louis, MO, or want to implement a plan for the first time, call Correct Capital today at 314-930-401(k) or contact us online.