Retirement Planning in Madison County, IL

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Retirement Planning in Madison County, IL. It's never a bad time to start coming up with a financial path to your golden years. Retirement planning can be an uphill battle for many Madison County, IL residents who know that saving for retirement is important but aren't sure they're really saving enough and investing it wisely. Whether you're interested in tweaking an existing plan or are just starting on your retirement planning journey, the Madison County, IL retirement planning specialists at Correct Capital are here to help get you where you want to go; whether that means spending your retirement years touring French vineyards, or just spending some relaxing time in the garden. Speak to one of our seasoned and knowledgeable wealth managers today by calling 314-930-401K or by contacting us online.

What is Retirement Planning in Madison County, IL?

Retirement planning is an aspect of financial planning and wealth management that seeks to prepare for your future life today by choosing the best portfolios, asset management, savings plans, and more.

Ideally, retirement planning starts as early as possible. If the prospect of planning for an event still decades away 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 Madison County, IL financial advisors at Correct Capital a call at 314-930-401(k). When you enlist our retirement planning services, we 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 Madison County, 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 Madison County, IL and throughout the country recognize how large of an effect poor retirement planning could have on their lives. According to a recent study from the U.S. Department of Labor:

  • Only half of Americans have considered how much in savings will be required for retirement
  • More than a quarter of workers whose employers' offered a defined contribution plan such as a 401(k) did not contribute to it
  • The average person in the United States lives for approximately two decades

More research noted that over 75% of Americans lack retirement planning knowledge. 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 responsibly putting money aside, it is likely best to consult with a retirement planning specialist in Madison County, IL to see if your savings plan has any blind spots, for instance analyzing tax planning considerations or whether or not it might be beneficial to roll over your 401(k) when changing jobs. Our CERTIFIED FINANCIAL PLANNERS™ in Madison County, IL are here to answer any questions and to identify what is working well and what could be improved.

Retirement Planning Madison County, IL | Financial Advisors | Retirement Consultants Near Madison County

8 Steps to Successful Retirement Planning in Madison County, IL

Below are some crucial tips to abide by no matter how close you are to retirement:

  1. Don't wait to save

    Most experts advise starting retirement savings as early as possible, as soon as you start working full time. While it's never too late to start contributing to a retirement plan, starting a few years earlier can result in a difference of tens of thousands, if not hundreds of thousands of dollars.

  2. Understand your time horizon

    Your time horizon refers to how far you are from your ideal retirement date. 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.

  3. Understand what kind of life you want to live in retirement

    If you dream of yearly trips to some of the world's most incredible landmarks, or prefer to finally be able to sit back and relax, your retirement planning needs will be different. It's important to have a clear understanding of the lifestyle you want in your golden years, or, you may not be able to be as adventurous or as comfortable as you were hoping.

  4. Balance your retirement goals with other priorities

    While it's always a good idea to prioritize retirement planning as early as possible, do not forget about other financial priorities in Madison County, IL like establishing an emergency fund.

  5. 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.

  6. Put your money in the appropriate retirement account(s) for you

    Many Madison County, IL 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 how close you are to retirement, tax liability, and more.

  7. Remember estate planning

    Estate planning ensures a safe financial future for those you love most. A wise life insurance plan will also ensure your Madison County, IL family's future is secure if the tragic happens.

  8. Hire professional retirement consultants

    Like in any sphere, the experts know best. Accomplished retirement consultants in Madison County, 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 blind spots and make any necessary corrections; the same way a meteorologist can see weather patterns we can't.

    While you're focusing on working hard to accumulate the funds needed for your retirement plan, your Madison County, IL retirement planning advisors at Correct Capital will be working hard to identify areas of risk and opportunity.

Other services we offer in Madison County, IL include:

Retirement Planning Madison County, IL | Financial Advisors | Retirement Consultants Near Madison County

Madison County, IL Retirement Planning | Correct Capital

At Correct Capital, our retirement planners pride ourselves on our I.O.U. promise: we are independent, objective, and unbiased in all of the services and advice we offer. As fiduciary advisors and a Registered Investment Advisor, we have the tools, and ethics to help you achieve the retirement of your dreams. If you want to make sure you're on the right track in Madison County, IL, or want to develop a comprehensive plan that will help you get where you want to go, call Correct Capital today at 314-930-401(k) or contact us online.

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