Retirement Planning in Madison County, IL
Retirement Planning in Madison County, 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 an uphill battle for many Madison County, 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 need to develop a plan, the Madison County, IL retirement planning specialists at Correct Capital will create a bespoke plan aimed at achieving your dreams; whether you want to be as a frequent flyer to Hawaii, or perfecting your crossword skills. Speak to one of our experienced and astute wealth managers today by calling 877-930-4015 or by getting in touch with us online.
What is Retirement Planning in Madison County, IL?
Retirement planning is an important facet 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 stock options, asset management, savings plans, 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 daunting, or if you you feel there just isn't enough time in the day 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 877-930-4015. Our retirement planning services will take a close look at your finances and goals and give you objective and unbiased advice with the objective of getting your ideal retirement plan in place.
The Importance of Retirement Planning in Madison County, IL
Americans are living longer than ever, and more and more of us will need prudent retirement planning in order to live the lifestyle we want in our golden years. But not enough people in Madison County, 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 adults in the United States have considered how much income they will need in 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 worker in the U.S. spends approximately 20 years in retirement
Another survey found that over 75% 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, it is likely best to consult with a retirement planning professional in Madison County, IL to see if your savings plan has any blind spots, 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 Madison County, IL are here to perform a comprehensive evaluation of your finances and to identify how to best position your savings.
8 Keys to Successful Retirement Planning in Madison County, IL
Below are some of the most important tips to abide by no matter where you are in your retirement planning journey:
- Don't wait to save
Most experts recommend starting retirement savings as young 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 putting money aside, the earlier you start saving the more your money will grow by the time you retire.
- Have a good grasp of your time horizon
Your time horizon refers to when you'll need to withdraw savings or sell investments. Would you like to retire early? Or are you more content working and want to avoid full retirement as long as possible? 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 optimize your savings.
- Understand your lifestyle goals for retirement
If you dream of yearly trips to exotic beaches, or prefer to be home as much as possible, your income needs will be different. It's important to know the lifestyle you want in your golden years, or, you may not be able to live the retirement you envisioned.
- Balance your retirement goals with other priorities
While you should start saving as early as possible, you still need to be aware of other financial issues in Madison County, IL like paying down debt.
- 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 ideal retirement account(s) for you
Many Madison County, 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 have access to a 401(k), are considering transferring the savings to an IRA, if they should perform 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 ensure your Madison County, IL family's future is secure if the tragic happens.
- Seek the services of professional retirement consultants
Like in any industry, 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 locate any possible blind spots and note potential areas for more growth; the same way a doctor may see something on an MRI that a patient might not.
While you're focusing on working hard to accumulate the funds needed for your retirement plan, your Madison County, IL retirement planning consultants at Correct Capital will be working hard to identify areas of risk and opportunity.
Other services we offer in Madison County, IL include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
- 401(k) For Small Business
Madison County, IL Retirement Planning | Correct Capital
At Correct Capital, our retirement planners always offer 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 insight, and honesty to only act in your best interest. If you'd like a retirement planning check-up in Madison County, IL, or want to implement a plan for the first time, call Correct Capital today at 877-930-4015 or contact us online.
