Retirement Planning in Millstadt, IL

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Retirement Planning in Millstadt, ILProfessional, Honest, and Veterant Retirement Planners and Financial Advisors

Retirement Planning in Millstadt, 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 daunting for many Millstadt, IL residents who know that saving for retirement is important but aren't sure if they're going to make it where they want to go. Whether you already have a plan and want insight as to how it's performing or need to develop a plan, the Millstadt, IL retirement planning advisors at Correct Capital will create a personalized plan aimed at realizing your dreams; whether you want to be on first-class flights to Lake Como, or just spending some quality time in the garden. Speak to one of our experienced and astute retirement planners today by calling 314-930-401K or by getting in touch with us online.

What is Retirement Planning in Millstadt, IL?

Retirement planning is an aspect of financial planning and wealth management that seeks to determine retirement income and lifestyle goals and merge them with sound and appropriate investment options, asset management, 401(k)s, and more.

Successful retirement planning should begin years before you leave the workforce. If the idea of planning for an event still decades away is challenging, or if you you don't have the abilities or time to optimize your savings, give the Millstadt, IL financial advisors at Correct Capital a call at 314-930-401(k). Our retirement planning services will get to know you and your finances personally and help you determine a retirement plan that works best for you.

The Importance of Retirement Planning in Millstadt, IL

Americans are living longer than ever, which means retirement planning is becoming more and more important. But not enough people in Millstadt, IL and throughout the country appreciate 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 half of adults in the United States have planned for how much in savings will be required for retirement
  • More than one-fourth of workers with access to a defined contribution plan such as a 401(k) did not add any savings to it
  • The average person in the United States lives for roughly 20 years

Additional studies found that over 75% 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 reach out to a retirement planning professional in Millstadt, IL to see if there is anything you are missing, 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 PLANNERS™ in Millstadt, IL are here to answer any questions and to identify areas of your savings that are secure and those that could use improvement.

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8 Keys to Successful Retirement Planning in Millstadt, IL

Below are some crucial steps to abide by no matter how much money you've saved:

  1. Don't wait to save

    Most experts recommend starting retirement savings young, as soon as you get your first paycheck. While it's never too late to start contributing to a retirement plan, the earlier you start saving the more your money will grow by the time you retire.

  2. 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 leave the workforce sooner than most? Or are you more content working and want to put off full retirement for a few more years? Are you retiring soon, or do you still have more promotions and accolades to earn? 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.

  3. 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 watch every Cardinals' game of the season, 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 venturesome or as relaxed as you were hoping.

  4. Don't forget about other priorities

    While you should never undervalue the benefits of retirement planning when you're still far away from retirement, do not forget about other financial priorities in Millstadt, IL like savings for your children's college education.

  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 best retirement account(s) for you

    Many Millstadt, 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 look into a 401(k) rollover, or are interested in other savings plan options. Depending on your age, certain tax considerations, and more.

  7. Don't forget about estate planning

    Estate planning ensures you'll leave a legacy for future generations and anyone else you'd like to include in your will. A dependable life insurance plan will also ensure your Millstadt, IL family's future is secure if something happens to you.

  8. Seek the services of professional retirement consultants

    Like in any field, there's rarely a substitute for an experienced and knowledgeable professional. Professional retirement consultants in Millstadt, IL, like those at Correct Capital, know how to take a look at someone's finances, goals, and current retirement funds and diagnose any potential problem areas and make any necessary corrections; 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 Millstadt, IL retirement planning advisors at Correct Capital will be working hard to identify areas of risk and opportunity.

Other services we offer in Millstadt, IL include:

Retirement Planning Millstadt, IL | Financial Advisors | Retirement Consultants Near Millstadt

Millstadt, IL 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 integrity to create a retirement plan that benefits you. If want us to evaluate your current plan in in Millstadt, IL, or want to implement a plan for the first time, call Correct Capital today at 314-930-401(k) or contact us online.


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