Retirement Planning in O'Fallon, IL
Retirement Planning in O'Fallon, IL. It's never a bad time to start coming up with a financial path to a happy and healthy retirement. Retirement planning can be daunting for many O'Fallon, IL residents who understand the value of planning ahead but aren't confident they're headed in the right direction. Whether you already have a plan and want insight as to how it's performing or are just starting on your retirement planning journey, the O'Fallon, IL retirement planning consultant at Correct Capital are here to help you get from where you are to where you're headed; whether you want to be on first-class flights to Lake Como, or perfecting your sudoku skills. Speak to one of our seasoned and astute financial advisors today by calling 877-930-4015 or by getting in touch with us online.
What is Retirement Planning in O'Fallon, IL?
Retirement planning is an integral part of 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.
Successful retirement planning should begin years before you leave the workforce. If the prospect 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 optimize your savings, give the O'Fallon, 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 help you determine a retirement plan that works best for you.
The Importance of Retirement Planning in O'Fallon, IL
Life expectancy in the United States is higher 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 O'Fallon, IL and beyond understand 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 adults in the United States have thought about how much income they will need in retirement
- Over a quarter of workers with access to a defined contribution plan such as a 401(k) did not put any money into it
- The average person in the United States spends about 20 years in retirement
Another survey found that over three-quarters of Americans have expressed anxiety that they have not saved enough to be take care of themselves in retirement. At some point, you'll go from a consistent inflow of money and assets, to taking money out of your savings rather than putting them in. Even if you are judicious in your savings, it is likely best to set up a meeting with a retirement planning consultant in O'Fallon, IL 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 moving to a new employer. Our CERTIFIED FINANCIAL PLANNER™ professionals in O'Fallon, IL are here to answer any questions and to identify what is working well and what could be improved.
8 Steps to Successful Retirement Planning in O'Fallon, IL
Below are some key tips to abide by no matter where you are in your retirement planning journey:
- Start saving early
Most experts advise 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, you want the money to spend as much time collecting interest and growing from investments as possible.
- 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 retire early? Or are you more content working and want to delay 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 how to optimize your savings.
- Understand your lifestyle goals for retirement
If you have always envisioned yearly trips to the south of France, or prefer to watch all 162 Cardinals' games, your income needs will be different. If you don't understand your lifestyle goals, you may not have sufficient income to be as adventurous or as relaxed as you were hoping.
- Don't forget about other priorities
While you should never underestimate the advantages of retirement planning as early as possible, do not forget about other financial issues in O'Fallon, IL like savings for your children's college education.
- 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 best retirement account(s) for you
Many O'Fallon, 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), wonder if their money might be best in an IRA, if they should conduct a 401(k) rollover, or are interested in other savings plan options. Depending on your time horizon, certain tax considerations, and more.
- Remember 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 wise life insurance plan will also ensure your O'Fallon, IL family's future is secure if the tragic happens.
- Seek the services of professional retirement consultants
Like in any industry, there's rarely a substitute for an experienced and knowledgeable professional. Qualified retirement consultants in O'Fallon, 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 optimize your savings plan; the same way a dentist can notice cavities we don't.
While you're busy earning money for your retirement plan, your O'Fallon, IL retirement planning consultants 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 O'Fallon, IL 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
O'Fallon, IL Retirement Planning | Correct Capital
At Correct Capital, our financial advisors give you 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 help you achieve the retirement of your dreams. If want us to evaluate your current plan in in O'Fallon, IL, or need to start a plan, call Correct Capital today at 877-930-4015 or contact us online.
