Retirement Planning in O'Fallon, IL
Professional, Honest, and Veterant Retirement Planners and Financial Advisors
Retirement Planning in O'Fallon, IL. It's never a bad time to start planning for a happy and healthy retirement. Retirement planning is a necessary but sometimes mysterious subject for many O'Fallon, IL residents who understand the value of planning ahead but aren't confident they're going to make it where they want to go. Whether you're interested in tweaking an existing plan or are looking to create an entirely new one, the O'Fallon, IL retirement planning specialists at Correct Capital are here to help you get from where you are to where you're headed; whether that means spending your retirement years on cruise ships around Greek islands, or helping raise the next generations. Speak to one of our seasoned and skilled financial planners today by calling 314-930-401K or by reaching out to us online.
What is Retirement Planning in O'Fallon, IL?
Retirement planning is an aspect 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 investment options, asset management, 401(k)s, and more.
Ideally, retirement planning starts as early as possible. If the prospect of planning for an event decades into the future is daunting, or if you you don't have the abilities or time to stay on top of market trends and familiarize yourself with financial law and lingo, give the O'Fallon, IL financial advisors at Correct Capital a call at 314-930-401(k). When you hire our retirement planning services, we 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
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 O'Fallon, IL and throughout the country understand how much good or bad retirement planning will determine the final quarter to a third. According to reporting from the U.S. Department of Labor:
- Only half of Americans have thought about how much they need to save for retirement
- Over one-fourth of employees who were able to contribute to defined contribution plan such as a 401(k) did not add any savings to it
- The average American lives for about 20 years
More research noted that over 75% of Americans are uncertain about their retirement funds. 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 consciously preparing for retirement, you should still consult with a retirement planning specialist in O'Fallon, IL to see if your plan could be improved, for instance evaluating tax planning considerations or whether or not it might be beneficial to roll over your 401(k) when deciding to take a new position. Our CERTIFIED FINANCIAL PLANNER™ professionals in O'Fallon, IL are here to offer comprehensive consultations and to identify how to best move forward with your savings.
8 Ways to Enhance Retirement Planning in O'Fallon, IL
Below are some crucial steps to contemplate no matter how much money you've saved:
- Don't wait to save
Most experts advise starting retirement savings as early as possible, as soon as you start working full time. While at any age you can start putting money aside, 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 when you'll need to access savings or sell investments. Would you like to leave the workforce sooner than most? Or are you more content working and want to delay full retirement for a few more years? Are you 5, 15, or 30 years away from retirement? when you know that, you will be able to define your risk tolerance and determine where you money is better off growing.
- Understand what kind of life you want to live in retirement
If you have always envisioned yearly trips to some of the world's most incredible landmarks, or prefer to watch every Cardinals' game of the season, your retirement planning needs will be different. It's important to have a clear understanding of the lifestyle you want in your retirement, or, you may not have sufficient income to be as venturesome or as comfortable as you were hoping.
- Don't forget about other priorities
While you should never underestimate the advantages of retirement planning when you're still far away from retirement, do not forget about other financial priorities in O'Fallon, IL 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.
- Put your money in the appropriate 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 look into a 401(k) rollover, or are interested in alternative solutions. Depending on your age, certain tax considerations, and other factors.
- Pay attention to estate planning
Estate planning ensures a safe financial future for those you love most. A wise life insurance plan will also ensure your O'Fallon, IL family's future is secure if something happens to you.
- Hire professional retirement consultants
Like in any industry, there's no replacement for a 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 make any necessary corrections; the same way a chiropractor can notice issues with your alignment.
While you're busy earning money for your retirement plan, your O'Fallon, IL retirement planning advisors at Correct Capital will be working hard to actively manage your account.
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
- Social Security Consultants Near Me
- Retirement Calculator
O'Fallon, IL Retirement Planning | Correct Capital
At Correct Capital, our financial planners 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 only act in your best interest. If you'd like a retirement planning check-up in O'Fallon, IL, or want to develop a comprehensive plan that we can help you follow for years to come, call Correct Capital today at 314-930-401(k) or contact us online.