Retirement Planning in O'Fallon, MO
Retirement Planning in O'Fallon, MO. It's never too early — or too late — to start planning for a happy and healthy retirement. Retirement planning can be an uphill battle for many O'Fallon, MO residents who understand the value of planning ahead but don't know 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 are looking to create an entirely new one, the O'Fallon, MO retirement planning specialists at Correct Capital will create a customized plan aimed at attaining your dreams; whether your ideal retirement means as a frequent flyer to Hawaii, or kicking back on the porch with a cigar. Talk to one of our seasoned and skilled wealth managers today by calling 314-930-401K or by reaching out to us online.
What is Retirement Planning in O'Fallon, MO?
Retirement planning is an integral part of 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 portfolios, asset management, 401(k)s or IRAs, and more.
Ideally, retirement planning starts as early as possible. If the prospect of planning for an event decades into the future is challenging, or if you simply don't have the time, knowledge, or interest to feel like you can to optimize your savings, give the O'Fallon, MO financial advisors at Correct Capital a call at 314-930-401(k). 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 O'Fallon, MO
Life expectancy in the United States is higher than ever, and retirement planning has never been more essential to ensuring we are set up for the remainder of our lives. But too few people in O'Fallon, MO and beyond understand how much good or bad retirement planning will determine the final 20%-33% of their lives. According to research from the U.S. Department of Labor:
- Only about 50% of adults in the United States have planned for how much in savings will be required for retirement
- Over a quarter of employees who were able to contribute to defined contribution plan such as a 401(k) did not put any money into it
- The average person in the United States lives for approximately two decades
Another survey reported that four-fifths of Americans have expressed anxiety that they have not saved enough to be financially independent in retirement. While it can be tempting to put off retirement planning as more pressing concerns arise in our day-to-day lives, the truth is neglecting to set up a sound retirement plan can have dire consequences for ourselves and our families. Even if you are judicious in your savings, you should still get in touch with a retirement planning specialist in O'Fallon, MO to see if your savings plan has any blind spots, for instance evaluating 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 PLANNER™ professionals in O'Fallon, MO are here to perform a comprehensive evaluation of your finances and to identify what is working well and what could be improved.
8 Ways to Upgrade Retirement Planning in O'Fallon, MO
Below are some of the most important steps to contemplate no matter how much money you've saved:
- Start saving early
Most experts advise starting retirement savings as early as possible, as soon as you get your first paycheck. While at any age you can start saving, 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 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 put off full retirement as long as possible? Are you retiring soon, or several decades down the line? A key understanding of your time horizon is imperative when you need to define your risk tolerance and determine where you money is better off growing.
- Understand your lifestyle goals for retirement
If you have always envisioned yearly trips to Bora Bora, or prefer to be home as much as possible, your income needs will be different. It's imperative to know how you'd like to live out your retirement, or, you may not be able 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 as early as possible, you still need to be aware of other financial goals in O'Fallon, MO 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 ideal retirement account(s) for you
Many O'Fallon, MO residents feel their current 401(k) company is the best place to see their money grow. Others may not have access to a 401(k), wonder if their money might be best in an IRA, if they should carry out a 401(k) rollover, or are interested in alternative solutions. Different plans work for different people.
- Pay attention to 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 protect your O'Fallon, MO family in the event that the unexpected happens.
- Seek the services of professional retirement consultants
Like in any industry, there's rarely a substitute for an experienced and knowledgeable professional. Professional retirement consultants in O'Fallon, MO, like those at Correct Capital, know how to evaluate your finances, diagnose any potential issues and make any necessary corrections; the same way a dentist can notice cavities we don't.
While you're busy earning money for your retirement plan, your O'Fallon, MO retirement planning consultants at Correct Capital will be working hard to identify areas of risk and opportunity.
Other services we offer in O'Fallon, MO include:
- 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
- Rollover 401(k)
O'Fallon, MO Retirement Planning | Correct Capital
At Correct Capital, our wealth managers give you 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 tools, and morals to only act in your best interest. If you'd like a retirement planning check-up in O'Fallon, MO, or need to start a plan, call Correct Capital today at 314-930-401(k) or contact us online.
