Retirement Planning in O'Fallon, MO
Retirement Planning in O'Fallon, MO. It's never too early — or too late — to start saving for a happy and healthy retirement. Retirement planning is a necessary but sometimes perplexing subject for many O'Fallon, MO residents who know what they want their retirement years to look like but aren't sure they're on the right track. Whether you're interested in modifying an existing plan or need to develop a plan, the O'Fallon, MO 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 in Tuscan villas, or perfecting your sudoku skills. Talk to one of our experienced and astute retirement planners today by calling 877-930-4015 or by contacting us online.
What is Retirement Planning in O'Fallon, MO?
Retirement planning is an integral part of of financial planning and wealth management that seeks to prepare for your future life today by choosing the best portfolios, asset management, 401(k)s, and more.
Ideally, retirement planning starts as early as possible. If the idea of planning for an event still decades away is nerve-racking, 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 877-930-4015. When you hire our retirement planning services, we help you understand how we can merge your finances and goals and help you determine a retirement plan that works best for you.
The Importance of Retirement Planning in O'Fallon, MO
Life expectancy in the United States is higher than ever, and more and more of us will need judicious retirement planning in order to be comfortable and happy our golden years. But too few people in O'Fallon, MO and beyond appreciate how large of an effect poor retirement planning could have on their lives. According to a recent study from the U.S. Department of Labor:
- Only half of adults in the United States have calculated how much income they will need in retirement
- More than 25% of employees with access to a defined contribution plan such as a 401(k) did not put any money into it
- The average worker in the U.S. spends approximately two decades in retirement
Another survey found that 80% of Americans have expressed anxiety that they have not saved enough to be take care of themselves in retirement. 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 take a comprehensive view of our retirement plan can have dire consequences for ourselves and for future generations. Even if you are judicious in your savings, you should still set up a meeting with a retirement planning consultant in O'Fallon, MO to see if there is anything you are missing, for instance evaluating 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, MO are here to perform a extensive evaluation of your finances and to identify how to best position your savings.
8 Ways to Upgrade Retirement Planning in O'Fallon, MO
Below are some key tips to abide by no matter how close you are to retirement:
- Don't wait to save
Most economists recommend starting retirement savings in your early 20s, as soon as you enter the workforce. 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.
- Decide on your time horizon
Your time horizon refers to when you'll need to withdraw savings or sell investments. Would you like to leave the workforce sooner than most? Or would you be happier working as long as possible? 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 where you money is better off growing.
- Understand your lifestyle goals for retirement
If you have always envisioned yearly trips to exotic beaches, or prefer to finally be able to sit back and relax, your retirement plan can obviously vary considerably. It's important to know how you'd like to live out your retirement, or, you may find you do not have enough to be as adventurous or as comfortable as you were hoping.
- 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 goals in O'Fallon, MO 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.
- Choose the ideal retirement account(s) for you
Many O'Fallon, MO 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 be offered a 401(k), wonder if their money might be best in an IRA, if they should consider a 401(k) rollover, or are interested in alternative solutions. Different plans work for different people.
- Don't forget about estate planning
Estate planning ensures you'll leave a legacy for latter generations and anyone else you'd like to include in your will. A sound life insurance plan will also safeguard your O'Fallon, MO family if the tragic happens.
- Hire professional retirement consultants
Like in any field, there's no replacement for a professional. Veteran retirement consultants in O'Fallon, MO, like those at Correct Capital, know how to take a look at someone's finances, goals, and current retirement funds and locate any potential issues and see where you can improve; the same way a dentist can notice cavities we don't.
While you're working hard to make a living and save for your retirement plan, your O'Fallon, MO retirement planning specialists at Correct Capital will be working hard to actively manage your account.
Other services we offer in O'Fallon, MO 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, MO Retirement Planning | Correct Capital
At Correct Capital, our retirement planners 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 resources, and ethics 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 877-930-4015 or contact us online.
