Retirement Planning in Olivette, MO
Retirement Planning in Olivette, MO. It's never a bad time to start planning for the retirement of your dreams. Retirement planning can be an uphill battle for many Olivette, MO residents who know what they want their retirement years to look like but don't know if they're on the right track. Whether you're interested in a second opinion on an existing plan or are just starting on your retirement planning journey, the Olivette, MO retirement planning consultant at Correct Capital will create a bespoke plan aimed at accomplishing your dreams; whether you want to be on the sandy white beaches of the British Virgin Islands, or perfecting your sudoku skills. Speak to one of our experienced and knowledgeable financial planners today by calling 314-930-401K or by getting in touch with us online.
What is Retirement Planning in Olivette, MO?
Retirement planning is one of the most important aspects of financial planning and wealth management that seeks to determine retirement income and lifestyle goals and merge them with sound and appropriate portfolios, asset management, 401(k)s, and more.
Retirement planning, ideally, starts from the moment you get your first paycheck and continues into a relaxing retirement. 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 actively manage a great retirement plan, give the Olivette, MO 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 Olivette, MO
Americans are living longer 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 Olivette, 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 about 50% of Americans have calculated how much in savings will be required for retirement
- More than 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 American spends roughly 20 years in retirement
Another survey noted that 80% of Americans are anxious about their retirement funds. While it can be tempting to delay 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 negative consequences for ourselves and for future generations. Even if you are judicious in your savings, you should still consult with a retirement planning professional in Olivette, MO to see if your plan could be improved, for instance analyzing tax planning considerations or whether or not it might be beneficial to roll over your 401(k) when moving to a new employer. Our CERTIFIED FINANCIAL PLANNER™ professionals in Olivette, MO are here to perform a extensive evaluation of your finances and to identify what is working well and what could be improved.
8 Steps to Productive Retirement Planning in Olivette, MO
Below are some of the most important steps to abide by when beginning or fine-tuning your retirement planning:
- Start saving early
Most financial professionals recommend starting retirement savings as young as you can, as soon as you get your first paycheck. While even if you are closer to retirement you can still start contributing to a retirement plan, starting a few years earlier can result in a difference of tens of thousands, if not hundreds of thousands of dollars.
- Understand 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 put off full retirement for a few more years? Are you retiring soon, or do you still have more promotions and accolades to earn? The answers to those questions and more will help define your risk tolerance and determine how to optimize your savings.
- Understand what kind of life you want to live in retirement
If you dream of yearly trips to Bora Bora, 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 not have sufficient income to live the retirement you dreamed of.
- 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 issues in Olivette, 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 appropriate retirement account(s) for you
Many Olivette, 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), are considering moving the savings to an IRA, if they should perform a 401(k) rollover, or are interested in alternative solutions. Different plans work for different people.
- Pay attention to estate planning
Estate planning ensures the people you care about most will be taken care of once you're gone. A good life insurance plan will also ensure your Olivette, MO family's future is secure if the tragic happens.
- Hire professional retirement consultants
Like in any industry, there's no replacement for a professional. Accomplished retirement consultants in Olivette, MO, like those at Correct Capital, know how to take a look at someone's finances, goals, and current retirement funds and identify any possible blind spots and optimize your savings plan; the same way a doctor may see something on an MRI that a patient might not.
While you're busy earning money for your retirement plan, your Olivette, MO 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 Olivette, 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
- Social Security Consultants Near Me
Olivette, MO Retirement Planning | Correct Capital
At Correct Capital, our retirement planners pride ourselves on 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 analytics, and integrity to do what's best for you and only you. If you want to make sure you're on the right track in Olivette, MO, or want to implement a plan for the first time, call Correct Capital today at 314-930-401(k) or contact us online.
