Retirement Planning in Richmond Heights, MO
Retirement Planning in Richmond Heights, MO. It's never a bad time to start coming up with a financial path to the retirement of your dreams. Retirement planning is a necessary but sometimes mysterious topic for many Richmond Heights, MO residents who want to be comfortable in retirement but aren't confident they're on the right track. Whether you already have a plan and want insight as to how it's performing or are have just started saving, the Richmond Heights, MO retirement planning specialists at Correct Capital will create a personalized plan aimed at accomplishing your dreams; whether that means spending your retirement years touring French vineyards, or helping raise the next generations. Talk to one of our accomplished and knowledgeable financial advisors today by calling 877-930-4015 or by contacting us online.
What is Retirement Planning in Richmond Heights, MO?
Retirement planning is an important facet of financial planning and wealth management that seeks to determine retirement income and lifestyle goals and merge them with sound and appropriate investment options, asset management, 401(k)s or IRAs, and more.
Ideally, retirement planning starts as early as possible. If the idea of planning for an event still decades away is daunting, or if you you feel there just isn't enough time in the day to stay on top of market trends and familiarize yourself with financial law and lingo, give the Richmond Heights, MO financial advisors at Correct Capital a call at 877-930-4015. When you hire our retirement planning services, we develop a deep understanding of where you are and where you want to be financially and help you determine a retirement plan that works best for you.
The Importance of Retirement Planning in Richmond Heights, MO
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 too few people in Richmond Heights, MO and throughout the country recognize 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 they need to save for retirement
- More than 25% of employees with access to a defined contribution plan such as a 401(k) did not add any savings to it
- The average person in the United States lives for roughly two decades
More research found that 80% of Americans are concerned that they will not have enough for retirement. 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 responsibly putting money aside, it is likely best to consult with a retirement planning specialist in Richmond Heights, 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 changing jobs. Our CERTIFIED FINANCIAL PLANNER™ professionals in Richmond Heights, MO are here to perform a thorough evaluation of your finances and to identify what is working well and what could be improved.
8 Keys to Successful Retirement Planning in Richmond Heights, MO
Below are some key steps to follow no matter where you are in your retirement planning journey:
- Don't wait to save
Most financial professionals suggest starting retirement savings young, as soon as you have left college or otherwise entered the professional sphere. While at any age you can 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 add a few more years onto your retirement? Or are you more content working and want to avoid full retirement as long as possible? Are you a few years or a few decades away from retirement? A key understanding of your time horizon is imperative when you need to define your risk tolerance and determine how to optimize your savings.
- Understand your lifestyle goals for retirement
If you can't stop thinking about yearly trips to the south of France, or prefer to finally be able to sit back and relax, your retirement plan can obviously vary considerably. It's imperative to have a clear understanding of how you'd like to live out your retirement, or, you may find you do not have enough to live the retirement you envisioned.
- Balance your retirement goals with other priorities
While you should start saving as early as possible, you still need to be aware of other financial priorities in Richmond Heights, MO like paying down debt.
- 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 Richmond Heights, 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 look into a 401(k) rollover, or are interested in alternative solutions. Depending on when you'll need to take the money out, tax liability, and other factors.
- Remember 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 ensure your Richmond Heights, MO family's future is secure if something happens to you.
- Speak to professional retirement consultants
Like in any industry, there's rarely a substitute for an experienced and knowledgeable professional. Qualified retirement consultants in Richmond Heights, MO, like those at Correct Capital, know how to take a look at someone's finances, goals, and current retirement funds and note any possible blind spots 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 Richmond Heights, MO retirement planning specialists at Correct Capital will be working hard to actively manage your account.
Other services we offer in Richmond Heights, 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
Richmond Heights, MO Retirement Planning | Correct Capital
At Correct Capital, our wealth managers 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 analytics, and morals to help you achieve the retirement of your dreams. If you want to make sure you're on the right track in Richmond Heights, MO, or want to develop a comprehensive plan that will help you get where you want to go, call Correct Capital today at 877-930-4015 or contact us online.
