Retirement Planning in Rock Hill, MO
Retirement Planning in Rock Hill, MO. You work hard every day to live the lifestyle you want; not only now, but after you've left the workforce. Retirement planning is a necessary but sometimes confusing topic for many Rock Hill, MO residents who know that saving for retirement is important but don't know if they're headed in the right direction. Whether you already have a plan and want insight as to how it's performing or need to develop a plan, the Rock Hill, MO retirement planning consultant at Correct Capital are here to help get you where you want to go; whether your ideal retirement means snorkeling the coral gardens of Bora Bora, or just spending some relaxing time in the garden. Speak to one of our seasoned and knowledgeable financial planners today by calling 314-930-401K or by getting in touch with us online.
What is Retirement Planning in Rock Hill, 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, savings plans, and more.
Ideally, retirement planning starts as early as possible. If the prospect of planning for an event still decades away is challenging, 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 Rock Hill, MO financial advisors at Correct Capital a call at 314-930-401(k). Our retirement planning services will get to know you and your finances personally and help you determine a retirement plan that works best for you.
The Importance of Retirement Planning in Rock Hill, 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 Rock Hill, MO and throughout the country recognize how large of an effect poor retirement planning could have on 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 they need to save for retirement
- More than one-fourth of employees with access to a defined contribution plan such as a 401(k) did not contribute to it
- The average person in the United States lives for roughly 20 years
Additional studies found that over three-quarters of Americans lack retirement planning knowledge. 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 take a comprehensive view of our retirement plan can have negative consequences for ourselves and our families. Even if you are dutifully putting money aside, you should still set up a meeting with a retirement planning consultant in Rock Hill, MO to see if there is anything you are missing, for instance assessing 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 Rock Hill, MO are here to offer comprehensive consultations and to identify how to best position your savings.
8 Keys to Successful Retirement Planning in Rock Hill, MO
Below are some key steps to consider no matter where you are in your retirement planning journey:
- Don't wait to save
Most experts recommend starting retirement savings as young as you can, as soon as you enter the workforce. While at any age you can 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.
- Decide on your time horizon
Your time horizon refers to when you'll need to access savings or sell investments. Would you like to start your golden years? Or would you be happier working for a few extra years? Are you retiring soon, or several decades down the line? A key understanding of your time horizon is crucial 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 can't stop thinking about yearly trips to exotic beaches, or prefer to watch all 162 Cardinals' games, your income needs will be different. If you don't understand your lifestyle goals, you may find you do not have enough to be as adventurous or as relaxed as you were hoping.
- Balance your retirement goals with other priorities
While you should start saving when you're young, you still need to be aware of other financial priorities in Rock Hill, 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 Rock Hill, 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 transferring the savings to an IRA, if they should consider 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 dependable life insurance plan will also ensure your Rock Hill, MO family's future is secure if the tragic happens.
- Seek the services of professional retirement consultants
Like in any field, there's rarely a substitute for an experienced and knowledgeable professional. Qualified retirement consultants in Rock Hill, MO, like those at Correct Capital, know how to take a look at someone's finances, goals, and current retirement funds and diagnose any potential issues and note potential areas for more growth; the same way a meteorologist can see weather patterns we can't.
While you're working hard to make a living and save for your retirement plan, your Rock Hill, MO retirement planning specialists at Correct Capital will be working hard to identify areas of risk and opportunity.
Other services we offer in Rock Hill, 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
Rock Hill, MO Retirement Planning | Correct Capital
At Correct Capital, our financial 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 insight, and legal and ethical imperative to create a retirement plan that benefits you. If you'd like a retirement planning check-up in Rock Hill, MO, or want to implement a plan for the first time, call Correct Capital today at 314-930-401(k) or contact us online.
