Retirement Planning in St. Louis County, MO
Retirement Planning in St. Louis County, MO. It's never a bad time to start saving for the retirement of your dreams. Retirement planning can be an uphill battle for many St. Louis County, MO residents who know that saving for retirement is important but aren't sure 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 St. Louis County, MO retirement planning consultant at Correct Capital are here to help get you where you want to go; whether your ideal retirement means as a frequent flyer to Hawaii, or kicking back on the porch with a cigar. Speak to one of our accomplished and knowledgeable financial planners today by calling 877-930-4015 or by getting in touch with us online.
What is Retirement Planning in St. Louis County, 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 stock options, asset management, 401(k)s, and more.
Successful retirement planning should begin years before you leave the workforce. If the idea of planning for an event decades into the future is nerve-racking, or if you you feel there just isn't enough time in the day to optimize your savings, give the St. Louis County, MO financial advisors at Correct Capital a call at 877-930-4015. 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 St. Louis County, 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 not enough people in St. Louis County, MO and beyond understand how much good or bad retirement planning will determine the final 20%-33% of their lives. According to data from the U.S. Department of Labor:
- Only about 50% of adults in the United States have planned for how much income they will need in retirement
- Over 25% of employees who were able to contribute to defined contribution plan such as a 401(k) did not add any savings to it
- The average American lives for roughly 20 years
Additional studies noted that over 75% of Americans are concerned that they will not have enough for retirement. While it can be tempting to delay retirement planning as more immediate concerns arise in our day-to-day lives, the truth is failing to set up a sound retirement plan can have dire consequences for ourselves and our families. Even if you are consciously preparing for retirement, you should still reach out to a retirement planning consultant in St. Louis County, 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 St. Louis County, MO are here to offer comprehensive consultations and to identify how to best move forward with your savings.
8 Steps to Successful Retirement Planning in St. Louis County, MO
Below are some vital steps to consider no matter how much money you've saved:
- Don't wait to save
Most financial professionals recommend starting retirement savings as early as possible, as soon as you get your first paycheck. While it's never too late to start contributing to a retirement plan, you want the money to grow for as much time as possible.
- 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 retire early? Or would you be happier working for a few more years? Are you a few years or a few decades away from retirement? The answers to those questions and more will help define your risk tolerance and determine how to optimize your savings.
- Understand your lifestyle goals for retirement
If you have always envisioned yearly trips to exotic beaches, 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 find you do not have enough to be as venturesome or as comfortable as you were hoping.
- Balance your retirement goals with other priorities
While it's always a good idea to prioritize retirement planning when you're young, do not forget about other financial issues in St. Louis County, 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.
- Choose the appropriate retirement account(s) for you
Many St. Louis County, MO residents are happy with their current 401(k) company. Others may not be offered a 401(k), are considering transferring the savings to an IRA, if they should conduct 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 the people you care about most will be taken care of once you're gone. A sound life insurance plan will also protect your St. Louis County, MO family in the event that the unexpected happens.
- Hire professional retirement consultants
Like in any field, the experts know best. Veteran retirement consultants in St. Louis County, MO, like those at Correct Capital, know how to assess the path you're currently on, note any possible issues and see where you can improve; the same way a chiropractor can notice issues with your alignment.
While you're focusing on working hard to accumulate the funds needed for your retirement plan, your St. Louis County, MO retirement planning specialists 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 St. Louis County, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
St. Louis County, MO Retirement Planning | Correct Capital
At Correct Capital, our retirement consultants 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 resources, and integrity to only act in your best interest. If want us to evaluate your current plan in in St. Louis County, MO, or want to develop a comprehensive plan that we can help you follow for years to come, call Correct Capital today at 877-930-4015 or contact us online.
