Retirement Planning in St. Louis Hills, MO
Retirement Planning in St. Louis Hills, MO. It's never too early — or too late — to start coming up with a financial path to your golden years. Retirement planning can be an uphill battle for many St. Louis Hills, MO residents who know what they want their retirement years to look like 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 have just started saving, the St. Louis Hills, MO retirement planning advisors 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 on first-class flights to Lake Como, or perfecting your sudoku skills. Speak to one of our accomplished and skilled financial advisors today by calling 877-930-4015 or by getting in touch with us online.
What is Retirement Planning in St. Louis Hills, MO?
Retirement planning is an aspect 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.
In a best case scenario, you would start saving and planning for retirement from the moment you become a full-time worker. If the prospect of planning for an event decades into the future is nerve-racking, or if you you don't have the abilities or time to actively manage a great retirement plan, give the St. Louis Hills, MO financial advisors at Correct Capital a call at 877-930-4015. Our retirement planning services will 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 St. Louis Hills, MO
Life expectancy in the United States is higher than ever, which means retirement planning is becoming more and more important. But not enough people in St. Louis Hills, 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 considered how much income they will need in retirement
- Over a quarter 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 spends roughly 20 years in retirement
Additional studies noted that four-fifths of Americans lack retirement planning knowledge. At some point, you'll go from a consistent inflow of money and assets, to taking money out of your savings rather than putting them in. Even if you are judicious in your savings, it is likely best to reach out to a retirement planning specialist in St. Louis Hills, MO to see if your money is set up as well as it can be for long-term growth, 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 St. Louis Hills, 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 St. Louis Hills, MO
Below are some of the most important steps to follow no matter how much money you've saved:
- Start saving early
Most financial professionals advise starting retirement savings in your early 20s, as soon as you have left college or otherwise entered the professional sphere. While even if you are closer to retirement you can still start saving, 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 an investment timeline based on when you want to retire. Would you like to add a few more years onto your retirement? 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 which types of savings account may be best for you.
- Understand what kind of life you want to live in retirement
If you dream of yearly trips to Bora Bora, or prefer to finally be able to sit back and relax, your retirement plan can obviously vary significantly. It's important to know how you'd like to live out your retirement, or, you may find you do not have enough to live the retirement you envisioned.
- Don't forget about other priorities
While you should start saving as early as possible, you still need to be aware of other financial goals in St. Louis Hills, 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.
- Put your money in the appropriate retirement account(s) for you
Many St. Louis Hills, MO residents feel their current 401(k) company is the best place to see their money grow. Others may have employment with a 401(k), are considering moving the funds to an IRA, if they should perform a 401(k) rollover, or are interested in other savings plan options. 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 safeguard your St. Louis Hills, MO family if the tragic happens.
- Seek the services of professional retirement consultants
Like in any field, the experts know best. Qualified retirement consultants in St. Louis Hills, MO, like those at Correct Capital, know how to assess the path you're currently on, note any potential 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 Hills, MO retirement planning consultants at Correct Capital will be working hard to actively manage your account.
Other services we offer in St. Louis Hills, 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
St. Louis Hills, MO Retirement Planning | Correct Capital
At Correct Capital, our wealth managers pride ourselves on 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 tools, and integrity to create a retirement plan that benefits you. If want us to evaluate your current plan in in St. Louis Hills, 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.
