Retirement Planning in Webster Groves, MO
Retirement Planning in Webster Groves, MO. It's never too early — or too late — to start saving for a happy and healthy retirement. Retirement planning can be daunting for many Webster Groves, MO residents who understand the value of planning ahead 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 just starting on your retirement planning journey, the Webster Groves, 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 in Tuscan villas, or perfecting your sudoku skills. Speak to one of our experienced and astute financial advisors today by calling 877-930-4015 or by reaching out to us online.
What is Retirement Planning in Webster Groves, MO?
Retirement planning is one of the most important aspects of financial planning and wealth management that sets goals for your retirement income and lifestyle and developes a sound strategy to get there, which includes portfolios, asset management, savings plans, and more.
Ideally, retirement planning starts as early as possible. If the prospect of planning for an event decades into the future is challenging, or if you you don't have the abilities or time to stay on top of market trends and familiarize yourself with financial law and lingo, give the Webster Groves, MO financial advisors at Correct Capital a call at 877-930-4015. When you hire our retirement planning services, we 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 Webster Groves, 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 not enough people in Webster Groves, MO and throughout the country appreciate how large of an effect poor retirement planning could have on their lives. According to data from the U.S. Department of Labor:
- Only about 50% of Americans have calculated how much income they will need in retirement
- Over one-fourth of employees with access to a defined contribution plan such as a 401(k) did not put any money into it
- The average person in the United States lives for roughly 20 years
More research noted that 80% of Americans are apprehensive that they will not have enough for retirement. At some point, you'll go from a consistent inflow of money and assets, to only withdrawing money. Even if you are judicious in your savings, it is likely best to set up a meeting with a retirement planning specialist in Webster Groves, MO to see if your savings plan has any blind spots, 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 Webster Groves, MO are here to perform a thorough evaluation of your finances and to identify what is working well and what could be improved.
8 Steps to Successful Retirement Planning in Webster Groves, MO
Below are some vital steps to follow no matter where you are in your retirement planning journey:
- Start saving early
Most economists advise starting retirement savings in your early 20s, as soon as you get your first paycheck. While it's never too late to start saving, the earlier you start saving the more your money will grow by the time you retire.
- Understand your time horizon
Your time horizon refers to when you'll need to withdraw savings or sell investments. 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 retiring soon, or several decades down the line? 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 some of the world's most incredible landmarks, or prefer to finally be able to sit back and relax, your retirement plan can obviously vary drastically. If you don't understand your lifestyle goals, you may not be able to live the retirement you envisioned.
- Balance your retirement goals with other priorities
While you should never undervalue the advantages of retirement planning as early as possible, do not forget about other financial priorities in Webster Groves, 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.
- Put your money in the best retirement account(s) for you
Many Webster Groves, MO residents are happy with their current 401(k) company. Others may have a job with a 401(k), are considering moving the funds to an IRA, if they should look into 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 safeguard your Webster Groves, MO family in the event that the unexpected happens.
- Seek the services of professional retirement consultants
Like in any sphere, there's no replacement for a professional. Veteran retirement consultants in Webster Groves, MO, like those at Correct Capital, know how to analyze the path you're currently on, diagnose 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 working hard to make a living and save for your retirement plan, your Webster Groves, MO retirement planning consultants at Correct Capital will be working hard to identify areas of risk and opportunity.
Other services we offer in Webster Groves, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
- 401(k) For Small Business
Webster Groves, MO Retirement Planning | Correct Capital
At Correct Capital, our financial advisors give you our I.O.U. promise: everything we tell you will be independent, objective, and unbiased. As fiduciary advisors and a Registered Investment Advisor, we have the insight, and legal and moral imperative to do what's best for you and only you. If want us to evaluate your current plan in in Webster Groves, MO, or need to start a plan, call Correct Capital today at 877-930-4015 or contact us online.
