Retirement Planning in Westwood, MO
Retirement Planning in Westwood, MO. You work hard for your money to live the lifestyle you want; not only now, but after you've left the workforce. Retirement planning can be an uphill battle for many Westwood, MO residents who understand the value of planning ahead 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 just starting on your retirement planning journey, the Westwood, MO retirement planning specialists at Correct Capital will create a bespoke plan aimed at accomplishing your dreams; whether you want to be touring French vineyards, or perfecting your sudoku skills. Speak to one of our accomplished and astute wealth managers today by calling 877-930-4015 or by reaching out to us online.
What is Retirement Planning in Westwood, MO?
Retirement planning is an important facet 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 or IRAs, and more.
Retirement planning, ideally, starts from the moment you enter the workforce and continues into a happy retirement. If the prospect of planning for an event still decades away is daunting, 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 Westwood, MO financial advisors at Correct Capital a call at 877-930-4015. When you hire our retirement planning services, we 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 Westwood, 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 too few people in Westwood, MO and throughout the country recognize 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 thought about how much in savings will be required for retirement
- Over a quarter of employees who were able to contribute to defined contribution plan such as a 401(k) did not put any money into it
- The average person in the United States spends approximately two decades in retirement
Another survey found that 80% of Americans have expressed anxiety that they have not saved enough to be take care of themselves in 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, you should still get in touch with a retirement planning specialist in Westwood, MO to see if your money is set up as well as it can be for long-term growth, for instance assessing tax planning considerations or whether or not it might be beneficial to roll over your 401(k) when changing jobs. Our CERTIFIED FINANCIAL PLANNER™ professionals in Westwood, MO are here to perform a comprehensive evaluation of your finances and to identify how to best move forward with your savings.
8 Keys to Successful Retirement Planning in Westwood, MO
Below are some of the most important steps to abide by no matter how much money you've saved:
- Start saving early
Most economists suggest starting retirement savings in your early 20s, as soon as you start working full time. While even if you are closer to retirement you can still 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 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 would you be happier working as long as possible? Are you a few years or a few decades away from retirement? A key understanding of your time horizon is crucial when you need to define your risk tolerance and determine which types of savings account may be best for you.
- Understand your lifestyle goals for retirement
If you have always envisioned yearly trips to Bora Bora, or prefer to finally be able to sit back and relax, your retirement planning needs will be different. It's important to know how you'd like to live out your retirement, or, you may not be able to be as adventurous or as comfortable as you were hoping.
- Don't forget about other priorities
While it's always a good idea to prioritize retirement planning when you're young, it's also likely not a good idea to avoid other financial goals in Westwood, 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 Westwood, MO residents feel their current 401(k) company is the best place to save. Others may not be offered a 401(k), are considering moving the funds to an IRA, if they should conduct a 401(k) rollover, or are interested in alternative solutions. Different plans work for different people.
- Pay attention to estate planning
Estate planning ensures you'll leave a legacy for your children, grandchildren, and anyone else you'd like to include in your will. A wise life insurance plan will also safeguard your Westwood, MO family in the event that the unexpected happens.
- Hire professional retirement consultants
Like in any industry, there's rarely a substitute for an experienced and knowledgeable professional. Veteran retirement consultants in Westwood, MO, like those at Correct Capital, know how to take a look at someone's finances, goals, and current retirement funds and note any potential issues and see where you can improve; the same way a doctor may see something on an MRI that a patient might not.
While you're busy earning money for your retirement plan, your Westwood, MO retirement planning advisors at Correct Capital will be working hard to ensure your hard work is not being wasted.
Other services we offer in Westwood, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
Westwood, MO Retirement Planning | Correct Capital
At Correct Capital, our financial advisors always offer 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 analytics, and ethics to create a retirement plan that benefits you. If want us to evaluate your current plan in in Westwood, 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.
