Retirement Planning in Westwood, MO
Retirement Planning in Westwood, MO. It's never too early — or too late — to start planning for a happy and healthy retirement. Retirement planning can be daunting for many Westwood, MO residents who know that saving for retirement is important but don't know if they're going to make it where they want to go. Whether you're interested in modifying an existing plan or are just starting on your retirement planning journey, the Westwood, MO retirement planning consultant at Correct Capital are here to help get you where you want to go; whether that means spending your retirement years on the sandy white beaches of the British Virgin Islands, or perfecting your sudoku skills. Talk to one of our seasoned and skilled financial planners today by calling 314-930-401K or by reaching out to us online.
What is Retirement Planning in Westwood, MO?
Retirement planning is one of the most important aspects of financial planning and wealth management that refers to financial strategies to meant to save for the future, like investment options, asset management, 401(k)s or IRAs, and more.
Retirement planning, ideally, starts from the moment you get your first paycheck and continues into a happy retirement. If the idea of planning for an event still decades away is nerve-racking, 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 Westwood, MO financial advisors at Correct Capital a call at 314-930-401(k). 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 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 not enough people in Westwood, MO and beyond understand how large of an effect poor retirement planning could have on their lives. According to data from the U.S. Department of Labor:
- Only half of adults in the United States have planned for how much income they will need in retirement
- Over one-fourth of workers 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 found that over 75% of Americans have expressed anxiety that they have not saved enough to be financially independent in retirement. At some point, you'll go from acquiring 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 there is anything you are missing, for instance analyzing tax planning considerations or if it might be better to keep your 401(k) or roll over your 401(k) when deciding to take a new position. Our CERTIFIED FINANCIAL PLANNERS™ in Westwood, MO are here to offer comprehensive consultations and to identify what is working well and what could be improved.
8 Ways to Improve Retirement Planning in Westwood, MO
Below are some of the most important steps to contemplate when beginning or fine-tuning your retirement planning:
- Don't wait to save
Most financial professionals recommend starting retirement savings young, as soon as you get your first paycheck. While even if you are closer to retirement you can still start contributing to a retirement plan, 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 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 are you more content working and want to put off full retirement for a few extra years? Are you 5, 15, or 30 years away from retirement? A key understanding of your time horizon is essential when you need to define your risk tolerance and determine how to optimize your savings.
- Understand your lifestyle goals for retirement
If you can't stop thinking about yearly trips to the south of France, or prefer to watch all 162 Cardinals' games, your income needs will be different. It's imperative to know the lifestyle you want in your retirement, or, you may find you do not have enough to live the retirement you dreamed of.
- Balance your retirement goals with other priorities
While you should start saving when you're young, do not forget about other financial priorities in Westwood, MO like valuable real estate investments.
- 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 ideal retirement account(s) for you
Many Westwood, MO residents feel their current 401(k) company is the best place to save. Others may have employment with a 401(k), are considering transferring the funds to an IRA, if they should conduct a 401(k) rollover, or are interested in other savings plan options. Different plans work for different people.
- Remember estate planning
Estate planning ensures a safe financial future for those you love most. A wise life insurance plan will also protect your Westwood, MO family if the tragic happens.
- Speak to professional retirement consultants
Like in any industry, the experts know best. Accomplished 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 diagnose any possible issues and make any necessary corrections; 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 Westwood, MO retirement planning consultants at Correct Capital will be working hard to ensure your hard work is paying off as much as it can.
Other services we offer in Westwood, MO include:
- Rollover 401(k)
- Wealth Management
- 401k Companies
- Financial Advisor
- Asset Management
- Retirement Consultant
- Financial Portfolio Management
- 401(k) Rollover
- Financial Advice
Westwood, MO Retirement Planning | Correct Capital
At Correct Capital, our retirement planners give you 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 integrity to help you achieve the retirement of your dreams. If want us to evaluate your current plan in in Westwood, MO, or need to start a plan, call Correct Capital today at 314-930-401(k) or contact us online.
