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 in retirement. Retirement planning can be an uphill battle for many Westwood, MO residents who know that saving for retirement is important but aren't sure if they're headed in the right direction. Whether you're interested in a second opinion on an existing plan or need to develop a plan, the Westwood, MO retirement planning advisors at Correct Capital will create a bespoke plan aimed at accomplishing your dreams; whether that means spending your retirement years snorkeling the coral gardens of Bora Bora, or just spending some quality time in the garden. Speak to one of our seasoned and skilled wealth managers today by calling 314-930-401K or by getting in touch with us online.
What is Retirement Planning in Westwood, MO?
Retirement planning is an integral part of 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, 401(k)s or IRAs, and more.
Ideally, retirement planning starts as early as possible. If the prospect of planning for an event still decades away is challenging, 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). Our retirement planning services will get to know you and your finances personally and give you objective and unbiased advice aimed at getting your ideal retirement plan in place.
The Importance of Retirement Planning in Westwood, MO
Life expectancy in the United States is higher than ever, and more and more of us will need judicious retirement planning in order to live the lifestyle we want in our golden years. But not enough people in Westwood, MO and throughout the country appreciate how much good or bad retirement planning will determine the final 20%-33% of their lives. According to research from the U.S. Department of Labor:
- Only half of adults in the United States have calculated how much in savings will be required for 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 person in the United States spends about 20 years in retirement
Another survey noted 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 taking money out of your savings rather than putting them in. Even if you are responsibly putting money aside, it is likely best to consult with a retirement planning consultant in Westwood, MO to see if your plan could be improved, 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 extensive evaluation of your finances and to identify areas of your savings that are secure and those that could use an upgrade.
8 Steps to Successful Retirement Planning in Westwood, MO
Below are some of the most important tips to follow no matter how much money you've saved:
- Don't wait to save
Most economists advise starting retirement savings as early as possible, as soon as you get your first paycheck. While even if you are closer to retirement you can still start saving, the earlier you start saving the more your money will grow by the time you retire.
- 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 for a few extra years? Are you a few years or a few decades away from retirement? 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 your lifestyle goals for retirement
If you can't stop thinking about yearly trips to exotic beaches, or prefer to be home as much as possible, your income needs will be different. It's imperative to know how you'd like to live out your golden years, or, you may find you do not have enough to be as venturesome or as relaxed as you were hoping.
- Balance your retirement goals with other priorities
While you should start saving when you're still far away from retirement, you still need to be aware of other financial priorities in Westwood, 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 best retirement account(s) for you
Many Westwood, MO residents find that the 401(k) company offered by their current or past employer meets their needs and are comfortable that their savings are growing well. 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. Depending on your age, certain tax considerations, and more.
- 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 Westwood, MO family if the tragic happens.
- Seek the services of professional retirement consultants
Like in any sphere, there's rarely a substitute for an experienced and knowledgeable professional. Professional retirement consultants in Westwood, MO, like those at Correct Capital, know how to analyze the path you're currently on, locate any possible blind spots and make any necessary adjustments; the same way a meteorologist can see weather patterns we can't.
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:
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
- 401(k) For Small Business
- Small Business Retirement Plans
- Tax Planning
- Social Security Consultants Near Me
- Retirement Calculator
- Rollover 401(k)
Westwood, MO Retirement Planning | Correct Capital
At Correct Capital, our financial planners pride ourselves on 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 help you achieve the retirement of your dreams. If you want to make sure you're on the right track 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 314-930-401(k) or contact us online.
