Retirement Calculator Belleville, IL
Professional, Objective, and Skilled Belleville, IL Wealth Management
Retirement Calculator in Belleville, IL. Ideally, retirement planning starts the moment you enter the workforce, but many Belleville, IL residents don't have the time, knowledge, or interest to calculate how much they'll need in retirement. While typing "retirement calculator" into your web browser may give you a brief snapshot of the health of your retirement funds, you'll need experienced and ethical Belleville, IL retirement consultants to develop a deeper understanding of retirement planning. At Correct Capital Wealth Management, we take a comprehensive view of your current financial realities, how your money is likely to grow, and lifestyle goals to apply our investment knowledge to help live your golden years the way you want. For an experienced human retirement calculator, call us today at 314-930-401K or contact us online.
How Retirement Calculating Works in Belleville, IL
In order to calculate what savings you'll need for retirement planning you'll need to balance the money you'll use with your estimated monthly income once you retire. To do this effectively, you'll have to take the following into account:
- The current state of your retirement planning — Before figuring out where you want to go, it's important develop an understanding of your current financial status. This includes how old you are, household income, how much you have already saved for retirement, and how much you put away each month for retirement. Doing this will help identify areas where your financial portfolio needs improvement.
- Your real rate of return calculations — This is how much you're getting back from your investments and savings, both while saving for retirement and after the date of your retirement. Your real rate of return accounts for inflation when calculating your return on investment. For instance, if you had a return of 10% last year, but inflation was 3%, your actual return was 7%.
- How your earnings will increase — Over time, salaries increase across the board. Average wages and salaries rose an average of 4.8% year over year in the second quarter of 2022. Depending on what stage you're at in your career, you may also soon go from an hourly employee to a salaried position, gain promotions, have company stock options, or job hop to more lucrative positions. Making more money obviously allows you to grow your savings and investments faster, but will also likely make you accustomed to an increasingly lavish lifestyle.
- How long you'll need the savings for — Obviously, none of us know exactly how long our savings will need to last. But having a good understanding of your retirement age and your health will help guide your retirement calculations.
- Anticipated rate of inflation — As recent events have demonstrated, forecasting fluctuations in the economy is an uncertain endeavor to put it generously. Nevertheless, the vast majority of wealth managers will advise to keep a steady course of action and assume 3% annual inflation when retirement planning.
- Your Social Security benefits — Understanding what benefits you are entitled to is a key aspect of calculating how much you'll need in retirement. Certain types of employment, for example household employment, working for the federal government, or being self-employed have benefit rules specific to that employment.
There are many ways to consider how much income you'll need in retirement. One rule of thumb some retirement calculators use is that you will need 80-100% of your most recent after-tax salary. Another guideline is the 4% rule, which stipulates that annually you can withdraw 4% of your retirement savings to have a comfortable but financially secure retirement for up to 30 years. To know what works best for you, you need to speak to an experienced Belleville, IL retirement consultant who will be able to take into consideration your entire financial situation and determine what's best for you.
Other Questions to Ask Yourself | Belleville, IL Retirement Calculator
Beyond inflation, tax considerations, Social Security benefits and return on investment, you'll also need to consider more subjective questions, such as:
- How old would you like to be to when you retire? Some people want to see the white sands of Boulders Beach while have enough energy left to sprint across them. Others would feel better honorably working or as long as they're physically able. Whenever you'd like to retire, the age you leave the workforce will determine how much you need to save, and whether or not there are any tax implications for how much you receive from Social Security.
- Where do you want to spend your golden years? The cost of living is not the same in Belleville, IL as it is in New York City, Wyoming, France, or anywhere else. Different locations also have varying tax systems, housing costs, health care expenses, how much it costs to travel to and from your home, and even different opportunities for partial employment if don't want to be completely retired.
- What kind of lifestyle will you want? Do you have foreign counties to see, cruises to take, and bungee-jumping to cross off your bucket list? Would you rather sit on the back porch with a crossword and a cigar? Or does your family live far away from where you want to retire and you want to take twice yearly trips to see them? A more active retirement usually means you'll need more savings.
- Do you have a spouse? Married couples have a higher maximum Social Security benefit than unmarried people. They'll also have more in basic living costs, yet potentially higher earnings. Whether you'll spend the coming decades with a spouse will go a long way in
- How long will you have dependents If you have children or other dependents, you'll have many expenses related to their care, and you might help them in other ways, for example saving for their higher education. This will affect how much your savings can grow while you have those dependents.
Why Choose Correct Capital's Belleville, IL Financial Advisors as Your Retirement Calculators
Your Belleville, IL financial team at Correct Capital consists of CERTIFIED FINANCIAL PLANNER™ professionals, a five-time Top 1200 Advisor by Barrons, an Accredited Investment Fiduciary®, and a supporting staff dedicated to optimizing your gains and retirement savings. We help Belleville, IL families and individuals prepare for the golden years of their dreams, as well as business owners interested in the benefits of implementing a great 401(k) plan.
No matter your current situation and where you want to end up, our extensive financial advice will help you understand the various types of savings accounts like Roth IRAs, whether or not you should rollover your 401(k) when changing jobs, and how to best manage your assets in the interest of growing your retirement savings.
Savology and Correct Capital's Retirement Calculator
When choosing a financial advisory firm, it's also important to look at what resources they can offer you to optimize your retirement planning. Alongside Savology, we've developed a creative online retirement calculator for Belleville, IL individuals and families to use free of charge. Higher financial literacy and confidence can be reached in three simple steps:
- Take the survey — After opening an account, you'll just need to answer a handful of basic questions to get a snapshot of the current state of your finances and retirement savings. Then, you'll receive a personalized plan aimed at improving your financial wellness and financial literacy.
- Plan Your Finances — We'll then send you a report card that grades your financial health in over 10 categories, for example retirement, debt, net worth, and savings. You'll also be given concrete steps you can take to improve your financial situation for both now and in the future.
- Work with Retirement Consultant from Correct Capital in Belleville, IL — We'll go over your plan and help you understand how they'll help you reach your goals.
Through Savology and Correct Capital's partnership, you'll receive a clear road map that lets you know what steps you can take now that will pay off later.
Belleville, IL Retirement Calculator | Correct Capital Wealth Management
As Correct Capital is an entirely independent firm, our wealth managers will only give you advice that is independent, objective, and unbiased. We strive to build a relationship with you, and we will always appreciate your decision to trust us. As fiduciary advisors, we are legally and morally compelled to only do what we think is best for you and your retirement dreams. For a retirement calculator in Belleville, IL with a human face, brain, and touch, call Correct Capital today at 314-930-401K or contact us online.