Retirement Calculator Belleville, IL
Retirement Calculator in Belleville, IL. You've already heard the importance of planning for retirement as early as you can, but many Belleville, IL residents don't have the time, knowledge, or interest to calculate how much money to put away each month, and where to store it. While Googling "retirement calculator" may be helpful to give you a sense of where you currently stand, you'll need knowledgeable and ethical Belleville, IL wealth managers to best understand how to move forward. At Correct Capital Wealth Management, we balance your existing income, debts, and assets, how your money is likely to grow, and the life you want to live to apply our financial know-how to help you get the retirement of your dreams. For an experienced human retirement calculator, get in touch with us today at 877-930-4015 or reach out through our website.
How Retirement Calculating Works in Belleville, IL
To see what your retirement planning needs are you'll need to balance the money you'll use with how much money you'll have coming in. To do this successfully, you need to consider:
- Your current status — 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, how much money your household makes, how much you have already saved for retirement, and how much your monthly contributions to your retirement funds are. This allows you to see where your financial portfolio can be improved.
- Your real rate of return calculations — You'll have to look at your rate of return both before and during retirement. Your real rate of return accounts for inflation when calculating your return on investment. For example, if your accounts grew by 10% last year, but prices increased 3%, your real rate of return was 7%.
- Expected salary increases — Salaries are almost always increasing. Average salaries went up an average of 4.8% in the second quarter of 2022, compared to the second quarter of 2021. Depending on how recently you entered the workforce, you may also move into a more lucrative industry, be promoted several time, get offered company stock, or job hop to more highly compensated positions. Making more money will allow you to save more, but will also likely make you accustomed to an increasingly comfortable lifestyle.
- How long your retirement may last — Obviously, it's impossible to know exactly how much time we'll need our savings for. But having a good understanding of what age you'll be when you retire and any health concerns is crucial to knowing how much savings you'll need.
- Expected rate of inflation — As recent events have proved, anticipating fluctuations in the market and inflation is an uncertain enterprise to say the least. Still, the vast majority of wealth managers recommend staying calm and assuming 3% yearly inflation for people calculating their retirement needs.
- Your Social Security benefits — You'll be eligible for different benefits depending on your life circumstances. Different ways of earning a living, for example farm work, military service, or railroad industry work have benefit rules specific to that employment.
Financial experts have vary opinions on how exactly to calculate your retirement needs. One rule of thumb some retirement calculators use is that you will need 80-100% of your total income the year just before you retired. Others recommend the 4% rule, which dictates that annually you can withdraw 4% of your savings at the time of your retirement to have a comfortable but safe retirement for up to 30 years. To know how to best calculate how much money to save for retirement, it's important to consult with an experienced Belleville, IL retirement consultant who will look at your personal financial situation and decide what the best way to calculate your retirement needs is for you.
Other Questions to Consider | Belleville, IL Retirement Calculator
An addition to the technical aspects of a retirement calculator, you'll also need to consider more subjective questions, such as:
- What age would you like to retire? Some people want to see world wonders like the Great Wall of China while they still have enough endurance to walk along it. Others see little point in leaving the workforce as long as they enjoy what they do and are physically able to do it. Whether one of those people sounds like you, or you're somewhere in between, the age you retire 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 different in Belleville, IL than it is in Chicago, Alaska, Australia, or wherever you choose to retire. Where you live will also determine how much you pay in taxes, housing costs, health care expenses, travel expenses, and even different opportunities for a part-time job if don't want to be completely retired.
- What do you want to do in retirement? Do you have foreign counties to see, ski trips, and bungee-jumping to experience before you die? Would you prefer to pass the time bird watching in the backyard? Or do subsequent generations live far away from you and you want to take twice yearly trips to see them? The more you want to do, the more money you'll need.
- Do you have a spouse? Social Security have different rules for married people. They'll also have to spend more, yet potentially have more income. Whether you'll spend the coming decades with a spouse will go a long way in
- Do you have dependents? How much longer? If put dependents on your taxes, their care will be expensive, and you might help them in other ways, for example taking out a life insurance policy. 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 committed to optimizing your gains and retirement savings. We help Belleville, IL families and individuals calculate how much they need to save for retirement, in addition to business owners interested in the benefits of implementing a great 401(k) plan.
No matter where you are and what your ideal retirement looks like, our comprehensive financial advice will help you develop a picture of different saving opportunities like Roth IRAs, the benefits or disadvantages of rolling over your 401(k) when moving to a new employer, and how to best manage your assets in the interest of growing your retirement savings.
Take Control of Your Retirement Planning in Belleville, IL With Savology
Another important aspect to consider when choosing a wealth management firm is what tools they can offer you to help you in your retirement planning. We partner with Savology to offer Belleville, IL individuals and families a free, innovative online retirement calculator to better understand their financial health. You can reach a more secure financial future in three simple steps:
- Take the survey — It takes just 5 minutes to open an account and answer a few quick question. Then, you'll receive a personalized plan aimed at improving your financial wellness and financial literacy.
- Plan Your Finances — You'll get a report card that grades your financial health in more than 10 different areas, including retirement, debt, net worth, and savings. We'll also provide you with clear action items you can take to help you reach your financial goals.
- Work with Wealth Manager from Correct Capital in Belleville, IL — We'll go over your plan and help you understand how they'll help you reach your goals.
With Savology and Correct Capital's Help, you'll receive clear instructions that help you understand what steps you can take now that will pay off later.
Belleville, IL Retirement Calculator | Correct Capital Wealth Management
As Correct Capital is not tied to any larger firm or financial institution, our financial advisors will only recommend products and strategies that we believe are in your best interest. We know that trusting someone with your hard-earned money and your family's future is difficult, and we will never take your trust for granted. As fiduciary advisors, we are bound as a matter of law and ethics bound to only do what we think is best for you and your retirement goals. For a retirement calculator in Belleville, IL with a human face, brain, and touch, get in touch with Correct Capital today at 877-930-4015 or contact us online.
