Retirement Calculator Brentwood, MO
Experienced, Objective, and Talented Brentwood, MO Retirement Planners and Financial Advisors
Retirement Calculator in Brentwood, MO. Everyone knows how crucial it is to start saving for retirement early, but many Brentwood, MO residents don't have the time or financial literacy to calculate how much they need to save by the time they retire. While Googling "retirement calculator" may give you a brief snapshot of the health of your retirement funds, you'll need experienced and ethical Brentwood, MO financial advisors to get the golden years you've been planning for. At Correct Capital Wealth Management, we take a comprehensive view of your existing income, debts, and assets, future financial prospects, and the life you want to live to apply our financial know-how to help live your golden years the way you want. To speak to a knowledgeable human retirement calculator, get in touch with us today at 314-930-401K or reach out through our website.
How Retirement Calculating Works in Brentwood, MO
In order to calculate what savings you'll need for retirement planning you'll need to balance your estimated monthly expenses with how much money you'll have coming in. To do this, you'll have to take the following into account:
- The current state of your savings — Before calculating how to get to 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 savings are. This allows you to see where your financial portfolio needs improvement.
- Your real rate of return for retirement — 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 your accounts grew by 10% last year, but the cost of living went up 3%, your real rate of return was 7%.
- Expected salary increases — On average, salaries increase every year. Average base pay salary growth rose an average of 4.8% year over year in the second quarter of 2022. Depending on how recently you entered the workforce, you may also soon go from an hourly employee to a white-collar job, be promoted several time, earn a share of your company, or keep an eye out on the job market to move to more lucrative job titles. Making more money obviously allows you to put more money away, but will also likely make you accustomed to an increasingly comfortable lifestyle.
- How long you'll need the savings for — Obviously, none of us know exactly how much time our savings will need to last. But having a good understanding of your retirement age and any health concerns is crucial to knowing how far you'll need your savings to stretch.
- Anticipated rate of inflation — As we've seen in the early 2020s, predicting variations in the market and inflation is an uncertain endeavor at best. Nevertheless, most wealth managers recommend staying calm and assuming 3% yearly inflation when retirement planning.
- Your Social Security benefits — You'll be eligible for different benefits based on your life circumstances. Different ways of earning a living, for example household employment, military service, or being self-employed have benefit rules specific to that employment.
There are many guidelines for calculating how much you need to save before you retire. Many experts say that you will need 80-100% of your total income the year just before you retired. Others recommend the 4% rule, which states that each year you can withdraw 4% of your retirement savings to have a comfortable but safe retirement as many as three decades. To know how to best calculate how much money to save for retirement, it's important to speak to a skilled Brentwood, MO retirement consultant who will be able to look at your personal financial situation and decide what the best way to calculate your retirement needs is for you.
Other Things to Think About | Brentwood, MO Retirement Calculator
An addition to the technical aspects of a retirement calculator, you'll also want to ask yourself:
- 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. 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 live when you retire? The cost of living is different in Brentwood, MO than it is in New York City, Wyoming, Italy, or anywhere else. Each area also has varying tax systems, housing costs, the cost of health care, travel expenses, and even different opportunities for a part-time job if you're feeling restless.
- What do you want to do in retirement? Do you have travel destinations, ski trips, and white water rafting to experience before you die? Would you prefer to sit on the back porch with a book and a cigar? Or does your family live far away from where you want to retire and you want to visit them on all the major holidays? A more active retirement usually means more expenses.
- Do you have a spouse? Married couples have a higher maximum Social Security benefit than unmarried people. They'll also have to spend more, 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 put dependents on your taxes, taking care of them will be expensive, and you might provide for them in other ways, for example taking out a life insurance policy. This will affect how much you can responsibly put away for retirement each year.
Why Choose Correct Capital's Brentwood, MO Financial Advisors as Your Retirement Calculators
Your Brentwood, MO 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 devoted to skillfully and ethically doing what's best for your money to grow. We help Brentwood, MO families and individuals prepare for the golden years of their dreams, as well as business owners who wish to give their employees a great 401(k) plan.
No matter where you are and what your ideal retirement looks like, our extensive financial advice will help you understand the various types of savings accounts like Roth IRAs, the benefits or disadvantages of rolling over your 401(k) when changing jobs, and the most effective strategies for managing your assets.
Savology and Correct Capital's Retirement Calculator
When choosing a retirement consultant firm, it's also important to take into consideration what tools they can offer you to optimize your retirement planning. We partner with Savology to offer Brentwood, MO individuals and families a free, creative online retirement calculator to take control of their finances. You can reach a more secure financial future in three pain-free steps:
- Take the survey — After opening an account, you'll just need to answer a handful of basic questions to get a baseline for 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 different areas, for example retirement, debt, income, and estate planning. You'll also be given concrete steps you can take to help you reach your financial goals.
- Speak to a Retirement Consultant from Correct Capital in Brentwood, MO — 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 a clear road map that lets you know what you can do now that will help you reach the retirement of your dreams.
Brentwood, MO 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 in ourselves. We know that trusting someone with your hard-earned money and your family's future is difficult, 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 Brentwood, MO with a human face, brain, and touch, get in touch with Correct Capital today at 314-930-401K or reach out to us through our website.