Retirement Calculator Brentwood, MO
Retirement Calculator in Brentwood, MO. You've already heard the importance of planning for retirement as early as you can, but many people in Brentwood, MO don't have the time, knowledge, or interest to calculate how much money to put away each month, and where to store it. While typing "retirement calculator" into your web browser may be useful in giving you a sense of where you currently stand, you'll need experienced and ethical Brentwood, MO retirement planners to develop a deeper understanding of retirement planning. At Correct Capital Wealth Management, we take a comprehensive view of your existing income, debts, and assets, how your money is likely to grow, and the life you want to live to apply our investment knowledge to help live your golden years the way you want. For a knowledgeable human retirement calculator, get in touch with us today at 877-930-4015 or contact us online.
How to Calculate Your Retirement Needs in Brentwood, MO
To see what your retirement planning needs are you'll need to balance your estimated monthly expenses with your estimated monthly income once you retire. To do this successfully, you'll have to take the following into account:
- The current state of your retirement planning — The first thing you'll need to do is to get a snapshot 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 is an essential step to seeing where your financial portfolio can be improved.
- 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 once you retire. 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 inflation was 3%, your actual return was 7%.
- How your earnings will increase — On average, salaries increase every year. Average base pay salary growth went up an average of almost 5% in the second quarter of 2022, compared to the second quarter of 2021. Depending on what stage you're at in your career, you may also be about to enter a more lucrative field, move up your company's chain of command, get offered company stock, or switch jobs multiple times to higher-paying job titles. 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 a retirement income — Obviously, none of us know precisely how much time we'll need our savings for. But having a good understanding of how young or old you'll be when you retire and your health will help guide your retirement calculations.
- Anticipated rate of inflation — As we've seen in the early 2020s, forecasting shifts in the market and inflation is an uncertain endeavor at best. However, most wealth managers will tell you not to panic and assume 3% yearly inflation when retirement planning.
- Your Social Security benefits — You'll be eligible for different benefits based on your specific situation. Certain types of employment, for example household employment, working for the federal government, or work outside the United States have benefit rules specific to that employment.
Economic experts have vary opinions on how exactly to calculate your retirement needs. Many experts say that you will need 80-100% of your most recent after-tax salary. Others recommend the 4% rule, which states that every year you'll be able to 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 you'll need, you need to speak to a professional Brentwood, MO 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 Things to Contemplate | Brentwood, MO Retirement Calculator
Beyond inflation, tax planning, Social Security rules and return on investment, you'll also want to ask yourself:
- How old would you like to be to when you 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 think they'd grow bored without a job to get them up in the morning. 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 your Social Security benefits.
- Where do you want to spend your golden years? The cost of living is different in Brentwood, MO than it is in Chicago, Wyoming, Italy, or wherever you choose to retire. Where you live will also determine how much you pay in taxes, housing costs, health care expenses, how much it costs to travel to and from your home, and even different opportunities for partial employment if you want to keep busy.
- What kind of lifestyle will you want? Do you have exotic vacations, ski trips, and bungee-jumping to experience before you die? Would you prefer to sit on the back porch with a crossword and a cigar? Or do subsequent generations live far away from Brentwood, MO and you want to visit them on all the major holidays? The more you want to do, the more money you'll need.
- Are you married? Social Security have different rules for spouses. 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
- Do you have dependents? How much longer? If put dependents on your taxes, you'll have to spend a significant portion of money on their care, and you may want to help them in other ways, for example helping them with their first down payment on a house. This will affect how much your savings can grow while you have those dependents.
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 committed to diligently and ethically handling your money. We help Brentwood, MO families and individuals calculate how much they need to save for retirement, as well as business owners who wish to give their employees a great 401(k) plan.
Regardless of your current situation and what your ideal retirement looks like, our comprehensive financial advice includes helping you understand the various types of saving opportunities like Roth IRAs, the benefits or disadvantages of rolling over your 401(k) when changing jobs, and successful strategies for managing your assets.
Take Control of Your Retirement Planning in Brentwood, MO With Savology
When choosing a retirement consultant firm, it's also important to look at what resources they can offer you to optimize your retirement calculation. Correct Capital partners with Savology to offer Brentwood, MO 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 — We'll then send you a report card that grades your financial health in over 10 categories, for example retirement, debt, income, and estate planning. You'll also be given concrete steps you can take to improve your financial situation for both now and in the future.
- Speak to a Retirement Consultant from Correct Capital in Brentwood, MO — We're here to answer any question you may have, help you understand your plan and how it relates to your financial goals, and discuss any additional insights we can.
Through Savology and Correct Capital's partnership, you'll receive a clear road map that lets you know what you can do today that will help you reach the retirement of your dreams.
Brentwood, MO Retirement Calculator | Correct Capital Wealth Management
As Correct Capital is an entirely independent firm, 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 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 dreams. For a skilled and experienced human retirement calculator in Brentwood, MO, get in touch with Correct Capital today at 877-930-4015 or contact us online.
