Retirement Calculator Clayton, MO
Experienced, Objective, and Talented Clayton, MO Retirement Consultants and Financial Advisors
Retirement Calculator in Clayton, MO. Ideally, you should start saving for retirement the moment you enter the workforce, but many people in Clayton, MO don't don't know how, or don't want, 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 knowledgeable and honest Clayton, MO retirement consultants to develop a deeper understanding of retirement planning. At Correct Capital Wealth Management, we balance your existing financial realities, areas for improvement, and what activities and trips you want to take in retirement to apply our skills to help you get the retirement you've always wanted. For an experienced human retirement calculator, call us today at 314-930-401K or contact us online.
How to Calculate How Much You'll Need for Retirement in Clayton, MO
In order to calculate how much you 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 successfully, you need to consider:
- Your current status — The first thing you'll need to do is to get a snapshot of where you currently stand. This includes how old you are, how much you and/or your spouse is brining in each year, 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 for retirement — This is how much you're getting back from your various accounts, 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 prices rose 3%, your savings really grew by 7%.
- How your earnings will increase — Salaries are almost always increasing. Average salaries increased by an average of almost 5% year over year in the second quarter of 2022. Depending on how close or far you are to retirement, you may also soon go from an hourly employee to a white-collar job, be promoted several time, get offered company stock, or job hop to higher-paying job titles. A higher income obviously allows you to grow your savings and investments faster, but may also affect the kind of lifestyle you desire.
- How long your retirement may last — Obviously, none of us know precisely how much time our golden years will last. But developing a clear picture of what age you'll be when you retire and any health concerns is crucial to knowing how far you'll need your savings to stretch.
- Anticipated rate of inflation — As recent events have demonstrated, forecasting fluctuations in the investment world is an uncertain endeavor at best. Still, the vast majority of wealth managers will advise to keep a steady course of action and assume 3% annual inflation for people calculating how much to save.
- 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 farm work, nonprofit or religious organizations, or being self-employed all have different benefits.
There are many ways to consider how much you need to save before you retire. Many experts say that your income need in retirement will be 80-100% of your total income the year just before you retired. Another guideline is the 4% rule, which stipulates that annually you can use 4% of your retirement savings to have a comfortable but financially secure retirement as many as three decades. To know how to best calculate how much money to save for retirement, you need to reach out to a knowledgeable Clayton, MO retirement consultant who will be able to look at your personal financial situation and determine what's best for you.
Other Questions to Ask Yourself | Clayton, MO Retirement Calculator
An addition to inflation, tax considerations, Social Security benefits and returns, you'll also want to ask yourself:
- What age would you like to retire? Some people want to see the white sands of Anguilla while they're still young enough to sprint across them. 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 spend your retirement? The cost of living is different in Clayton, MO than it is in San Fransisco, Wyoming, Australia, or anywhere else. Where you live will also determine how much you pay in taxes, housing costs, health care expenses, travel expenses, and even different possibilities for a part-time job if you're feeling restless.
- What do you want to do in retirement? Do you have foreign counties to see, ski trips, and bungee-jumping to cross off your bucket list? Would you rather sit on the back porch with a newspaper and a cigar? Or does your family live far away from Clayton, MO and you want to take twice yearly trips to see them? A more active retirement usually means more expenses.
- Do you have a spouse? Social Security have different rules for married people. They'll also have to spend more, yet likely 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, you'll have to spend a significant portion of money on their care, and you might help them in other ways, for example helping them with their first down payment on a house. This will affect how much you can responsibly put away for retirement each year.
Why Choose Correct Capital's Clayton, MO Financial Advisors as Your Retirement Calculators
Your Clayton, 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 support team devoted to optimizing your gains and retirement savings. We help Clayton, MO families and individuals prepare for the golden years of their dreams, in addition to business owners interested in the benefits of implementing a great 401(k) plan.
Regardless of where you are and where you want to go, our holistic financial advice includes helping you develop a picture of the various types of retirement plans like Roth IRAs, whether or not you should rollover 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 Clayton, MO With Savology
Another important factor to consider when choosing a financial advisor is what resources they can offer you to help you in your financial journey. We partner with Savology to offer Clayton, MO individuals and families a complimentary, innovative online retirement calculator to better understand their financial health. You can reap the rewards of the application in three quick 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 — You'll get a report card that grades your financial health in more than 10 categories, for example retirement, debt, net worth, and estate planning. You'll also be given clear action items you can take to improve your financial situation for both now and in the future.
- Speak to a Wealth Manager from Correct Capital in Clayton, 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 today that will benefit you later.
Clayton, MO Retirement Calculator | Correct Capital Wealth Management
As Correct Capital is an entirely independent firm, our wealth managers 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 compelled to only do what we think is best for you and your retirement dreams. For a skilled and experienced human retirement calculator in Clayton, MO, get in touch with Correct Capital today at 314-930-401K or reach out to us through our website.