Retirement Calculator Concord, MO
Professional, Objective, and Skilled Concord, MO Wealth Management
Retirement Calculator in Concord, MO. Ideally, you should start saving for retirement the day you get your first paycheck, but many people in Concord, MO don't don't know how, or don't want, to calculate how much they need to save by the time they retire. While typing "retirement calculator" into a search engine may be helpful to give you a sense of where you currently stand, you'll need proven and trustworthy Concord, MO wealth managers to develop a deeper understanding of retirement planning. At Correct Capital Wealth Management, we take a comprehensive view of your existing financial realities, areas for improvement, and the life you want to live to apply our skills to help you get the retirement you've always wanted. To speak to a talented human retirement calculator, get in touch with us today at 314-930-401K or contact us online.
How to Calculate Your Retirement Needs in Concord, MO
In order to calculate the amount of money you'll need for retirement planning you'll need to balance what you're likely to spend 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 your current financial status. This includes how old you are, household income, how much you have already saved for retirement, and the percentage of your income 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 — You'll have to look at your rate of return both before and during retirement. Your real rate of return adjusts the increase in your accounts with inflation. For example, if your accounts grew by 10% last year, but prices went up 3%, your actual return was 7%.
- Expected salary increases — On average, salaries increase every year. Average base pay salary growth increased by an average of almost 5% in the second quarter of 2022, compared to the second quarter of 2021. Depending on you age, you may also move into a more lucrative industry, gain promotions, earn a share of your company, or job hop to more highly compensated job titles. A higher income obviously allows you to grow your savings and investments faster, but may also affect the kind of lifestyle you are used to.
- How long your retirement may last — Obviously, it's impossible to know exactly how much time our savings will need to last. But having a clear picture of your retirement age and your health will help guide your retirement calculations.
- Expected rate of inflation — As we've seen in the early 2020s, forecasting fluctuations in the economy is an uncertain task to put it generously. However, most wealth managers will tell you not to panic and assume 3% yearly inflation for workers calculating how much money they'll need in retirement.
- 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 railroad earnings all have different benefits.
There are many guidelines for calculating how much income you'll need in retirement. One rule of thumb some retirement calculators use is that your income need in retirement will be 80-100% of what you made in your last year in the workforce. Another guideline is the 4% rule, which states that each year you can withdraw 4% of your retirement savings to have a comfortable but safe retirement for up to three decades. To know how to best calculate how much money to save for retirement, you need to speak to a skilled Concord, MO retirement consultant who will be able to take into consideration your complete financial situation and decide what the best way to calculate your retirement needs is for you.
Other Questions to Contemplate | Concord, MO Retirement Calculator
An addition to inflation, tax planning, Social Security rules and returns, you'll also need to consider more subjective questions, such as:
- In how long would you like to retire? Some people want to see the white sands of Anguilla while they're still young enough to sprint over them. Others would feel better honorably working or as long as they're physically able. Whether one of those people sounds like you, or you're somewhere in between, your retirement age 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 Concord, MO than it is in San Fransisco, Wyoming, Italy, or wherever you choose to retire. 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 you're feeling restless.
- What do you want to do in retirement? Do you have exotic vacations, ski trips, and sky-diving to experience before you die? Would you rather pass the time bird watching in the backyard? Or do subsequent generations live far away from Concord, MO and you want to visit them on all the major holidays? 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 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 you have children or other dependents, you'll have many expenses related to their care, and you may choose to 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 Concord, MO Financial Advisors as Your Retirement Calculators
Your Concord, 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 dedicated to optimizing your gains and retirement savings. We help Concord, MO families and individuals understand their retirement goals, in addition to business owners interested in the benefits of implementing a great 401(k) plan.
No matter where you are and where you want to go, our holistic financial advice will help you understand different saving opportunities like Roth IRAs, the benefits or disadvantages of rolling over your 401(k) when changing jobs, and how to best manage your assets with the goal of growing your retirement savings.
Savology and Correct Capital's Retirement Calculator
When choosing a retirement consultant firm, it's also important to look at what resources they can offer you to help you in your retirement planning. Correct Capital partners with Savology to offer Concord, MO individuals and families a free, advanced online retirement calculator to better understand their financial health. Higher financial literacy and confidence can be reached in three quick 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.
- Review Your Plan — You'll get a report card that grades your financial health in over 10 categories, including retirement, debt, income, and savings. We'll also provide you with concrete steps you can take to help you reach your financial goals.
- Speak to a Retirement Consultant from Correct Capital in Concord, MO — 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 you can do today that will pay off down the road.
Concord, 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 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 Concord, MO with a human face, brain, and touch, call Correct Capital today at 314-930-401K or contact us online.