Retirement Calculator Dardenne Prairie, MO
Experienced, Honest, and Talented Dardenne Prairie, MO Wealth Management
Retirement Calculator in Dardenne Prairie, MO. Ideally, you should start saving for retirement the moment you enter the workforce, but many Dardenne Prairie, MO 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 typing "retirement calculator" into your web browser may be useful in giving you a sense of where you currently stand, you'll need proven and trustworthy Dardenne Prairie, MO retirement consultants to make sure you're headed in the right direction. At Correct Capital Wealth Management, we build a personalized plan based on your existing financial realities, how your money is likely to grow, and lifestyle goals to apply our investment knowledge to help live your golden years the way you want. To speak to a knowledgeable human retirement calculator, call us today at 314-930-401K or reach out through our website.
How to Calculate Your Retirement Needs in Dardenne Prairie, 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, you need to consider:
- Where you currently standing — Before figuring out your preferred destination, it's important develop an understanding of where you are now. This includes how old you are, how much you and/or your spouse is brining in each year, current retirement savings, and how much your monthly contributions to your retirement funds are. This is an essential step to determining where your financial portfolio can be improved.
- Your real rate of return for retirement — 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 inflation was 3%, your actual return was 7%.
- How your earnings will increase — On average, salaries increase every year. Average salaries increased by an average of almost 5% in the second quarter of 2022, compared to the second quarter of 2021. Depending on how close or far you are to retirement, you may also move into a more lucrative industry, gain promotions, have company stock options, or keep an eye out on the job market to move to higher-paying job titles. A higher income will allow you to save more, but may also affect the kind of lifestyle you want to live.
- How long you'll need the savings for — Obviously, it's impossible to know precisely how long our golden years will last. But having a clear picture of your retirement age and any health concerns will help guide your retirement calculations.
- Anticipated rate of inflation — As recent events have demonstrated, predicting fluctuations in the investment world is an uncertain endeavor to put it generously. Nevertheless, the vast majority of wealth managers recommend staying calm and assuming 3% yearly inflation when retirement planning.
- 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 have benefit rules specific to that employment.
There are many ways to consider how much income you'll need in retirement. 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. Another guideline is the 4% rule, which states that annually you'll be able to use 4% of your retirement savings to have a comfortable but financially secure retirement as many as three decades. To know what works best for you, you need to reach out to a professional Dardenne Prairie, MO retirement consultant who will take into account your entire financial situation and decide what the best way to calculate your retirement needs is for you.
Other Things to Ask Yourself | Dardenne Prairie, 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 the white sands of the Maldives while have enough energy left to run over them. Others see little point in leaving the workforce as long as they enjoy what they do and are physically able to do it. Whether you're in one of those camps or somewhere in between, the age you retire will determine how long you need retirement savings for, 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 not the same in Dardenne Prairie, MO as it is in New York City, Hawaii, Italy, or wherever you choose to live out your golden years. Where you live will also determine how much you pay in taxes, housing costs, health care expenses, travel expenses, and even different opportunities for partial employment if you're feeling restless.
- What kind of lifestyle will you want? Do you have travel destinations, ski trips, and sky-diving to cross off your bucket list? Would you prefer to pass the time bird watching in the backyard? Or do subsequent generations live far away from Dardenne Prairie, MO and you want to take consistent trips to see them? A more active retirement usually means more expenses.
- Are you married? Married couples have a higher maximum Social Security benefit than unmarried 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 you have children or other dependents, you'll have to spend a significant portion of money on their care, and you might help them in other ways, for example saving for their higher education. This will affect how much you can responsibly put away for retirement each year.
Why Choose Correct Capital's Dardenne Prairie, MO Financial Advisors as Your Retirement Calculators
Your Dardenne Prairie, 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 effectively and ethically handling your money. We help Dardenne Prairie, MO families and individuals understand their retirement goals, as well as business owners who wish to give their employees a great 401(k) plan.
No matter where you're starting and where you want to go, our comprehensive financial advice will help you understand different saving opportunities like Roth IRAs, the benefits or disadvantages of rolling over your 401(k) when moving to a new employer, and successful strategies for managing your assets.
Take Control of Your Retirement Planning in Dardenne Prairie, MO With Savology
When choosing a retirement consultant firm, it's also important to take into consideration what tools they can offer you to help you in your financial journey. We partner with Savology to offer Dardenne Prairie, 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 your current financial health. 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 lets you know how you're doing in over 10 different areas, such as retirement, debt, net worth, and estate planning. We'll also provide you with clear action items you can take to improve your financial situation for both now and in the future.
- Speak to a Retirement Consultant from Correct Capital in Dardenne Prairie, 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 steps you can take now that will benefit you down the road.
Dardenne Prairie, 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 strive to build a relationship with you, 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 goals. For a retirement calculator in Dardenne Prairie, MO with a human face, brain, and touch, get in touch with Correct Capital today at 314-930-401K or contact us online.