Retirement Calculator Des Peres, MO
Experienced, Independent, and Talented Des Peres, MO Retirement Consultants and Financial Advisors
Retirement Calculator in Des Peres, MO. You've already heard the importance of planning for retirement early, but many people in Des Peres, MO don't have the time or financial literacy to calculate how much they need to save by the time they retire. While looking up "retirement calculator" may be useful in giving you a sense of where you currently stand, you'll need proven and trustworthy Des Peres, MO financial advisors 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 lifestyle goals to apply our investment knowledge to help you get the retirement you've always wanted. To speak to a knowledgeable 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 Des Peres, MO
To see what your retirement planning needs are you'll need to account for your estimated monthly expenses with how much money you'll have coming in. To do this, you need to consider:
- Where you currently standing — Before figuring out your preferred destination, it's important develop an understanding of your current financial status. This includes how old you are, how much money your household makes, current retirement savings, and how much your monthly contributions to your retirement savings are. 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 accounts for inflation when calculating how your money accumulated over various accounts. For instance, if your accounts grew by 10% last year, but prices went up 3%, your savings really grew by 7%.
- Expected salary increases — Over time, salaries increase across the board. Average wages and salaries went up an average of 4.8% year over year in the second quarter of 2022. Depending on how close or far you are to retirement, you may also be about to enter a more lucrative field, move up your company's chain of command, get offered company stock, or keep an eye out on the job market to move to more lucrative positions. 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 long we'll need our savings for. But having a good understanding of what age you'll be when you retire and your health is crucial to knowing how far you'll need your savings to stretch.
- Anticipated rate of inflation — As recent events have shown, forecasting fluctuations in the investment world is an uncertain enterprise to say the least. Still, most wealth managers will tell you not to panic and assume 3% annual inflation for workers calculating how much to save.
- Your Social Security benefits — You'll be eligible for different benefits based on your life circumstances. Some types of earnings, for example household employment, military service, or railroad earnings have benefit rules specific to that employment.
Economic experts have vary opinions on how exactly to calculate how much you'll need to save to have the income level you want in retirement. One rule of thumb some retirement calculators use is that your income need in retirement will be 80-100% of your most recent after-tax salary. Another guideline is the 4% rule, which states that annually you can use 4% of your savings at the time of your retirement to have a comfortable but financially secure retirement for up to three decades. To know how to best calculate how much money to save for retirement, it's important to consult with a knowledgeable Des Peres, MO retirement consultant who will be able to look at your personal financial situation and see what's best for you.
Other Questions to Consider | Des Peres, MO Retirement Calculator
Beyond the technical aspects of a retirement calculator, you'll also need to consider more subjective questions, such as:
- How old would you like to be to when you retire? Some people want to see world wonders like Machu Picchu while they're still spry enough to hike it. Others think they'd grow restless without a job to get them up in the morning. Whether you're in one of those camps or somewhere in between, the age you leave the workforce will determine how much you need to save, and will affect your Social Security benefits.
- Where do you want to spend your golden years? The cost of living is not the same in Des Peres, MO as it is in New York City, Nebraska, Italy, or wherever you choose to live out your golden years. Each area also has different taxes, housing costs, the cost of medical care, how much it costs to travel to and from your home, and even different opportunities for partial employment if don't want to be completely retired.
- What kind of lifestyle do you want to lead? Do you have exotic vacations, cruises to take, and sky-diving to experience before you die? Would you rather spend your days bird watching in the backyard? 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.
- Are you married? Social Security have different rules for married people. They'll also have more in basic living costs, 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 you have children or other dependents, taking care of them will be expensive, and you might help them in other ways, for example saving for their higher education. This will affect how much your savings can grow while you have those dependents.
Why Choose Correct Capital's Des Peres, MO Financial Advisors as Your Retirement Calculators
Your Des Peres, 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 Des Peres, 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.
No matter where you're starting and where you want to end up, our exhaustive financial advice includes helping you understand different retirement plans like Roth IRAs, whether or not you should rollover your 401(k) when moving to a new employer, and the most effective strategies for managing your assets.
Savology and Correct Capital's Retirement Calculator
Another important factor to consider when choosing a retirement consultant is what resources they provide to optimize your retirement planning. Alongside Savology, we provide a creative online retirement calculator for Des Peres, MO individuals and families to use free of charge. Higher financial literacy and confidence can be reached in three pain-free 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, such as retirement, debt, income, and estate planning. We'll also provide you with clear action items you can take to help you reach your financial goals.
- Speak to a Retirement Consultant from Correct Capital in Des Peres, MO — We're here to answer any question you may have, help you understand your plan and how the action items correlate to your goals, and provide any additional insights we can.
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.
Des Peres, MO Retirement Calculator | Correct Capital Wealth Management
As Correct Capital is not tied to any larger firm or financial institution, our wealth managers 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 bound to act purely in your best interest. For a retirement calculator in Des Peres, MO with a human face, brain, and touch, call Correct Capital today at 314-930-401K or contact us online.