Retirement Calculator Edwardsville, IL
Retirement Calculator in Edwardsville, IL. You've already heard the importance of planning for retirement early, but many Edwardsville, IL residents don't have the time or financial literacy 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 ethical Edwardsville, IL financial advisors 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 live your golden years the way you want. For a talented human retirement calculator, call us today at 877-930-4015 or contact us online.
Schedule a Meeting With an Advisor Today
Correct Capital Wealth Management's office is physically located in St. Louis, MO, but we serve clients throughout the United States in both personal financial planning and corporate retirement plans.
Schedule a 15-Minute Introductory Call
How to Calculate How Much You'll Need for Retirement in Edwardsville, IL
To see what your retirement planning needs are you'll need to account for what you're likely to spend with how much money you'll have coming in. To do this successfully, you'll need to have a good grasp of:
- Where you currently standing — Before figuring out your preferred destination, it's important develop an understanding of where you are now. This includes your age, how much you and/or your spouse is brining in each year, 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 your return on investment. For example, if your accounts grew by 10% last year, but prices went up 3%, your real rate of return was 7%.
- Expected salary increases — Over time, salaries increase across the board. Average base pay salary growth rose an average of 4.8% in the second quarter of 2022, compared to 2021. Depending on how recently you entered the workforce, you may also be just starting a career in a well-paid industry, gain promotions, earn a share of your company, or switch jobs multiple times to higher-paying 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 you'll need the savings for — Obviously, it's impossible to know precisely how much time our savings will need to last. But having a good understanding of how young or old 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 market and inflation is an uncertain task to put it generously. Nevertheless, most wealth managers recommend staying calm and assuming 3% annual inflation when retirement planning.
- Your Social Security benefits — You'll be eligible for different benefits depending on your life circumstances. Some types of earnings, for example farm work, nonprofit or religious organizations, or railroad industry work have benefit rules specific to that employment.
There are many ways to consider how much you need to save before you retire. Many experts say that you will need 80-100% of your most recent after-tax salary. Another guideline is the 4% rule, which states that annually you'll be able to spend 4% of your retirement savings to have a comfortable but safe 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 professional Edwardsville, IL retirement consultant who will be able to look at your personal financial situation and determine what's best for you.
Other Questions to Consider | Edwardsville, IL Retirement Calculator
Beyond the technical aspects of a retirement calculator, you'll also want to ask yourself:
- How old would you like to be to when you retire? Some people want to see the white sands of Boulders Beach while have enough energy left 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, your retirement age will determine how long you need retirement savings for, and whether or not there are any tax implications for your Social Security benefits.
- Where do you want to live when you retire? The cost of living is not the same in Edwardsville, IL as it is in New York City, Nebraska, 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 a part-time gig if you want to keep busy.
- What kind of lifestyle do you want to lead? Do you have travel destinations, ski trips, and bungee-jumping to cross off your bucket list? Would you rather sit on the back porch with a crossword and a cigar? Or does your family live far away from where you want to retire 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? Married couples have a higher maximum Social Security benefit than unmarried people. They'll also have more expenses, yet possibly higher earnings. Whether you'll spend the coming decades with a spouse will go a long way in
- How long will you have dependents 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 you can responsibly put away for retirement each year.
Why Choose Correct Capital's Edwardsville, IL Financial Advisors as Your Retirement Calculators
Your Edwardsville, IL 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 committed to optimizing your gains and retirement savings. We help Edwardsville, IL families and individuals understand their retirement goals, as well as business owners who wish to give their employees a great 401(k) plan.
Regardless of where you are and what your ideal retirement looks like, our comprehensive financial advice will help you develop a picture of the various types of savings accounts 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 Edwardsville, IL With Savology
Another important aspect to consider when choosing a retirement consultant is what tools they can offer you to help you in your retirement planning. Alongside Savology, we've developed an innovative online retirement calculator for Edwardsville, IL individuals and families to use free of charge. Higher financial literacy and confidence can be reached in three easy steps:
- Take the survey — After opening an account, you'll just need to answer a handful of basic questions to get a snapshot of your current financial health. 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 lets you know how you're doing in over 10 categories, such as retirement, debt, income, and savings. We'll also provide you with concrete steps you can take to help you reach your financial goals.
- Work with Financial Advisor from Correct Capital in Edwardsville, IL — 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 discuss any additional insights we can.
Through Savology and Correct Capital's partnership, you'll receive clear instructions that help you understand what steps you can take now that will help you reach the retirement of your dreams.
Edwardsville, IL Retirement Calculator | Correct Capital Wealth Management
As Correct Capital is not tied to any larger firm or financial institution, our financial advisors will only give you advice that is independent, objective, and unbiased. We know that trusting someone with your hard-earned money and your family's future is difficult, and we will always appreciate your decision to trust us. As fiduciary advisors, we are bound as a matter of law and ethics bound to act purely in your best interest. For a skilled and experienced human retirement calculator in Edwardsville, IL, call Correct Capital today at 877-930-4015 or contact us online.
