Retirement Calculator Ellisville, MO
Professional, Unbiased, and Talented Ellisville, MO Wealth Management
Retirement Calculator in Ellisville, MO. You've already heard the importance of planning for retirement as early as you can, but many people in Ellisville, MO don't have the time, knowledge, or interest 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 honest Ellisville, MO financial advisors to make sure you're headed in the right direction. At Correct Capital Wealth Management, we build a personalized plan based on your current financial realities, areas for improvement, and lifestyle goals to apply our financial know-how 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 Ellisville, MO
To see what your retirement planning needs are you'll need to balance what you're likely to spend with your estimated monthly income once you retire. To do this effectively, you'll have to take the following into account:
- The current state of your retirement planning — The first thing you'll need to do is to get a snapshot of where you currently stand. This includes your age, household income, how much you have already saved for retirement, and how much your monthly contributions to your retirement funds are. This is an essential step to seeing where your financial portfolio can be improved.
- Your real rate of return calculations — This is how much you're getting back from your investments and savings, both while saving for retirement and after the date of your retirement. Your real rate of return accounts for inflation when calculating how much your money grew. For instance, if your accounts grew by 10% last year, but inflation was 3%, your real rate of 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 be about to enter a more lucrative field, gain promotions, get offered company stock, or keep an eye out on the job market to move to higher-paying job titles. Making more money will allow you to save more, but will also likely make you accustomed to an increasingly expensive lifestyle.
- How long your retirement may last — Obviously, none of us know exactly how long we'll need our savings for. But having a good understanding of your retirement age and your health will help guide your retirement calculations.
- Anticipated rate of inflation — As recent events have shown, anticipating fluctuations in the market and inflation is an uncertain enterprise to say the least. However, the vast majority of wealth managers recommend staying calm and assuming 3% annual inflation for workers 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 household employment, nonprofit or religious organizations, or railroad industry work have benefit rules specific to that employment.
There are many guidelines for calculating 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 way to look at it is the 4% rule, which stipulates that annually you can spend 4% of your savings at the time of your retirement to have a comfortable but safe retirement for up to 30 years. To know how to best calculate how much money to save for retirement, you need to speak to a knowledgeable Ellisville, MO retirement consultant who will be able to take into account your complete financial situation and decide what the best way to calculate your retirement needs is for you.
Other Questions to Ask Yourself | Ellisville, MO Retirement Calculator
Beyond inflation, tax considerations, 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 the Maldives while have enough energy left to sprint over them. Others think they'd get restless without a job to get them up in the morning. Whether one of those people sounds like you, or you're somewhere in between, the age you leave the workforce will determine how long you need retirement savings for, and will affect how much you receive from Social Security.
- Where do you want to spend your retirement? The cost of living is not the same in Ellisville, MO as it is in San Fransisco, Wyoming, France, or anywhere else. Where you live will also determine how much you pay in taxes, 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 want to keep busy.
- What kind of lifestyle will you want? Do you have exotic vacations, ski trips, and sky-diving to cross off your bucket list? Would you rather sit on the back porch with a crossword and a moderately-priced pinot? Or do subsequent generations live far away from where you want to retire and you want to take twice yearly trips to see them? The more you want to do, the more money you'll need.
- Are you married? Married couples have a higher maximum Social Security benefit than unmarried people. They'll also have more expenses, yet possibly have more income. Whether you'll spend the coming decades with a spouse will go a long way in
- How long will you have dependents If put dependents on your taxes, you'll have many expenses related to their care, and you may choose to provide for 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 Ellisville, MO Financial Advisors as Your Retirement Calculators
Your Ellisville, MO advisor 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 Ellisville, MO families and individuals prepare for the golden years of their dreams, as well as business owners who wish to give their employees a great 401(k) plan.
No matter your current situation and where you want to end up, our extensive financial advice will help you understand different retirement plans like Roth IRAs, whether or not you should rollover your 401(k) when moving to a new employer, and successful strategies for managing your assets.
Savology and Correct Capital's Retirement Calculator
When choosing a financial advisory firm, it's also important to look at what resources they provide to optimize your retirement calculation. Alongside Savology, we provide an advanced online retirement calculator for Ellisville, MO individuals and families to use free of charge. Higher financial literacy and confidence can be reached in three simple steps:
- Take the survey — After opening an account, you'll just need to answer a handful of basic questions to get a snapshot of 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.
- Review Your Plan — You'll get a report card that lets you know how you're doing 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 Wealth Manager from Correct Capital in Ellisville, MO — We're here to answer any question you may have, help you understand your plan and how it relates to your financial 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.
Ellisville, 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 give you advice that is independent, objective, and unbiased. We strive to build a relationship with you, and we will always appreciate your decision to trust us. As fiduciary advisors, we are bound as a matter of law and ethics compelled to act purely in your best interest. For a retirement calculator in Ellisville, MO with a human face, brain, and touch, call Correct Capital today at 314-930-401K or contact us online.