Retirement Calculator Fairview Heights, IL
Retirement Calculator in Fairview Heights, IL. Ideally, you should start saving for retirement the day you get your first paycheck, but many people in Fairview Heights, IL don't have the time or financial literacy to calculate how much they need to save by the time they retire. While Googling "retirement calculator" may be useful in giving you a sense of where you currently stand, you'll need knowledgeable and trustworthy Fairview Heights, IL financial advisors to make sure you're headed in the right direction. At Correct Capital Wealth Management, we balance your existing income, debts, and assets, areas for improvement, and lifestyle goals to apply our skills to help live your golden years the way you want. To speak to an experienced human retirement calculator, call us today at 314-930-401K or reach out through our website.
How to Calculate How Much You'll Need for Retirement in Fairview Heights, IL
In order to calculate the amount of money you'll need for retirement planning you'll need to account for what you're likely to spend with your estimated monthly income once you retire. To do this successfully, you'll need to have a a thorough understanding of:
- Where you currently standing — The first thing you'll need to do is to get a snapshot of where you currently stand. This includes your age, how much money your household makes, how much you have already saved for retirement, and how much you put away each month for retirement. Doing this will help identify areas where your financial portfolio can be improved.
- 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 instance, if you had a return of 10% last year, but the cost of living rose 3%, your real rate of return was 7%.
- How your earnings will increase — Salaries are almost always on the rise. Average wages and salaries rose an average of almost 5% in the second quarter of 2022, compared to 2021. Depending on how close or far you are to retirement, you may also be about to enter a more lucrative field, gain promotions, have company stock options, or move through different companies to more lucrative positions. Earning more money will allow you to save more, 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 long our savings will need to last. But having a good understanding of how young or old you'll be when you retire and any health concerns will help guide your retirement calculations.
- Anticipated rate of inflation — As recent events have proved, forecasting variations in the economy is an uncertain task to put it generously. However, the vast majority of wealth managers will tell you not to panic and assume 3% annual inflation for people calculating their retirement needs.
- Your Social Security benefits — Understanding what benefits you are entitled to is a key aspect of calculating how much you'll need in retirement. Some types of earnings, for example household employment, working for the federal government, or railroad industry work have special rules for your benefits.
There are many guidelines for calculating how much you need to save before you retire. One rule of thumb some retirement calculators use is that your income need in retirement will be 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 every year you can spend 4% of your retirement savings 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, it's important to consult with a skilled Fairview Heights, IL retirement consultant who will look at your personal financial situation and decide what the best way to calculate your retirement needs is for you.
Other Things to Think About | Fairview Heights, IL 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 Bora Bora while have enough energy left to run over them. Others would feel better dutifully working or as long as they're physically able. 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 how much you receive from Social Security.
- Where do you want to live when you retire? The cost of living is different in Fairview Heights, IL than it is in San Fransisco, Alaska, Italy, or wherever you choose to retire. 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 don't want to be completely retired.
- What kind of lifestyle do you want to lead? Do you have travel destinations, ski trips, and sky-diving to experience before you die? Would you rather pass the time 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 couples. 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, their care will be expensive, and you may choose to 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 Fairview Heights, IL Financial Advisors as Your Retirement Calculators
Your Fairview Heights, IL 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 committed to optimizing your gains and retirement savings. We help Fairview Heights, IL families and individuals prepare for the golden years of their dreams, in addition to business owners who wish to give their employees a great 401(k) plan.
No matter your current situation and what your ideal retirement looks like, our exhaustive 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 moving to a new employer, and how to best manage your assets with the goal of growing your retirement savings.
Savology and Correct Capital's Retirement Calculator
Another important aspect to consider when choosing a retirement consultant is what resources they provide to help you in your retirement planning. Alongside Savology, we provide an innovative online retirement calculator for Fairview Heights, IL individuals and families to use free of charge. You can reach a more secure financial future 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 — We'll then send you 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 improve your financial situation for both now and in the future.
- Work with Retirement Consultant from Correct Capital in Fairview Heights, IL — We're here to answer any question you may have, help you understand your plan and how it relates to your financial goals, and share 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 today that will pay off down the road.
Fairview Heights, IL 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 always appreciate your decision to trust us. As fiduciary advisors, we are legally and morally compelled to act purely in your best interest. For a skilled and experienced human retirement calculator in Fairview Heights, IL, call Correct Capital today at 314-930-401K or contact us online.
