Retirement Calculator Fairview Heights, IL
Retirement Calculator in Fairview Heights, IL. Ideally, you should start saving for retirement the moment you enter the workforce, but many Fairview Heights, IL residents don't don't know how, or don't want, to calculate how much they'll need in retirement. While looking up "retirement calculator" may give you a brief snapshot of the health of your retirement funds, you'll need proven and trustworthy Fairview Heights, IL 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 current financial realities, 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, get in touch with us today at 877-930-4015 or contact us online.
How Retirement Calculating Works in Fairview Heights, IL
In order to calculate how much you 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 have to take the following into account:
- 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, 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 adjusts the increase in your accounts with inflation. For instance, if you had a return of 10% last year, but inflation was 3%, your savings really grew by 7%.
- How your earnings will increase — On average, salaries increase every year. Average wages and salaries rose an average of 4.8% year over year in the second quarter of 2022. Depending on what stage you're at in your career, 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 job titles. Earning more money will allow you to save more, but will also likely make you accustomed to an increasingly expensive lifestyle.
- How long you'll need the savings for — Obviously, none of us know exactly how much time our golden years will last. But having a good understanding of what age you'll be when you retire and any health concerns will help guide your retirement calculations.
- Anticipated rate of inflation — As we've seen in the early 2020s, predicting shifts in the economy is an uncertain endeavor at best. Still, the vast majority of wealth managers will tell you not to panic and assume 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 household employment, nonprofit or religious organizations, or work outside the United States have benefit rules specific to that employment.
There are many ways to consider how much you need to save before you retire. One rule of thumb some retirement calculators use is that you will need 80-100% of what you made in your last year in the workforce. Others recommend the 4% rule, which dictates that each year you'll be able to withdraw 4% of your retirement savings to have a comfortable but safe retirement as many as 30 years. To know how to best calculate how much money to save for retirement, you need to consult with an experienced Fairview Heights, IL retirement consultant who will look at your personal financial situation and see what's best for you.
Other Questions to Think About | Fairview Heights, IL Retirement Calculator
An addition to 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 the Great Wall of China while they still have enough endurance to walk along it. Others think they'd become bored without a job to get them up in the morning. Whether one of those people sounds like you, or you're somewhere in between, 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 Fairview Heights, IL as it is in San Fransisco, Nebraska, France, 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 want to keep busy.
- What do you want to do in retirement? Do you have foreign counties to see, cruises to take, and white water rafting to experience before you die? Would you rather sit on the back porch with a book and a moderately-priced pinot? Or do subsequent generations 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 you'll need more savings.
- Are you married? Social Security have different rules for married people. They'll also have to spend more, 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, you'll have many expenses related to their care, and you might provide for them in other ways, for example helping them with their first down payment on a house. This will affect how much your savings can grow while you have those dependents.
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 supporting staff devoted to optimizing your gains and retirement savings. We help Fairview Heights, IL families and individuals understand their retirement goals, in addition to business owners interested in the benefits of implementing a great 401(k) plan.
Regardless of where you're starting and what your ideal retirement looks like, our extensive financial advice includes helping you develop a picture of different retirement plans 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
When choosing a financial advisory firm, it's also important to take into consideration what resources they can offer you to help you in your retirement calculation. We partner with Savology to offer Fairview Heights, IL individuals and families a free, creative online retirement calculator to take control of their finances. Higher financial literacy and confidence can be reached 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.
- Plan Your Finances — We'll then send you a report card that grades your financial health in over 10 different areas, such as retirement, debt, net worth, and savings. We'll also provide you with clear action items you can take to help you reach your financial goals.
- Work with Wealth Manager from Correct Capital in Fairview Heights, IL — 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 clear instructions that help you understand what steps you can take now that will help you reach the retirement of your dreams.
Fairview Heights, 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 recommend products and strategies that we believe in ourselves. We know that trusting someone with your hard-earned money and your family's future is difficult, and we will never take your trust for granted. As fiduciary advisors, we are legally and ethically bound to act purely in your best interest. For a retirement calculator in Fairview Heights, IL with a human face, brain, and touch, get in touch with Correct Capital today at 877-930-4015 or reach out to us through our website.
