Retirement Calculator in Fenton, MO

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Retirement Calculator in Fenton, MO. Everyone knows the importance of planning for retirement as early as you can, but many people in Fenton, MO don't don't know how, or don't want, to calculate how much they need to save by the time they retire. While Googling "retirement calculator" may be helpful to give you a sense of where you currently stand, you'll need knowledgeable and trustworthy Fenton, MO wealth managers to make sure you're headed in the right direction. At Correct Capital Wealth Management, we take a comprehensive view of your current income, debts, and assets, how your money is likely to grow, and the life you want to live to apply our skills to help live your golden years the way you want. For an experienced human retirement calculator, get in touch with us today at 877-930-4015 or contact us online.


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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.

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How to Calculate Your Retirement Needs in Fenton, MO

In order to calculate how much you need for retirement planning you'll need to balance what you're likely to spend with how much money you'll have coming in. To do this effectively, 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 your current financial status. This includes how old you are, how much money your household makes, how much you have already saved for retirement, and how much your monthly contributions to your retirement funds are. This allows you to see where your financial portfolio can be improved.
  • Your real rate of return for retirement This is how much you're getting back from your various accounts, both while saving for retirement and after the date of your 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 the cost of living increased 3%, your savings really grew by 7%.
  • Expected salary increases — On average, salaries increase every year. Average salaries went up 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 soon go from an hourly employee to a white-collar job, be promoted several time, have company stock options, or keep an eye out on the job market to move to more highly compensated job titles. Making more money obviously allows you to put more money away, but will also likely make you accustomed to an increasingly expensive lifestyle.
  • How long you'll need a retirement income — Obviously, none of us know precisely how long our savings will need to 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.
  • Expected rate of inflation As recent events have demonstrated, predicting fluctuations in the investment world is an uncertain enterprise to say the least. Nevertheless, 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. Different ways of earning a living, for example farm work, working for the federal government, or being self-employed have special rules for your benefits.

There are many ways to consider how much income you'll need in retirement. One rule of thumb some retirement calculators use is that your income need in retirement will be 80-100% of what you made in your last year in the workforce. Others recommend the 4% rule, which dictates that annually you can withdraw 4% of your savings at the time of your retirement to have a comfortable but safe retirement for up to three decades. To know how to best calculate how much money to save for retirement, you need to consult with an experienced Fenton, MO retirement consultant who will be able to take into consideration your complete financial situation and see what's best for you.

Other Questions to Contemplate | Fenton, MO Retirement Calculator

Beyond inflation, tax planning, Social Security rules and return on investment, you'll also want to ask yourself:

  • In how long would you like to 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 would feel better dutifully working or as long as they're physically able. Whenever you'd like to retire, the age you leave the workforce will determine how much you need to save, and whether or not there are any tax implications for how much you receive from Social Security.
  • Where do you want to spend your retirement? The cost of living is not the same in Fenton, MO as it is in San Fransisco, Hawaii, Australia, 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 possibilities for partial employment if don't want to be completely retired.
  • What do you want to do in retirement? Do you have travel destinations, fishing trips, and white water rafting 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 take consistent trips to see them? A more active retirement usually means more expenses.
  • Do you have a spouse? Social Security have different rules for spouses. They'll also have to spend more, yet potentially higher earnings. Whether you'll spend the coming decades with a spouse will go a long way in
  • Do you have dependents? How much longer? 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 you can responsibly put away for retirement each year.


Why Choose Correct Capital's Fenton, MO Financial Advisors as Your Retirement Calculators

Your Fenton, 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 devoted to skillfully and ethically doing what's best for your money to grow. We help Fenton, 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 where you're starting and what your ideal retirement looks like, our holistic financial advice will help you understand different 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.

Take Control of Your Retirement Planning in Fenton, MO With Savology

Another important aspect to consider when choosing a retirement consultant is what tools they provide to optimize your retirement planning. Alongside Savology, we provide a creative online retirement calculator for Fenton, MO individuals and families to use free of charge. You can reap the rewards of the application in three pain-free steps:

  1. 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.
  2. Review Your Plan — You'll get a report card that lets you know how you're doing in over 10 different areas, such as retirement, debt, income, and savings. You'll also be given concrete steps you can take to improve your financial situation for both now and in the future.
  3. Work with Retirement Consultant from Correct Capital in Fenton, MO — We'll go over your plan and help you understand how they'll help you reach your goals.

With Savology and Correct Capital's Help, you'll receive clear instructions that help you understand what steps you can take today that will benefit you later.

Retirement Calculator Fenton, MO | Financial Advisors | Retirement Consultant | Wealth Management Near Fenton

Fenton, 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 never take your trust for granted. 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 Fenton, MO 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.


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