Retirement Calculator Fenton, MO
Professional, Objective, and Skilled Fenton, MO Retirement Consultants and Financial Advisors
Retirement Calculator in Fenton, MO. Ideally, retirement planning starts the moment you enter the workforce, but many people in Fenton, MO don't have the time, knowledge, or interest to calculate how much they'll need in retirement. While typing "retirement calculator" into your web browser may give you a brief snapshot of the health of your retirement funds, you'll need experienced and trustworthy Fenton, MO retirement consultants to get the golden years you've been planning for. At Correct Capital Wealth Management, we take a comprehensive view of your current financial realities, areas for improvement, and the life you want to live to apply our investment knowledge to help you get the retirement of your dreams. To speak to a knowledgeable human retirement calculator, call us today at 314-930-401K or reach out through our website.
How Retirement Calculating Works in Fenton, MO
In order to calculate what savings you'll need for retirement planning you'll need to balance your estimated monthly expenses with your estimated monthly income once you retire. To do this successfully, you'll have to take the following into account:
- Your current status — Before figuring out your preferred destination, it's important develop an understanding of your current financial status. This includes how old you are, how much you and/or your spouse is brining in each year, 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 needs improvement.
- Your real rate of return for retirement — 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 prices rose 3%, your savings really grew by 7%.
- How your earnings will increase — On average, salaries increase every year. Average base pay salary growth rose an average of almost 5% in the second quarter of 2022, compared to the second quarter of 2021. Depending on how recently you entered the workforce, you may also move into a more lucrative industry, move up your company's chain of command, get offered company stock, or job hop to higher-paying positions. Earning more money will allow you to save more, but will also likely make you accustomed to an increasingly lavish lifestyle.
- How long your retirement may last — Obviously, it's impossible to know exactly how long our savings will need to last. But developing a clear picture of your retirement age and any health concerns is crucial to knowing how far you'll need your savings to stretch.
- Anticipated rate of inflation — As recent events have proved, forecasting fluctuations in the market and inflation is an uncertain enterprise at best. Still, most wealth managers recommend staying calm and assuming 3% yearly 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. Some types of earnings, for example household employment, military service, or work outside the United States have special rules for your benefits.
There are many guidelines for calculating 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 your most recent after-tax salary. Another guideline is the 4% rule, which states that every year you'll be able to use 4% of your retirement savings to have a comfortable but safe retirement for up to 30 years. To know what works best for you, it's important to consult with an experienced Fenton, MO retirement consultant who will take into account your complete financial situation and decide what the best way to calculate your retirement needs is for you.
Other Questions to Think About | Fenton, MO Retirement Calculator
An addition to inflation, tax planning, Social Security benefits and returns, 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 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, 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 Fenton, MO than it is in Chicago, Hawaii, 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, 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 do you want to lead? Do you have travel destinations, ski trips, and bungee-jumping to cross off your bucket list? Would you prefer to spend your days bird watching in the backyard? Or does your family live far away from you and you want to take consistent trips to see them? A more active retirement usually means you'll need more savings.
- Do you have a spouse? Married couples have a higher maximum Social Security benefit than unmarried people. They'll also have to spend more, yet potentially 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 you have children or other dependents, their care will be expensive, and you may want to help them in other ways, for example helping them with their first down payment on a house. 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 supporting staff devoted to optimizing your gains and retirement savings. We help Fenton, MO families and individuals prepare for the golden years of their dreams, as well as business owners interested in the benefits of implementing a great 401(k) plan.
Regardless of where you are and what your ideal retirement looks like, our holistic financial advice will help you develop a picture of the various types of savings accounts 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.
Take Control of Your Retirement Planning in Fenton, MO With Savology
When choosing a retirement consultant firm, it's also important to look at what tools they can offer you to optimize your retirement planning. Alongside Savology, we provide an innovative online retirement calculator for Fenton, MO 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.
- Plan Your Finances — We'll then send you a report card that grades your financial health in more than 10 different areas, for example retirement, debt, income, and estate planning. You'll also be given clear action items you can take to help you reach your financial goals.
- 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 help you reach the retirement of your dreams.
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 recommend products and strategies that we believe are in your best interest. 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 bound to only do what we think is best for you and your retirement goals. For a retirement calculator in Fenton, MO with a human face, brain, and touch, call Correct Capital today at 314-930-401K or contact us online.