Retirement Calculator Glendale, MO
Professional, Independent, and Skilled Glendale, MO Retirement Consultants and Financial Advisors
Retirement Calculator in Glendale, MO. We all know the importance of planning for retirement as early as you can, but many Glendale, MO residents don't have the time or financial literacy to calculate how much they'll need in retirement. While Googling "retirement calculator" may be useful in giving you a sense of where you currently stand, you'll need knowledgeable and honest Glendale, MO retirement planners to develop a deeper understanding of retirement planning. 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 what activities and trips you want to take in retirement to apply our investment knowledge to help live your golden years the way you want. For a talented human retirement calculator, get in touch with us today at 314-930-401K or contact us online.
How to Calculate How Much You'll Need for Retirement in Glendale, MO
To see what your retirement planning savings will need to be 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:
- Your current status — The first thing you'll need to do is to get a snapshot of your current financial status. This includes your age, how much you and/or your spouse is brining in each month, current retirement savings, and the percentage of your income you put away each month for retirement. This is an important step to determining 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 adjusts the increase in your accounts with inflation. 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 wages and salaries went up an average of almost 5% year over year in the second quarter of 2022. Depending on how recently you entered the workforce, you may also be just starting a career in a well-paid industry, move up your company's chain of command, get offered company stock, or job hop to more lucrative job titles. A higher income obviously allows you to put more money away, but will also likely make you accustomed to an increasingly comfortable lifestyle.
- How long you'll need the savings for — Obviously, it's impossible to know precisely how long our golden years will last. But developing a clear picture of your retirement age and your health is crucial to knowing how far you'll need your savings to stretch.
- Anticipated rate of inflation — As we've seen over the last few years, anticipating shifts in the market and inflation is an uncertain task at best. Nevertheless, most wealth managers will tell you not to panic and assume 3% annual inflation when retirement planning.
- Your Social Security benefits — You'll be eligible for different benefits depending on your specific situation. Some types of earnings, for example farm work, military service, or work outside the United States all have different benefits.
Financial experts have vary opinions on how exactly to calculate your retirement needs. Many experts say that you will need 80-100% of your most recent after-tax salary. Another guideline is the 4% rule, which states that each year you'll be able to spend 4% of your retirement savings to have a comfortable but financially secure retirement for up to 30 years. To know how to best calculate how much money you'll need, you need to consult with a knowledgeable Glendale, MO retirement consultant who will look at your personal financial situation and see what's best for you.
Other Things to Contemplate | Glendale, MO Retirement Calculator
Beyond the technical aspects of a retirement calculator, you'll also want to ask yourself:
- 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. Whether you're in one of those camps or somewhere in between, the age you leave the workforce 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 spend your golden years? The cost of living is different in Glendale, MO than it is in San Fransisco, Hawaii, France, or anywhere else. Different locations also have varying tax systems, housing costs, the cost of health care, travel expenses, and even different possibilities for partial employment if don't want to be completely retired.
- What kind of lifestyle will you want? Do you have travel destinations, fishing trips, and white water rafting to cross off your bucket list? Would you rather sit on the back porch with a book and a cigar? Or does your family live far away from where you want to retire and you want to take seasonal trips to see them? A more active retirement usually means you'll need more savings.
- Are you married? Married couples have a higher maximum Social Security benefit than unmarried people. They'll also have more expenses, yet likely 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 put dependents on your taxes, you'll have to spend a significant portion of money on their care, and you may want to help 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 Glendale, MO Financial Advisors as Your Retirement Calculators
Your Glendale, 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 supporting staff dedicated to optimizing your gains and retirement savings. We help Glendale, MO families and individuals prepare for the golden years of their dreams, in addition to business owners interested in the benefits of implementing a great 401(k) plan.
No matter where you are and what your ideal retirement looks like, our holistic financial advice will help you develop a picture of different saving opportunities like Roth IRAs, whether or not you should rollover your 401(k) when changing jobs, and how to best manage your assets in the interest 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 tools they provide to help you in your retirement planning. Alongside Savology, we've developed a creative online retirement calculator for Glendale, MO individuals and families to use free of charge. You can reap the rewards of the application in three quick steps:
- 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.
- Plan Your Finances — We'll then send you a report card that grades your financial health in more than 10 categories, for example retirement, debt, net worth, and savings. We'll also provide you with clear action items you can take to improve your financial situation for both now and in the future.
- Work with Financial Advisor from Correct Capital in Glendale, 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 a clear road map that lets you know what you can do today that will pay off later.
Glendale, 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 legally and ethically bound to act purely in your best interest. For a retirement calculator in Glendale, MO with a human face, brain, and touch, get in touch with Correct Capital today at 314-930-401K or contact us online.