Retirement Calculator Jefferson County, MO
Experienced, Independent, and Talented Jefferson County, MO Retirement Consultants and Financial Advisors
Retirement Calculator in Jefferson County, MO. You've already heard how crucial it is to start saving for retirement early, but many Jefferson County, MO residents don't have the time or financial literacy to calculate how much money to put away each month, and where to hold it. While searching for "retirement calculator" may give you a brief snapshot of the health of your retirement funds, you'll need knowledgeable and honest Jefferson County, MO retirement consultants to develop a deeper understanding of retirement planning. At Correct Capital Wealth Management, we take a comprehensive view of your current financial realities, future financial prospects, and what activities and trips you want to take in retirement to apply our investment knowledge to help you get the retirement you've always wanted. To speak to an experienced human retirement calculator, call us today at 314-930-401K or contact us online.
How Retirement Calculating Works in Jefferson County, MO
In order to calculate the amount of money you'll need for retirement planning you'll need to balance the money you'll use with how much money you'll have coming in. To do this, you need to consider:
- The current state of your savings — Before figuring out where you want to go, it's important develop an understanding of your current financial status. This includes your age, how much you and/or your spouse is brining in each year, how much you have already saved for retirement, and the percentage of your income you put away each month for retirement. This allows you to see where your financial portfolio needs improvement.
- 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 once you retire. Your real rate of return accounts for inflation when calculating how your money accumulated over various accounts. For example, if your accounts grew by 10% last year, but inflation was 3%, your real rate of return was 7%.
- How your earnings will increase — On average, salaries increase every year. Average salaries increased by an average of almost 5% year over year in the second quarter of 2022. Depending on how close or far you are to retirement, you may also move into a more lucrative industry, be promoted several time, get offered company stock, or switch jobs multiple times to higher-paying positions. A higher income obviously allows you to grow your savings and investments faster, 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 exactly how long we'll need our savings for. But having a good understanding of your retirement age and your health is crucial to knowing how far you'll need your savings to stretch.
- Expected rate of inflation — As recent events have proved, anticipating shifts in the economy is an uncertain task to put it generously. However, the vast majority of wealth managers recommend staying calm and assuming 3% annual inflation for workers calculating how much money they'll need in retirement.
- Your Social Security benefits — You'll be eligible for different benefits depending on your life circumstances. Different ways of earning a living, for example farm work, working for the federal government, or railroad earnings have benefit rules specific to that employment.
There are many ways to consider how much income you'll need in retirement. One rule of thumb some retirement calculators use is that you will need 80-100% of your most recent after-tax salary. Another way to look at it is the 4% rule, which states that annually you'll be able to withdraw 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 you'll need, you need to reach out to a professional Jefferson County, MO retirement consultant who will be able to look at your personal financial situation and decide what the best way to calculate your retirement needs is for you.
Other Things to Consider | Jefferson County, MO Retirement Calculator
Beyond inflation, tax considerations, Social Security benefits and return on investment, 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 get bored without a job to get them up in the morning. Whenever you'd like to retire, your retirement age will determine how much you need to save, and will affect your Social Security benefits.
- Where do you want to spend your golden years? The cost of living is different in Jefferson County, MO than it is in New York City, Wyoming, Italy, or anywhere else. Where you live will also determine how much you pay in taxes, housing costs, the cost of health care, travel expenses, and even different possibilities for a part-time job if you're feeling restless.
- What do you want to do in retirement? Do you have travel destinations, cruises to take, and bungee-jumping to experience before you die? Would you rather sit on the back porch with a newspaper and a moderately-priced pinot? Or does your family live far away from you and you want to take seasonal trips to see them? The more you want to do, the more money you'll need.
- Are you married? Social Security have different rules for spouses. They'll also have more expenses, yet possibly 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, you'll have many expenses related to their care, and you may want 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 Jefferson County, MO Financial Advisors as Your Retirement Calculators
Your Jefferson County, 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 Jefferson County, MO 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 where you want to end up, our comprehensive 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.
Savology and Correct Capital's Retirement Calculator
Another important factor to consider when choosing a financial advisor is what resources they provide to optimize your retirement calculation. We partner with Savology to offer Jefferson County, MO individuals and families a complimentary, creative online retirement calculator to take control of their finances. 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 — You'll get a report card that lets you know how you're doing 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 help you reach your financial goals.
- Work with Wealth Manager from Correct Capital in Jefferson County, 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.
Jefferson County, MO Retirement Calculator | Correct Capital Wealth Management
As Correct Capital is not tied to any larger firm or financial institution, our wealth managers will only give you advice that is independent, objective, and unbiased. We know that trusting someone with your hard-earned money and your family's future is difficult, 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 skilled and experienced human retirement calculator in Jefferson County, MO, call Correct Capital today at 314-930-401K or contact us online.