Retirement Calculator Kirkwood, MO
Retirement Calculator in Kirkwood, MO. Ideally, retirement planning starts the moment you enter the workforce, but many people in Kirkwood, MO don't have the time or financial literacy to calculate how much they need to save by the time they retire. While typing in "retirement calculator" may give you a brief snapshot of the health of your retirement funds, you'll need experienced and honest Kirkwood, MO retirement consultants to develop a deeper understanding of retirement planning. At Correct Capital Wealth Management, we build a personalized plan based on your current income, debts, and assets, how your money is likely to grow, and the life you want to live 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 877-930-4015 or reach out through our website.
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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 How Much You'll Need for Retirement in Kirkwood, MO
In order to calculate how much you need for retirement planning you'll need to account for your estimated monthly expenses with your estimated monthly income once you retire. To do this, you need to consider:
- Where you currently standing — Before calculating how to get to where you want to go, it's important develop an understanding of where you are now. This includes your age, household income, current retirement savings, and how much your monthly contributions to your retirement savings 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 investments and savings, both while saving for retirement and after the date of your retirement. Your real rate of return accounts for inflation when calculating how much your money grew. For instance, if you had a return of 10% last year, but inflation was 3%, your savings really grew by 7%.
- Expected salary increases — Salaries are almost always on the rise. Average wages and salaries went up 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 be about to enter a more lucrative field, move up your company's chain of command, earn a share of your company, or keep an eye out on the job market to move to higher-paying job titles. A higher income obviously allows you to grow your savings and investments faster, but may also affect the kind of lifestyle you want to live.
- How long your retirement may last — Obviously, none of us know exactly how much time our golden years will last. But having a good understanding of your retirement age and any health concerns is crucial to knowing how much savings you'll need.
- Expected rate of inflation — As we've seen in the early 2020s, forecasting fluctuations in the market and inflation is an uncertain endeavor to say the least. Still, the vast majority of wealth managers recommend staying calm and assuming 3% annual 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, working for the federal government, or work outside the United States have benefit rules specific to that employment.
Financial experts have vary opinions on how exactly to calculate how much you'll need to save to have the income level you want in retirement. One rule of thumb some retirement calculators use is that you will need 80-100% of your most recent after-tax salary. Others recommend the 4% rule, which dictates that annually you can withdraw 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, it's important to reach out to an experienced Kirkwood, MO retirement consultant who will look at your personal financial situation and decide what the best way to calculate your retirement needs is for you.
Other Things to Contemplate | Kirkwood, MO Retirement Calculator
Beyond the technical aspects of a retirement calculator, you'll also need to consider more subjective questions, such as:
- In how long would you like to retire? Some people want to see the white sands of the Maldives while have enough energy left to sprint across them. 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, the age you leave the workforce will determine how long you need retirement savings for, and will affect your Social Security benefits.
- Where do you want to spend your retirement? The cost of living is not the same in Kirkwood, MO as it is in Chicago, Wyoming, Italy, or wherever you choose to retire. Each area also has varying tax systems, housing costs, the cost of medical care, travel expenses, and even different opportunities for partial employment if don't want to be completely retired.
- What kind of lifestyle do you want to lead? Do you have travel destinations, ski trips, and sky-diving to experience before you die? Would you prefer to sit on the back porch with a book and a moderately-priced pinot? Or do subsequent generations live far away from you 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 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, taking care of them will be expensive, and you might 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 Kirkwood, MO Financial Advisors as Your Retirement Calculators
Your Kirkwood, 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 dedicated to expertly and ethically handling your money. We help Kirkwood, MO families and individuals understand their retirement goals, in addition to business owners interested in the benefits of implementing a great 401(k) plan.
No matter where you are and where you want to go, our holistic financial advice will help you understand the various types of retirement plans like Roth IRAs, the benefits or disadvantages of rolling over your 401(k) when moving to a new employer, and the most effective strategies for managing your assets.
Savology and Correct Capital's Retirement Calculator
Another important aspect to consider when choosing a retirement consultant is what tools they can offer you to optimize your retirement planning. Alongside Savology, we provide an advanced online retirement calculator for Kirkwood, MO individuals and families to use free of charge. Higher financial literacy and confidence can be reached in three pain-free steps:
- Take the survey — After opening an account, you'll just need to answer a handful of basic questions to get a snapshot of the current state of your finances and retirement savings. 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 lets you know how you're doing in over 10 categories, including retirement, debt, net worth, and estate planning. We'll also provide you with concrete steps you can take to improve your financial situation for both now and in the future.
- Speak to a Financial Advisor from Correct Capital in Kirkwood, 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 steps you can take now that will help you reach the retirement of your dreams.
Kirkwood, 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 bound to act purely in your best interest. For a retirement calculator in Kirkwood, 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.
