Retirement Calculator Kirkwood, MO
Retirement Calculator in Kirkwood, MO. You've already heard the importance of planning for retirement as early as you can, but many people in Kirkwood, MO don't don't know how, or don't want, to calculate how much money to put away each month, and where to keep it. While searching for "retirement calculator" may be helpful to give you a sense of where you currently stand, you'll need experienced and ethical Kirkwood, MO wealth managers to get the retirement you've been planning for. At Correct Capital Wealth Management, we take a comprehensive view of your existing financial realities, future financial prospects, and the life you want to live to apply our investment knowledge to help you get the retirement of your dreams. For a knowledgeable human retirement calculator, get in touch with us today at 314-930-401K or contact us online.
How Retirement Calculating Works in Kirkwood, MO
To see what your retirement planning savings will need to be you'll need to balance the money you'll use with your estimated monthly income once you retire. To do this successfully, you need to consider:
- Your current status — Before calculating how to get to your preferred destination, it's important develop an understanding of where you are now. 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 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 calculations — 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 how much your money grew. For example, if you had a return of 10% last year, but inflation was 3%, your actual return was 7%.
- Expected salary increases — On average, salaries increase every year. Average wages and salaries rose an average of almost 5% in the second quarter of 2022, compared to 2021. Depending on how close or far you are to retirement, you may also be just starting a career in a well-paid industry, be promoted several time, earn a share of your company, or keep an eye out on the job market to move to more lucrative positions. A higher income 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 the savings for — Obviously, it's impossible to know exactly how much time our golden years will last. But developing a clear picture of your retirement age and any health concerns will help guide your retirement calculations.
- Expected rate of inflation — As we've seen over the last few years, anticipating fluctuations in the investment world is an uncertain endeavor to say the least. However, the vast majority of wealth managers will tell you not to panic and assume 3% yearly inflation for people calculating how much money they'll need in retirement.
- Your Social Security benefits — You'll be eligible for different benefits depending on your specific situation. Certain types of employment, for example farm work, working for the federal government, or railroad earnings have benefit rules specific to that employment.
Financial experts have vary opinions on how exactly to calculate your retirement needs. 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. Another way to look at it is the 4% rule, which dictates that every year you'll be able to withdraw 4% of your retirement savings to have a comfortable but safe retirement as many as three decades. To know what works best for you, you need to reach out to a professional Kirkwood, MO retirement consultant who will be able to look at your personal financial situation and determine what's best for you.
Other Things to Ask Yourself | Kirkwood, MO Retirement Calculator
An addition to the technical aspects of a retirement calculator, 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 the white sands of Kauna'oa Bay while they're still young enough to sprint across them. Others think they'd become bored without a job to get them up in the morning. 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 will affect your Social Security benefits.
- Where do you want to spend your golden years? The cost of living is not the same in Kirkwood, MO as it is in San Fransisco, Hawaii, Italy, or anywhere else. Different locations also have varying tax systems, housing costs, the cost of health care, travel expenses, 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 exotic vacations, ski trips, and sky-diving to cross off your bucket list? 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 visit them on all the major holidays? 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 more in basic living costs, 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 might provide for them in other ways, for example taking out a life insurance policy. 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 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 committed to skillfully and ethically doing what's best for your money to grow. We help Kirkwood, 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.
Regardless of your current situation and where you want to end up, our holistic financial advice will help you understand different retirement plans like Roth IRAs, whether or not you should rollover your 401(k) when moving to a new employer, and how to best manage your assets in the interest of growing your retirement savings.
Savology and Correct Capital's Retirement Calculator
Another important factor to consider when choosing a retirement consultant is what resources they can offer you to help you in your retirement calculation. Alongside Savology, we've developed 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 simple 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.
- Review Your Plan — We'll then send you a report card that grades your financial health in over 10 different areas, including retirement, debt, net worth, and savings. We'll also provide you with concrete steps you can take to help you reach your financial goals.
- Speak to a Financial Advisor from Correct Capital in Kirkwood, MO — We're here to answer any question you may have, help you understand your plan and how the action items correlate to your goals, and provide any additional insights we can.
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 benefit you down the road.
Kirkwood, MO Retirement Calculator | Correct Capital Wealth Management
As Correct Capital is an entirely independent firm, our wealth managers 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 skilled and experienced human retirement calculator in Kirkwood, MO, call Correct Capital today at 314-930-401K or reach out to us through our website.
