Retirement Calculator Lake St. Louis, MO
Professional, Unbiased, and Skilled Lake St. Louis, MO Retirement Planners and Financial Advisors
Retirement Calculator in Lake St. Louis, MO. Ideally, you should start saving for retirement the moment you enter the workforce, but many Lake St. Louis, MO residents don't don't know how, or don't want, 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 knowledgeable and ethical Lake St. Louis, MO retirement consultants to get the retirement you've been planning for. At Correct Capital Wealth Management, we take a comprehensive view of your current income, debts, and assets, future financial prospects, and what activities and trips you want to take in retirement to apply our skills to help live your golden years the way you want. For a talented human retirement calculator, call us today at 314-930-401K or reach out through our website.
How to Calculate How Much You'll Need for Retirement in Lake St. Louis, MO
To see what your retirement planning savings will need to be you'll need to account for the money you'll use with your estimated monthly income once you retire. To do this, you need to consider:
- The current state of your savings — 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 how much you put away each month for retirement. This is an important step to seeing 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 adjusts the increase in your accounts with inflation. For example, 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 base pay salary growth rose an average of almost 5% year over year in the second quarter of 2022. Depending on what stage you're at in your career, you may also be about to enter a more lucrative field, be promoted several time, have company stock options, or move through different companies to more lucrative 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 the savings for — Obviously, it's impossible to know precisely how long our golden years will last. But developing a clear picture of what age you'll be when you retire and any health concerns is crucial to knowing how much savings you'll need.
- Expected rate of inflation — As we've seen over the last few years, predicting fluctuations in the economy is an uncertain endeavor to say the least. Still, the vast majority of wealth managers will advise to keep a steady course of action and assume 3% yearly inflation when retirement planning.
- Your Social Security benefits — You'll be eligible for different benefits based on your life circumstances. Certain types of employment, for example farm work, working for the federal government, or railroad industry work have special rules for your benefits.
Economic experts have vary opinions on how exactly to calculate your retirement needs. 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 every year you can use 4% of your retirement savings to have a comfortable but financially secure retirement as many as three decades. To know how to best calculate how much money you'll need, you need to speak to a professional Lake St. Louis, MO retirement consultant who will look at your personal financial situation and see what's best for you.
Other Questions to Consider | Lake St. Louis, MO Retirement Calculator
Beyond the technical aspects of a retirement calculator, you'll also want to ask yourself:
- What age would you like to retire? Some people want to see the white sands of Kauna'oa Bay while they're still young enough to run over them. 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 Lake St. Louis, MO than it is in Chicago, Wyoming, Australia, or wherever you choose to retire. Different locations also have varying tax systems, housing costs, health care expenses, how much it costs to travel to and from your home, and even different opportunities for partial employment if don't want to be completely retired.
- What kind of lifestyle will you want? Do you have exotic vacations, ski trips, and sky-diving to cross off your bucket list? Would you prefer to pass the time bird watching in the backyard? Or do subsequent generations 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 more expenses.
- Do you have a spouse? Married couples have a higher maximum Social Security benefit than unmarried people. They'll also have more expenses, 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, you'll have many expenses related to their care, 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 Lake St. Louis, MO Financial Advisors as Your Retirement Calculators
Your Lake St. Louis, 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 dedicated to optimizing your gains and retirement savings. We help Lake St. Louis, MO families and individuals understand their retirement goals, as well as business owners who wish to give their employees a great 401(k) plan.
No matter where you're starting and what your ideal retirement looks like, our comprehensive financial advice includes helping you develop a picture of 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 successful strategies for managing your assets.
Take Control of Your Retirement Planning in Lake St. Louis, MO With Savology
Another important aspect to consider when choosing a retirement consultant is what resources they provide to help you in your financial journey. Alongside Savology, we provide a creative online retirement calculator for Lake St. Louis, 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.
- Plan Your Finances — You'll get a report card that lets you know how you're doing in over 10 different areas, including 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.
- Speak to a Financial Advisor from Correct Capital in Lake St. Louis, MO — We'll go over your plan and help you understand how they'll help you reach your goals.
Through Savology and Correct Capital's partnership, you'll receive clear instructions that help you understand what you can do now that will pay off later.
Lake St. Louis, 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 recommend products and strategies that we believe in ourselves. 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 only do what we think is best for you and your retirement dreams. For a skilled and experienced human retirement calculator in Lake St. Louis, MO, get in touch with Correct Capital today at 314-930-401K or reach out to us through our website.