Retirement Calculator Lemay, MO
Professional, Unbiased, and Talented Lemay, MO Retirement Consultants and Financial Advisors
Retirement Calculator in Lemay, MO. We all know how crucial it is to start saving for retirement as early as you can, but many Lemay, 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 a search engine may give you a brief snapshot of the health of your retirement funds, you'll need knowledgeable and honest Lemay, MO retirement planners to best understand how to move forward. 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 what activities and trips you want to take in retirement to apply our financial know-how to help live your golden years the way you want. For an experienced human retirement calculator, call us today at 314-930-401K or contact us online.
How to Calculate How Much You'll Need for Retirement in Lemay, MO
In order to calculate what savings you'll need for retirement planning you'll need to account for the money you'll use with your estimated monthly income once you retire. To do this successfully, you need to consider:
- The current state of your savings — Before calculating how to get to where you want to go, it's important develop an understanding of your current financial status. This includes how old you are, how much you and/or your spouse is brining in each year, current retirement savings, and how much 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 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 your money accumulated over various accounts. For example, if you had a return of 10% last year, but inflation was 3%, your actual return was 7%.
- Expected salary increases — Salaries are almost always increasing. Average salaries increased by an average of 4.8% 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, move up your company's chain of command, have company stock options, or keep an eye out on the job market to move to more lucrative job titles. A higher income will allow you to save more, but may also affect the kind of lifestyle you desire.
- How long you'll need the savings for — Obviously, none of us know precisely how long our golden years will last. But having a good understanding of how young or old you'll be when you retire and any health concerns is crucial to knowing how far you'll need your savings to stretch.
- Expected rate of inflation — As recent events have demonstrated, forecasting shifts in the market and inflation is an uncertain enterprise to put it generously. Still, most wealth managers will advise to keep a steady course of action and assume 3% yearly inflation for workers calculating their retirement needs.
- Your Social Security benefits — Understanding what benefits you are entitled to is a key aspect of calculating how much you'll need in retirement. Different ways of earning a living, for example household employment, working for the federal government, or being self-employed 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 total income the year just before you retired. Another guideline is the 4% rule, which stipulates that annually you'll be able to spend 4% of your savings at the time of your retirement to have a comfortable but safe retirement as many as 30 years. To know how to best calculate how much money to save for retirement, you need to consult with a knowledgeable Lemay, MO retirement consultant who will be able to take into account your complete financial situation and determine what's best for you.
Other Questions to Consider | Lemay, 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 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 one of those people sounds like you, or you're somewhere in between, the age you retire will determine how long you need retirement savings for, and whether or not there are any tax implications for how much you receive from Social Security.
- Where do you want to spend your golden years? The cost of living is not the same in Lemay, MO as it is in New York City, Hawaii, Italy, or wherever you choose to live out your golden years. Where you live will also determine how much you pay in taxes, housing costs, health care expenses, 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 foreign counties to see, fishing trips, and white water rafting to cross off your bucket list? Would you rather sit on the back porch with a newspaper and a cigar? Or does your family live far away from you and you want to take consistent trips to see them? The more you want to do, the more money you'll need.
- Do you have a spouse? Married couples have a higher maximum Social Security benefit than unmarried people. They'll also have to spend more, 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 to spend a significant portion of money on their care, and you might help them in other ways, for example helping them with their first down payment on a house. This will affect how much you can responsibly put away for retirement each year.
Why Choose Correct Capital's Lemay, MO Financial Advisors as Your Retirement Calculators
Your Lemay, 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 optimizing your gains and retirement savings. We help Lemay, MO families and individuals calculate how much they need to put away each month, as well as business owners who wish to give their employees a great 401(k) plan.
Regardless of your current situation and where you want to go, our extensive financial advice includes helping you understand the various types of 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 aspect to consider when choosing a financial advisor is what tools they provide to optimize your retirement planning. Alongside Savology, we've developed an advanced online retirement calculator for Lemay, MO individuals and families to use free of charge. Higher financial literacy and confidence can be reached in three easy 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 grades your financial health in over 10 categories, including retirement, debt, income, and estate planning. You'll also be given clear action items you can take to help you reach your financial goals.
- Speak to a Financial Advisor from Correct Capital in Lemay, 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 steps you can take now that will help you reach the retirement of your dreams.
Lemay, MO Retirement Calculator | Correct Capital Wealth Management
As Correct Capital is not tied to any larger firm or financial institution, our retirement consultants 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 morally bound to act purely in your best interest. For a retirement calculator in Lemay, MO with a human face, brain, and touch, call Correct Capital today at 314-930-401K or reach out to us through our website.