Retirement Calculator Madison County, IL
Professional, Honest, and Talented Madison County, IL Retirement Consultants and Financial Advisors
Retirement Calculator in Madison County, IL. Ideally, retirement planning starts the moment you enter the workforce, but many Madison County, IL residents don't have the time, knowledge, or interest to calculate how much money to put away each month, and where to store it. While Googling "retirement calculator" may give you a brief snapshot of the health of your retirement funds, you'll need proven and trustworthy Madison County, IL retirement planners to develop a deeper understanding of retirement planning. At Correct Capital Wealth Management, we build a personalized plan based on your existing financial realities, future financial prospects, and the life you want to live to apply our financial know-how 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 to Calculate How Much You'll Need for Retirement in Madison County, IL
To see what your retirement planning needs are you'll need to balance your estimated monthly expenses with how much money you'll have coming in. To do this, you'll have to take the following into account:
- Your current status — The first thing you'll need to do is to get a snapshot of your current financial status. This includes how old you are, household income, how much you have already saved for retirement, and how much your monthly contributions to your retirement funds are. This is an important step to seeing where your financial portfolio can be improved.
- Your real rate of return calculations — 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 much your money grew. For instance, if your accounts grew by 10% last year, but inflation was 3%, your real rate of return was 7%.
- Expected salary increases — Salaries are almost always on the rise. Average wages and salaries went up an average of almost 5% in the second quarter of 2022, compared to 2021. Depending on what stage you're at in your career, you may also move into a more lucrative industry, be promoted several time, have company stock options, or switch jobs multiple times to more highly compensated 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 a retirement income — Obviously, it's impossible to know precisely how long our savings will need to last. But having a good understanding of your retirement age and any health concerns is crucial to knowing how much savings you'll need.
- Anticipated rate of inflation — As we've seen over the last few years, predicting variations in the investment world is an uncertain enterprise to say the least. Still, the vast majority of wealth managers recommend staying calm and assuming 3% yearly inflation for workers calculating how much money they'll need in retirement.
- 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 railroad earnings all have different benefits.
There are many ways to consider how much income you'll need in retirement. Many experts say that you will need 80-100% of what you made in your last year in the workforce. Another guideline is the 4% rule, which dictates that annually you'll be able to withdraw 4% of your retirement savings to have a comfortable but safe retirement for up to three decades. To know how to best calculate how much money you'll need, you need to consult with a knowledgeable Madison County, IL retirement consultant who will be able to take into account your complete financial situation and see what's best for you.
Other Things to Contemplate | Madison County, IL Retirement Calculator
Beyond inflation, tax planning, Social Security benefits and returns, 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 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 leave the workforce will determine how long you need retirement savings for, and whether or not there are any tax implications for your Social Security benefits.
- Where do you want to live when you retire? The cost of living is not the same in Madison County, IL as it is in Chicago, Nebraska, Italy, or anywhere else. Where you live will also determine how much you pay in taxes, housing costs, the cost of health care, how much it costs to travel to and from your home, and even different possibilities for partial employment if don't want to be completely retired.
- What do you want to do in retirement? Do you have travel destinations, cruises to take, and sky-diving to cross off your bucket list? Would you rather spend your days bird watching in the backyard? Or does your family live far away from Madison County, IL and you want to take seasonal trips to see them? A more active retirement usually means more expenses.
- Are you married? Social Security have different rules for spouses. They'll also have more expenses, yet potentially 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, their care will be expensive, and you might provide for them in other ways, for example helping them with their first down payment on a house. This will affect how much your savings can grow while you have those dependents.
Why Choose Correct Capital's Madison County, IL Financial Advisors as Your Retirement Calculators
Your Madison County, IL 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 support team committed to optimizing your gains and retirement savings. We help Madison County, IL families and individuals prepare for the golden years of their dreams, in addition to business owners interested in the benefits of implementing a great 401(k) plan.
No matter where you are and what your ideal retirement looks like, our exhaustive financial advice includes helping you develop a picture of the various types of retirement plans like Roth IRAs, whether or not you should rollover your 401(k) when changing jobs, and how to best manage your assets with the goal of growing your retirement savings.
Take Control of Your Retirement Planning in Madison County, IL With Savology
When choosing a financial advisory firm, you should also take into consideration what tools they provide to optimize your retirement calculation. Alongside Savology, we provide an innovative online retirement calculator for Madison County, IL individuals and families to use free of charge. You can reap the rewards of the application 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 lets you know how you're doing in more than 10 different areas, including retirement, debt, income, and estate planning. 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 Retirement Consultant from Correct Capital in Madison County, IL — 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 a clear road map that lets you know what you can do today that will help you reach the retirement of your dreams.
Madison County, IL 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 are in your best interest. 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 Madison County, IL with a human face, brain, and touch, get in touch with Correct Capital today at 314-930-401K or reach out to us through our website.