Retirement Calculator Oakland, MO
Retirement Calculator in Oakland, MO. Ideally, retirement planning starts the day you get your first paycheck, but many people in Oakland, MO don't have the time, knowledge, or interest to calculate how much they'll need in retirement. While typing "retirement calculator" into a search engine may be useful in giving you a sense of where you currently stand, you'll need experienced and honest Oakland, MO wealth managers to make sure you're headed in the right direction. At Correct Capital Wealth Management, we take a comprehensive view of your existing income, debts, and assets, areas for improvement, and lifestyle goals to apply our financial know-how to help you get the retirement of your dreams. For a knowledgeable human retirement calculator, get in touch with us today at 877-930-4015 or contact us online.
How to Calculate Your Retirement Needs in Oakland, MO
To see what your retirement planning savings will need to be you'll need to balance your estimated monthly expenses with how much money you'll have coming in. To do this, you need to consider:
- Where you currently standing — 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, current retirement savings, and the percentage of your income 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 investments and savings, both while saving for retirement and after the date of your retirement. Your real rate of return adjusts the increase in your savings and investments with inflation. For example, if your accounts grew by 10% last year, but inflation was 3%, your savings really grew by 7%.
- How your earnings will increase — On average, salaries increase every year. Average salaries went up an average of 4.8% in the second quarter of 2022, compared to 2021. Depending on what stage you're at in your career, you may also be just starting a career in a well-paid industry, gain promotions, have company stock options, or keep an eye out on the job market to move to more highly compensated job titles. A higher income will allow you to save more, but will also likely make you accustomed to an increasingly lavish lifestyle.
- How long your retirement may last — Obviously, it's impossible to know precisely how long our golden years will last. But having a good understanding of what age you'll be when you retire and any health concerns is crucial to knowing how much savings you'll need.
- Anticipated rate of inflation — As recent events have proved, anticipating variations in the economy is an uncertain endeavor at best. However, the vast majority of wealth managers will tell you not to panic and assume 3% annual 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, military service, or work outside the United States all have different benefits.
There are many ways to consider how much you need to save before you retire. One rule of thumb some retirement calculators use is that your income need in retirement will be 80-100% of your most recent after-tax salary. Others recommend the 4% rule, which dictates that each year you can use 4% of your retirement savings to have a comfortable but financially secure retirement for up to three decades. To know what works best for you, you need to consult with an experienced Oakland, MO retirement consultant who will be able to look at your personal financial situation and determine what's best for you.
Other Things to Think About | Oakland, MO Retirement Calculator
An addition to 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 world wonders like Machu Picchu while they're still spry enough to hike it. Others think they'd become restless without a job to get them up in the morning. Whenever you'd like to retire, the age you retire 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 different in Oakland, MO than it is in New York City, Hawaii, Australia, or wherever you choose to retire. 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 gig if you want to keep busy.
- What do you want to do in retirement? Do you have travel destinations, ski trips, and bungee-jumping to cross off your bucket list? Would you rather pass the time bird watching in the backyard? Or do subsequent generations live far away from you 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 married 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
- Do you have dependents? How much longer? If you have children or other dependents, their care will be expensive, and you may choose to 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 Oakland, MO Financial Advisors as Your Retirement Calculators
Your Oakland, 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 devoted to effectively and ethically handling your money. We help Oakland, 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 your current situation and where you want to end up, our comprehensive financial advice will help you develop a picture of the various types of saving opportunities 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 in the interest of growing your retirement savings.
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've developed a creative online retirement calculator for Oakland, 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 baseline for 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.
- Review Your Plan — You'll get a report card that grades your financial health in more than 10 different areas, including retirement, debt, income, and savings. You'll also be given clear action items you can take to help you reach your financial goals.
- Speak to a Retirement Consultant from Correct Capital in Oakland, 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 clear instructions that help you understand what steps you can take today that will help you reach the retirement of your dreams.
Oakland, MO Retirement Calculator | Correct Capital Wealth Management
As Correct Capital is an entirely independent firm, our wealth managers will only recommend products and strategies that we believe in ourselves. We know that trusting someone with your hard-earned money and your family's future is difficult, and we will never take your trust for granted. As fiduciary advisors, we are legally and ethically compelled to act purely in your best interest. For a retirement calculator in Oakland, MO with a human face, brain, and touch, call Correct Capital today at 877-930-4015 or contact us online.
