Retirement Calculator Oakland, MO
Experienced, Unbiased, and Talented Oakland, MO Retirement Planners and Financial Advisors
Retirement Calculator in Oakland, MO. Everyone knows the importance of planning for retirement early, but many people in Oakland, MO don't have the time, knowledge, or interest to calculate how much they need to save by the time they retire. While searching for "retirement calculator" may be useful in giving you a sense of where you currently stand, you'll need experienced and honest Oakland, MO retirement consultants to develop a deeper understanding of retirement planning. At Correct Capital Wealth Management, we take a comprehensive view of your current income, debts, and assets, future financial prospects, and the life you want to live to apply our financial know-how to help you get the retirement of your dreams. For a talented human retirement calculator, get in touch with us today at 314-930-401K or reach out through our website.
How Retirement Calculating Works in Oakland, MO
To see what your retirement planning needs are you'll need to balance what you're likely to spend with your estimated monthly income once you retire. 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 savings are. This allows you to see where your financial portfolio needs improvement.
- Your real rate of return calculations — 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 accounts with inflation. For example, if you had a return of 10% last year, but prices increased 3%, your real rate of return was 7%.
- How your earnings will increase — Over time, salaries increase across the board. Average salaries rose an average of 4.8% year over year in the second quarter of 2022. Depending on what stage you're at in your career, you may also soon go from an hourly employee to a white-collar job, move up your company's chain of command, get offered company stock, or job hop to higher-paying positions. A higher income obviously allows you to put more money away, but may also affect the kind of lifestyle you want to live.
- How long you'll need a retirement income — Obviously, none of us know exactly how much time our golden years will last. But developing a clear picture of your retirement age and any health concerns is crucial to knowing how much savings you'll need.
- Expected rate of inflation — As recent events have proved, anticipating variations in the market and inflation is an uncertain endeavor to put it generously. Still, most wealth managers recommend staying calm and assuming 3% yearly inflation when retirement planning.
- Your Social Security benefits — You'll be eligible for different benefits based on your life circumstances. Some types of earnings, for example farm work, working for the federal government, or work outside the United States have benefit rules specific to that employment.
There are many guidelines for calculating how much you need to save before you retire. Many experts say 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 each year you'll be able to spend 4% of your retirement savings to have a comfortable but safe retirement for up to 30 years. To know how to best calculate how much money to save for retirement, you need to consult with a knowledgeable Oakland, MO retirement consultant who will take into account your entire financial situation and decide what the best way to calculate your retirement needs is for you.
Other Questions to Contemplate | Oakland, MO Retirement Calculator
Beyond 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 world wonders like Machu Picchu while they're still spry enough to hike it. Others would feel better dutifully working or as long as they're physically able. Whether one of those people sounds like you, or you're somewhere in between, the age you retire will determine how much you need to save, and will affect how much you receive from Social Security.
- Where do you want to spend your retirement? The cost of living is not the same in Oakland, MO as it is in Chicago, Alaska, 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 opportunities for partial employment if you want to keep busy.
- What kind of lifestyle do you want to lead? Do you have foreign counties to see, fishing trips, and bungee-jumping 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 you and you want to take twice yearly trips to see them? The more you want to do, the more money you'll need.
- Are you married? Married couples have a higher maximum Social Security benefit than unmarried people. They'll also have more in basic living costs, 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 put dependents on your taxes, taking care of them will be expensive, 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 your savings can grow while you have those dependents.
Why Choose Correct Capital's Oakland, MO Financial Advisors as Your Retirement Calculators
Your Oakland, 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 dedicated 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 where you're starting and what your ideal retirement looks like, our extensive financial advice will help you develop a picture of different savings accounts 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 with the goal of growing your retirement savings.
Take Control of Your Retirement Planning in Oakland, MO With Savology
Another important aspect to consider when choosing a wealth management firm is what tools they provide to optimize your financial journey. Correct Capital partners with Savology to offer Oakland, MO individuals and families a free, innovative online retirement calculator to take control of their finances. Higher financial literacy and confidence can be reached in three easy steps:
- Take the survey — It takes just 5 minutes to open an account and answer a few quick question. 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 over 10 categories, for example retirement, debt, income, and estate planning. We'll also provide you with concrete steps you can take to improve your financial situation for both now and in the future.
- Work with Retirement Consultant from Correct Capital in Oakland, 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.
Through Savology and Correct Capital's partnership, you'll receive a clear road map that lets you know 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 not tied to any larger firm or financial institution, our wealth managers will only give you advice that is independent, objective, and unbiased. 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 morally bound to act purely in your best interest. For a retirement calculator in Oakland, MO 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.