Retirement Calculator O'Fallon, IL
Retirement Calculator in O'Fallon, IL. Everyone knows how crucial it is to start saving for retirement early, but many people in O'Fallon, IL 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 helpful to give you a sense of where you currently stand, you'll need knowledgeable and trustworthy O'Fallon, IL wealth managers to get the retirement you've been planning for. At Correct Capital Wealth Management, we build a personalized plan based on your current income, debts, and assets, future financial prospects, and the life you want to live to apply our skills to help live your golden years the way you want. For an experienced human retirement calculator, get in touch with us today at 877-930-4015 or reach out through our website.
How to Calculate How Much You'll Need for Retirement in O'Fallon, IL
In order to calculate what savings you'll need for retirement planning you'll need to balance your estimated monthly expenses with how much money you'll have coming in. To do this, you'll need to have a good grasp of:
- Your current status — The first thing you'll need to do is to get a snapshot of where you currently stand. 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 is an essential 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 after the date of your retirement. Your real rate of return accounts for inflation when calculating how much your money grew. For example, if you had a return of 10% last year, but prices increased 3%, your savings really grew by 7%.
- Expected salary increases — Salaries are almost always on the rise. Average base pay salary growth increased by an average of 4.8% in the second quarter of 2022, compared to the second quarter of 2021. Depending on how close or far you are to retirement, you may also soon go from an hourly employee to a white-collar job, gain promotions, get offered company stock, or keep an eye out on the job market to move to higher-paying job titles. Earning more money obviously allows you to put more money away, but may also affect the kind of lifestyle you desire.
- How long you'll need a retirement income — Obviously, none of us know exactly how much time we'll need our savings for. 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, predicting variations in the investment world is an uncertain task to say the least. Nevertheless, the vast majority of wealth managers will tell you not to panic and assume 3% yearly inflation when retirement planning.
- Your Social Security benefits — Understanding what benefits you are entitled to is a key aspect of calculating how much you'll need in retirement. Some types of earnings, for example farm work, working for the federal government, or being self-employed have special rules for your benefits.
There are many ways to consider how much income you'll need in retirement. Many experts say that your income need in retirement will be 80-100% of your total income the year just before you retired. Another guideline is the 4% rule, which stipulates that every year you'll be able to 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 consult with an experienced O'Fallon, IL retirement consultant who will take into account your complete financial situation and determine what's best for you.
Other Questions to Think About | O'Fallon, IL Retirement Calculator
An addition to 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 would feel better honorably working or as long as they're physically able. Whether you're in one of those camps or somewhere in between, 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 not the same in O'Fallon, IL as it is in Chicago, Hawaii, Australia, or wherever you choose to retire. Each area also has different taxes, housing costs, the cost of health care, how much it costs to travel to and from your home, and even different opportunities for a part-time job if don't want to be completely retired.
- What kind of lifestyle do you want to lead? Do you have foreign counties to see, cruises to take, and white water rafting to cross off your bucket list? Would you rather pass the time bird watching in the backyard? Or does your family live far away from O'Fallon, IL and you want to visit them on all the major holidays? A more active retirement usually means you'll need more savings.
- Are you married? Social Security have different rules for married 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 you have children or other dependents, taking care of them will be expensive, and you may want to help them in other ways, for example taking out a life insurance policy. This will affect how much you can responsibly put away for retirement each year.
Why Choose Correct Capital's O'Fallon, IL Financial Advisors as Your Retirement Calculators
Your O'Fallon, 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 effectively and ethically handling your money. We help O'Fallon, IL families and individuals prepare for the golden years of their dreams, 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 end up, 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 O'Fallon, IL With Savology
When choosing a retirement consultant firm, it's also important to take into consideration what resources they can offer you to help you in your retirement calculation. We partner with Savology to offer O'Fallon, IL individuals and families a complimentary, innovative online retirement calculator to take control of their finances. You can reach a more secure financial future in three simple 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.
- Plan Your Finances — We'll then send you a report card that lets you know how you're doing in over 10 different areas, for example retirement, debt, net worth, and estate planning. We'll also provide you with concrete steps you can take to help you reach your financial goals.
- Work with Wealth Manager from Correct Capital in O'Fallon, 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 steps you can take today that will pay off down the road.
O'Fallon, 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 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 morally bound to only do what we think is best for you and your retirement goals. For a skilled and experienced human retirement calculator in O'Fallon, IL, call Correct Capital today at 877-930-4015 or reach out to us through our website.
