Retirement Calculator O'Fallon, MO
Experienced, Honest, and Skilled O'Fallon, MO Retirement Planners and Financial Advisors
Retirement Calculator in O'Fallon, MO. Everyone knows how crucial it is to start saving for retirement early, but many O'Fallon, MO residents don't have the time, knowledge, or interest to calculate how much they need to save by the time they retire. While looking up "retirement calculator" may be useful in giving you a sense of where you currently stand, you'll need experienced and trustworthy O'Fallon, MO retirement planners to make sure you're headed in the right direction. At Correct Capital Wealth Management, we build a personalized plan based on your existing income, debts, and assets, how your money is likely to grow, and the life you want to live to apply our financial know-how to help you get the retirement of your dreams. For an experienced human retirement calculator, call us today at 314-930-401K or reach out through our website.
How Retirement Calculating Works in O'Fallon, 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 effectively, you'll have to take the following into account:
- The current state of your savings — The first thing you'll need to do is to get a snapshot of your current financial status. This includes your age, how much you and/or your spouse is brining in each year, 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 can be improved.
- Your real rate of return for retirement — You'll have to look at your rate of return both before and during retirement. Your real rate of return adjusts the increase in your accounts 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 — Salaries are almost always increasing. Average base pay salary growth went up an average of almost 5% in the second quarter of 2022, compared to the second quarter of 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, get offered company stock, or keep an eye out on the job market to move to more lucrative positions. A higher income obviously allows you to grow your savings and investments faster, but will also likely make you accustomed to an increasingly comfortable lifestyle.
- How long you'll need the savings for — Obviously, it's impossible to know precisely how much time we'll need our savings for. But having a good understanding of your retirement age and any health concerns will help guide your retirement calculations.
- Anticipated rate of inflation — As we've seen in the early 2020s, predicting shifts in the market and inflation is an uncertain endeavor to put it generously. 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 depending on your specific situation. Different ways of earning a living, for example farm work, working for the federal government, or railroad industry work have benefit rules specific to that employment.
Financial experts have vary opinions on how exactly to calculate your retirement needs. 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 states that each year you can withdraw 4% of your savings at the time of your retirement to have a comfortable but safe retirement as many as three decades. To know how to best calculate how much money to save for retirement, you need to speak to a professional O'Fallon, MO retirement consultant who will take into consideration your entire financial situation and determine what's best for you.
Other Things to Think About | O'Fallon, MO Retirement Calculator
An addition to the technical aspects of a retirement calculator, you'll also need to consider more subjective questions, such as:
- What age would you like to retire? Some people want to see the white sands of French Polynesia while have enough energy left to sprint across them. Others think they'd get bored 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 whether or not there are any tax implications for how much you receive from Social Security.
- Where do you want to spend your retirement? The cost of living is different in O'Fallon, MO than it is in Chicago, Nebraska, France, or anywhere else. Where you live will also determine how much you pay in taxes, housing costs, the cost of health care, travel expenses, and even different opportunities for a part-time gig if don't want to be completely retired.
- What kind of lifestyle will you want? Do you have foreign counties to see, 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 you and you want to take twice yearly trips to see them? A more active retirement usually means more expenses.
- Are you married? Married couples have a higher maximum Social Security benefit than unmarried people. 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, you'll have many expenses related to their care, and you might provide for them in other ways, for example taking out a life insurance policy. This will affect how much your savings can grow while you have those dependents.
Why Choose Correct Capital's O'Fallon, MO Financial Advisors as Your Retirement Calculators
Your O'Fallon, 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 support team devoted to optimizing your gains and retirement savings. We help O'Fallon, MO families and individuals calculate how much they need to save for retirement, as well as business owners interested in the benefits of implementing a great 401(k) plan.
Regardless of where you're starting and where you want to go, our extensive financial advice includes helping you develop a picture of the various types of savings accounts like Roth IRAs, whether or not you should rollover your 401(k) when changing jobs, and the most effective strategies for managing your assets.
Savology and Correct Capital's Retirement Calculator
Another important factor to consider when choosing a financial advisor is what resources they can offer you to help you in your retirement calculation. We partner with Savology to offer O'Fallon, MO individuals and families a free, innovative online retirement calculator to better understand their financial health. 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.
- Plan Your Finances — We'll then send you a report card that lets you know how you're doing in more than 10 different areas, for example retirement, debt, income, and savings. You'll also be given concrete steps you can take to help you reach your financial goals.
- Speak to a Retirement Consultant from Correct Capital in O'Fallon, 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 discuss any additional insights we can.
With Savology and Correct Capital's Help, you'll receive a clear road map that lets you know what steps you can take today that will pay off in the future.
O'Fallon, MO Retirement Calculator | Correct Capital Wealth Management
As Correct Capital is not tied to any larger firm or financial institution, our financial advisors will only recommend products and strategies that we believe are in your best interest. 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 bound as a matter of law and ethics bound to only do what we think is best for you and your retirement dreams. For a retirement calculator in O'Fallon, MO with a human face, brain, and touch, call Correct Capital today at 314-930-401K or contact us online.