Retirement Calculator Shrewsbury, MO
Experienced, Honest, and Skilled Shrewsbury, MO Wealth Management
Retirement Calculator in Shrewsbury, MO. Ideally, you should start saving for retirement the moment you enter the workforce, but many people in Shrewsbury, MO don't have the time or financial literacy to calculate how much money to put away each month, and where to store it. While typing "retirement calculator" into a search engine may give you a brief snapshot of the health of your retirement funds, you'll need knowledgeable and honest Shrewsbury, MO financial advisors to get the retirement you've been planning for. At Correct Capital Wealth Management, we take a comprehensive view of your current financial realities, future financial prospects, and lifestyle goals to apply our financial know-how to help live your golden years the way you want. To speak to a knowledgeable human retirement calculator, call us today at 314-930-401K or contact us online.
How to Calculate Your Retirement Needs in Shrewsbury, MO
To see what your retirement planning savings will need to be you'll need to balance what you're likely to spend with how much money you'll have coming in. To do this effectively, you'll have to take the following into account:
- Your current status — Before calculating how to get to your preferred destination, it's important develop an understanding of your current financial status. This includes your age, household income, how much you have already saved for retirement, and the percentage of your income you put away each month for retirement. This is an essential step to determining where your financial portfolio needs improvement.
- Your real rate of return calculations — 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 savings and investments with inflation. For instance, if you had a return of 10% last year, but the cost of living increased 3%, your real rate of return was 7%.
- How your earnings will increase — On average, salaries increase every year. Average base pay salary growth increased by an average of almost 5% year over year in the second quarter of 2022. Depending on how close or far you are to retirement, you may also soon go from an hourly employee to a white-collar job, be promoted several time, earn a share of your company, or switch jobs multiple times to higher-paying job titles. A higher income will allow you to save more, but may also affect the kind of lifestyle you desire.
- How long your retirement may last — Obviously, none of us know exactly how long we'll need our savings for. But developing a clear picture of what age you'll be when you retire and any health concerns is crucial to knowing how far you'll need your savings to stretch.
- Expected rate of inflation — As we've seen over the last few years, anticipating shifts in the economy is an uncertain enterprise at best. Nevertheless, the vast majority of wealth managers will advise to keep a steady course of action and assume 3% yearly inflation when retirement planning.
- Your Social Security benefits — You'll be eligible for different benefits depending on your specific situation. Certain types of employment, for example farm work, working for the federal government, or railroad earnings have special rules for your benefits.
Financial experts have vary opinions on how exactly to calculate how much you'll need to save to have the income level you want in retirement. 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 dictates that each year you can spend 4% of your retirement savings to have a comfortable but safe retirement for up to 30 years. To know what works best for you, it's important to consult with an experienced Shrewsbury, MO retirement consultant who will be able to look at your personal financial situation and decide what the best way to calculate your retirement needs is for you.
Other Things to Consider | Shrewsbury, MO Retirement Calculator
Beyond inflation, tax considerations, Social Security rules and returns, you'll also need to consider more subjective questions, such as:
- In how long would you like to retire? Some people want to see the white sands of Kauna'oa Bay while have enough energy left to run across them. Others think they'd grow restless without a job to get them up in the morning. 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 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 different in Shrewsbury, MO than it is in San Fransisco, Nebraska, Australia, or anywhere else. Where you live will also determine how much you pay in taxes, housing costs, the cost of medical care, how much it costs to travel to and from your home, and even different opportunities for a part-time job if you're feeling restless.
- What kind of lifestyle do you want to lead? Do you have exotic vacations, ski trips, and bungee-jumping to experience before you die? 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 to spend more, yet likely 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, you'll have to spend a significant portion of money on 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 Shrewsbury, MO Financial Advisors as Your Retirement Calculators
Your Shrewsbury, 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 supporting staff dedicated to effectively and ethically doing what's best for your money to grow. We help Shrewsbury, 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 what your ideal retirement looks like, our extensive financial advice includes helping you understand the various types of retirement plans 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 with the goal of growing your retirement savings.
Savology and Correct Capital's Retirement Calculator
When choosing a retirement consultant firm, you should also take into consideration what resources they provide to help you in your financial journey. Correct Capital partners with Savology to offer Shrewsbury, MO individuals and families a complimentary, creative online retirement calculator to take control of their finances. You can reach a more secure financial future 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 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 — We'll then send you a report card that grades your financial health in over 10 categories, including retirement, debt, net worth, and estate planning. You'll also be given concrete steps you can take to help you reach your financial goals.
- Speak to a Financial Advisor from Correct Capital in Shrewsbury, MO — We're here to answer any question you may have, help you understand your plan and how it relates to your financial goals, and provide any additional insights we can.
Through Savology and Correct Capital's partnership, 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.
Shrewsbury, MO Retirement Calculator | Correct Capital Wealth Management
As Correct Capital is not tied to any larger firm or financial institution, our retirement consultants will only give you advice that is independent, objective, and unbiased. We strive to build a relationship with you, and we will always appreciate your decision to trust us. 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 skilled and experienced human retirement calculator in Shrewsbury, MO, get in touch with Correct Capital today at 314-930-401K or contact us online.