Retirement Calculator Shrewsbury, MO
Retirement Calculator in Shrewsbury, MO. Ideally, retirement planning starts the moment you enter the workforce, but many people in Shrewsbury, MO don't don't know how, or don't want, to calculate how much money to put away each month, and where to keep it. While Googling "retirement calculator" may be useful in giving you a sense of where you currently stand, you'll need proven and honest Shrewsbury, MO financial advisors to best understand how to move forward. At Correct Capital Wealth Management, we take a comprehensive view of your current financial realities, future financial prospects, and the life you want to live to apply our investment knowledge to help you get the retirement of your dreams. To speak to an experienced human retirement calculator, call us today at 877-930-4015 or reach out through our website.
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Correct Capital Wealth Management's office is physically located in St. Louis, MO, but we serve clients throughout the United States in both personal financial planning and corporate retirement plans.
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How to Calculate How Much You'll Need for Retirement in Shrewsbury, MO
To see what your retirement planning needs are you'll need to account for what you're likely to spend with how much money you'll have coming in. To do this, you'll need to have a a thorough understanding of:
- Your current status — Before calculating how to get to your preferred destination, it's important develop an understanding of where you are now. This includes your age, how much money your household makes, how much you have already saved for retirement, and the percentage of your income you put away each month for retirement. Doing this will help identify areas where your financial portfolio can be improved.
- 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 inflation was 3%, your savings really grew by 7%.
- Expected salary increases — Over time, salaries increase in all industries. Average salaries increased by an average of almost 5% year over year in the second quarter of 2022. Depending on how recently you entered the workforce, you may also be about to enter a more lucrative field, move up your company's chain of command, get offered company stock, or job hop to more lucrative job titles. A higher income will allow you to save more, but will also likely make you accustomed to an increasingly expensive lifestyle.
- How long you'll need a retirement income — Obviously, it's impossible to know precisely how much time our golden years will last. But developing a clear picture of what age you'll be when you retire and any health concerns will help guide your retirement calculations.
- Expected rate of inflation — As recent events have demonstrated, predicting shifts in the economy is an uncertain task to say the least. Still, the vast majority of wealth managers will tell you not to panic and assume 3% annual 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 household employment, military service, or railroad industry work have special rules for your benefits.
Economic 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 most recent after-tax salary. Another way to look at it is the 4% rule, which dictates that each year you can withdraw 4% of your retirement savings to have a comfortable but safe retirement as many as 30 years. To know what works best for you, it's important to speak to a skilled Shrewsbury, MO retirement consultant who will be able to look at your personal financial situation and determine what's best for you.
Other Things to Consider | Shrewsbury, MO Retirement Calculator
Beyond inflation, tax planning, Social Security rules and return on investment, 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 Playa Norte while they're still young enough to sprint over them. Others see little point in leaving the workforce as long as they enjoy what they do and are physically able to do it. Whether you're in one of those camps or somewhere in between, your retirement age will determine how long you need retirement savings for, 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 not the same in Shrewsbury, MO as it is in San Fransisco, Wyoming, Australia, or wherever you choose to retire. 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 possibilities for a part-time gig if you're feeling restless.
- What do you want to do in retirement? Do you have travel destinations, cruises to take, and bungee-jumping 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 where you want to retire and you want to visit them on all the major holidays? 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 possibly higher earnings. 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, their care will be expensive, and you might help 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 devoted to diligently and ethically handling your money. We help Shrewsbury, MO families and individuals understand their retirement goals, as well as business owners who wish to give their employees a great 401(k) plan.
Regardless of where you are and what your ideal retirement looks like, our holistic 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 the most effective strategies for managing your assets.
Savology and Correct Capital's Retirement Calculator
Another important factor to consider when choosing a wealth management firm is what resources they provide to help you in your retirement planning. We partner with Savology to offer Shrewsbury, MO individuals and families a complimentary, creative online retirement calculator to take control of their finances. Higher financial literacy and confidence can be reached 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 snapshot of 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.
- Plan Your Finances — We'll then send you a report card that grades your financial health in more than 10 categories, for example retirement, debt, income, and estate planning. You'll also be given clear action items you can take to help you reach your financial goals.
- Work with 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 share 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 an entirely independent firm, our retirement consultants will only recommend products and strategies that we believe are in your best interest. We strive to build a relationship with you, and we will always appreciate your decision to trust us. As fiduciary advisors, we are legally and morally compelled 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, call Correct Capital today at 877-930-4015 or contact us online.
