Retirement Calculator St. Charles County, MO
Professional, Unbiased, and Skilled St. Charles County, MO Retirement Planners and Financial Advisors
Retirement Calculator in St. Charles County, MO. Everyone knows how crucial it is to start saving for retirement as early as you can, but many St. Charles County, MO residents 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 be useful in giving you a sense of where you currently stand, you'll need experienced and honest St. Charles County, MO retirement consultants 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, areas for improvement, and lifestyle goals to apply our investment knowledge to help live your golden years the way you want. For a knowledgeable human retirement calculator, get in touch with us today at 314-930-401K or reach out through our website.
How to Calculate Your Retirement Needs in St. Charles County, MO
In order to calculate what savings you'll need for retirement planning you'll need to balance what you're likely to spend with your estimated monthly income once you retire. To do this, you'll need to have a a thorough understanding of:
- 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 how old you are, household income, 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 needs improvement.
- Your real rate of return for retirement — This is how much you're getting back from your investments and savings, both while saving for retirement and once you retire. Your real rate of return accounts for inflation when calculating how much your money grew. For instance, if you had a return of 10% last year, but prices increased 3%, your savings really grew by 7%.
- Expected salary increases — On average, salaries increase every year. Average wages and salaries increased by an average of 4.8% year over year in the second quarter of 2022. Depending on how recently you entered the workforce, 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 keep an eye out on the job market to move to more highly compensated 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 exactly how long we'll need our savings for. But developing a clear picture of your retirement age and your health is crucial to knowing how far you'll need your savings to stretch.
- Anticipated rate of inflation — As we've seen in the early 2020s, predicting variations in the economy is an uncertain endeavor to put it generously. However, the vast majority of wealth managers recommend staying calm and assuming 3% annual inflation when retirement planning.
- Your Social Security benefits — You'll be eligible for different benefits depending on your life circumstances. Certain types of employment, for example household employment, nonprofit or religious organizations, or being self-employed have benefit rules specific to that employment.
There are many guidelines for calculating how much you need to save before you retire. One rule of thumb some retirement calculators use is that your income need in retirement will be 80-100% of what you made in your last year in the workforce. Others recommend the 4% rule, which stipulates that annually you can withdraw 4% of your retirement savings to have a comfortable but safe retirement for up to 30 years. To know what works best for you, you need to consult with a professional St. Charles County, MO retirement consultant who will be able to take into account your entire financial situation and see what's best for you.
Other Things to Contemplate | St. Charles County, MO Retirement Calculator
Beyond 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 the white sands of the Maldives while have enough energy left to sprint over them. Others would feel better honorably 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 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 different in St. Charles County, MO than it is in San Fransisco, Wyoming, France, or anywhere else. Each area also has varying tax systems, housing costs, health care expenses, how much it costs to travel to and from your home, and even different possibilities for partial employment if you want to keep busy.
- What do you want to do in retirement? Do you have exotic vacations, cruises to take, and bungee-jumping to cross off your bucket list? Would you prefer to sit on the back porch with a crossword and a moderately-priced pinot? Or do subsequent generations live far away from where you want to retire and you want to visit them on all the major holidays? The more you want to do, the more money you'll need.
- Do you have a spouse? Married couples have a higher maximum Social Security benefit than unmarried people. They'll also have more expenses, 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 you have children or other dependents, you'll have many expenses related to their care, and you might help them in other ways, for example saving for their higher education. This will affect how much you can responsibly put away for retirement each year.
Why Choose Correct Capital's St. Charles County, MO Financial Advisors as Your Retirement Calculators
Your St. Charles County, 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 committed to skillfully and ethically doing what's best for your money to grow. We help St. Charles County, MO families and individuals calculate how much they need to put away each month, in addition to business owners interested in the benefits of implementing a great 401(k) plan.
No matter where you are and where you want to go, our exhaustive financial advice includes helping you develop a picture of the various types of retirement plans like Roth IRAs, the benefits or disadvantages of rolling over 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 St. Charles County, MO With Savology
Another important aspect to consider when choosing a financial advisor is what resources they provide to help you in your retirement calculation. Correct Capital partners with Savology to offer St. Charles County, MO individuals and families a complimentary, creative online retirement calculator to better understand their financial health. Higher financial literacy and confidence can be reached in three quick 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 different areas, for example retirement, debt, income, and estate planning. You'll also be given concrete steps you can take to improve your financial situation for both now and in the future.
- Speak to a Wealth Manager from Correct Capital in St. Charles County, 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 share 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 benefit you later.
St. Charles County, MO Retirement Calculator | Correct Capital Wealth Management
As Correct Capital is an entirely independent firm, our retirement consultants 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 ethically compelled to act purely in your best interest. For a retirement calculator in St. Charles County, MO with a human face, brain, and touch, get in touch with Correct Capital today at 314-930-401K or contact us online.