Retirement Calculator St. Charles, MO
Experienced, Independent, and Talented St. Charles, MO Wealth Management
Retirement Calculator in St. Charles, MO. We all know the importance of planning for retirement early, but many people in St. Charles, MO don't have the time or financial literacy to calculate how much they'll need in retirement. While typing "retirement calculator" into a search engine may give you a brief snapshot of the health of your retirement funds, you'll need proven and honest St. Charles, MO financial advisors to make sure you're headed in the right direction. At Correct Capital Wealth Management, we balance your existing income, debts, and assets, future financial prospects, and the life you want to live to apply our financial know-how to help you get the retirement of your dreams. To speak to an experienced human retirement calculator, get in touch with us today at 314-930-401K or reach out through our website.
How Retirement Calculating Works in St. Charles, MO
In order to calculate the amount of money 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:
- Where you currently standing — The first thing you'll need to do is to get a snapshot of where you currently stand. This includes your age, how much you and/or your spouse is brining in each month, 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 calculations — You'll have to look at your rate of return both before and during retirement. Your real rate of return accounts for inflation when calculating your return on investment. For instance, if you had a return of 10% last year, but inflation was 3%, your real rate of return was 7%.
- Expected salary increases — On average, salaries increase every year. Average wages and salaries rose an average of 4.8% year over year in the second quarter of 2022. Depending on how close or far you are to retirement, you may also be about to enter a more lucrative field, be promoted several time, earn a share of your company, or move through different companies to more lucrative job titles. A higher income will allow you to save more, but will also likely make you accustomed to an increasingly lavish lifestyle.
- How long you'll need a retirement income — Obviously, none of us know exactly how much time our savings will need to 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.
- Anticipated rate of inflation — As recent events have proved, predicting shifts in the investment world is an uncertain task to say the least. However, most wealth managers will tell you not to panic and assume 3% annual inflation for workers calculating how much money they'll need in retirement.
- Your Social Security benefits — You'll be eligible for different benefits based on your life circumstances. Certain types of employment, for example farm work, military service, or being self-employed have benefit rules specific to that employment.
There are many ways to consider how much you need to save before you retire. One rule of thumb some retirement calculators use is that you will need 80-100% of your total income the year just before you retired. Others recommend the 4% rule, which states that every year you can withdraw 4% of your savings at the time of your retirement to have a comfortable but financially secure retirement for up to three decades. To know how to best calculate how much money to save for retirement, you need to reach out to a skilled St. Charles, MO retirement consultant who will take into account your complete financial situation and decide what the best way to calculate your retirement needs is for you.
Other Questions to Ask Yourself | St. Charles, MO Retirement Calculator
Beyond the technical aspects of a retirement calculator, you'll also want to ask yourself:
- How old would you like to be to when you retire? Some people want to see world wonders like Machu Picchu while they're still spry enough to hike it. Others see little point in leaving the workforce as long as they enjoy what they do and are physically able to do it. Whether one of those people sounds like you, or you're somewhere in between, the age you retire 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 spend your retirement? The cost of living is different in St. Charles, MO than it is in New York City, Hawaii, Australia, or wherever you choose to live out your golden years. Different locations also have different taxes, housing costs, health care expenses, travel expenses, and even different opportunities for partial employment if don't want to be completely retired.
- What kind of lifestyle will you want? Do you have travel destinations, ski trips, and bungee-jumping to cross off your bucket list? Would you prefer to 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.
- Do you have a spouse? Social Security have different rules for spouses. They'll also have to spend more, 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 you have children or other dependents, 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 St. Charles, MO Financial Advisors as Your Retirement Calculators
Your St. Charles, 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 support team committed to optimizing your gains and retirement savings. We help St. Charles, MO families and individuals understand their retirement goals, in addition to business owners interested in the benefits of implementing a great 401(k) plan.
Regardless of where you are and what your ideal retirement looks like, our extensive financial advice includes helping you develop a picture of different 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 in the interest of growing your retirement savings.
Take Control of Your Retirement Planning in St. Charles, MO With Savology
When choosing a financial advisory firm, it's also important to take into consideration what tools they provide to optimize your financial journey. Alongside Savology, we provide an advanced online retirement calculator for St. Charles, MO individuals and families to use free of charge. Higher financial literacy and confidence can be reached in three pain-free 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 grades your financial health in over 10 categories, such as retirement, debt, income, and savings. You'll also be given clear action items you can take to help you reach your financial goals.
- Work with Retirement Consultant from Correct Capital in St. Charles, MO — 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 clear instructions that help you understand what you can do now that will pay off later.
St. Charles, 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 know that trusting someone with your hard-earned money and your family's future is difficult, and we will always appreciate your decision to trust us. As fiduciary advisors, we are legally and morally compelled to act purely in your best interest. For a skilled and experienced human retirement calculator in St. Charles, MO, call Correct Capital today at 314-930-401K or reach out to us through our website.