Retirement Calculator St. Clair County, IL
Retirement Calculator in St. Clair County, IL. Ideally, you should start saving for retirement the moment you enter the workforce, but many St. Clair County, IL residents don't have the time or financial literacy to calculate how much they'll need in retirement. While typing "retirement calculator" into your web browser may be useful in giving you a sense of where you currently stand, you'll need proven and ethical St. Clair County, IL wealth managers to make sure you're headed in the right direction. At Correct Capital Wealth Management, we balance your existing income, debts, and assets, how your money is likely to grow, and lifestyle goals to apply our financial know-how to help live your golden years the way you want. To speak to an experienced human retirement calculator, get in touch with us today at 877-930-4015 or contact us online.
How to Calculate How Much You'll Need for Retirement in St. Clair County, IL
To see what your retirement planning savings will need to be you'll need to balance the money you'll use with how much money you'll have coming in. To do this, 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, household income, current retirement savings, and how much your monthly contributions to your retirement funds are. This allows you to see 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 after the date of your retirement. Your real rate of return adjusts the increase in your accounts with inflation. For instance, if your accounts grew by 10% last year, but prices increased 3%, your real rate of return was 7%.
- How your earnings will increase — On average, salaries increase every year. Average wages and salaries rose an average of 4.8% in the second quarter of 2022, compared to the second quarter of 2021. Depending on you age, you may also move into a more lucrative industry, gain promotions, earn a share of your company, or job hop to higher-paying positions. Earning more money obviously allows you to grow your savings and investments faster, but may also affect the kind of lifestyle you desire.
- How long you'll need a retirement income — Obviously, it's impossible to know exactly how long our savings will need to last. But having a clear picture of what age you'll be when you retire and your health is crucial to knowing how far you'll need your savings to stretch.
- Anticipated rate of inflation — As we've seen over the last few years, anticipating fluctuations in the investment world is an uncertain task to put it generously. However, the vast majority of wealth managers will tell you not to panic and assume 3% annual inflation for people calculating how much money they'll need in retirement.
- Your Social Security benefits — You'll be eligible for different benefits depending on your specific situation. Some types of earnings, for example farm work, nonprofit or religious organizations, or railroad industry work all have different benefits.
There are many guidelines for calculating how much income you'll need in retirement. One rule of thumb some retirement calculators use is that your income need in retirement will be 80-100% of your most recent after-tax salary. Another guideline is the 4% rule, which dictates that annually you can withdraw 4% of your savings at the time of your retirement to have a comfortable but safe retirement for up to 30 years. To know what works best for you, it's important to reach out to a professional St. Clair County, IL retirement consultant who will look at your personal financial situation and decide what the best way to calculate your retirement needs is for you.
Other Things to Contemplate | St. Clair County, IL Retirement Calculator
Beyond inflation, tax planning, Social Security benefits 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 world wonders like the Great Wall of China while they still have enough endurance to walk along it. Others see little point in leaving the workforce as long as they enjoy what they do and are physically able to do it. Whenever you'd like to retire, your retirement age will determine how much you need to save, and will affect your Social Security benefits.
- Where do you want to spend your golden years? The cost of living is not the same in St. Clair County, IL as it is in San Fransisco, Nebraska, Italy, or wherever you choose to live out your golden years. Where you live will also determine how much you pay in taxes, housing costs, the cost of health care, how much it costs to travel to and from your home, and even different opportunities for a part-time gig if you want to keep busy.
- What do you want to do in retirement? Do you have foreign counties to see, fishing trips, and bungee-jumping to experience before you die? Would you prefer to sit on the back porch with a book and a moderately-priced pinot? Or do subsequent generations live far away from you and you want to take twice yearly trips to see them? The more you want to do, the more money you'll need.
- Are you married? Married couples have a higher maximum Social Security benefit than unmarried people. They'll also have more in basic living costs, yet likely 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 provide for 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. Clair County, IL Financial Advisors as Your Retirement Calculators
Your St. Clair County, IL 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 competently and ethically doing what's best for your money to grow. We help St. Clair County, IL families and individuals calculate how much they need to save for retirement, in addition to business owners who wish to give their employees a great 401(k) plan.
No matter where you are and where you want to end up, our comprehensive financial advice will help you develop a picture of different savings accounts like Roth IRAs, whether or not you should rollover your 401(k) when moving to a new employer, and how to best manage your assets with the goal of growing your retirement savings.
Take Control of Your Retirement Planning in St. Clair County, IL With Savology
When choosing a retirement consultant firm, you should also look at what tools they can offer you to optimize your retirement calculation. Alongside Savology, we've developed a creative online retirement calculator for St. Clair County, IL individuals and families to use free of charge. You can reap the rewards of the application 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.
- Review Your Plan — You'll get a report card that grades your financial health in over 10 categories, including retirement, debt, net worth, and estate planning. We'll also provide you with concrete steps you can take to help you reach your financial goals.
- Work with Retirement Consultant from Correct Capital in St. Clair County, IL — We'll go over your plan and help you understand how they'll help you reach your goals.
With Savology and Correct Capital's Help, you'll receive a clear road map that lets you know what you can do today that will benefit you in the future.
St. Clair County, IL Retirement Calculator | Correct Capital Wealth Management
As Correct Capital is not tied to any larger firm or financial institution, our wealth managers 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. Clair County, IL, call Correct Capital today at 877-930-4015 or reach out to us through our website.
