Retirement Calculator St. Clair County, IL
Retirement Calculator in St. Clair County, IL. You've already heard the importance of planning for retirement as early as you can, but many people in St. Clair County, IL don't don't know how, or don't want, to calculate how much money to put away each month, and where to store it. While Googling "retirement calculator" may give you a brief snapshot of the health of your retirement funds, you'll need experienced and honest 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 financial realities, how your money is likely to grow, and what activities and trips you want to take in retirement to apply our investment knowledge to help you get the retirement you've always wanted. To speak to a talented human retirement calculator, call us today at 877-930-4015 or contact us online.
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How to Calculate How Much You'll Need for Retirement in St. Clair County, IL
To see what your retirement planning needs are you'll need to account for your estimated monthly expenses with your estimated monthly income once you retire. To do this, you need to consider:
- The current state of your savings — Before figuring out where you want to go, it's important develop an understanding of where you are now. This includes how old you are, household income, how much you have already saved for retirement, and how much your monthly contributions to your retirement funds are. This allows you to see 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 accounts for inflation when calculating how your money accumulated over various accounts. For example, if you had a return of 10% last year, but the cost of living went up 3%, your real rate of return was 7%.
- How your earnings will increase — On average, salaries increase every year. Average wages and 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 just starting a career in a well-paid industry, be promoted several time, earn a share of your company, or job hop to more highly compensated positions. A higher income obviously allows you to put more money away, but may also affect the kind of lifestyle you desire.
- 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 how young or old you'll be when you retire and your health 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, forecasting fluctuations in the economy is an uncertain task to put it generously. Still, most wealth managers will advise to keep a steady course of action 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 farm work, working for the federal government, or being self-employed all have different 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. 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. Another way to look at it is the 4% rule, which dictates that each year you can spend 4% of your retirement savings to have a comfortable but safe retirement as many as three decades. To know what works best for you, it's important to consult with an experienced St. Clair County, IL retirement consultant who will take into account your entire financial situation and decide what the best way to calculate your retirement needs is for you.
Other Questions to Contemplate | St. Clair County, IL 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 the white sands of Kauna'oa Bay while have enough energy left to run over them. Others think they'd get bored without a job to get them up in the morning. Whether you're in one of those camps or 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 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 possibilities for a part-time job if you want to keep busy.
- What kind of lifestyle will you want? Do you have foreign counties to see, cruises to take, and bungee-jumping to cross off your bucket list? Would you prefer to pass the time bird watching in the backyard? Or do subsequent generations live far away from where you want to retire and you want to take seasonal trips to see them? 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 in basic living costs, 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 may choose to provide for them in other ways, for example helping them with their first down payment on a house. 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 dedicated to optimizing your gains and retirement savings. We help St. Clair County, IL families and individuals prepare for the golden years of their dreams, in addition to business owners who wish to give their employees a great 401(k) plan.
No matter where you are and what your ideal retirement looks like, our exhaustive financial advice will help you understand the various types of saving opportunities 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.
Take Control of Your Retirement Planning in St. Clair County, IL With Savology
Another important aspect to consider when choosing a wealth management firm is what tools they can offer you to help you in your retirement calculation. Correct Capital partners with Savology to offer St. Clair County, IL individuals and families a free, innovative 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 — You'll get a report card that lets you know how you're doing in more than 10 categories, including retirement, debt, income, and savings. We'll also provide you with concrete steps you can take to improve your financial situation for both now and in the future.
- Work with Financial Advisor from Correct Capital in St. Clair County, IL — 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 clear instructions that help you understand what steps you can take now that will pay off later.
St. Clair County, IL Retirement Calculator | Correct Capital Wealth Management
As Correct Capital is not tied to any larger firm or financial institution, our financial advisors will only recommend products and strategies that we believe in ourselves. 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 St. Clair County, IL, get in touch with Correct Capital today at 877-930-4015 or reach out to us through our website.
