Retirement Calculator St. Louis County, MO
Retirement Calculator in St. Louis County, MO. Ideally, retirement planning starts the moment you enter the workforce, but many people in St. Louis County, MO don't have the time or financial literacy to calculate how much they'll need in retirement. While searching for "retirement calculator" may give you a brief snapshot of the health of your retirement funds, you'll need proven and honest St. Louis County, MO financial advisors to make sure you're headed in the right direction. At Correct Capital Wealth Management, we build a personalized plan based on your existing financial realities, future financial prospects, and what activities and trips you want to take in retirement to apply our financial know-how to help you get the retirement you've always wanted. For a talented human retirement calculator, get in touch with us today at 877-930-4015 or reach out through our website.
How to Calculate Your Retirement Needs in St. Louis County, MO
To see what your retirement planning savings will need to be you'll need to balance the money you'll use with your estimated monthly income once you retire. To do this, you'll need to have a good grasp 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, household income, 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 needs improvement.
- 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 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 — Salaries are almost always on the rise. Average salaries went up an average of almost 5% in the second quarter of 2022, compared to 2021. Depending on what stage you're at in your career, you may also be about to enter a more lucrative field, move up your company's chain of command, get offered company stock, or move through different companies to higher-paying positions. A higher income obviously allows you to grow your savings and investments faster, but will also likely make you accustomed to an increasingly lavish lifestyle.
- How long you'll need the savings for — Obviously, it's impossible to know exactly how much time our golden years will 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 recent events have shown, forecasting shifts in the investment world is an uncertain enterprise to say the least. Still, the vast majority of wealth managers will advise to keep a steady course of action and assume 3% yearly inflation for workers calculating how much to save.
- 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 being self-employed all have different 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. 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. Others recommend the 4% rule, which dictates that each year you'll be able to use 4% of your retirement savings to have a comfortable but financially secure retirement for up to three decades. To know what works best for you, you need to speak to a knowledgeable St. Louis County, MO retirement consultant who will look at your personal financial situation and determine what's best for you.
Other Questions to Consider | St. Louis County, MO Retirement Calculator
Beyond inflation, tax planning, Social Security benefits and return on investment, you'll also need to consider more subjective questions, such as:
- How old would you like to be to when you retire? Some people want to see the white sands of Boulders Beach while have enough energy left to run across them. 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, the age you leave the workforce will determine how long you need retirement savings for, and will affect how much you receive from Social Security.
- Where do you want to spend your retirement? The cost of living is not the same in St. Louis County, MO as it is in New York City, Nebraska, Australia, or wherever you choose to retire. Where you live will also determine how much you pay in taxes, housing costs, the cost of health care, travel expenses, and even different possibilities for partial employment if you're feeling restless.
- What do you want to do in retirement? Do you have exotic vacations, cruises to take, and sky-diving 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 take twice yearly trips to see them? A more active retirement usually means you'll need more savings.
- Are you married? Married couples have a higher maximum Social Security benefit than unmarried people. They'll also have to spend more, yet likely have more income. Whether you'll spend the coming decades with a spouse will go a long way in
- How long will you have dependents If put dependents on your taxes, you'll have many expenses related to their care, and you may choose to help 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. Louis County, MO Financial Advisors as Your Retirement Calculators
Your St. Louis County, 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 dedicated to effectively and ethically handling your money. We help St. Louis County, MO families and individuals understand their retirement goals, in addition to business owners who wish to give their employees a great 401(k) plan.
No matter your current situation and where you want to go, our comprehensive financial advice will help you understand the various types of retirement plans like Roth IRAs, whether or not you should rollover your 401(k) when changing jobs, and how to best manage your assets with the goal of growing your retirement savings.
Savology and Correct Capital's Retirement Calculator
When choosing a retirement consultant firm, it's also important to look at what resources they can offer you to optimize your retirement planning. Alongside Savology, we've developed an innovative online retirement calculator for St. Louis County, 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 — After opening an account, you'll just need to answer a handful of basic questions to get a snapshot of your current financial health. 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 lets you know how you're doing in more than 10 different areas, such as retirement, debt, income, and savings. We'll also provide you with concrete steps you can take to help you reach your financial goals.
- Speak to a Financial Advisor from Correct Capital in St. Louis County, MO — 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 steps you can take now that will pay off down the road.
St. Louis County, MO Retirement Calculator | Correct Capital Wealth Management
As Correct Capital is not tied to any larger firm or financial institution, our retirement consultants will only give you advice that is independent, objective, and unbiased. We strive to build a relationship with you, and we will never take your trust for granted. As fiduciary advisors, we are bound as a matter of law and ethics bound to act purely in your best interest. For a retirement calculator in St. Louis County, MO with a human face, brain, and touch, call Correct Capital today at 877-930-4015 or contact us online.
