Retirement Calculator St. Louis, MO
Retirement Calculator in St. Louis, MO. Ideally, retirement planning starts the moment you enter the workforce, but many people in St. Louis, 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. Louis, MO retirement consultants to best understand how to move forward. At Correct Capital Wealth Management, we build a personalized plan based on your current income, debts, and assets, future financial prospects, and the life you want to live to apply our financial know-how to help live your golden years the way you want. For a talented human retirement calculator, call us today at 877-930-4015 or contact us online.
How to Calculate How Much You'll Need for Retirement in St. Louis, MO
In order to calculate what savings you'll need for retirement planning you'll need to account for the money you'll use with how much money you'll have coming in. To do this effectively, you'll have to take the following into account:
- Your current status — The first thing you'll need to do is to get a snapshot of where you currently stand. This includes how old you are, household income, how much you have already saved for retirement, and how much you put away each month for retirement. This allows you to see where your financial portfolio needs improvement.
- Your real rate of return for retirement — 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 how much your money grew. For example, if your accounts grew by 10% last year, but inflation was 3%, your savings really grew by 7%.
- How your earnings will increase — Over time, salaries increase in all industries. 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 just starting a career in a well-paid industry, gain promotions, get offered company stock, or switch jobs multiple times to higher-paying positions. A higher income will allow you to save more, but may also affect the kind of lifestyle you are used to.
- How long you'll need the savings for — Obviously, none of us know exactly how much time we'll need our savings for. But having a good understanding of how young or old 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, anticipating shifts in the investment world is an uncertain endeavor 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 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 household employment, military service, or being self-employed have special rules for your 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. Many experts say that you will need 80-100% of your total income the year just before you retired. Others recommend the 4% rule, which stipulates that each year you'll be able to spend 4% of your savings at the time of your retirement to have a comfortable but financially secure retirement as many as 30 years. To know how to best calculate how much money to save for retirement, you need to consult with a skilled St. Louis, MO retirement consultant who will be able to take into consideration your complete financial situation and decide what the best way to calculate your retirement needs is for you.
Other Things to Ask Yourself | St. Louis, MO Retirement Calculator
An addition to inflation, tax planning, Social Security benefits and return on investment, you'll also want to ask yourself:
- What age would you like to retire? Some people want to see the white sands of Playa Norte while have enough energy left to sprint over them. Others think they'd become 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 long you need retirement savings for, and will affect your Social Security benefits.
- Where do you want to live when you retire? The cost of living is different in St. Louis, MO than it is in New York City, Hawaii, France, or anywhere else. Where you live will also determine how much you pay in taxes, housing costs, health care expenses, travel expenses, and even different opportunities for partial employment if you want to keep busy.
- What kind of lifestyle do you want to lead? Do you have exotic vacations, ski trips, and sky-diving 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 St. Louis, MO 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? Social Security have different rules for spouses. 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
- How long will you have dependents If you have children or other dependents, 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 your savings can grow while you have those dependents.
Why Choose Correct Capital's St. Louis, MO Financial Advisors as Your Retirement Calculators
Your St. Louis, 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 support team committed to optimizing your gains and retirement savings. We help St. Louis, MO families and individuals understand their retirement goals, in addition to business owners interested in the benefits of implementing a great 401(k) plan.
No matter where you are and what your ideal retirement looks like, our exhaustive financial advice includes helping you develop a picture of the various types of savings accounts like Roth IRAs, whether or not you should rollover your 401(k) when moving to a new employer, and the most effective strategies for managing your assets.
Savology and Correct Capital's Retirement Calculator
When choosing a financial advisory firm, you should also look at what resources they provide to optimize your retirement planning. Alongside Savology, we've developed an innovative online retirement calculator for St. Louis, 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 baseline for your current financial health. Then, you'll receive a personalized plan aimed at improving your financial wellness and financial literacy.
- Review Your Plan — We'll then send you a report card that grades your financial health in more than 10 categories, including retirement, debt, income, and estate planning. 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 Retirement Consultant from Correct Capital in St. Louis, MO — We're here to answer any question you may have, help you understand your plan and how it relates to your financial goals, and discuss 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 today that will help you reach the retirement of your dreams.
St. Louis, MO Retirement Calculator | Correct Capital Wealth Management
As Correct Capital is not tied to any larger firm or financial institution, our financial advisors 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 legally and morally compelled to act purely in your best interest. For a retirement calculator in St. Louis, MO with a human face, brain, and touch, get in touch with Correct Capital today at 877-930-4015 or contact us online.
