Retirement Calculator Swansea, IL
Experienced, Independent, and Talented Swansea, IL Retirement Planners and Financial Advisors
Retirement Calculator in Swansea, IL. Ideally, you should start saving for retirement the day you get your first paycheck, but many people in Swansea, IL don't have the time, knowledge, or interest to calculate how much they need to save by the time they retire. While Googling "retirement calculator" may give you a brief snapshot of the health of your retirement funds, you'll need proven and ethical Swansea, IL retirement planners to make sure you're headed in the right direction. At Correct Capital Wealth Management, we build a personalized plan based on your current income, debts, and assets, future financial prospects, and what activities and trips you want to take in retirement to apply our financial know-how to help live your golden years the way you want. To speak to a knowledgeable human retirement calculator, call us today at 314-930-401K or contact us online.
How to Calculate Your Retirement Needs in Swansea, 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 successfully, you'll need to have a good grasp of:
- Where you currently standing — Before figuring out where you want to go, it's important develop an understanding of your current financial status. This includes how old you are, how much money your household makes, how much you have already saved for retirement, and how much you put away each month for retirement. This is an important step to seeing where your financial portfolio needs improvement.
- 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 how much your money grew. For example, if your accounts grew by 10% last year, but the cost of living rose 3%, your actual return was 7%.
- Expected salary increases — On average, salaries increase every year. Average salaries increased by an average of almost 5% in the second quarter of 2022, compared to the second quarter of 2021. Depending on how close or far you are to retirement, you may also soon go from an hourly employee to a white-collar job, move up your company's chain of command, get offered company stock, or keep an eye out on the job market to move to more highly compensated positions. A higher income will allow you to save more, but may also affect the kind of lifestyle you want to live.
- How long you'll need a retirement income — Obviously, it's impossible to know precisely how long our savings will need to last. But having a good understanding of how young or old you'll be when you retire and your health will help guide your retirement calculations.
- Expected rate of inflation — As recent events have proved, anticipating shifts in the economy is an uncertain enterprise to say the least. Still, the vast majority of wealth managers will tell you not to panic and assume 3% yearly inflation when retirement planning.
- Your Social Security benefits — You'll be eligible for different benefits based on your specific situation. Some types of earnings, for example household employment, working for the federal government, or work outside the United States have special rules for your benefits.
Economic experts have vary opinions on how exactly to calculate your retirement needs. Many experts say that you will need 80-100% of your most recent after-tax salary. Another guideline is 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 as many as 30 years. To know what works best for you, it's important to consult with a skilled Swansea, 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 Think About | Swansea, IL Retirement Calculator
Beyond the technical aspects of a retirement calculator, you'll also want to ask yourself:
- In how long would you like to retire? Some people want to see the white sands of Bora Bora while they're still young enough to sprint across them. Others would feel better dutifully working or as long as they're physically able. Whether you're in one of those camps or somewhere in between, 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 different in Swansea, IL than it is in New York City, Wyoming, Australia, or wherever you choose to retire. Where you live will also determine how much you pay in taxes, housing costs, health care expenses, travel expenses, and even different opportunities for a part-time job if you're feeling restless.
- What kind of lifestyle do you want to lead? Do you have travel destinations, cruises to take, and bungee-jumping to cross off your bucket list? Would you prefer to sit on the back porch with a book and a cigar? Or do subsequent generations live far away from you and you want to visit them on all the major holidays? A more active retirement usually means you'll need more savings.
- Do you have a spouse? Social Security have different rules for couples. They'll also have more expenses, yet likely 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 put dependents on your taxes, you'll have many expenses related to their care, and you might provide for 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 Swansea, IL Financial Advisors as Your Retirement Calculators
Your Swansea, 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 support team committed to optimizing your gains and retirement savings. We help Swansea, IL families and individuals calculate how much they need to put away each month, as well as 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 includes helping you develop a picture of different savings accounts like Roth IRAs, the benefits or disadvantages of rolling over your 401(k) when moving to a new employer, and successful strategies for managing your assets.
Take Control of Your Retirement Planning in Swansea, IL With Savology
When choosing a financial advisory firm, it's also important to take into consideration what tools they provide to help you in your retirement calculation. Alongside Savology, we provide an advanced online retirement calculator for Swansea, IL individuals and families to use free of charge. Higher financial literacy and confidence can be reached 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.
- Plan Your Finances — You'll get a report card that lets you know how you're doing in over 10 different areas, for example retirement, debt, net worth, and estate planning. We'll also provide you with clear action items you can take to help you reach your financial goals.
- Work with Retirement Consultant from Correct Capital in Swansea, 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 steps you can take now that will help you reach the retirement of your dreams.
Swansea, IL Retirement Calculator | Correct Capital Wealth Management
As Correct Capital is not tied to any larger firm or financial institution, our retirement consultants will only recommend products and strategies that we believe in ourselves. 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 only do what we think is best for you and your retirement goals. For a skilled and experienced human retirement calculator in Swansea, IL, get in touch with Correct Capital today at 314-930-401K or contact us online.