Retirement Calculator Swansea, IL
Retirement Calculator in Swansea, IL. Ideally, retirement planning starts 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 money to put away each month, and where to keep it. While searching for "retirement calculator" may give you a brief snapshot of the health of your retirement funds, you'll need experienced and ethical Swansea, IL wealth managers to best understand how to move forward. At Correct Capital Wealth Management, we build a personalized plan based on your current financial realities, future financial prospects, and the life you want to live to apply our financial know-how to help you get the retirement of your dreams. To speak to a talented 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 Swansea, IL
To see what your retirement planning needs are you'll need to balance what you're likely to spend with how much money you'll have coming in. To do this, you'll need to have a a thorough understanding of:
- Where you currently standing — Before calculating how to get to where you want to go, it's important develop an understanding of your current financial status. This includes how old you are, household income, current retirement savings, and how much your monthly contributions to your retirement savings are. This allows you to see where your financial portfolio can be improved.
- 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 your return on investment. For example, if you had a return of 10% last year, but inflation was 3%, your savings really grew by 7%.
- Expected salary increases — Over time, salaries increase in all industries. Average base pay salary growth 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 be about to enter a more lucrative field, gain promotions, have company stock options, or keep an eye out on the job market to move to more lucrative job titles. Making more money will allow you to save more, but may also affect the kind of lifestyle you are used to.
- How long your retirement may last — Obviously, it's impossible to know precisely 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 shown, predicting variations in the market and inflation is an uncertain endeavor at best. 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 — You'll be eligible for different benefits depending on your specific situation. Certain types of employment, for example household employment, military service, or work outside the United States have benefit rules specific to that employment.
There are many guidelines for calculating how much income you'll need in retirement. One rule of thumb some retirement calculators use is that you will need 80-100% of your most recent after-tax salary. Others recommend the 4% rule, which stipulates that annually you can spend 4% of your savings at the time of your retirement to have a comfortable but financially secure retirement for up to three decades. To know how to best calculate how much money you'll need, it's important to reach out to an experienced Swansea, IL retirement consultant who will be able to take into account your complete financial situation and decide what the best way to calculate your retirement needs is for you.
Other Questions to Consider | Swansea, IL Retirement Calculator
An addition to 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 Anguilla while have enough energy left to sprint over 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 retire will determine how much you need to save, and whether or not there are any tax implications for your Social Security benefits.
- Where do you want to spend your retirement? The cost of living is not the same in Swansea, IL as it is in San Fransisco, Alaska, 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 a part-time gig if don't want to be completely retired.
- What kind of lifestyle will you want? Do you have foreign counties to see, cruises to take, and sky-diving to cross off your bucket list? Would you rather sit on the back porch with a book and a moderately-priced pinot? Or does your family live far away from where you want to retire and you want to visit them on all the major holidays? A more active retirement usually means more expenses.
- Are you married? Married couples have a higher maximum Social Security benefit than unmarried people. They'll also have to spend more, 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 may want to 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 Swansea, IL Financial Advisors as Your Retirement Calculators
Your Swansea, IL 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 supporting staff dedicated to diligently and ethically doing what's best for your money to grow. We help Swansea, IL families and individuals calculate how much they need to put away each month, in addition to business owners interested in the benefits of implementing a great 401(k) plan.
No matter where you're starting and what your ideal retirement looks like, our exhaustive financial advice will help you develop a picture of the various types of saving opportunities like Roth IRAs, whether or not you should rollover your 401(k) when changing jobs, and how to best manage your assets in the interest of growing your retirement savings.
Take Control of Your Retirement Planning in Swansea, IL With Savology
Another important aspect to consider when choosing a wealth management firm is what tools they provide to optimize your retirement calculation. Alongside Savology, we provide a creative online retirement calculator for Swansea, IL individuals and families to use free of charge. Higher financial literacy and confidence can be reached in three quick 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 more than 10 different areas, for example retirement, debt, income, and savings. We'll also provide you with clear action items you can take to improve your financial situation for both now and in the future.
- Work with Financial Advisor from Correct Capital in Swansea, 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.
Through Savology and Correct Capital's partnership, you'll receive a clear road map that lets you know what you can do now that will benefit you later.
Swansea, IL Retirement Calculator | Correct Capital Wealth Management
As Correct Capital is an entirely independent firm, our wealth managers will only give you advice that is independent, objective, and unbiased. We strive to build a relationship with you, and we will always appreciate your decision to trust us. As fiduciary advisors, we are bound as a matter of law and ethics compelled to act purely in your best interest. For a skilled and experienced human retirement calculator in Swansea, IL, call Correct Capital today at 877-930-4015 or contact us online.
