Retirement Calculator Tower Grove, MO
Professional, Independent, and Talented Tower Grove, MO Wealth Management
Retirement Calculator in Tower Grove, MO. You've already heard how crucial it is to start saving for retirement as early as you can, but many Tower Grove, MO residents don't have the time, knowledge, or interest to calculate how much they'll need in retirement. While Googling "retirement calculator" may give you a brief snapshot of the health of your retirement funds, you'll need knowledgeable and ethical Tower Grove, MO financial advisors to make sure you're headed in the right direction. At Correct Capital Wealth Management, we balance 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 314-930-401K or reach out through our website.
How to Calculate How Much You'll Need for Retirement in Tower Grove, MO
To see what your retirement planning savings will need to be you'll need to account for the money you'll use with your estimated monthly income once you retire. To do this, you'll have to take the following into account:
- 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, how much you and/or your spouse is brining in each month, how much you have already saved for retirement, and how much your monthly contributions to your retirement savings are. Doing this will help identify areas where your financial portfolio needs improvement.
- Your real rate of return for retirement — 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 adjusts the increase in your accounts with inflation. For instance, if you had a return of 10% last year, but inflation was 3%, your actual return was 7%.
- Expected salary increases — On average, salaries increase every year. Average wages and salaries went up an average of 4.8% in the second quarter of 2022, compared to 2021. Depending on how close or far you are to retirement, you may also soon go from an hourly employee to a salaried position, move up your company's chain of command, earn a share of your company, or switch jobs multiple times to higher-paying job titles. A higher income will allow you to save more, but will also likely make you accustomed to an increasingly comfortable lifestyle.
- How long your retirement may last — Obviously, it's impossible to know precisely how much time our savings will need to last. But having a clear picture of your retirement age and your health is crucial to knowing how far you'll need your savings to stretch.
- Anticipated rate of inflation — As we've seen over the last few years, anticipating fluctuations in the economy is an uncertain endeavor to put it generously. Nevertheless, most wealth managers recommend staying calm and assuming 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 household employment, nonprofit or religious organizations, or railroad earnings all have different benefits.
There are many guidelines for calculating how much you need to save before you retire. One rule of thumb some retirement calculators use is that your income need in retirement will be 80-100% of your total income the year just before you retired. Others recommend the 4% rule, which states that annually you'll be able to spend 4% of your savings at the time of your retirement to have a comfortable but safe retirement for up to 30 years. To know what works best for you, you need to consult with a professional Tower Grove, MO retirement consultant who will be able to look at your personal financial situation and determine what's best for you.
Other Questions to Think About | Tower Grove, MO Retirement Calculator
An addition to 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 French Polynesia while they're still young enough 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. 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 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 different in Tower Grove, MO than it is in San Fransisco, Wyoming, Italy, or anywhere else. Different locations also have varying tax systems, housing costs, health care expenses, 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 do you want to lead? Do you have travel destinations, cruises to take, and sky-diving to experience before you die? Would you rather sit on the back porch with a crossword 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? 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 expenses, yet possibly 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 you have children or other dependents, 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 you can responsibly put away for retirement each year.
Why Choose Correct Capital's Tower Grove, MO Financial Advisors as Your Retirement Calculators
Your Tower Grove, 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 supporting staff dedicated to effectively and ethically doing what's best for your money to grow. We help Tower Grove, MO families and individuals calculate how much they need to save for retirement, in addition to business owners interested in the benefits of implementing a great 401(k) plan.
No matter where you're starting and where you want to go, our holistic financial advice will help you develop a picture of different savings accounts like Roth IRAs, whether or not you should rollover your 401(k) when moving to a new employer, and how to best manage your assets in the interest of growing your retirement savings.
Savology and Correct Capital's Retirement Calculator
Another important aspect to consider when choosing a wealth management firm is what tools they provide to optimize your retirement planning. We partner with Savology to offer Tower Grove, MO individuals and families a free, creative online retirement calculator to better understand their financial health. You can reach a more secure financial future in three pain-free 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, including retirement, debt, net worth, and savings. You'll also be given concrete steps you can take to help you reach your financial goals.
- Speak to a Wealth Manager from Correct Capital in Tower Grove, MO — We'll go over your plan and help you understand how they'll help you reach your goals.
Through Savology and Correct Capital's partnership, 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.
Tower Grove, MO Retirement Calculator | Correct Capital Wealth Management
As Correct Capital is an entirely independent firm, our retirement consultants will only recommend products and strategies that we believe in ourselves. We know that trusting someone with your hard-earned money and your family's future is difficult, 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 retirement calculator in Tower Grove, MO with a human face, brain, and touch, call Correct Capital today at 314-930-401K or contact us online.