Retirement Calculator Wentzville, MO
Professional, Independent, and Skilled Wentzville, MO Retirement Consultants and Financial Advisors
Retirement Calculator in Wentzville, MO. Ideally, retirement planning starts the day you get your first paycheck, but many people in Wentzville, MO don't don't know how, or don't want, to calculate how much they need to save by the time they retire. While typing in "retirement calculator" may give you a brief snapshot of the health of your retirement funds, you'll need experienced and honest Wentzville, MO wealth managers to best understand how to move forward. At Correct Capital Wealth Management, we take a comprehensive view of your current financial realities, areas for improvement, and the life you want to live to apply our investment knowledge to help live your golden years the way you want. For a talented human retirement calculator, get in touch with us today at 314-930-401K or contact us online.
How to Calculate Your Retirement Needs in Wentzville, 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 effectively, you need to consider:
- Where you currently standing — Before figuring out your preferred destination, it's important develop an understanding of where you are now. This includes how old you are, how much you and/or your spouse is brining in each year, current retirement savings, and how much your monthly contributions to your retirement savings are. This is an essential step to determining where your financial portfolio needs improvement.
- Your real rate of return calculations — This is how much you're getting back from your various accounts, both while saving for retirement and once you retire. 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 across the board. Average salaries increased by an average of almost 5% year over year in the second quarter of 2022. 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, have company stock options, or keep an eye out on the job market to move to more highly compensated positions. A higher income obviously allows you to put more money away, but may also affect the kind of lifestyle you desire.
- How long you'll need a retirement income — Obviously, none of us know exactly how long our golden years will last. But having a clear picture of what age you'll be when you retire and any health concerns will help guide your retirement calculations.
- Anticipated rate of inflation — As we've seen in the early 2020s, predicting variations in the market and inflation is an uncertain task at best. Nevertheless, most wealth managers will advise to keep a steady course of action and assume 3% annual inflation when retirement planning.
- Your Social Security benefits — You'll be eligible for different benefits based on your specific situation. Different ways of earning a living, for example farm work, nonprofit or religious organizations, or being self-employed 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 total income the year just before you retired. Another guideline is the 4% rule, which dictates 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 for up to three decades. To know how to best calculate how much money you'll need, it's important to speak to a professional Wentzville, MO retirement consultant who will be able to look at your personal financial situation and see what's best for you.
Other Questions to Ask Yourself | Wentzville, 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 Bora Bora while have enough energy left to run across them. Others think they'd grow restless 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 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 Wentzville, MO than it is in San Fransisco, Alaska, Italy, or wherever you choose to retire. Where you live will also determine how much you pay in taxes, housing costs, health care expenses, how much it costs to travel to and from your home, 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, fishing trips, and sky-diving to experience before you die? Would you prefer to spend your days bird watching in the backyard? Or do subsequent generations live far away from where you want to retire and you want to take seasonal trips to see them? 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 more in basic living costs, yet potentially 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, their care will be expensive, and you might provide for them in other ways, for example saving for their higher education. This will affect how much your savings can grow while you have those dependents.
Why Choose Correct Capital's Wentzville, MO Financial Advisors as Your Retirement Calculators
Your Wentzville, 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 committed to optimizing your gains and retirement savings. We help Wentzville, MO families and individuals understand their retirement goals, as well as 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 includes helping you understand the various types of saving opportunities like Roth IRAs, whether or not you should rollover your 401(k) when changing jobs, and successful 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 financial journey. We partner with Savology to offer Wentzville, MO individuals and families a complimentary, innovative online retirement calculator to take control of their finances. Higher financial literacy and confidence can be reached in three easy steps:
- Take the survey — After opening an account, you'll just need to answer a handful of basic questions to get a snapshot of the current state of your finances and retirement savings. Then, you'll receive a personalized plan aimed at improving your financial wellness and financial literacy.
- Plan Your Finances — We'll then send you a report card that lets you know how you're doing in over 10 different areas, including retirement, debt, income, and estate planning. We'll also provide you with clear action items you can take to help you reach your financial goals.
- Work with Financial Advisor from Correct Capital in Wentzville, MO — 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 clear instructions that help you understand what you can do now that will benefit you later.
Wentzville, MO Retirement Calculator | Correct Capital Wealth Management
As Correct Capital is an entirely independent firm, our financial advisors 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 ethically bound to act purely in your best interest. For a skilled and experienced human retirement calculator in Wentzville, MO, call Correct Capital today at 314-930-401K or contact us online.