Retirement Calculator Wentzville, MO
Retirement Calculator in Wentzville, MO. You've already heard how crucial it is to start saving for retirement as early as you can, but many people in Wentzville, 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 be helpful to give you a sense of where you currently stand, you'll need knowledgeable and ethical Wentzville, MO wealth managers to get the retirement you've been planning for. At Correct Capital Wealth Management, we build a personalized plan based on your existing income, debts, and assets, how your money is likely to grow, and the life you want to live to apply our skills to help you get the retirement you've always wanted. To speak to a knowledgeable human retirement calculator, get in touch with us today at 877-930-4015 or reach out through our website.
Schedule a Meeting With an Advisor Today
Correct Capital Wealth Management's office is physically located in St. Louis, MO, but we serve clients throughout the United States in both personal financial planning and corporate retirement plans.
Schedule a 15-Minute Introductory Call
More From Correct Capital Wealth Management
Explore how Correct Capital Wealth Management can help guide you toward smarter decisions, clearer goals, and lasting financial success.
Subscribe To Our Newsletter Listen To Our Podcast Watch Our YouTube Channel
How to Calculate How Much You'll Need for Retirement in Wentzville, MO
To see what your retirement planning needs are you'll need to account for your estimated monthly expenses 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 — The first thing you'll need to do is to get a snapshot of where you currently stand. This includes your age, household income, current retirement savings, and how much you put away each month for retirement. This allows you to see where your financial portfolio can be improved.
- Your real rate of return calculations — This is how much you're getting back from your investments and savings, both while saving for retirement and once you retire. Your real rate of return accounts for inflation when calculating your return on investment. For instance, if your accounts grew by 10% last year, but prices went up 3%, your savings really grew by 7%.
- How your earnings will increase — On average, salaries increase every year. Average salaries increased by an average of almost 5% year over year in the second quarter of 2022. Depending on you age, you may also soon go from an hourly employee to a salaried position, gain promotions, have company stock options, or keep an eye out on the job market to move to higher-paying positions. Earning more money will allow you to save more, but will also likely make you accustomed to an increasingly expensive lifestyle.
- 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 what age you'll be when you retire and your health is crucial to knowing how much savings you'll need.
- Anticipated rate of inflation — As we've seen in the early 2020s, anticipating fluctuations in the market and inflation is an uncertain enterprise at best. Nevertheless, the vast majority of wealth managers will tell you not to panic and assume 3% annual inflation for people calculating their retirement needs.
- 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 railroad earnings have benefit rules specific to that employment.
Economic experts have vary opinions on how exactly to calculate your retirement needs. One rule of thumb some retirement calculators use is that your income need in retirement will be 80-100% of what you made in your last year in the workforce. Another way to look at it is the 4% rule, which states that annually you'll be able to use 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 knowledgeable Wentzville, MO 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 Questions to Contemplate | Wentzville, MO 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 world wonders like Machu Picchu while they're still spry enough to hike it. 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 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 live when you retire? The cost of living is different in Wentzville, MO than it is in San Fransisco, Wyoming, France, or anywhere else. Each area also has different taxes, housing costs, health care expenses, travel expenses, and even different possibilities for partial employment if you want to keep busy.
- What kind of lifestyle will you want? Do you have travel destinations, ski trips, and sky-diving to cross off your bucket list? Would you rather pass the time bird watching in the backyard? Or do subsequent generations 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.
- Are you married? Social Security have different rules for spouses. 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
- How long will you have dependents If you have children or other dependents, taking care of them will be expensive, and you might 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 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 who wish to give their employees a great 401(k) plan.
No matter your current situation and what your ideal retirement looks like, our comprehensive financial advice includes helping you develop a picture of different saving opportunities like Roth IRAs, whether or not you should rollover your 401(k) when changing jobs, and how to best manage your assets with the goal of growing your retirement savings.
Take Control of Your Retirement Planning in Wentzville, MO With Savology
When choosing a financial advisory firm, it's also important to take into consideration what resources they provide to optimize your retirement planning. Alongside Savology, we provide a creative online retirement calculator for Wentzville, MO individuals and families to use free of charge. You can reap the rewards of the application 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 — We'll then send you a report card that grades your financial health in more than 10 different areas, including retirement, debt, income, and estate planning. We'll also provide you with concrete steps you can take to help you reach your financial goals.
- Work with Wealth Manager from Correct Capital in Wentzville, MO — 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 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 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 bound to only do what we think is best for you and your retirement dreams. For a retirement calculator in Wentzville, MO with a human face, brain, and touch, get in touch with Correct Capital today at 877-930-4015 or reach out to us through our website.
