Retirement Calculator Westwood, MO
Experienced, Honest, and Skilled Westwood, MO Wealth Management
Retirement Calculator in Westwood, MO. We all know the importance of planning for retirement early, but many Westwood, MO residents don't have the time or financial literacy to calculate how much they'll need in retirement. While typing in "retirement calculator" may give you a brief snapshot of the health of your retirement funds, you'll need proven and trustworthy Westwood, MO retirement planners to get the retirement you've been planning for. At Correct Capital Wealth Management, we build a personalized plan based on your current financial realities, how your money is likely to grow, and lifestyle goals to apply our skills to help live your golden years the way you want. For a knowledgeable human retirement calculator, get in touch with us today at 314-930-401K or reach out through our website.
How to Calculate How Much You'll Need for Retirement in Westwood, MO
To see what your retirement planning savings will need to be you'll need to account for what you're likely to spend with how much money you'll have coming in. To do this, you'll need to have a good grasp of:
- Your current status — Before calculating how to get to where you want to go, it's important develop an understanding of where you are now. This includes your age, how much money your household makes, how much you have already saved for retirement, and the percentage of your income you put away each month for retirement. This is an essential step to determining 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 how much your money grew. For instance, if you had a return of 10% last year, but prices increased 3%, your savings really grew by 7%.
- How your earnings will increase — Salaries are almost always on the rise. Average salaries rose 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 just starting a career in a well-paid industry, move up your company's chain of command, have company stock options, or job hop to higher-paying positions. A higher income will allow you to save more, but will also likely make you accustomed to an increasingly comfortable lifestyle.
- How long you'll need the savings for — Obviously, none of us know precisely how long our golden years will last. But having a clear picture of how young or old 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 economy is an uncertain endeavor to say the least. However, the vast majority of wealth managers will tell you not to panic and assume 3% annual inflation for workers calculating how much to save.
- Your Social Security benefits — Understanding what benefits you are entitled to is a key aspect of calculating how much you'll need in retirement. Certain types of employment, for example household employment, nonprofit or religious organizations, or work outside the United States have benefit rules specific to that employment.
There are many ways to consider how much you need to save before you retire. Many experts say that you will need 80-100% of your most recent after-tax salary. Another way to look at it is the 4% rule, which states that each year 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 30 years. To know what works best for you, it's important to consult with a knowledgeable Westwood, MO retirement consultant who will be able to look at your personal financial situation and decide what the best way to calculate your retirement needs is for you.
Other Questions to Ask Yourself | Westwood, MO Retirement Calculator
Beyond inflation, tax planning, Social Security rules and return on investment, you'll also need to consider more subjective questions, such as:
- How old would you like to be to when you retire? Some people want to see world wonders like the Great Wall of China while they still have enough endurance to walk along it. Others see little point in leaving the workforce as long as they enjoy what they do and are physically able to do it. Whether one of those people sounds like you, or you're somewhere in between, the age you retire will determine how much you need to save, and whether or not there are any tax implications for how much you receive from Social Security.
- Where do you want to live when you retire? The cost of living is different in Westwood, MO than it is in New York City, Hawaii, France, or anywhere else. Different locations also have varying tax systems, housing costs, the cost of medical care, how much it costs to travel to and from your home, and even different possibilities for a part-time job if you're feeling restless.
- What do you want to do in retirement? Do you have foreign counties to see, ski trips, and bungee-jumping to experience before you die? Would you rather spend your days bird watching in the backyard? Or does your family live far away from Westwood, MO and you want to take twice yearly trips to see them? The more you want to do, the more money you'll need.
- Are you married? Social Security have different rules for couples. They'll also have to spend more, yet potentially 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 you have children or other dependents, taking care of them will be expensive, and you might 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 Westwood, MO Financial Advisors as Your Retirement Calculators
Your Westwood, MO 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 committed to expertly and ethically doing what's best for your money to grow. We help Westwood, MO families and individuals prepare for the golden years of their dreams, in addition to business owners who wish to give their employees a great 401(k) plan.
Regardless of your current situation and where you want to end up, our exhaustive financial advice includes helping you develop a picture of the various types of saving opportunities like Roth IRAs, the benefits or disadvantages of rolling over your 401(k) when moving to a new employer, and how to best manage your assets with the goal of growing your retirement savings.
Take Control of Your Retirement Planning in Westwood, MO With Savology
Another important factor to consider when choosing a wealth management firm is what tools they can offer you to help you in your retirement planning. We partner with Savology to offer Westwood, MO individuals and families a free, innovative online retirement calculator to better understand their financial health. Higher financial literacy and confidence can be reached in three simple 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 grades your financial health in over 10 categories, for example retirement, debt, income, and estate planning. You'll also be given clear action items you can take to help you reach your financial goals.
- Work with Financial Advisor from Correct Capital in Westwood, 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 you can do now that will benefit you later.
Westwood, MO 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 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 Westwood, MO, call Correct Capital today at 314-930-401K or contact us online.