Retirement Calculator Wildwood, MO
Professional, Objective, and Talented Wildwood, MO Retirement Planners and Financial Advisors
Retirement Calculator in Wildwood, MO. You've already heard the importance of planning for retirement as early as you can, but many Wildwood, MO residents don't have the time or financial literacy to calculate how much money to put away each month, and where to hold it. While typing in "retirement calculator" may be helpful to give you a sense of where you currently stand, you'll need proven and ethical Wildwood, MO retirement consultants to best understand how to move forward. At Correct Capital Wealth Management, we balance your existing 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. To speak to a talented 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 Wildwood, MO
In order to calculate the amount of money you'll need for retirement planning 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 have to take the following into account:
- Your current status — Before calculating how to get to where you want to go, it's important develop an understanding of your current financial status. This includes your age, how much money your household makes, how much you have already saved for retirement, and how much your monthly contributions to your retirement funds are. 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 adjusts the increase in your accounts with inflation. For instance, if you had a return of 10% last year, but prices went up 3%, your actual return was 7%.
- How your earnings will increase — Over time, salaries increase across the board. Average wages and salaries went up an average of 4.8% 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 move into a more lucrative industry, move up your company's chain of command, get offered company stock, or keep an eye out on the job market to move to more highly compensated 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 the savings for — Obviously, none of us know precisely how much time we'll need our savings for. But having a clear picture of what age you'll be when you retire and your health is crucial to knowing how far you'll need your savings to stretch.
- Anticipated rate of inflation — As recent events have proved, forecasting variations in the economy is an uncertain enterprise to put it generously. Still, 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 depending on your life circumstances. Different ways of earning a living, for example farm work, working for the federal government, or work outside the United States all have different benefits.
Economic experts have vary opinions on how exactly to calculate your retirement needs. 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 states that each year you can withdraw 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 what works best for you, it's important to reach out to a knowledgeable Wildwood, 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 Ask Yourself | Wildwood, MO Retirement Calculator
An addition to inflation, tax planning, Social Security rules and returns, you'll also need to consider more subjective questions, such as:
- In how long would you like to 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. Whether you're in one of those camps or 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 your Social Security benefits.
- Where do you want to live when you retire? The cost of living is different in Wildwood, MO than it is in Chicago, Alaska, Australia, or wherever you choose to live out your golden years. Where you live will also determine how much you pay in taxes, housing costs, health care expenses, travel expenses, and even different possibilities for partial employment if don't want to be completely retired.
- What do you want to do in retirement? Do you have foreign counties to see, cruises to take, and bungee-jumping to experience before you die? Would you prefer to spend your days bird watching in the backyard? Or does your family live far away from Wildwood, MO and you want to visit them on all the major holidays? A more active retirement usually means you'll need more savings.
- Do you have a spouse? Social Security have different rules for couples. They'll also have more expenses, yet possibly have more income. 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, their care will be expensive, and you may choose to 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 Wildwood, MO Financial Advisors as Your Retirement Calculators
Your Wildwood, 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 devoted to optimizing your gains and retirement savings. We help Wildwood, MO families and individuals calculate how much they need to save for retirement, as well as business owners interested in the benefits of implementing a great 401(k) plan.
No matter your current situation and where you want to go, our holistic financial advice includes helping you understand the various types of 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 with the goal of growing your retirement savings.
Savology and Correct Capital's Retirement Calculator
When choosing a retirement consultant firm, it's also important to look at what resources they provide to optimize your financial journey. Correct Capital partners with Savology to offer Wildwood, MO individuals and families a complimentary, creative online retirement calculator to better understand their financial health. You can reach a more secure financial future 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.
- Review Your Plan — We'll then send you a report card that lets you know how you're doing in over 10 different areas, including retirement, debt, net worth, and savings. We'll also provide you with clear action items you can take to help you reach your financial goals.
- Speak to a Financial Advisor from Correct Capital in Wildwood, 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 provide any additional insights we can.
Through Savology and Correct Capital's partnership, you'll receive clear instructions that help you understand what steps you can take now that will pay off down the road.
Wildwood, MO Retirement Calculator | Correct Capital Wealth Management
As Correct Capital is not tied to any larger firm or financial institution, 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 bound to only do what we think is best for you and your retirement goals. For a skilled and experienced human retirement calculator in Wildwood, MO, call Correct Capital today at 314-930-401K or contact us online.