Social Security Consultant Near Me
Social security consultants near me in Sappington, MO. While it may be comforting that the federal government has a safety net for workers after we've left the workforce, that doesn't automatically ensure that you'll have the money you need to live the golden years you want. Qualified Social Security consultants in Sappington, MO can help you not just get the highest possible income from Social Security, but design a holistic retirement plan that can help ensure your money is best positioned for growth and long-term stability. At Correct Capital Wealth Management, we get to know our clients personally and come up with a plan they're involved in so they can live out the retirement they always wanted.
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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.
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According to research from the Social Security Administration, over a third of Americans receive 50% or more of their retirement income from Social Security. You must apply for the maximum benefits you are eligible for when you first file. Whether you envision remaining in the workforce for several more years, or just want to make sure you're set up to get your full benefits for when you claim next year, reach out to Correct Capital's Sappington, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.
Maximum Your Social Security Benefits in Sappington, MO in 7 Steps
While a retirement plan that truly allows you to live the life you wanted will include money from employer-backed plans, IRAs, and other accounts, it's still important to make sure you're getting the most out of Social Security. Below, we've listed seven proven strategies for any earner to get the most out of their income from Social Security:
- Wait to Claim Benefits
- Work at Least 35 Full Years
- Earn More Money
- Claim Spousal Benefits
- Avoid Social Security Taxes
- Double-Check the Social Security Administration's Work
- Hire a Qualified Social Security Consultant
1. Wait to Claim Benefits
A Schroders 2022 U.S. Retirement Survey stated that 86% of non-retired Americans who are 45 and up understand that remaining in the workforce for longer will increase their payout, yet only one out of 10 are planning to retire at 70.
Pursuant to the Social Security Amendments of 1983, any worker whose date of birth was in 1960 or later has a full retirement age of 67. If you are no longer working by 62, the first year you can apply for Social Security, your payout would be decreased by 30%, and your spouse's by 35%. If you wait until age 70 to claim, you receive delayed retirement benefits, which gives you about 77% more each month than retiring at 62.
The maximum benefits at different ages in 2022 are:
- $2,364 a month if you retire at 62
- $3,345 a month if you retire at full retirement age
- $4,194 a month if you retire at 70
Obviously, you may decide to trade off the extra income with other life goals, such as spending more time with your Sappington, MO family or finally spending more time at that timeshare in Aspen. But you still need to understand what retiring at what age will mean for your benefits, and to think about, as a team with your financial advisor, if it's worth holding out for a few extra years to unlock the higher benefits.
2. Work at Least 35 Full Years
The Social Security Administration determines your monthly Social Security benefits using "average indexed monthly earnings" (AIME). AIME takes into account your 35 highest-earning years. If you you retire before you worked for 35 years, the years you didn't receive an income count for nothing. If you work more than 35 years, your higher earning years will cancel out your lower earning years, boosting your benefit.
If you remain in the Sappington, MO workforce after you've started claiming benefits, those years will count towards your AIME once you start claiming full benefits.
3. Earn More Money
While this is what most of us strive for anyway, it's also considerably helpful in increasing how much you eventually receive. The more money you make, the higher your AIME will be, and the more you'll pay in Social Security taxes. Both of those factors help determine whether you can get the maximum retirement benefit. So, if you needed more motivation to seek raises or better-paying jobs, now you have it. However, the SSA places a cap on how much income can count towards your AIME. In 2023, income over $160,200 will not be calculated.
4. Claim Spousal Benefits
If both spouses worked, you can claim either 50% of the higher earners benefits or the full benefits of the other spouse, whichever is higher. Again, it's advisable to wait until the full retirement age to get the full 50%.
If your spouse has passed away, you're also eligible for survivor's benefits. You can start claiming that benefit at age 60 (although like retirement and spousal benefits, it will be reduced) and claim your own benefit down the road if that will be higher.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is an important part of any financial consideration, and that remains true once we retire. There will be tax consequences if you started receiving Social Security in Sappington, MO early and plan to continue working after you start claiming benefits. The IRS calculates your tax consequences based on the sum of your nontaxable income, half your Social Security benefit, and your adjusted gross income.If that sum is below $25,000 for individuals or $32,000 for joint filers, there will be no federal tax implications. Between $25,000 and $34,000 for individuals and $32,000 and $44,000 for joint filers, up to half your benefit will be subject to federal taxes. If that total exceeds those numbers, up to 85% of your benefit can be taxed.
Your Social Security income may also be subject to state taxes in Missouri.
Similarly, if you keep working after claiming benefits, you could unintentionally move into a higher tax bracket.
6. Double-Check the Social Security Administration's Work
Each year, you get a Social Security statement which how much income was recorded and the taxes you've paid into social security. Make sure all of your income for the year was recorded. Notify the SSA if there is a discrepancy in your income or how much Social Security taxes you paid. It's important for the years for the highest income to be in the official recorded for when the administration computes your AIME.
7. Hire a Qualified Sappington, MO Social Security Consultant
It's hard to replace the expertise of any professional in a given field, and many people in Sappington, MO retirement planning and Social Security benefits themselves, whether because of time, know-how, or interest. With large portions of our everyday lives spent on our careers and our families, it's not hard to forget about Social Security planning when it's still years or decades until you'll claim. Correct Capital's team of Sappington, MO Social Security consultants has over 75 years of combined experience helping individuals, families, and business owners achieve the golden years they always envisioned, and feel secure in their financial future. Our team is made up of financial advisors and a dedicated support staff, all with the experience, knowledge, and drive needed to deliver positive client experiences. Through careful tax planning, active asset management, and other services in Sappington, MO such as 401(k) rollover, we'll do our part to provide you with a financially secure and happy retirement.
For more help with your retirement planning needs in Sappington, MO, check out Correct Capital's and Savology's free online retirement retirement planning tool, or schedule an appointment with a member of our team today.
Other services we offer in Sappington, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
Social Security Consultants Near Me in Sappington, MO | Correct Capital Wealth Management
At Correct Capital, our Sappington, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals do more than just optimize your Social Security pay out. We create a comprehensive, personalized financial plan for you to ensure the retirement funds in all your accounts are best positioned for long-term growth and stability. Reach out to Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Sappington, MO.
