Social Security Consultants Near Me

Correct Capitals St. Louis Social Security consultants will ensure you maximize your Social Security benefits.

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Social Security Consultant Near MeMaximize Your Social Security Earnings With Experienced Retirement Planners in St. Louis

Social security consultants near me in St. Louis. While it may be reassuring that the federal government provides an income for us 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 and experienced social security consultants in St. Louis can help you not just maximize your social security benefits, but provide a comprehensive retirement plan that can help ensure your money is best positioned for growth and long-term stability. At Correct Capital Wealth Management, we offer a variety of tools, resources, and insights to our clients so they feel good about where their retirement income will come from.



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According to the Social Security Administration's 2022 Fact Sheet, social security is the major source of income for most of the elderly. When you claim social security, you only have one chance to claim the most amount of benefits you are eligible for. Whether you're planning for decades into the future, or just want to make sure you have things lined up right for when you claim benefits next year, call Correct Capital's St. Louis social security consultants and fiduciary advisors today at 314-930-401(k) or contact us online.

Social Security Consultants Near Me St. Louis | Retirement Planning | Financial Advisors | Wealth Management Near Me

7 Ways to Maximize Your Social Security Benefits in St. Louis

While an optimal retirement plan will include income from a variety of sources, you'll still want to make sure you're not leaving any money on the table when it comes to your Social Security benefits. Below, you'll find seven tried-and-true ways for any earner to maximize their social security payout:

  1. Wait to Claim Benefits
  2. Work at Least 35 Full Years
  3. Earn More Money
  4. Claim Spousal Benefits
  5. Avoid Social Security Taxes
  6. Double Check the Social Security Administration's Work
  7. Hire a Qualified Social Security Consultant

1. Wait to Claim Benefits

According to a Schroders 2022 U.S. Retirement Survey, 86% of non-retired Americans aged 45 and older are aware that they can receive more in social security if they wait to claim benefits, yet only 11% plan to wait until age 70.

Pursuant to the Social Security Amendments of 1983, anyone born in 1960 or later has a full retirement age of 67. If you retire at 62, the first year you can claim benefits, your retirement benefits would be reduced 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

Of course, you may prefer balancing your social security benefits with other life goals, such as seeing your St. Louis family more or finally spending more time at that timeshare in Aspen. But it's important to understand how your retirement age affects your benefits, and to consider, along with your financial advisor, if it's worth waiting a few extra years to unlock the higher benefits.

2. Work at Least 35 Full Years

The Social Security Administration computes your monthly social security benefits using "average indexed monthly earnings" (AIME). AIME calculates your benefits based on the 35 years you made the most money. If you didn't work for 35 years, the years you didn't work will count as zeros. If you work more than 35 years, your higher earning years will cancel out your lower earning years, increasing your benefit.

If you continue working in St. Louis after you've started claiming benefits, those years also get added into your benefits calculation.

3. Earn More Money

While this seems obvious, it's also one of the biggest things you can do now in order to increase your benefits down the road. The more you earn, the higher your AIME will be, and the more you'll pay in Social Security taxes. Both of those factors help determine whether you'll be eligible for the maximum retirement benefit. So, being more aggressive in seeking raises, promotions, or better-paying jobs, or picking up a side hustle, may increase your benefits. However, earnings over a specific amount are not factored into your retirement benefits. In 2023, that number is $160,200.


4. Claim Spousal Benefits

If both spouses worked, the spouse with lower earnings can claim their own social security benefits, or up to 50% of the higher earner's benefits, whichever is higher. Again, it's important to wait until the full retirement age to get the full 50%.

If your spouse is deceased, you can also consider claiming survivor's benefits. You can elect for your survivor’s benefit at age 60 (although like retirement and spousal benefits, it will be reduced) and later elect for your benefit if your work record provides a larger check.



5. Avoid Paying Too Much in Social Security Taxes

Tax planning is an important part of any financial consideration, and that remains true in retirement. There will be tax consequences if you claim benefits in St. Louis early and plan to continue working after you start claiming benefits. When calculating how much your benefits will be taxed, the IRS will add up your nontaxable income, half your Social Security benefit, and your adjusted gross income.If that total is below $25,000 for individuals or $32,000 for joint filers, you will not pay federal tax on your Social Security. Between $25,000 and $34,000 for individuals and $32,000 and $44,000 for joint filers, up to 50% of your benefit will be subject to federal taxes. If that total exceeds those numbers, up to 85% of your Social Security income can be taxed.

While not every state may tax Social Security, 12 states (including Missouri) may tax your Social Security benefits.

Similarly, if you keep working after claiming benefits, you could unintentionally bump yourself into a higher tax bracket.

6. Double Check the Social Security Administration's Work

Each year, you get a Social Security statement which details your income and the taxes you've paid into social security. Check the Social Security Administration's records against your W2, pay stubs, or tax returns. You'll want to make sure you're getting credit for the Social Security taxes you've paid, and that all of your income is recorded. You'll want your highest earning years to be noted for when the administration calculates your benefits.


7. Hire a Qualified St. Louis Social Security Consultant

It's hard to replace the expertise of any professional in a given field, and many in St. Louis just don't have the time, knowledge, or interest to manage their retirement planning and social security benefits themselves. With the day-to-day grind of growing professionally and providing for your family, it can be easy to let something important like Social Security planning fall into the cracks when it feels like it's years, or even decades, into the future. Correct Capital's team of St. Louis social security consultants has over 75 years of combined experience helping individuals, families, and business owners achieve the retirement of their dreams, and feel secure in their financial future. Our team is comprised of award-winning 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 St. Louis 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 St. Louis, take advantage of Correct Capital's and Savology's free online retirement calculator, or schedule an appointment with one of our advisors today.

Social Security Consultants Near Me St. Louis | Retirement Planning | Financial Advisors | Wealth Management Near Me

Social Security Consultants Near Me in St. Louis | Correct Capital Wealth Management

At Correct Capital, our St. Louis social security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals do more than just optimize your social security benefits. We create a comprehensive, tailored financial plan for you to ensure your own retirement savings are growing and that your retirement income will come from a variety of sources. Call Correct Capital today at 314-930-401(k) or contact us online for dependable, knowledgeable, and trustworthy social security consultants in St. Louis.


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