Social Security Consultant Near Me
Social security consultants near me in Arnold, MO. While it may be comforting that Uncle Sam provides an income for workers after we've left the workforce, retirement planning is still necessary to live the retirement you want. Knowledgeable Social Security consultants in Arnold, MO can help you not only maximize your Social Security benefits, but create a holistic retirement plan that includes income from a variety of sources. At Correct Capital Wealth Management, we offer a variety of tools, resources, and insights to our clients so they can live out the golden years 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. When you initially apply your benefits, you only have one chance to claim the most amount of income you are eligible for. Whether you envision remaining in the workforce for several more years, or just need someone to look over your plan to ensure you have things lined up right for when you claim benefits next year, reach out to Correct Capital's Arnold, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.
7 Ways to Increase Your Social Security Check in Arnold, MO
While a retirement plan that truly allows you to live the life dreamed of will include income from numerous sources, you'll still want to make sure you're getting the most out of Social Security. Below, you'll find seven proven strategies for any worker to maximize 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
According to a Schroders 2022 U.S. Retirement Survey, 86% of Americans who are still working who are 45 and up know that remaining in the workforce for longer will increase their Social Security income, yet only one out of 10 plan to wait until age 70.
Pursuant to the Social Security Amendments of 1983, any retiree whose date of birth was in 1960 or later has a full retirement age of 67. If you leave the workforce at 62, the earliest you can apply for 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 would increase your payout by around 77% compared to age 62.
The maximum benefits for people who claim at 62, 67, and 70 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 want to trade off the extra money with other life goals, such as seeing your Arnold, MO family more or finally perfecting your golf game. But you still need to understand how your retirement age affects your benefits, and to talk over with your financial advisor if it's worth holding out for a few extra years to increase your 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 considers the 35 years you had the highest income. If you didn't work for 35 years, the years you didn't work count for nothing. If you earned an income in more than 35 years, your higher earning years will cancel out your lower earning years, boosting your Social Security income.
If you keep working in Arnold, MO after you've started receiving Social Security, those years will count towards your AIME once you start claiming full benefits.
3. Earn More Money
While this is a no-brainer, it's also one of the biggest things you can do now in order to increase your benefits in the future. Making more money leads to both a higher AIME and more of your money going to Social Security taxes. Both of those factors help determine whether you'll be eligible for the maximum retirement benefit. So, being more assertive in asking for raises, promotions, or seeking the next step up at another company, or adding extra income from other sources, may help make you eligible for the maximum benefit. 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 you and your spouse both received income, the spouse who earned less can claim their own Social Security benefits, or up to 50% of the higher earner's benefits, whichever is higher. Again, it's recommended to hold off on claiming 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 start claiming that benefit at age 60 (which will also be reduced because it's not at full retirement age) and later elect for your benefit if that will be higher.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is essential throughout our financial lives, including in retirement. You may have to pay taxed if you started receiving Social Security in Arnold, MO before your full retirement age and plan to continue working after you start claiming benefits. When figuring out what the tax consequences are, the IRS has a formula that adds 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, 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 Social Security income can be taxed by the federal government. If your income is more than that, 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.
Another aspect to take into account is that if you keep working after claiming Social Security, you could accidentally make yourself have to pay more in income tax.
6. Double-Check the Social Security Administration's Work
The SSA creates your personal Social Security statement statement every year, which how much money you earned 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 your highest earning years to be noted for when the administration computes your benefits.
7. Hire a Qualified Arnold, MO Social Security Consultant
It's hard to replace the expertise of any professional in a given field, and many workers in Arnold, MO retirement planning and Social Security benefits themselves, whether because of time, knowledge, or interest. With so much of our energy spent on our careers and putting food on the table, it can be easy to forget about Social Security planning when it feels like it's years, or even decades, into the future. Correct Capital's group of Arnold, MO Social Security consultants has decades of combined experience helping individuals, families, and business owners achieve the golden years of their dreams, and feel good 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 prudent tax planning, active asset management, and other areas of expertise in Arnold, MO such as 401(k) rollover, we'll do our part to provide you with a financially secure and happy retirement.
For more assistance with retirement planning in Arnold, MO, take advantage of Correct Capital's and Savology's free online retirement calculator, or make an appointment with one of our advisors today.
Other services we offer in Arnold, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
Social Security Consultants Near Me in Arnold, MO | Correct Capital Wealth Management
At Correct Capital, our Arnold, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals do more than just optimize your Social Security check. We create an exhaustive, 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. Reach out to Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Arnold, MO.
