Social Security Consultants Near Me in Arnold, MO

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Social Security Consultant Near MeMaximize Your Social Security Income With Experienced Financial Advisors in Arnold, MO

Social security consultants near me in Arnold, MO. While it may be reassuring that Uncle Sam has a safety net for workers in retirement, retirement planning is still necessary to live the retirement you want. Dedicated Social Security consultants in Arnold, MO will work with you, not just to get the highest possible income from Social Security, but provide a comprehensive 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 the Social Security Administration's 2022 Fact Sheet, Social Security represents about 30% of income for the elderly. You must apply for the maximum benefits you are eligible for when you first file. Whether you still have a lot of work to do before you decide to retire, or just need someone to look over your plan to ensure you're set up to get your full benefits for when you apply soon, reach out to Correct Capital's Arnold, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.

Social Security Consultants Near Me Arnold, MO | Retirement Planning | Financial Advisors | Wealth Management Near Arnold

Maximum Your Social Security Benefits in Arnold, MO in 7 Steps

While a retirement plan that truly allows you to live the golden years you wanted will consist of money from employer-backed plans, IRAs, and other accounts, it's still important 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 time-tested methods for any worker to get the most out of their income from Social Security:

  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

A Schroders 2022 U.S. Retirement Survey reported that almost nine out of 10 Americans who are still working aged 45 and older understand that they can receive more in Social Security if they wait to claim benefits, yet only 11% are planning to wait until age 70.

Under the rules provided in 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 claim Social Security, your payout would be lowered by 30%, and your spouse's by 35%. Retiring at up to age 70 would mean you receive delayed retirement benefits, which gives you about 77% more each month than retiring at 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

Of course, you may want to trade off the extra money with other life goals, such as spending more time with your Arnold, MO family or finally visiting those dream vacation spots. But you still need to understand what retiring at what age will mean for your benefits, and to talk over 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 calculates your monthly Social Security benefits using "average indexed monthly earnings" (AIME). AIME is based off 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 have more than 35 years of recorded income, the years in which you earned the most will take the place of your lower earning years, boosting your monthly check.

If you remain in the Arnold, MO workforce after you've started claiming benefits, those years also count towards your benefits calculation.

3. Earn More Money

While this is what most of us strive for anyway, it's also incredibly 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, being more assertive in pursuing 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, you can claim either 50% of the higher earners benefits or the full benefits of the other spouse, whichever is higher. Again, you will not get the full 50% of you retire before your full retirement age.

If your spouse is deceased, you're also eligible for 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, including in retirement. There will be tax consequences if you started receiving Social Security in Arnold, MO early and plan to continue working after you start receiving Social Security. When calculating how much your benefits will be taxed, the IRS has a formula that adds your nontaxable income, 50% of your Social Security benefit, and your adjusted gross income.If that total is under $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 will be subject to federal taxes. If your income is more than that, up to 85% of your benefit 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 may unintentionally bump yourself into a higher tax bracket.

6. Double-Check the Social Security Administration's Work

The SSA sends 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. 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. It's important for the years for the highest income to be noted for when the administration calculates your AIME.


7. Hire a Qualified Arnold, MO Social Security Consultant

Professionals in any field usually know their area of practice the best, and many workers in Arnold, MO 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's not hard 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 the experience and knowledge necessary to help individuals, families, and business owners live out the golden years of their dreams, and have peace of mind about 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 prudent tax planning, active asset management, and other services in Arnold, MO such as 401(k) rollover, we'll do our part to give you a financially secure and happy retirement.

For more help with your retirement planning needs in Arnold, MO, take advantage of Correct Capital's and Savology's free online retirement calculator, or schedule an appointment with a member of our team today.

Other services we offer in Arnold, MO include:

Social Security Consultants Near Me Arnold, MO | Retirement Planning | Financial Advisors | Wealth Management Near Arnold

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 pay out. We create a holistic, 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 Arnold, MO.


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