Social Security Consultant Near Me
Get the Most From 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 provides an income for workers in retirement, 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 Arnold, MO can help you not only maximize your Social Security benefits, but provide a holistic retirement plan that includes income from a variety of sources. 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 golden years they always wanted.
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 initially apply your benefits, you only have one chance to get the most amount of benefits you are eligible for. 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, call Correct Capital's Arnold, MO Social Security consultants and fiduciary advisors today at 314-930-401(k) or contact us online.
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 include money from employer-backed plans, IRAs, and other accounts, you'll still want to make sure you're getting everything you can when it comes to your Social Security benefits. Below, we've listed seven proven ways for any earner to increase 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 are aware that they can receive more in Social Security if they wait to claim benefits, yet only just above 10% plan to wait until age 70.
Pursuant to the Social Security Amendments of 1983, anyone 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 benefits, your payout would be decreased by 30%, and your spouse's by 35%. Retiring at up to age 70 would mean you receive delayed retirement benefits, which would increase your checks by around 77% compared to age 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 might prefer balancing your Social Security benefits with other things you want to do in your golden years, such as seeing your Arnold, MO family more 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 waiting a few extra years to unlock the higher benefits.
2. Work at Least 35 Full Years
The Social Security Administration determines how much you'll receive for your Social Security income by using "average indexed monthly earnings" (AIME). AIME is based off your 35 highest-earning years. If you didn't work for 35 years, the years you didn't work will count as zeros. If you earned an income in more than 35 years, your higher earning years will take the place of the years you earned the least, boosting your monthly check.
If you remain in the Arnold, 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 one of the only things you can do now in order to increase how much you eventually receive. Higher income leads to both a higher AIME and more of your money going to Social Security taxes. Both of those factors help calculate if you're able to receive the highest possible Social Security income. So, being more assertive in pursuing raises, promotions, or better-paying jobs, or adding extra income from other sources, 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 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. Just like when claiming your own benefits, you will not get the full 50% of you retire before your full retirement age.
If your spouse has passed away, you're also eligible for 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 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 is no different in retirement. There will be tax consequences if you claim benefits in Arnold, MO early and plan to continue working after you start receiving Social Security. When figuring out how much your benefits will be taxed, the IRS will add up your nontaxable income, 50% of your Social Security benefit, and your adjusted gross income.If that sum is under $25,000 for individuals or $32,000 for joint filers, there will be no federal tax consequences. Between $25,000 and $34,000 for individuals and $32,000 and $44,000 for joint filers, up to half your Social Security income can be taxed by the federal government. If that total exceeds those numbers, up to 85% of your benefit can be subject to taxes.
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 Social Security, you may unintentionally bump yourself into a higher tax bracket.
6. Double-Check the Social Security Administration's Work
Each year, you receive 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. 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 recorded for when the administration calculates your benefits.
7. Hire a Qualified Arnold, MO Social Security Consultant
It's hard to replace the knowledge and experience of any professional in a given field, 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 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, down the road. Correct Capital's group of Arnold, MO Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners achieve the golden years they always envisioned, and have peace of mind about their financial future. Our team is made up 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 areas of expertise 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, check out Correct Capital's and Savology's free online retirement retirement planning tool, or schedule a get-to-know-you call with a member of our team today.
Other services we offer in Arnold, MO include:
- Retirement Calculator
- Retirement Planning
- Rollover 401(k)
- Wealth Management
- 401k Companies
- Financial Advisor
- Asset Management
- Retirement Consultant
- Financial Portfolio Management
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 an exhaustive, tailored financial plan for you to ensure the retirement funds in all your accounts are growing and that your retirement income will come from a variety of sources. Get in touch with Correct Capital today at 314-930-401(k) or contact us online for dependable, experienced, and trustworthy Social Security consultants in Arnold, MO.