Social Security Consultants Near Me in Ballwin, MO

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Social Security Consultant Near MeGet the Most From Your Social Security Earnings With Knowledgeable Retirement Planners in Ballwin, MO

Social security consultants near me in Ballwin, MO. While it may be comforting that The U.S. Government has a safety net for us in retirement, you still need to plan ahead to live the retirement you dreamed of. Qualified Social Security consultants in Ballwin, MO can help you not only maximize your Social Security benefits, but design a comprehensive retirement plan that includes income from IRAs, 401(k)s, and other retirement funds. 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. When you initially apply your benefits, you only have one chance to claim the maximum income you are eligible for. Whether you're planning for decades into the future, or just need someone to look over your plan to ensure you're set up to get your full benefits for when you apply next year, call Correct Capital's Ballwin, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.

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

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

While the best retirement plans will consist of money from employer-backed plans, IRAs, and other accounts, it's still important to make sure you're getting everything you can when it comes to your Social Security benefits. Below, we've listed seven tried-and-true strategies for any retiree 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 86% of Americans who are still working aged 45 and older know that they can receive more in Social Security if they wait to claim benefits, yet only 11% are planning to retire at 70.

Pursuant to the Social Security Amendments of 1983, if you were born in 1960 or later your full retirement age is 67. If you retire at 62, the first year you can claim Social Security, your payout 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 benefit 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 may prefer balancing your Social Security benefits with other life goals, such as spending more time with your Ballwin, MO family or finally visiting those dream vacation spots. But you still need to understand what retiring at what age will mean for your Social Security income, and to think about, as a team with your financial advisor, if it's worth waiting a few extra years to increase your benefits.

2. Work at Least 35 Full Years

The Social Security Administration calculates 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 you retire before you worked for 35 years, the years you didn't work count for nothing. If you earned an income in more than 35 years, the years in which you earned the most will take the place of the years you earned the least, boosting your Social Security income.

If you continue working in Ballwin, MO 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 seems obvious, it's also considerably helpful in increasing your benefits in the future. 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, if you needed more motivation to seek raises or better-paying jobs, now you have it. However, earnings over a specific amount are not factored into your retirement benefits. In 2023, income over $160,200 will not be calculated.


4. Claim Spousal Benefits

If you and your spouse both received income, 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 advisable 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 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. You may have to pay taxed if you started receiving Social Security in Ballwin, MO early and keep working. The IRS calculates your tax consequences based on the sum of your nontaxable income, 50% of 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 Social Security income will be subject to federal taxes. If your income is more than that, up to 85% of your Social Security income can be taxed.

Your Social Security income may also be subject to state taxes in Missouri.

Another aspect to take into account is that if you keep working after claiming benefits, you might unintentionally make yourself have to pay more in income tax.

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 how much you paid in Social Security taxes. 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. You'll want your highest earning years to be in the official recorded for when the administration calculates your AIME.


7. Hire a Qualified Ballwin, MO Social Security Consultant

Professionals in any field usually know their area of practice the best, and many individuals and families in Ballwin, MO retirement planning and Social Security benefits themselves, whether because of time, know-how, or interest. 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, into the future. Correct Capital's team of Ballwin, MO Social Security consultants has over 75 years of combined experience helping individuals, families, and business owners live out the retirement they always envisioned, and have peace of mind about their financial future. Our team is comprised of award-winning advisors and a committed 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 Ballwin, 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 Ballwin, MO, check out Correct Capital's and Savology's free online retirement retirement planning tool, or make an appointment with one of our advisors today.

Other services we offer in Ballwin, MO include:

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

Social Security Consultants Near Me in Ballwin, MO | Correct Capital Wealth Management

At Correct Capital, our Ballwin, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNERā„¢ professionals are capable of much more than just getting you the maximum Social Security benefits. We create an exhaustive, personalized 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 Ballwin, MO.


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