Social Security Consultant Near Me
Get the Most From Your Social Security Benefits With Knowledgeable Financial Advisors in Ballwin, MO
Social security consultants near me in Ballwin, MO. While it's comforting that Uncle Sam has a safety net for workers in retirement, that doesn't automatically ensure that you'll have the money you need to live the golden years you dreamed of. Knowledgeable Social Security consultants in Ballwin, MO can help you not just maximize your Social Security benefits, but create a holistic retirement plan that includes income from IRAs, 401(k)s, and other retirement funds. 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 retirement they always wanted.
According to the Social Security Administration's 2022 Fact Sheet, over a third of Americans receive 50% or more of their retirement income from Social Security. When you claim Social Security, you only have one chance to claim the maximum 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, reach out to Correct Capital's Ballwin, MO Social Security consultants and fiduciary advisors today at 314-930-401(k) or fill out our online form.
Maximum Your Social Security Benefits in Ballwin, MO in 7 Steps
While a retirement plan that truly allows you to live the life dreamed of will consist of income 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 tried-and-true methods for any earner 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
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 11% are planning to wait until age 70.
Under the rules provided in the Social Security Amendments of 1983, any worker born in 1960 or later has a full retirement age of 67. If you are no longer working by 62, the earliest you can apply for benefits, your retirement benefits would be diminished 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 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 70
- $4,194 a month if you retire at 70
Of course, you may want to trade off the extra money with other things you want to do in your golden years, such as seeing your Ballwin, MO family more or finally perfecting your golf game. But it's important to understand what retiring at what age will mean for your Social Security income, and to talk over with your financial advisor if it's worth holding out for a few extra years to unlock the higher 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 considers the 35 years you had the highest income. If you didn't work for 35 years, the years you didn't receive an income will count as zeros. If you have more than 35 years of recorded income, the years with the highest income will take the place of the years you earned the least, boosting your monthly check.
If you keep 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 is what most of us strive for anyway, it's also considerably helpful in increasing 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 determine 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, that number is $160,200.
4. Claim Spousal Benefits
If you and your spouse both received income, the spouse who earned less can claim claim Social Security through their own work history, or up to 50% of the higher earner's benefits, whichever is higher. Again, you will not get the full 50% of you claim benefits 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 (which will also be reduced because it's not at full retirement age) and claim your own benefit down the road if your work record provides a higher monthly income.
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. You may have to pay taxed if you started receiving Social Security in Ballwin, MO early and plan to continue working after you start claiming benefits. When calculating what the tax consequences are, 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 half your benefit can be taxed by the federal government. If that total exceeds those numbers, up to 85% of your Social Security income can be taxed.
Your Social Security income may also be subject to state taxes in Missouri.
Similarly, if you keep working after claiming Social Security, you might accidentally make yourself have to pay more in income tax.
6. Double-Check the Social Security Administration's Work
Each year, you get a Social Security statement which details your income 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. It's important for the years for the highest income to be in the official recorded for when the administration computes your benefits.
7. Hire a Qualified Ballwin, MO Social Security Consultant
Professionals in any field usually know their area of practice the best, and many workers in Ballwin, MO just don't have the time, knowledge, or interest to manage their retirement planning and Social Security benefits themselves. With large portions of our everyday lives spent on our careers and putting food on the table, it's not hard to forget about Social Security planning when it feels like it's years, or even decades, down the road. Correct Capital's team of Ballwin, 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 Ballwin, 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 Ballwin, MO, check out Correct Capital's and Savology's free online retirement calculator, or schedule a get-to-know-you call with one of our advisors today.
Other services we offer in Ballwin, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
- 401(k) For Small Business
- Small Business Retirement Plans
- Tax Planning
- Retirement Calculator
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 PLANNER™ 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 the retirement funds in all your accounts are best positioned for long-term growth and stability. Call Correct Capital today at 314-930-401(k) or contact us online for dependable, experienced, and trustworthy Social Security consultants in Ballwin, MO.