Social Security Consultant Near Me
Social security consultants near me in Belleville, IL. 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 dreamed of. Dedicated Social Security consultants in Belleville, IL will work with you, not just to get the highest possible income from Social Security, 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 feel secure about where their retirement income will come from.
According to research from the Social Security Administration, Social Security represents about 30% of income for the elderly. You must claim 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 leave the workforce, or just want to make sure you're set up to get your full benefits for when you claim soon, call Correct Capital's Belleville, IL Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.
Maximum Your Social Security Benefits in Belleville, IL in 7 Steps
While an optimal retirement plan 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 proven strategies for any retiree to get the most out of 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 aged 45 and older understand that they can receive more in Social Security if they wait to claim benefits, yet only one out of 10 plan 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 apply for Social Security, your retirement benefits would be diminished 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 at different ages 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 might decide to trade off the extra income with other things you want to do in retirement, such as seeing your Belleville, IL family more or finally perfecting your golf game. But you still need to understand what retiring at what age will mean for your Social Security income, and to think about, along with your financial advisor, if it's worth holding out for a few extra years to maximize your benefits.
2. Work at Least 35 Full Years
The Social Security Administration determines how much you'll receive for your payout 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 count for nothing. If you work more than 35 years, the years in which you earned the most will cancel out your lower earning years, increasing your benefit.
If you remain in the Belleville, IL 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 seems obvious, it's also incredibly helpful in increasing your benefits in the future. The more money you make, the higher the Social Security Administration will calculate your benefits, 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 aggressive in seeking raises, promotions, or seeking the next step up at another company, or picking up a side hustle, may increase your benefits. However, the SSA places a cap on how much income can count towards your benefits. 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 the higher benefit is. 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 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 Belleville, IL 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, half your Social Security benefit, and your adjusted gross income.If that total 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 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 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 you start receiving Social Security, you might unintentionally 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 income was recorded and how much you paid in Social Security taxes. Check the Social Security Administration's work against your W2, pay stubs, or tax returns. 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 recorded for when the administration computes your AIME.
7. Hire a Qualified Belleville, IL Social Security Consultant
Professionals in any field usually know their area of practice the best, and many workers in Belleville, IL 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 can be easy to let something important like Social Security planning get lost in the shuffle when it's still years or decades until you'll claim. Correct Capital's team of Belleville, IL Social Security consultants has decades of combined experience helping individuals, families, and business owners achieve the retirement of their dreams, 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 areas of expertise in Belleville, IL such as 401(k) rollover, we'll do our part to give you a financially secure and happy retirement.
For more assistance with retirement planning in Belleville, IL, check out Correct Capital's and Savology's free online retirement calculator, or schedule an appointment with one of our advisors today.
Other services we offer in Belleville, IL include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
- 401(k) For Small Business
Social Security Consultants Near Me in Belleville, IL | Correct Capital Wealth Management
At Correct Capital, our Belleville, IL Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals are capable of much more than just getting you the maximum Social Security check. We create a holistic, tailored financial plan for you to ensure your own retirement savings are best positioned for long-term growth and stability. Call Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Belleville, IL.
