Social Security Consultant Near Me
Social security consultants near me in Belleville, IL. While it may be comforting that Uncle Sam has a safety net for workers after we've left the workforce, you still need to plan ahead to live the golden years you want. Dedicated Social Security consultants in Belleville, IL can help you not only get the highest possible income from Social Security, but create a holistic retirement plan that can help ensure your money is best positioned for growth and long-term stability. At Correct Capital Wealth Management, we get to know our clients personally and come up with a plan they're involved in so they feel confident about where their retirement income will come from.
According to research from the Social Security Administration, over a third of Americans receive 50% or more of their retirement income from Social Security. You must apply for the maximum benefits you are eligible for when you first file. Whether you envision remaining in the workforce for another couple decades, or just want to make sure you're set up to get your full benefits for when you apply next year, reach out to Correct Capital's Belleville, IL Social Security consultants and fiduciary advisors today at 314-930-401(k) or contact us online.
Maximum Your Social Security Benefits in Belleville, IL in 7 Steps
While a retirement plan that truly allows you to live the life you wanted will include money from employer-backed plans, IRAs, and other accounts, you'll still want to make sure you're getting the most out of Social Security. Below, we've listed seven tried-and-true ways for any retiree 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
According to a Schroders 2022 U.S. Retirement Survey, almost 90% of non-retired Americans aged 45 and older know 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.
Under the rules set forth in the Social Security Amendments of 1983, if you were born in 1960 or later your full retirement age is 67. If you leave the workforce at 62, the first year you can apply for benefits, your payout 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 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 70
- $4,194 a month if you retire at 70
Of course, you may prefer balancing your Social Security benefits with other things you want to do in your golden years, such as seeing your Belleville, IL family more or finally visiting those dream vacation spots. But you still need to understand how your retirement age affects your benefits, and to consider, along with your financial advisor, if it might be beneficial to retire later to increase your benefits.
2. Work at Least 35 Full Years
The Social Security Administration computes how much you'll receive for your benefits by using "average indexed monthly earnings" (AIME). AIME calculates your benefits based on your 35 highest-earning years. If you you leave the workforce before you worked for 35 years, the years you didn't receive an income count for nothing. If you work more than 35 years, your higher earning years will take the place of your lower earning years, increasing your Social Security income.
If you continue working in Belleville, IL after you've started claiming benefits, those years also get added into your benefits calculation.
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 far before your retirement age in order to increase your benefits when you eventually retire. 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. The SSA takes both of those into account to help calculate whether you'll be eligible for the maximum retirement benefit. So, being more assertive in asking for raises, promotions, or seeking the next step up at another company, or picking up a side hustle, may help make you eligible for the maximum benefit. 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 the higher benefit is. Just like when claiming your own benefits, you will not get the full 50% of you claim benefits before your full retirement age.
If your spouse has passed away, you can also consider claiming 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 important throughout our financial lives, and that is no different once we retire. There will be tax consequences if you started receiving Social Security in Belleville, IL early and plan to continue working after you start claiming benefits. 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 total is below $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 will be subject to federal taxes. If that total exceeds those numbers, up to 85% of your Social Security income can be taxed.
Your benefits may also be subject to state taxes in Missouri.
Similarly, if you keep working after claiming benefits, you might accidentally 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 money you earned and the taxes you've paid into social security. Make sure all of your income for the year was recorded. 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 noted for when the administration computes your benefits.
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 the day-to-day grind of our careers and our families, it can be easy to let something important like Social Security planning fall into the cracks when it feels like it's years, or even decades, down the road. Correct Capital's team of Belleville, IL Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners live out the retirement 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 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 a get-to-know-you call 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
- Small Business Retirement Plans
- Tax Planning
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 benefits. We create a holistic, personalized 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. Call Correct Capital today at 314-930-401(k) or contact us online for dependable, experienced, and trustworthy Social Security consultants in Belleville, IL.
