Social Security Consultant Near Me
Social security consultants near me in Belleville, IL. While it's comforting that Uncle Sam provides an income for us after we've left the workforce, that doesn't automatically ensure that you'll have the money you need to live the retirement you dreamed of. Qualified Social Security consultants in Belleville, IL can help you not only maximize your Social Security benefits, but create a holistic retirement plan that can help ensure your money is optimally 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.
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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 opportunity to claim the maximum benefits you are eligible for. Whether you still have a lot of work to do before you decide to leave the workforce, or just need someone to look over your plan to ensure you have things lined up right for when you claim benefits next year, call Correct Capital's Belleville, IL Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.
7 Ways to Increase Your Social Security Check in Belleville, IL
While a retirement plan that truly allows you to live the golden years dreamed of will consist of money from employer-backed plans, IRAs, and other accounts, you'll still want to make sure you're not leaving any money on the table when it comes to your Social Security benefits. Below, we've listed seven tried-and-true methods for any earner to get the most out of their Social Security payout:
- 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 nine out of 10 Americans who are still in the workforce who are 45 and up know that they can receive more in Social Security if they wait to claim benefits, yet only one out of 10 are planning to wait until age 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 retire at 62, the first year you can claim benefits, your payout would be diminished by 30%, and your spouse's by 35%. Retiring at up to age 70 would mean you are eligible for 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
Obviously, you may prefer balancing your Social Security benefits with other things you want to do in your golden years, such as spending more time with your Belleville, IL family 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 Social Security income, and to talk over with your financial advisor if it might be beneficial to retire later to unlock the higher benefits.
2. Work at Least 35 Full Years
The Social Security Administration calculates your monthly Social Security benefits using "average indexed monthly earnings" (AIME). AIME considers the 35 years you made the most money. If you you retire before you worked for 35 years, the years you didn't work count for nothing. If you have more than 35 years of recorded income, your higher earning years will take the place of the years you earned the least, boosting your monthly check.
If you keep working in Belleville, IL after you've started receiving Social Security, those years will count towards your AIME once you start claiming full benefits.
3. Earn More Money
While this is a no-brainer, it's also incredibly helpful in increasing how much you eventually receive. The more you earn, 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 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, the SSA places a cap on how much income can count towards your AIME. 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 wait until the full retirement age to get the full 50%.
If your spouse is deceased, you're also eligible for 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 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. There will be tax consequences if you started receiving Social Security in Belleville, IL early and plan to continue working after you start receiving Social Security. 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 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 50% of your benefit can be taxed by the federal government. If that total exceeds those numbers, up to 85% of your benefit can be taxed.
Your benefits 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 could accidentally 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 how much you paid in Social Security taxes. Check the Social Security Administration's work against your W2, pay stubs, or tax returns. 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 calculates your benefits.
7. Hire a Qualified Belleville, IL Social Security Consultant
It's hard to replace the knowledge and experience of any professional in a given field, and many workers in Belleville, IL retirement planning and Social Security benefits themselves, whether because of time, knowledge, or interest. With so much of our energy 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 group of Belleville, IL Social Security consultants has over 75 years of combined experience helping individuals, families, and business owners live out the retirement of their dreams, and have peace of mind about their financial future. Our team is made up of financial 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 Belleville, IL such as 401(k) rollover, we'll do our part to provide you with a financially secure and happy retirement.
For more assistance with retirement planning in Belleville, IL, take a look at 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 Belleville, IL include:
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 do more than just optimize your Social Security check. We create a comprehensive, 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 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Belleville, IL.
