Social Security Consultant Near Me
Social security consultants near me in Brentwood, MO. While it's reassuring that the federal government provides an income for us in retirement, that doesn't automatically ensure that you'll have the money you need to live the retirement you want. Experienced Social Security consultants in Brentwood, MO can help you not just get the highest possible income from Social Security, but provide 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 can live out the golden years 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. You must apply for 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 retire, or just need someone to look over your plan to ensure you have things lined up right for when you claim benefits soon, call Correct Capital's Brentwood, 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 Brentwood, MO in 7 Steps
While an optimal retirement plan will consist of money from numerous sources, it's still important to make sure you're getting the most out of Social Security. Below, you'll find 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, almost 90% of non-retired Americans who are 45 and up 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.
Under the rules established in the Social Security Amendments of 1983, any retiree born in 1960 or later has a full retirement age of 67. If you leave the workforce at 62, the earliest you can apply for benefits, your retirement benefits would be lowered 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 might prefer balancing your Social Security benefits with other things you want to do in retirement, such as spending more time with your Brentwood, MO family or finally visiting those dream vacation spots. But you still need to understand how your retirement age affects your benefits, and to discuss with your financial advisor if it's worth waiting a few extra years to unlock the higher 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 is based off your 35 highest-earning years. If you you retire before you worked for 35 years, the years you didn't work will count as zeros. If you were in the workforce for 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 monthly check.
If you remain in the Brentwood, MO 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 is a no-brainer, it's also one of the only things you can do far before your retirement age in order to increase your benefits in the future. 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, 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, you can claim either 50% of the higher earners benefits or the full benefits of the other spouse, 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 (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 Brentwood, MO before your full retirement age and plan to continue working after you start claiming benefits. The IRS calculates your tax consequences based on the sum of your nontaxable income, half your Social Security benefit, and your adjusted gross income.If that sum 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 will be subject to federal taxes. If that total exceeds those numbers, up to 85% of your benefit can be subject to taxes.
Your Social Security income may also be subject to state taxes in Missouri.
Another factor to take into account is that if you keep working after you start receiving benefits, you may accidentally make yourself have to pay more in income tax.
6. Double-Check the Social Security Administration's Work
Each year, you receive a Social Security statement which how much income was recorded and the taxes you've paid into social security. Check the Social Security Administration's records 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. You'll want your highest earning years to be in the official recorded for when the administration calculates your AIME.
7. Hire a Qualified Brentwood, MO Social Security Consultant
It's hard to replace the expertise of any professional in a given field, and many people in Brentwood, 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 providing for your family, 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 Brentwood, MO Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners achieve the retirement they always envisioned, and feel good in 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 areas of expertise in Brentwood, MO 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 Brentwood, MO, take a look at Correct Capital's and Savology's free online retirement calculator, or schedule an appointment with a member of our team today.
Other services we offer in Brentwood, 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
Social Security Consultants Near Me in Brentwood, MO | Correct Capital Wealth Management
At Correct Capital, our Brentwood, MO 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 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 Brentwood, MO.
