Social Security Consultant Near Me
Social security consultants near me in Brentwood, MO. While it's reassuring that The U.S. Government provides an income for workers after we've left the workforce, that doesn't automatically ensure that you'll have the money you need to live the golden years you want. Experienced Social Security consultants in Brentwood, MO will work with you, not just to get the highest possible income from Social Security, but create a comprehensive retirement plan that includes income from a variety of sources. 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 secure about where their retirement income will come from.
According to research from the Social Security Administration, Social Security is the major source of income for most of the elderly. You must apply for the maximum benefits you are eligible for when you first file. Whether you're planning for decades into the future, 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 Brentwood, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.
Maximum Your Social Security Benefits in Brentwood, MO in 7 Steps
While a retirement plan that truly allows you to live the life dreamed of will include money from a variety of sources, you'll still want to make sure you're getting the most out of Social Security. Below, you'll find seven tried-and-true ways for any earner 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
A Schroders 2022 U.S. Retirement Survey stated that almost nine out of 10 Americans who are still in the workforce aged 45 and older know that remaining in the workforce for longer will increase their Social Security income, yet only one out of 10 are planning to wait until age 70.
Pursuant to the Social Security Amendments of 1983, any retiree born in 1960 or later has a full retirement age of 67. If you retire at 62, the earliest you can apply for benefits, your payout would be lowered 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 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 might want to trade off the extra money with other things you want to do in retirement, such as visiting your Brentwood, 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 think about, as a team 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 computes your monthly Social Security benefits using "average indexed monthly earnings" (AIME). AIME is based off the 35 years you made the most money. If you didn't work for 35 years, the years you didn't receive an income count for nothing. If you were in the workforce for more than 35 years, the years with the highest income will cancel out your lower earning years, increasing your benefit.
If you remain in the Brentwood, MO workforce after you've started receiving Social Security, those years also get added into your AIME.
3. Earn More Money
While this is what most of us strive for anyway, it's also incredibly helpful in increasing your benefits in the future. The more money you make, the higher your AIME will be, 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, being more aggressive in seeking raises, promotions, or better-paying jobs, 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 both spouses worked, the spouse who earned less can claim claim Social Security through their own work history, or up to half of the higher earner's benefits, whichever the higher benefit is. Just like when claiming your own benefits, you will not get the full 50% of you retire before your full retirement age.
If your spouse has passed away, 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 later elect for your benefit 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 remains true in retirement. There will be tax consequences if you started receiving Social Security in Brentwood, MO early and keep working. 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 below $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 Social Security income may also be subject to state taxes in Missouri.
Similarly, if you keep working after claiming benefits, you may accidentally move into a higher tax bracket.
6. Double-Check the Social Security Administration's Work
The SSA sends your personal Social Security statement statement every year, which details your income and how much you paid in Social Security taxes. 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 the years for the highest income to be noted for when the administration computes your AIME.
7. Hire a Qualified Brentwood, MO Social Security Consultant
Professionals in any field usually know their area of practice the best, and many workers in Brentwood, MO 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's not hard to let something important like Social Security planning get lost in the shuffle when it's still years or decades until you'll start receiving benefits. Correct Capital's group of Brentwood, MO 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 made up of award-winning advisors and a committed 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 Brentwood, MO such as 401(k) rollover, we'll do our part to provide you with a financially secure and happy retirement.
For more help with your retirement planning needs in Brentwood, MO, take a look at Correct Capital's and Savology's free online retirement calculator, or schedule a get-to-know-you call 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
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 do more than just optimize your Social Security check. We create an exhaustive, tailored 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 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Brentwood, MO.
