Social Security Consultant Near Me
Social security consultants near me in Central West End, MO. While it may be comforting that Uncle Sam has a safety net for workers after we've left the workforce, retirement planning is still necessary to live the golden years you dreamed of. Experienced Social Security consultants in Central West End, MO will work with you, not just to get the highest possible income from Social Security, but design a comprehensive 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 money in retirement will come from.
According to the Social Security Administration's 2022 Fact Sheet, 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 envision remaining in the workforce for another couple decades, or just want to make sure you have things lined up right for when you claim benefits next year, call Correct Capital's Central West End, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.
Maximum Your Social Security Benefits in Central West End, MO in 7 Steps
While an optimal retirement plan will consist of income from numerous sources, it's still important to make sure you're not leaving any money on the table when it comes to your Social Security benefits. Below, you'll find seven proven methods for any worker to maximize 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 90% of non-retired Americans aged 45 and older understand that they can receive more in Social Security if they wait to claim benefits, yet only just above 10% plan to wait until age 70.
Under the rules established in the Social Security Amendments of 1983, any worker whose date of birth was in 1960 or later has a full retirement age of 67. If you retire at 62, the first year you can claim Social Security, your payout would be decreased by 30%, and your spouse's by 35%. If you wait until age 70 to claim, you are eligible for delayed retirement benefits, which would increase your checks by around 77% compared to age 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 full retirement age
- $4,194 a month if you retire at 70
Obviously, you might prefer balancing your Social Security benefits with other things you want to do in retirement, such as spending more time with your Central West End, MO family or finally spending more time at that timeshare in Aspen. But you still need to understand how your retirement age affects your Social Security income, and to talk over with your financial advisor if it's worth holding out for a few extra years to increase your 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 is based off your 35 highest-earning years. If you are in the workforce for less than 35 years, the years you didn't work count for nothing. If you earned an income in more than 35 years, your higher earning years will take the place of your lower earning years, increasing your benefit.
If you continue working in Central West End, MO 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 seems obvious, it's also significantly helpful in increasing how much you eventually receive. Making more money leads to both a higher AIME and more of your money going to Social Security taxes. Both of those factors help calculate whether you'll be eligible for the maximum retirement benefit. 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 benefits. In 2023, that number is $160,200.
4. Claim Spousal Benefits
If both spouses worked, the spouse with lower earnings can claim their own Social Security benefits, or up to half of the higher earner's benefits, whichever the higher benefit is. Again, it's important to wait until the full retirement age to get the full 50%.
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 (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 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 Central West End, MO early 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 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 Social Security income can be taxed.
Your Social Security income may also be subject to state taxes in Missouri.
Similarly, if you keep working after you start receiving Social Security, you could unintentionally 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 money you earned and how much you paid in Social Security taxes. 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. You'll want your highest earning years to be recorded for when the administration computes your AIME.
7. Hire a Qualified Central West End, MO Social Security Consultant
Professionals in any field usually know their area of practice the best, and many workers in Central West End, MO retirement planning and Social Security benefits themselves, whether because of time, know-how, or interest. With the day-to-day grind of our careers and our families, it's not hard to forget about Social Security planning when it's still years or decades until you'll start receiving benefits. Correct Capital's group of Central West End, MO Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners achieve the retirement of their dreams, and feel good in their financial future. Our team is made up 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 services in Central West End, 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 Central West End, MO, take advantage of Correct Capital's and Savology's free online retirement calculator, or make a get-to-know-you call with a member of our team today.
Other services we offer in Central West End, 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 Central West End, MO | Correct Capital Wealth Management
At Correct Capital, our Central West End, MO 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 your own retirement savings are growing and that your retirement income will come from a variety of sources. Reach out to Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Central West End, MO.
