Social Security Consultant Near Me
Maximize Your Social Security Income With Experienced Retirement Planners in Central West End, MO
Social security consultants near me in Central West End, MO. While it's comforting that The U.S. Government provides an income for workers after we've left the workforce, you still need to plan ahead to live the retirement you dreamed of. Knowledgeable Social Security consultants in Central West End, MO can help you not only get the highest possible income from Social Security, but provide 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 can live out the golden years they always wanted.
According to research from the Social Security Administration, Social Security is the major source of income for most of the elderly. You must claim 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 leave the workforce, or just want to make sure you have things lined up right for when you claim benefits soon, reach out to Correct Capital's Central West End, MO Social Security consultants and fiduciary advisors today at 314-930-401(k) or contact us online.
Maximum Your Social Security Benefits in Central West End, MO in 7 Steps
While an optimal retirement plan will consist of 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 time-tested ways for any earner to get the most out of their Social Security benefits:
- 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 are aware that they can receive more in Social Security if they wait to claim benefits, yet only 11% are planning to retire at 70.
Under the rules provided in the Social Security Amendments of 1983, any worker born in 1960 or later has a full retirement age of 67. If you retire at 62, the first year you can apply for benefits, your retirement benefits 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 payout 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 70
- $4,194 a month if you retire at 70
Obviously, you might want to trade off the extra benefits with other life goals, such as visiting your Central West End, MO family more or finally spending more time at that timeshare in Aspen. But it's important to understand how your retirement age affects your benefits, and to talk over with your financial advisor if it's worth holding out for a few extra years to maximize your 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 takes into account your 35 highest-earning years. If you didn't work for 35 years, the years you didn't receive an income count for nothing. If you have more than 35 years of recorded income, the years with the highest income will take the place of your lower earning years, increasing your benefit.
If you remain in the Central West End, 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 significantly helpful in increasing your benefits when you eventually retire. 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 can get 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, you can claim either 50% of the higher earners benefits or the full benefits of the other spouse, whichever is higher. 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 elect for your survivor’s benefit at age 60 (which will also be reduced because it's not at full retirement age) and claim your own benefit down the road if your work record provides a higher monthly income.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is important throughout our financial lives, including 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. When figuring out what the tax consequences are, the IRS has a formula that adds your nontaxable income, half 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 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 benefits may also be subject to state taxes in Missouri.
Similarly, if you keep working after you start receiving Social Security, you may 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. 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 recorded for when the administration calculates your benefits.
7. Hire a Qualified Central West End, MO Social Security Consultant
It's hard to replace the expertise of any professional in a given field, 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 growing professionally and putting food on the table, it can be easy to forget about Social Security planning when it's still years or decades until you'll claim. Correct Capital's team of Central West End, MO Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners live out the retirement they always envisioned, 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 prudent tax planning, active asset management, and other areas of expertise in Central West End, 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 Central West End, MO, check out 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 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
- Small Business Retirement Plans
- Tax Planning
- Retirement Calculator
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 are capable of much more than just getting you the maximum Social Security check. We create a comprehensive, 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. Reach out to Correct Capital today at 314-930-401(k) or contact us online for dependable, experienced, and trustworthy Social Security consultants in Central West End, MO.