Social Security Consultant Near Me
Social security consultants near me in Central West End, MO. While it's reassuring 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. Qualified Social Security consultants in Central West End, MO will work with you, not just to maximize your Social Security benefits, 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 can live out the golden years they always wanted.
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Correct Capital Wealth Management's office is physically located in St. Louis, MO, but we serve clients throughout the United States in both personal financial planning and corporate retirement plans.
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According to data from the Social Security Administration, Social Security represents about 30% of income for 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 need someone to look over your plan to ensure you have things lined up right for when you claim benefits next year, reach out to Correct Capital's Central West End, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.
7 Ways to Maximize Your Social Security Benefits in Central West End, MO
While a retirement plan that truly allows you to live the life you wanted will include money from employer-backed plans, IRAs, and other accounts, it's still important to make sure you're getting the most out of Social Security. Below, you'll find seven proven methods for any earner to maximize 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
A Schroders 2022 U.S. Retirement Survey stated that 86% of Americans who are still in the workforce who are 45 and up are aware that remaining in the workforce for longer will increase their Social Security income, yet only just above 10% plan 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
Of course, you might want to trade off the extra income with other things you want to do in your golden years, such as spending more time with your Central West End, MO family or finally visiting those dream vacation spots. But it's important to understand what retiring at what age will mean for your Social Security income, and to discuss 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 how much you'll receive for your payout by using "average indexed monthly earnings" (AIME). AIME takes into account your 35 highest-earning years. If you you retire before you worked for 35 years, the years you didn't receive an income count for nothing. If you earned an income in more than 35 years, your higher earning years will take the place of the years you earned the least, increasing your benefit.
If you continue working in Central West End, MO after you've started claiming benefits, 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 considerably helpful in increasing your benefits in the future. Making more money leads to both a higher AIME and more of your money going to 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 assertive in seeking raises, promotions, or better-paying jobs, or adding extra income from other sources, 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 were in the workforce, you can claim either 50% of the higher earners benefits or the full benefits of the other spouse, whichever the higher benefit is. Just like when claiming your own benefits, you will not get the full 50% of you claim benefits before your full retirement age.
If your spouse is deceased, you're also eligible for 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 your work record provides a larger check.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is vital throughout our financial lives, including in retirement. You may have to pay taxed if you started receiving Social Security in Central West End, MO before your full retirement age 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 half your benefit will be subject to federal taxes. If your income is more than that, up to 85% of your benefit can be subject to taxes.
Your Social Security income may also be subject to state taxes in Missouri.
Similarly, if you keep working after you start receiving benefits, you might unintentionally move into a higher tax bracket.
6. Double-Check the Social Security Administration's Work
The SSA creates your personal Social Security statement statement every year, which details your income 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. You'll want your highest earning years to be recorded for when the administration calculates 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 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 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, into the future. 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 have peace of mind about their financial future. Our team is comprised of financial advisors and a committed support staff, all with the experience, knowledge, and drive needed to deliver positive client experiences. Through careful 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 help with your retirement planning needs in Central West End, MO, take advantage of Correct Capital's and Savology's free online retirement retirement planning tool, or make an appointment 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
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 pay out. 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 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Central West End, MO.
