Social Security Consultant Near Me
Social security consultants near me in Chesterfield, MO. While it may be reassuring that Uncle Sam has a safety net for workers in retirement, retirement planning is still necessary to live the retirement you want. Qualified Social Security consultants in Chesterfield, MO will work with you, not just to get the highest possible income from Social Security, but provide a holistic retirement plan that includes income from IRAs, 401(k)s, and other retirement funds. 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. When you claim Social Security, you only have one opportunity to get the maximum benefits you are eligible for. Whether you're planning for decades into the future, or just want to make sure you have things lined up right for when you claim benefits soon, call Correct Capital's Chesterfield, 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 Chesterfield, MO in 7 Steps
While an optimal retirement plan will consist of income from employer-backed plans, IRAs, and other accounts, 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, we've listed seven proven ways for any retiree to increase their Social Security check:
- 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 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, if you were born in 1960 or later your full retirement age is 67. If you retire at 62, the earliest you can apply for 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 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 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 Chesterfield, MO family or finally perfecting your golf game. But you still need to understand what retiring at what age will mean for your Social Security income, and to discuss with your financial advisor if it might be beneficial to retire later to maximize 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 considers the 35 years you had the highest income. 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, your higher earning years will cancel out your lower earning years, increasing your benefit.
If you remain in the Chesterfield, 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 what most of us strive for anyway, it's also incredibly helpful in increasing your benefits down the road. The more money you make, the higher the Social Security Administration will calculate your benefits, and the more you'll pay in 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, 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 both spouses worked, 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 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 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 is no different once we retire. There will be tax consequences if you started receiving Social Security in Chesterfield, MO before your full retirement age and plan to continue working after you start receiving Social Security. 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, 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 half your Social Security income can be taxed by the federal government. 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 could 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 how much you paid in Social Security taxes. 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 your highest earning years to be in the official recorded for when the administration computes your AIME.
7. Hire a Qualified Chesterfield, MO Social Security Consultant
Professionals in any field usually know their area of practice the best, and many individuals and families in Chesterfield, MO just don't have the time, knowledge, or interest to manage their retirement planning and Social Security benefits themselves. With so much of our energy spent on our careers and our families, 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 team of Chesterfield, 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 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 areas of expertise in Chesterfield, 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 Chesterfield, MO, take a look at Correct Capital's and Savology's free online retirement calculator, or make an appointment with a member of our team today.
Other services we offer in Chesterfield, 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 Chesterfield, MO | Correct Capital Wealth Management
At Correct Capital, our Chesterfield, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals do more than just optimize your Social Security check. We create a holistic, tailored 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. Call Correct Capital today at 314-930-401(k) or contact us online for dependable, experienced, and trustworthy Social Security consultants in Chesterfield, MO.
