Social Security Consultant Near Me
Maximize Your Social Security Benefits With Experienced Retirement Planners in Clarkson Valley, MO
Social security consultants near me in Clarkson Valley, MO. While it's reassuring that The U.S. Government has a safety net for us in retirement, you still need to plan ahead to live the golden years you want. Knowledgeable Social Security consultants in Clarkson Valley, MO can help you not just get the highest possible income from Social Security, but design a comprehensive retirement plan that can help ensure your money is optimally positioned for growth and long-term stability. At Correct Capital Wealth Management, we offer a variety of tools, resources, and insights to our clients so they can live out the retirement 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 retire, or just need someone to look over your plan to ensure you have things lined up right for when you claim benefits soon, reach out to Correct Capital's Clarkson Valley, MO Social Security consultants and fiduciary advisors today at 314-930-401(k) or contact us online.
7 Ways to Increase Your Social Security Check in Clarkson Valley, MO
While an optimal retirement plan will include money from numerous sources, it's still important to make sure you're getting the most out of Social Security. Below, we've listed seven proven methods for any earner to maximize 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
According to a Schroders 2022 U.S. Retirement Survey, 86% of non-retired Americans aged 45 and older are aware that they can receive more in Social Security if they wait to claim benefits, yet only one out of 10 plan to wait until age 70.
Under the rules set forth in the Social Security Amendments of 1983, anyone whose date of birth was in 1960 or later has a full retirement age of 67. If you retire at 62, the earliest you can apply for benefits, your retirement benefits would be lowered by 30%, and your spouse's by 35%. If you wait until age 70 to claim, 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
Obviously, you might want to trade off the extra benefits with other things you want to do in your golden years, such as spending more time with your Clarkson Valley, MO family or finally spending more time at that timeshare in Aspen. But you still need to understand what retiring at what age will mean for your Social Security income, and to think about, along 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 takes into account your 35 highest-earning years. If you didn't work for 35 years, the years you didn't work will count as zeros. If you work more than 35 years, the years in which you earned the most will cancel out the years you earned the least, boosting your monthly check.
If you remain in the Clarkson Valley, MO workforce after you've started receiving Social Security, those years also get added into your AIME.
3. Earn More Money
While this is a no-brainer, it's also considerably helpful in increasing your benefits down the road. 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 if you're able to receive the highest possible Social Security income. 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, that number is $160,200.
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 50% 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 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 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 claim benefits in Clarkson Valley, MO early 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 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 half your Social Security income can be taxed by the federal government. If that total exceeds those numbers, up to 85% of your Social Security income can be taxed.
While not every state may tax Social Security, 12 states (including Missouri) may tax your Social Security benefits.
Similarly, if you keep working after you start receiving benefits, you might unintentionally bump yourself 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. 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. It's important for the years for the highest income to be in the official recorded for when the administration calculates your benefits.
7. Hire a Qualified Clarkson Valley, MO Social Security Consultant
Professionals in any field usually know their area of practice the best, and many people in Clarkson Valley, 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 our families, it can be easy to forget about Social Security planning when it's still years or decades until you'll start receiving benefits. Correct Capital's group of Clarkson Valley, 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 comprised 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 Clarkson Valley, MO such as 401(k) rollover, we'll do our part to provide you with a financially secure and happy retirement.
For more assistance with retirement planning in Clarkson Valley, MO, check out Correct Capital's and Savology's free online retirement calculator, or schedule a get-to-know-you call with one of our advisors today.
Other services we offer in Clarkson Valley, MO include:
- 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
- Retirement Planning
Social Security Consultants Near Me in Clarkson Valley, MO | Correct Capital Wealth Management
At Correct Capital, our Clarkson Valley, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals do more than just optimize your Social Security pay out. 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. Call Correct Capital today at 314-930-401(k) or contact us online for dependable, experienced, and trustworthy Social Security consultants in Clarkson Valley, MO.