Social Security Consultant Near Me
Social security consultants near me in Clarkson Valley, MO. While it's reassuring that Uncle Sam provides an income for us after we've left the workforce, that doesn't automatically ensure that you'll have the money you need 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 holistic 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 secure about where their money in retirement will come from.
Schedule a Meeting With an Advisor Today
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.
Schedule a 15-Minute Introductory Call
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 claim the most amount of benefits you are eligible for. Whether you envision remaining in the workforce for a lot more time, or just need someone to look over your plan to ensure you're set up to get your full benefits for when you apply soon, call Correct Capital's Clarkson Valley, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.
Maximum Your Social Security Benefits in Clarkson Valley, MO in 7 Steps
While a retirement plan that truly allows you to live the golden years 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, we've listed seven proven strategies for any worker to get the most out of 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
A Schroders 2022 U.S. Retirement Survey reported that almost nine out of 10 non-retired Americans aged 45 and older know that remaining in the workforce for longer will increase their payout, yet only just above 10% are planning to retire at 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 leave the workforce at 62, the first year you can apply for benefits, your payout would be diminished by 30%, and your spouse's by 35%. If you wait until age 70 to claim, you receive delayed retirement benefits, which would increase your checks by around 77% compared to age 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 full retirement age
- $4,194 a month if you retire at 70
Obviously, you may decide 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 visiting those dream vacation spots. But you still need to understand what retiring at what age will mean for your benefits, and to consider, as a team 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 determines 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 will count as zeros. If you work more than 35 years, the years with the highest income will cancel out the years you earned the least, boosting your Social Security income.
If you keep working in Clarkson Valley, MO 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 considerably 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 if you're able to receive the highest possible Social Security income. So, being more assertive in asking for raises, promotions, or seeking the next step up at another company, or adding extra income from other sources, may increase your benefits. 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 you and your spouse both received income, you can claim either 50% of the higher earners benefits or the full benefits of the other spouse, whichever is higher. Again, you will not get the full 50% of you retire before your full retirement age.
If your spouse is deceased, you're also eligible for survivor's benefits. You can elect for your survivor’s 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 higher monthly income.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is an important part of any financial consideration, including once we retire. You may have to pay taxed if you claim benefits in Clarkson Valley, MO before your full retirement age and plan to continue working after you start claiming benefits. 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 sum 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 half your Social Security income can be taxed by the federal government. If your income is more than that, up to 85% of your Social Security income can be subject to taxes.
Missouri is only one of 12 states that may tax your Social Security benefits.
Similarly, if you keep working after claiming Social Security, you could accidentally 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 income was recorded and how much you paid in Social Security taxes. Make sure all of your income for the year was recorded. 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 noted for when the administration calculates your AIME.
7. Hire a Qualified Clarkson Valley, MO Social Security Consultant
Professionals in any field usually know their area of practice the best, and many individuals and families 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'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 Clarkson Valley, 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 financial 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 give you a financially secure and happy retirement.
For more assistance with retirement planning in Clarkson Valley, MO, take advantage of 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:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
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 are capable of much more than just getting you the maximum Social Security benefits. 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. Get in touch with Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Clarkson Valley, MO.
