Social Security Consultant Near Me
Social security consultants near me in Clayton, MO. While it may be comforting that the federal government 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. Experienced Social Security consultants in Clayton, MO can help you not just get the highest possible income from Social Security, but create a comprehensive 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 feel confident about where their retirement income will come from.
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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 the Social Security Administration's 2022 Fact Sheet, Social Security is the major source of income for most of the elderly. When you claim Social Security, you only have one opportunity to get the maximum income you are eligible for. Whether you envision remaining in the workforce for several more years, or just want to make sure you're set up to get your full benefits for when you claim next year, call Correct Capital's Clayton, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.
7 Ways to Increase Your Social Security Check in Clayton, MO
While an optimal retirement plan will consist of money from a variety of sources, it's still important to make sure you're getting the most out of Social Security. Below, you'll find seven tried-and-true strategies for any earner to increase 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, 86% of non-retired Americans who are 45 and up know that they can receive more in Social Security if they wait to claim benefits, yet only 11% plan to wait until age 70.
Pursuant to the Social Security Amendments of 1983, if you were born in 1960 or later your full retirement age is 67. If you are no longer working by 62, the first year you can claim Social Security, your payout would be reduced 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 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
Of course, you may want to trade off the extra money with other things you want to do in retirement, such as spending more time with your Clayton, 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 might be beneficial to retire later to unlock the higher benefits.
2. Work at Least 35 Full Years
The Social Security Administration calculates 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 are in the workforce for less than 35 years, the years you didn't work count for nothing. If you work more than 35 years, your higher earning years will cancel out the years you earned the least, increasing your monthly check.
If you keep working in Clayton, MO after you've started claiming benefits, those years also count towards your AIME.
3. Earn More Money
While this is a no-brainer, it's also one of the only things you can do now in order to increase how much you eventually receive. Higher income 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 whether you'll be eligible for 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, 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. Again, it's advisable to wait until the full retirement age to get the full 50%.
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 higher monthly income.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is important throughout our financial lives, and that is no different once we retire. You may have to pay taxed if you claim benefits in Clayton, MO early and keep working. When calculating how much your benefits will be taxed, the IRS has a formula that adds your nontaxable income, 50% of your Social Security benefit, and your adjusted gross income.If that total 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 50% of your Social Security income will be subject to federal taxes. If that total exceeds those numbers, up to 85% of your Social Security income can be subject to taxes.
While not every state may tax Social Security, 12 states (including Missouri) may tax your Social Security benefits.
Another thing to take into account is that if you keep working after claiming Social Security, you may unintentionally make yourself have to pay more in income tax.
6. Double-Check the Social Security Administration's Work
The SSA sends your personal Social Security statement statement every year, 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 computes your AIME.
7. Hire a Qualified Clayton, MO Social Security Consultant
It's hard to replace the expertise of any professional in a given field, and many individuals and families in Clayton, MO retirement planning and Social Security benefits themselves, whether because of time, knowledge, or interest. With the day-to-day grind of growing professionally and providing for your family, it can be easy to let something important like Social Security planning get lost in the shuffle when it's still years or decades until you'll claim. Correct Capital's team of Clayton, MO Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners live out the golden years they always envisioned, and feel confident in their financial future. Our team is made up of financial 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 services in Clayton, 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 Clayton, MO, take advantage of Correct Capital's and Savology's free online retirement calculator, or schedule an appointment with one of our advisors today.
Other services we offer in Clayton, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
Social Security Consultants Near Me in Clayton, MO | Correct Capital Wealth Management
At Correct Capital, our Clayton, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals are capable of much more than just getting you the maximum Social Security pay out. We create a comprehensive, tailored financial plan for you to ensure the retirement funds in all your accounts are best positioned for long-term growth and stability. Reach out to Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Clayton, MO.
