Social Security Consultant Near Me
Social security consultants near me in Clayton, MO. While it may be comforting that The U.S. Government has a safety net for us in retirement, that doesn't automatically ensure that you'll have the money you need to live the golden years you want. Qualified Social Security consultants in Clayton, MO will work with you, not just to maximize your Social Security benefits, but provide a holistic retirement plan that can help ensure your money is optimally 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 can live out the retirement they always wanted.
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 still have a lot of work to do before you decide to retire, or just want to make sure you're set up to get your full benefits for when you claim next year, reach out to Correct Capital's Clayton, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.
Maximum Your Social Security Benefits in Clayton, MO in 7 Steps
While the best retirement plans will consist of income from employer-backed plans, IRAs, and other accounts, it's still important to make sure you're getting everything you can when it comes to your Social Security benefits. Below, we've listed seven tried-and-true methods for any retiree to increase their Social Security payout:
- 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 90% of Americans who are still working who are 45 and up understand that they can receive more in Social Security if they wait to claim benefits, yet only 11% are planning to retire at 70.
Under the rules provided in 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 earliest you can apply for Social Security, your payout would be reduced by 30%, and your spouse's by 35%. If you wait until age 70 to claim, you receive delayed retirement benefits, which gives you about 77% more each month than retiring at 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 70
- $4,194 a month if you retire at 70
Of course, you may want to trade off the extra money with other life goals, such as spending more time with your Clayton, MO family or finally visiting those dream vacation spots. But it's important to understand how your retirement age affects 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 computes your monthly Social Security benefits 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 receive an income count for nothing. If you were in the workforce for more than 35 years, your higher earning years will take the place of your lower earning years, increasing your benefit.
If you remain in the Clayton, MO workforce after you've started receiving Social Security, those years also count towards your AIME.
3. Earn More Money
While this is what most of us strive for anyway, it's also one of the biggest 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 determine if you're able to receive the highest possible Social Security income. So, being more aggressive in asking for raises, promotions, or better-paying jobs, or picking up a side hustle, may help make you eligible for the maximum benefit. However, the SSA places a cap on how much income can count towards your AIME. In 2023, income over $160,200 will not be calculated.
4. Claim Spousal Benefits
If you and your spouse both received income, the spouse with lower earnings 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. Again, you will not get the full 50% of you claim benefits before your full retirement age.
If your spouse has passed away, 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 that will be higher.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is important throughout our financial lives, and that remains true in retirement. There will be tax consequences if you claim benefits in Clayton, MO before your full retirement age and keep working. When calculating how much your benefits will be taxed, the IRS will add up 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 benefit can be taxed by the federal government. If that total exceeds those numbers, up to 85% of your benefit can be taxed.
Your benefits may also be subject to state taxes in Missouri.
Similarly, if you keep working after you start receiving benefits, you could unintentionally make yourself have to pay more in income tax.
6. Double-Check the Social Security Administration's Work
Each year, you get 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. It's important for your highest earning years to be noted for when the administration calculates 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 workers in Clayton, 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 providing for your family, it's not hard to forget about Social Security planning when it's still years or decades until you'll claim. Correct Capital's team of Clayton, MO Social Security consultants has over 75 years of combined experience helping individuals, families, and business owners live out the retirement they always envisioned, and feel good in 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 Clayton, 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 Clayton, 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 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 do more than just optimize your Social Security benefits. We create an exhaustive, tailored financial plan for you to ensure the retirement funds in all your accounts are best positioned for long-term growth and stability. Call Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Clayton, MO.
