Social Security Consultant Near Me
Social security consultants near me in Columbia, IL. While it may be reassuring that The U.S. Government provides an income for us in retirement, that doesn't automatically ensure that you'll have the money you need to live the retirement you want. Experienced Social Security consultants in Columbia, IL can help you not just maximize your Social Security benefits, but create 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 offer a variety of tools, resources, and insights to our clients 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 initially apply your benefits, you only have one opportunity to get the most amount of income you are eligible for. Whether you envision remaining in the workforce for another couple decades, or just need someone to look over your plan to ensure you have things lined up right for when you claim benefits next year, call Correct Capital's Columbia, IL Social Security consultants and fiduciary advisors today at 314-930-401(k) or fill out our online form.
Maximum Your Social Security Benefits in Columbia, IL in 7 Steps
While a retirement plan that truly allows you to live the life you wanted will consist of money 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, you'll find seven proven strategies for any retiree 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
A Schroders 2022 U.S. Retirement Survey reported that 86% 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 one out of 10 plan to wait until age 70.
Under the rules set forth in the Social Security Amendments of 1983, anyone born in 1960 or later has a full retirement age of 67. If you retire at 62, the earliest you can claim Social Security, your retirement benefits 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 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 prefer balancing your Social Security benefits with other life goals, such as spending more time with your Columbia, IL family or finally visiting those dream vacation spots. But it's important to understand what retiring at what age will mean for your benefits, and to consider, along 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 how much you'll receive for your payout by using "average indexed monthly earnings" (AIME). AIME takes into account the 35 years you had the highest income. If you didn't work for 35 years, the years you didn't work count for nothing. If you have more than 35 years of recorded income, your higher earning years will take the place of your lower earning years, boosting your benefit.
If you continue working in Columbia, IL after you've started receiving Social Security, those years also get added into your AIME.
3. Earn More Money
While this seems obvious, it's also one of the biggest things you can do now in order to increase your benefits down the road. Making more money 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 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, 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 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 the higher benefit is. Again, it's recommended to wait until the full retirement age to get the full 50%.
If your spouse has passed away, 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 that will be higher.
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 Columbia, IL early and keep working. When figuring out how much your benefits will be taxed, the IRS will add up your nontaxable income, half 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.
Another factor to take into account is that if you keep working after claiming Social Security, you may accidentally 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 the taxes you've paid into social security. 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. You'll want your highest earning years to be recorded for when the administration computes your AIME.
7. Hire a Qualified Columbia, IL Social Security Consultant
Professionals in any field usually know their area of practice the best, and many workers in Columbia, IL just don't have the time, knowledge, or interest to manage their retirement planning and Social Security benefits themselves. With large portions of our everyday lives spent on our careers and providing for your family, it can be easy to let something important like Social Security planning get forgotten among other things when it feels like it's years, or even decades, down the road. Correct Capital's group of Columbia, IL Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners live out the retirement of their dreams, 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 careful tax planning, active asset management, and other services in Columbia, IL such as 401(k) rollover, we'll do our part to give you a financially secure and happy retirement.
For more help with your retirement planning needs in Columbia, IL, take a look at Correct Capital's and Savology's free online retirement retirement planning tool, or make a get-to-know-you call with a member of our team today.
Other services we offer in Columbia, IL 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 Columbia, IL | Correct Capital Wealth Management
At Correct Capital, our Columbia, IL Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals do more than just optimize your Social Security check. 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 Columbia, IL.
