Social Security Consultant Near Me
Social security consultants near me in Columbia, IL. While it may be comforting that the federal government has a safety net for workers 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 Columbia, IL can help you not only get the highest possible income from Social Security, but provide a comprehensive retirement plan that includes income from a variety of sources. 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, 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're planning for decades into the future, 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, reach out to Correct Capital's Columbia, IL Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.
7 Ways to Increase Your Social Security Check in Columbia, IL
While a retirement plan that truly allows you to live the golden years you wanted will include income from employer-backed plans, IRAs, and other accounts, you'll still want 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
According to a Schroders 2022 U.S. Retirement Survey, 86% of non-retired Americans aged 45 and older know that remaining in the workforce for longer will increase their payout, yet only one out of 10 plan to wait until age 70.
Under the rules set forth 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 claim Social Security, your payout would be decreased 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 payout by around 77% compared to age 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
Obviously, you may want to trade off the extra income with other life goals, such as visiting your Columbia, IL family more 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's worth holding out for a few extra years to increase your benefits.
2. Work at Least 35 Full Years
The Social Security Administration determines how much you'll receive for your Social Security income by using "average indexed monthly earnings" (AIME). AIME is based off your 35 highest-earning years. If you are in the workforce for less than 35 years, the years you didn't receive an income will count as zeros. If you earned an income in more than 35 years, the years with the highest income will take the place of the years you earned the least, boosting your monthly check.
If you keep working in Columbia, IL after you've started receiving Social Security, those years also count towards your benefits calculation.
3. Earn More Money
While this is what most of us strive for anyway, it's also considerably helpful in increasing how much you eventually receive. The more you earn, the higher the Social Security Administration will calculate your benefits, and the more you'll pay in Social Security taxes. The SSA takes both of those into account to help calculate whether you can get the maximum retirement benefit. So, being more assertive in seeking raises, promotions, or seeking the next step up at another company, or picking up a side hustle, may help make you eligible for the maximum benefit. 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 both spouses were in the workforce, the spouse with lower earnings can claim their own Social Security benefits, or up to 50% of the higher earner's benefits, whichever the higher benefit is. Just like when claiming your own benefits, it's important to hold off on claiming until the full retirement age to get the full 50%.
If your spouse is deceased, 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 larger check.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is essential throughout our financial lives, and that is no different in retirement. There will be tax consequences if you started receiving Social Security in Columbia, IL before your full retirement age and keep working. 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, there will be no federal tax implications. Between $25,000 and $34,000 for individuals and $32,000 and $44,000 for joint filers, up to half your Social Security income will be subject to federal taxes. If that total exceeds those numbers, up to 85% of your benefit can be subject to taxes.
Your benefits may also be subject to state taxes in Missouri.
Similarly, if you keep working after you start receiving benefits, you could accidentally make yourself have to pay more in income tax.
6. Double-Check the Social Security Administration's Work
The SSA creates your personal Social Security statement statement every year, which how much income was recorded and the taxes you've paid into social security. 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 in the official 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 retirement planning and Social Security benefits themselves, whether because of time, knowledge, or interest. With so much of our energy spent on our careers and providing for your family, it can be easy to let something important like Social Security planning fall into the cracks when it's still years or decades until you'll claim. Correct Capital's team 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 secure in their financial future. Our team is comprised of award-winning 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 Columbia, IL 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 Columbia, IL, check out Correct Capital's and Savology's free online retirement calculator, or make a get-to-know-you call with one of our advisors 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
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 are capable of much more than just getting you the maximum Social Security benefits. We create an exhaustive, tailored financial plan for you to ensure your own retirement savings are best positioned for long-term growth and stability. Get in touch with Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Columbia, IL.
