Social Security Consultant Near Me
Social security consultants near me in Columbia, IL. While it may be comforting that the federal government provides an income for workers after we've left the workforce, retirement planning is still necessary to live the retirement you want. Dedicated 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 feel secure about where their retirement income 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, Social Security is the major source of income for most of the elderly. You must apply for the maximum benefits you are eligible for when you first file. Whether you're planning for decades into the future, or just want to make sure you have things lined up right for when you claim benefits next year, reach out to Correct Capital's Columbia, IL Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.
Maximum Your Social Security Benefits in Columbia, IL in 7 Steps
While the best retirement plans will consist of money from numerous sources, 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, we've listed seven proven methods for any retiree 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 stated that almost 90% of Americans who are still working who are 45 and up know that remaining in the workforce for longer will increase their payout, yet only one out of 10 plan to retire at 70.
Pursuant to the Social Security Amendments of 1983, anyone whose date of birth was in 1960 or later has a full retirement age of 67. If you are no longer working by 62, the first year you can apply for benefits, your payout would be reduced by 30%, and your spouse's by 35%. Retiring at up to age 70 would mean 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
Of course, you might prefer balancing your Social Security benefits with other things you want to do in retirement, such as spending more time with your Columbia, IL family or finally perfecting your golf game. But you still need to understand what retiring at what age will mean for your benefits, and to talk over 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 determines how much you'll receive for your benefits by using "average indexed monthly earnings" (AIME). AIME calculates your benefits based on the 35 years you made the most money. If you didn't work for 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 Social Security income.
If you continue working in Columbia, IL after you've started receiving Social Security, 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 far before your retirement age 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, being more aggressive in pursuing raises, promotions, or better-paying jobs, or picking up a side hustle, 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, the spouse who earned less can claim their own Social Security benefits, or up to half of the higher earner's benefits, whichever the higher benefit is. Just like when claiming your own benefits, it's recommended to hold off on claiming 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 later elect for your benefit if your work record provides a higher monthly income.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is vital throughout our financial lives, and that is no different once we retire. You may have to pay taxed if you started receiving Social Security in Columbia, IL early 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 below $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 benefit can be taxed.
While not every state may tax Social Security, 12 states (including Missouri) may tax your Social Security benefits.
Similarly, if you keep working after you start receiving benefits, you might 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. It's important for the years for the highest income to be recorded for when the administration calculates your benefits.
7. Hire a Qualified Columbia, IL Social Security Consultant
Professionals in any field usually know their area of practice the best, and many people in Columbia, IL just don't have the time, knowledge, or interest to manage their retirement planning and Social Security benefits themselves. With the day-to-day grind of our careers and our families, it can be easy to forget about Social Security planning when it feels like it's years, or even decades, down the road. Correct Capital's team of Columbia, IL Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners achieve the retirement they always envisioned, and feel good 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 areas of expertise in Columbia, IL such as 401(k) rollover, we'll do our part to provide you with 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 calculator, or schedule 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
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, tailored financial plan for you to ensure your own retirement savings 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 Columbia, IL.
