Social Security Consultants Near Me in Concord, MO

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Social Security Consultant Near MeGet the Most From Your Social Security Benefits With Knowledgeable Financial Advisors in Concord, MO

Social security consultants near me in Concord, MO. While it's reassuring that The U.S. Government has a safety net for us after we've left the workforce, 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 Concord, MO can help you not just maximize your Social Security benefits, but provide a comprehensive retirement plan that includes income from a variety of sources. 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 secure about where their money in retirement will come from.


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According to research 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 leave the workforce, or just want to make sure you have things lined up right for when you claim benefits soon, reach out to Correct Capital's Concord, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.

Social Security Consultants Near Me Concord, MO | Retirement Planning | Financial Advisors | Wealth Management Near Concord

Maximum Your Social Security Benefits in Concord, MO in 7 Steps

While the best retirement plans will consist of income from a variety of sources, you'll still want to make sure you're getting the most out of Social Security. Below, you'll find seven time-tested methods for any retiree to get the most out of their income from Social Security:

  1. Wait to Claim Benefits
  2. Work at Least 35 Full Years
  3. Earn More Money
  4. Claim Spousal Benefits
  5. Avoid Social Security Taxes
  6. Double-Check the Social Security Administration's Work
  7. Hire a Qualified Social Security Consultant

1. Wait to Claim Benefits

According to a Schroders 2022 U.S. Retirement Survey, almost 90% of Americans who are still in the workforce aged 45 and older know that they can receive more in Social Security if they wait to claim benefits, yet only one out of 10 are planning to retire at 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 leave the workforce at 62, the earliest you can claim benefits, your retirement benefits would be decreased 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 benefit 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 life goals, such as seeing your Concord, MO family more or finally spending more time at that timeshare in Aspen. But you still need to understand what retiring at what age will mean for your Social Security income, and to talk over with your financial advisor if it's worth waiting a few extra years to maximize your benefits.

2. Work at Least 35 Full Years

The Social Security Administration determines your monthly Social Security benefits using "average indexed monthly earnings" (AIME). AIME is based off the 35 years you had the highest income. If you are in the workforce for less than 35 years, the years you didn't work will count as zeros. If you earned an income in more than 35 years, your higher earning years will cancel out the years you earned the least, boosting your monthly check.

If you continue working in Concord, MO after you've started claiming benefits, those years also count towards your benefits calculation.

3. Earn More Money

While this seems obvious, it's also one of the only things you can do now in order to increase 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 determine 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, earnings over a specific amount are not factored into your retirement benefits. In 2023, that number is $160,200.


4. Claim Spousal Benefits

If both spouses worked, the spouse with lower earnings can claim claim Social Security through their own work history, or up to half of the higher earner's benefits, whichever the higher benefit is. Just like when claiming your own benefits, you will not get the full 50% of you retire before your full retirement age.

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 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 remains true in retirement. You may have to pay taxed if you claim benefits in Concord, MO before your full retirement age and plan to continue working after you start claiming benefits. 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 benefit can be taxed by the federal government. If that total exceeds those numbers, up to 85% of your Social Security income 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 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. Notify the SSA if there is a discrepancy in your income or how much Social Security taxes you paid. You'll want the years for the highest income to be recorded for when the administration calculates your AIME.


7. Hire a Qualified Concord, MO Social Security Consultant

It's hard to replace the expertise of any professional in a given field, and many workers in Concord, MO 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's not hard to forget about Social Security planning when it's still years or decades until you'll claim. Correct Capital's group of Concord, MO Social Security consultants has over 75 years of combined experience helping individuals, families, and business owners achieve the retirement of their dreams, and have peace of mind about their financial future. Our team is comprised 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 Concord, 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 Concord, MO, take a look at Correct Capital's and Savology's free online retirement calculator, or make an appointment with one of our advisors today.

Other services we offer in Concord, MO include:

Social Security Consultants Near Me Concord, MO | Retirement Planning | Financial Advisors | Wealth Management Near Concord

Social Security Consultants Near Me in Concord, MO | Correct Capital Wealth Management

At Correct Capital, our Concord, 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 holistic, personalized financial plan for you to ensure your own retirement savings are growing and that your retirement income will come from a variety of sources. Reach out to Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Concord, MO.


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