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 Retirement Planners 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 workers after we've left the workforce, you still need to plan ahead to live the golden years you want. Knowledgeable Social Security consultants in Concord, MO will work with you, not just to maximize your Social Security benefits, but design a holistic 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 retirement they always wanted.


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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.

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According to data from the Social Security Administration, 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 envision remaining in the workforce for a lot more time, or just need someone to look over your plan to ensure you have things lined up right for when you claim benefits soon, call 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

7 Ways to Increase Your Social Security Check in Concord, MO

While an optimal retirement plan will consist of money from a variety of sources, it's still important to make sure you're getting the most out of Social Security. Below, you'll find seven proven strategies for any worker to increase their Social Security check:

  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 nine out of 10 non-retired Americans who are 45 and up are aware that remaining in the workforce for longer will increase their Social Security income, yet only 11% are planning to wait until age 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 retire at 62, the earliest you can claim Social Security, your payout would be reduced 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 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

Obviously, you may prefer balancing your Social Security benefits with other life goals, such as spending more time with your Concord, MO 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 think about, as a team with your financial advisor, if it's worth holding out for a few extra years to unlock the higher 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 the 35 years you had the highest income. If you you retire before you worked for 35 years, the years you didn't receive an income will count as zeros. If you work more than 35 years, your higher earning years will take the place of the years you earned the least, boosting your Social Security income.

If you keep working in Concord, MO after you've started claiming benefits, 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 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 whether you'll be eligible for the maximum retirement benefit. So, being more assertive in asking for raises, promotions, or seeking the next step up at another company, 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, you can claim either 50% of the higher earners benefits or the full benefits of the other spouse, whichever is higher. 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 (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 higher monthly income.



5. Avoid Paying Too Much in Social Security Taxes

Tax planning is an important part of any financial consideration, and that remains true once we retire. There will be tax consequences 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, half 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 benefit can be taxed by the federal government. If that total exceeds those numbers, up to 85% of your Social Security income can be subject to taxes.

Missouri is only one of 12 states that may tax your Social Security benefits.

Similarly, if you keep working after you start receiving benefits, you could accidentally move into a higher tax bracket.

6. Double-Check the Social Security Administration's Work

Each year, you get a Social Security statement 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 noted for when the administration calculates your AIME.


7. Hire a Qualified Concord, MO Social Security Consultant

Professionals in any field usually know their area of practice the best, and many workers in Concord, MO retirement planning and Social Security benefits themselves, whether because of time, know-how, or interest. With large portions of our everyday lives spent on growing professionally 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 start receiving benefits. Correct Capital's team of Concord, MO Social Security consultants has decades of combined experience helping individuals, families, and business owners achieve the golden years of their dreams, and feel secure in their financial future. Our team is made up 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 Concord, 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 Concord, MO, check out Correct Capital's and Savology's free online retirement retirement planning tool, or schedule an appointment with a member of our team 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 PLANNERā„¢ professionals do more than just optimize your Social Security pay out. We create an exhaustive, tailored financial plan for you to ensure your own retirement savings 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 Concord, MO.


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