Social Security Consultant Near Me
Social security consultants near me in Cottleville, MO. While it may be comforting that The U.S. Government has a safety net for us in retirement, you still need to plan ahead to live the retirement you want. Qualified Social Security consultants in Cottleville, MO can help you not just get the highest possible income from Social Security, but design a comprehensive retirement plan that includes income from IRAs, 401(k)s, and other retirement funds. 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.
According to research from the Social Security Administration, 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 want to make sure you have things lined up right for when you claim benefits next year, call Correct Capital's Cottleville, MO Social Security consultants and fiduciary advisors today at 314-930-401(k) or fill out our online form.
7 Ways to Increase Your Social Security Check in Cottleville, MO
While an optimal retirement plan will consist of money from numerous sources, it's still important to make sure you're getting the most out of Social Security. Below, we've listed seven proven ways for any retiree to get the most out of their Social Security benefits:
- 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, almost nine out of 10 non-retired Americans who are 45 and up know that remaining in the workforce for longer will increase their payout, yet only 11% are planning 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 retire at 62, the first year you can claim benefits, your retirement benefits would be diminished by 30%, and your spouse's by 35%. Retiring at up to age 70 would mean you receive 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 full retirement age
- $4,194 a month if you retire at 70
Of course, you may want to trade off the extra benefits with other things you want to do in retirement, such as spending more time with your Cottleville, MO family or finally visiting those dream vacation spots. But you still need 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 maximize your 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 considers the 35 years you had the highest income. If you are in the workforce for less than 35 years, the years you didn't receive an income count for nothing. If you have more than 35 years of recorded income, your higher earning years will cancel out the years you earned the least, increasing your benefit.
If you keep working in Cottleville, MO after you've started receiving Social Security, those years also count towards your AIME.
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 your AIME will be, 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 were in the workforce, 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 advisable 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 start claiming that 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 essential throughout our financial lives, including once we retire. You may have to pay taxed if you claim benefits in Cottleville, MO before your full retirement age and plan to continue working after you start claiming benefits. When calculating what the tax consequences are, the IRS will add up 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, 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 Social Security income 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 might accidentally make yourself have to pay more in income tax.
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. 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 the years for the highest income to be in the official recorded for when the administration calculates your benefits.
7. Hire a Qualified Cottleville, MO Social Security Consultant
Professionals in any field usually know their area of practice the best, and many individuals and families in Cottleville, MO retirement planning and Social Security benefits themselves, whether because of time, know-how, or interest. With the day-to-day grind of our careers and providing for your family, it can be easy to let something important like Social Security planning get lost in the shuffle when it feels like it's years, or even decades, down the road. Correct Capital's group of Cottleville, MO Social Security consultants has decades of combined experience helping individuals, families, and business owners live out the golden years 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 careful tax planning, active asset management, and other services in Cottleville, MO 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 Cottleville, MO, check out Correct Capital's and Savology's free online retirement calculator, or schedule an appointment with a member of our team today.
Other services we offer in Cottleville, MO 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 Cottleville, MO | Correct Capital Wealth Management
At Correct Capital, our Cottleville, 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 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 314-930-401(k) or contact us online for dependable, experienced, and trustworthy Social Security consultants in Cottleville, MO.
