Social Security Consultant Near Me
Social security consultants near me in Cottleville, MO. While it's comforting that Uncle Sam has a safety net for workers after we've left the workforce, retirement planning is still necessary to live the golden years you want. Dedicated Social Security consultants in Cottleville, MO can help you not only maximize your Social Security benefits, but design a holistic retirement plan that includes income from IRAs, 401(k)s, and other retirement funds. 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.
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According to research from the Social Security Administration, over a third of Americans receive 50% or more of their retirement income from Social Security. When you initially apply your benefits, you only have one opportunity to get the maximum income you are eligible for. 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 next year, reach out to Correct Capital's Cottleville, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.
Maximum Your Social Security Benefits in Cottleville, MO in 7 Steps
While a retirement plan that truly allows you to live the life you wanted will include income from numerous sources, it's still important to make sure you're getting the most out of Social Security. Below, you'll find seven tried-and-true methods for any retiree to increase 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 reported that almost nine out of 10 non-retired Americans aged 45 and older understand that they can receive more in Social Security if they wait to claim benefits, yet only 11% plan 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 are no longer working by 62, the earliest you can apply for Social Security, 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 would increase your checks 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
Of course, you may prefer balancing your Social Security benefits with other life goals, such as seeing your Cottleville, MO family more or finally visiting those dream vacation spots. But it's important to understand what retiring at what age will mean for your benefits, and to talk over with your financial advisor if it's worth waiting 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 benefits by using "average indexed monthly earnings" (AIME). AIME takes into account the 35 years you had the highest income. If you didn't work for 35 years, the years you didn't work will count as zeros. If you work more than 35 years, the years in which you earned the most will take the place of the years you earned the least, increasing your Social Security income.
If you remain in the Cottleville, MO workforce 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 one of the biggest things you can do now 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. Both of those factors help determine 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, the spouse with lower earnings can claim their own Social Security benefits, or up to 50% of the higher earner's benefits, whichever is higher. Just like when claiming your own benefits, you will not get the full 50% of you claim benefits before your full retirement age.
If your spouse has passed away, 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 claim your own benefit down the road if that will be higher.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is essential throughout our financial lives, and that is no different once we retire. You may have to pay taxed if you claim benefits in Cottleville, MO early and plan to continue working after you start receiving Social Security. 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 total is below $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 50% of your benefit will be subject to federal taxes. If that total exceeds those numbers, up to 85% of your benefit can be subject to taxes.
Your Social Security income may also be subject to state taxes in Missouri.
Another aspect to take into account is that if you keep working after claiming 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 money you earned and how much you paid in Social Security taxes. Check the Social Security Administration's records against your W2, pay stubs, or tax returns. 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 computes your AIME.
7. Hire a Qualified Cottleville, MO Social Security Consultant
Professionals in any field usually know their area of practice the best, and many workers in Cottleville, 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 putting food on the table, 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 Cottleville, MO Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners live out the retirement they always envisioned, and feel confident 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 services in Cottleville, 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 Cottleville, MO, take advantage of 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 Cottleville, MO include:
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 do more than just optimize your Social Security pay out. We create a comprehensive, personalized financial plan for you to ensure the retirement funds in all your accounts are growing and that your retirement income will come from a variety of sources. Call Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Cottleville, MO.
