Social Security Consultant Near Me
Social security consultants near me in Cottleville, MO. While it's reassuring that Uncle Sam has a safety net for us in retirement, that doesn't automatically ensure that you'll have the money you need to live the retirement you dreamed of. Knowledgeable Social Security consultants in Cottleville, MO can help you not just maximize your Social Security benefits, but create a comprehensive retirement plan that can help ensure your money is best positioned for growth and long-term stability. At Correct Capital Wealth Management, we get to know our clients personally and come up with a plan they're involved in so they can live out the retirement they always wanted.
According to research 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 still have a lot of work to do before you decide to retire, or just need someone to look over your plan to ensure you're set up to get your full benefits for when you claim soon, call 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 an optimal retirement plan will include money from employer-backed plans, IRAs, and other accounts, it's still important to make sure you're getting the most out of Social Security. Below, we've listed seven proven strategies for any earner 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
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 they can receive more in Social Security if they wait to claim benefits, yet only just above 10% plan to retire at 70.
Under the rules provided in the Social Security Amendments of 1983, any worker whose date of birth was in 1960 or later has a full retirement age of 67. If you leave the workforce at 62, the earliest you can apply for benefits, your retirement benefits 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 70
- $4,194 a month if you retire at 70
Obviously, you might decide to trade off the extra money with other things you want to do in your golden years, such as seeing your Cottleville, 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 consider, along with your financial advisor, if it might be beneficial to retire later to maximize your benefits.
2. Work at Least 35 Full Years
The Social Security Administration computes 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 are in the workforce for less than 35 years, the years you didn't work count for nothing. If you were in the workforce for more than 35 years, your higher earning years will cancel out your lower earning years, boosting your benefit.
If you continue working in Cottleville, MO after you've started receiving Social Security, those years will count towards your AIME once you start claiming full benefits.
3. Earn More Money
While this is a no-brainer, it's also incredibly helpful in increasing 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 calculate if you're able to receive the highest possible Social Security income. So, being more aggressive in pursuing raises, promotions, or seeking the next step up at another company, or adding extra income from other sources, may help make you eligible for the maximum benefit. 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 both spouses worked, 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 important 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 elect for your survivor’s benefit at age 60 (although like retirement and spousal benefits, it will be reduced) 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 important 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 Cottleville, MO early and plan to continue working after you start claiming benefits. When figuring out what the tax consequences are, the IRS has a formula that adds your nontaxable income, half your Social Security benefit, and your adjusted gross income.If that total 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 50% of your Social Security income can be taxed by the federal government. If your income is more than that, up to 85% of your Social Security income can be taxed.
Your Social Security income may also be subject to state taxes in Missouri.
Another factor to take into account is that if you keep working after claiming benefits, you may 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 money you earned and how much you paid in Social Security taxes. 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 your highest earning years to be noted for when the administration computes 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 growing professionally and putting food on the table, it can be easy to forget about Social Security planning when it's still years or decades until you'll start receiving benefits. Correct Capital's group of Cottleville, MO Social Security consultants has over 75 years of combined experience helping individuals, families, and business owners live out the golden years they always envisioned, and have peace of mind about 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 areas of expertise 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, take advantage of Correct Capital's and Savology's free online retirement retirement planning tool, or make 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
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 an exhaustive, 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. Call Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Cottleville, MO.
