Social Security Consultant Near Me
Social security consultants near me in Country Life Acres, MO. While it may be comforting that The U.S. Government provides an income for workers in retirement, retirement planning is still necessary to live the golden years you dreamed of. Experienced Social Security consultants in Country Life Acres, MO will work with you, not just to maximize your Social Security benefits, but design 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 offer a variety of tools, resources, and insights to our clients so they feel secure about where their money in retirement will come from.
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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. When you initially apply your benefits, you only have one opportunity to get the most amount of income you are eligible for. 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 soon, reach out to Correct Capital's Country Life Acres, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.
Maximum Your Social Security Benefits in Country Life Acres, MO in 7 Steps
While a retirement plan that truly allows you to live the golden years you wanted will consist of money from employer-backed plans, IRAs, and other accounts, you'll still want to make sure you're not leaving any money on the table when it comes to your Social Security benefits. Below, you'll find seven time-tested ways for any worker to maximize 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 86% of non-retired Americans who are 45 and up are aware that remaining in the workforce for longer will increase their payout, yet only one out of 10 plan to wait until age 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 claim Social Security, your retirement benefits would be lowered by 30%, and your spouse's by 35%. If you wait until age 70 to claim, 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
Obviously, you might decide to trade off the extra benefits with other things you want to do in your golden years, such as seeing your Country Life Acres, MO family more or finally perfecting your golf game. 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's worth holding out for 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 calculates your benefits based on the 35 years you made the most money. If you you retire before you worked for 35 years, the years you didn't work will count as zeros. If you were in the workforce for more than 35 years, your higher earning years will take the place of your lower earning years, increasing your benefit.
If you keep working in Country Life Acres, MO after you've started receiving Social Security, those years also get added into your benefits calculation.
3. Earn More Money
While this seems obvious, it's also one of the only things you can do far before your retirement age in order to increase your benefits when you eventually retire. The more money you make, 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 calculate whether you'll be eligible for the maximum retirement benefit. So, being more assertive in seeking raises, promotions, or better-paying jobs, 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, that number is $160,200.
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 the higher benefit is. Again, you will not get the full 50% of you claim benefits before your full retirement age.
If your spouse has passed away, 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 that will be higher.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is vital throughout our financial lives, including in retirement. You may have to pay taxed if you claim benefits in Country Life Acres, MO early and plan to continue working after you start receiving Social Security. When figuring out 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 total is under $25,000 for individuals or $32,000 for joint filers, there will be no federal tax consequences. 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 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 could accidentally move into a higher tax bracket.
6. Double-Check the Social Security Administration's Work
Each year, you receive 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. 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 benefits.
7. Hire a Qualified Country Life Acres, MO Social Security Consultant
It's hard to replace the expertise of any professional in a given field, and many individuals and families in Country Life Acres, MO retirement planning and Social Security benefits themselves, whether because of time, know-how, or interest. With so much of our energy spent on our careers and our families, it can be easy to let something important like Social Security planning get forgotten among other things when it's still years or decades until you'll claim. Correct Capital's group of Country Life Acres, MO Social Security consultants has over 75 years of combined experience helping individuals, families, and business owners achieve the golden years they always envisioned, and feel good in their financial future. Our team is made up of financial advisors and a committed support staff, all with the experience, knowledge, and drive needed to deliver positive client experiences. Through prudent tax planning, active asset management, and other areas of expertise in Country Life Acres, 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 Country Life Acres, MO, check out 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 Country Life Acres, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
Social Security Consultants Near Me in Country Life Acres, MO | Correct Capital Wealth Management
At Correct Capital, our Country Life Acres, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals do more than just optimize your Social Security check. We create a holistic, tailored 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 Country Life Acres, MO.
