Social Security Consultants Near Me in Country Life Acres, MO

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Social Security Consultant Near MeMaximize Your Social Security Benefits With Experienced Financial Advisors in Country Life Acres, MO

Social security consultants near me in Country Life Acres, MO. While it may be comforting that Uncle Sam has a safety net for us after we've left the workforce, retirement planning is still necessary to live the golden years you dreamed of. Dedicated Social Security consultants in Country Life Acres, 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 feel confident about where their retirement income 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 the Social Security Administration's 2022 Fact Sheet, Social Security is the major source of income for most of the elderly. When you initially apply your benefits, you only have one chance 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're set up to get your full benefits for when you claim next year, reach out to Correct Capital's Country Life Acres, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.

Social Security Consultants Near Me Country Life Acres, MO | Retirement Planning | Financial Advisors | Wealth Management Near Country Life Acres

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 include income 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 tried-and-true strategies for any earner to increase their income from Social Security:

  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

A Schroders 2022 U.S. Retirement Survey stated that almost 90% of 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 11% are planning to retire at 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 first year you can claim benefits, your retirement benefits would be reduced by 30%, and your spouse's by 35%. If you wait until age 70 to claim, you are eligible for 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 spending more time with your Country Life Acres, MO family or finally perfecting your golf game. But it's important to understand how your retirement age affects your benefits, and to consider, along with your financial advisor, if it might be beneficial to retire later to unlock the higher 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 takes into account your 35 highest-earning years. If you are in the workforce for less than 35 years, the years you didn't receive an income count for nothing. If you earned an income in more than 35 years, your higher earning years will take the place of your lower earning years, increasing your benefit.

If you remain in the Country Life Acres, MO workforce 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 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. The SSA takes both of those into account to help calculate whether you'll be eligible for the maximum retirement benefit. So, being more aggressive in pursuing raises, promotions, or better-paying jobs, or adding extra income from other sources, may help make you eligible for the maximum benefit. However, the SSA places a cap on how much income can count towards your benefits. In 2023, that number is $160,200.


4. Claim Spousal Benefits

If both spouses were in the workforce, the spouse who earned less can claim their own Social Security benefits, or up to half of the higher earner's benefits, whichever is higher. 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 start claiming that benefit at age 60 (although like retirement and spousal benefits, it will be reduced) 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 vital throughout our financial lives, and that remains true in retirement. There will be tax consequences if you started receiving Social Security in Country Life Acres, MO early and plan to continue working after you start receiving Social Security. When figuring out how much your benefits will be taxed, the IRS will add up your nontaxable income, 50% of your Social Security benefit, and your adjusted gross income.If that sum is below $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 benefit will be subject to federal taxes. If your income is more than that, up to 85% of your benefit can be subject to taxes.

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

Another thing to take into account is that if you keep working after you start receiving benefits, you could unintentionally 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 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. It's important for your highest earning years to be in the official recorded for when the administration calculates your AIME.


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 people in Country Life Acres, MO just don't have the time, knowledge, or interest to manage their retirement planning and Social Security benefits themselves. With the day-to-day grind of growing professionally and providing for your family, it can be easy to let something important like Social Security planning get lost in the shuffle when it's still years or decades until you'll claim. Correct Capital's team of Country Life Acres, MO Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners achieve the retirement they always envisioned, and feel good 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 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 calculator, or schedule a get-to-know-you call with one of our advisors today.

Other services we offer in Country Life Acres, MO include:

Social Security Consultants Near Me Country Life Acres, MO | Retirement Planning | Financial Advisors | Wealth Management Near Country Life Acres

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 PLANNERā„¢ professionals do more than just optimize your Social Security pay out. We create a comprehensive, 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.


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