Social Security Consultant Near Me
Get the Most From Your Social Security Earnings With Knowledgeable Financial Advisors in Country Life Acres, MO
Social security consultants near me in Country Life Acres, MO. While it's comforting that Uncle Sam provides an income for workers in retirement, that doesn't automatically ensure that you'll have the money you need to live the retirement you dreamed of. Qualified Social Security consultants in Country Life Acres, MO will work with you, not just to get the highest possible income from Social Security, but provide a holistic 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 good about where their retirement income will come from.
According to research from the Social Security Administration, Social Security is the major source of income for most of the elderly. When you claim Social Security, you only have one opportunity to claim the most amount of income you are eligible for. Whether you still have a lot of work to do before you decide to retire, or just want to make sure you're set up to get your full benefits for when you apply soon, reach out to Correct Capital's Country Life Acres, MO Social Security consultants and fiduciary advisors today at 314-930-401(k) or contact us online.
7 Ways to Maximize Your Social Security Benefits in Country Life Acres, MO
While an optimal retirement plan 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 tried-and-true methods 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
A Schroders 2022 U.S. Retirement Survey reported that almost nine out of 10 Americans who are still working aged 45 and older understand that they can receive more in Social Security if they wait to claim benefits, yet only one out of 10 are planning to retire at 70.
Under the rules set forth in the Social Security Amendments of 1983, any retiree whose date of birth was in 1960 or later has a full retirement age of 67. If you are no longer working by 62, the first year you can apply for Social Security, your payout would be decreased 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 at different ages 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 might decide to trade off the extra benefits with other life goals, such as visiting your Country Life Acres, MO family more or finally spending more time at that timeshare in Aspen. But it's important to understand what retiring at what age will mean for your Social Security income, and to discuss 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 calculates how much you'll receive for your payout by using "average indexed monthly earnings" (AIME). AIME is based off 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 were in the workforce for more than 35 years, your higher earning years will take the place of the years you earned the least, increasing your benefit.
If you remain in the Country Life Acres, MO workforce 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 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. Making more money 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 can get the maximum retirement benefit. So, if you needed more motivation to seek raises or better-paying jobs, now you have it. However, the SSA places a cap on how much income can count towards your AIME. In 2023, income over $160,200 will not be calculated.
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. Just like when claiming your own benefits, it's important to hold off on claiming until the full retirement age to get the full 50%.
If your spouse has passed away, you're also eligible for 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 that will be higher.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is an important part of any financial consideration, and that is no different in retirement. You may have to pay taxed if you claim benefits in Country Life Acres, MO early and keep working. 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 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 benefit can be subject to taxes.
Your Social Security income may also be subject to state taxes in Missouri.
Similarly, 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
The SSA creates your personal Social Security statement statement every year, which details your income and the taxes you've paid into social security. Check the Social Security Administration's work 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 your highest earning years to be in the official recorded for when the administration computes your AIME.
7. Hire a Qualified Country Life Acres, MO Social Security Consultant
Professionals in any field usually know their area of practice the best, and many workers in Country Life Acres, MO retirement planning and Social Security benefits themselves, whether because of time, knowledge, or interest. With the day-to-day grind of growing professionally and our families, it's not hard to forget about Social Security planning when it feels like it's years, or even decades, down the road. Correct Capital's team of Country Life Acres, MO Social Security consultants has decades of combined experience helping individuals, families, and business owners live out the golden years they always envisioned, and feel secure in their financial future. Our team is made up of award-winning 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 provide you with a financially secure and happy retirement.
For more help with your retirement planning needs in Country Life Acres, 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 Country Life Acres, MO include:
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
- 401(k) For Small Business
- Small Business Retirement Plans
- Tax Planning
- Retirement Calculator
- Retirement Planning
- Rollover 401(k)
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 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. 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 Country Life Acres, MO.