Social Security Consultant Near Me
Social security consultants near me in Crestwood, MO. While it may be reassuring that The U.S. Government provides an income for us after we've left the workforce, that doesn't automatically ensure that you'll have the money you need to live the golden years you dreamed of. Qualified Social Security consultants in Crestwood, MO can help you not only 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 can live out the golden years they always wanted.
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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 represents about 30% of income for the elderly. You must claim 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 want to make sure you have things lined up right for when you claim benefits soon, call Correct Capital's Crestwood, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.
7 Ways to Maximize Your Social Security Benefits in Crestwood, MO
While an optimal retirement plan will consist of money from numerous sources, it's still important to make sure you're getting the most out of Social Security. Below, you'll find seven time-tested strategies for any retiree to get the most out of their Social Security payout:
- 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 stated that almost 90% of non-retired Americans aged 45 and older are aware that they can receive more in Social Security if they wait to claim benefits, yet only 11% plan to wait until age 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 first year you can claim Social Security, your payout would be lowered by 30%, and your spouse's by 35%. Retiring at up to age 70 would mean you are eligible for delayed retirement benefits, which would increase your payout 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 might prefer balancing your Social Security benefits with other things you want to do in retirement, such as spending more time with your Crestwood, MO family 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 benefits, and to discuss with your financial advisor if it's worth waiting a few extra years to unlock the higher 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 considers your 35 highest-earning years. If you didn't work for 35 years, the years you didn't receive an income 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 monthly check.
If you keep working in Crestwood, MO after you've started claiming benefits, 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 one of the only things you can do now in order to increase your benefits when you eventually retire. The more you earn, the higher your AIME will be, and the more you'll pay in Social Security taxes. The SSA takes both of those into account to help determine if you're able to receive the highest possible Social Security income. So, if you needed more motivation to seek raises or better-paying jobs, now you have it. 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, 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 can also consider claiming 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 vital throughout our financial lives, and that is no different once we retire. You may have to pay taxed if you claim benefits in Crestwood, MO before your full retirement age and keep working. The IRS calculates your tax consequences based on the sum of your nontaxable income, half your Social Security benefit, and your adjusted gross income.If that sum 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 half 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 subject to taxes.
While not every state may tax Social Security, 12 states (including Missouri) may tax your Social Security benefits.
Another thing to take into account is that if you keep working after you start receiving Social Security, you could unintentionally 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 details your income and the taxes you've paid into social security. 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 the years for the highest income to be recorded for when the administration calculates your benefits.
7. Hire a Qualified Crestwood, MO Social Security Consultant
It's hard to replace the expertise of any professional in a given field, and many individuals and families in Crestwood, MO retirement planning and Social Security benefits themselves, whether because of time, know-how, or interest. With the day-to-day grind of our careers and putting food on the table, 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 Crestwood, MO Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners achieve the retirement of their dreams, and have peace of mind about their financial future. Our team is comprised of financial advisors and a committed 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 Crestwood, 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 Crestwood, MO, take advantage of Correct Capital's and Savology's free online retirement retirement planning tool, or make an appointment with one of our advisors today.
Other services we offer in Crestwood, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
Social Security Consultants Near Me in Crestwood, MO | Correct Capital Wealth Management
At Correct Capital, our Crestwood, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals are capable of much more than just getting you the maximum Social Security benefits. 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. Reach out to Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Crestwood, MO.
