Social Security Consultant Near Me
Get the Most From Your Social Security Benefits With Knowledgeable Retirement Planners in Creve Coeur, MO
Social security consultants near me in Creve Coeur, MO. While it's comforting that the federal government has a safety net for us after we've left the workforce, that doesn't automatically ensure that you'll have the money you need to live the retirement you want. Dedicated Social Security consultants in Creve Coeur, MO will work with you, not just to maximize your Social Security benefits, but create a comprehensive retirement plan that includes income from IRAs, 401(k)s, and other retirement funds. At Correct Capital Wealth Management, we offer a variety of tools, resources, and insights to our clients so they feel confident about where their money in retirement will come from.
According to the Social Security Administration's 2022 Fact Sheet, Social Security represents about 30% of income for the elderly. When you claim Social Security, you only have one opportunity to claim the most amount of benefits you are eligible for. Whether you're planning for decades into the future, or just need someone to look over your plan to ensure you have things lined up right for when you claim benefits soon, call Correct Capital's Creve Coeur, MO Social Security consultants and fiduciary advisors today at 314-930-401(k) or fill out our online form.
Maximum Your Social Security Benefits in Creve Coeur, MO in 7 Steps
While a retirement plan that truly allows you to live the life dreamed of will consist of money from employer-backed plans, IRAs, and other accounts, it's still important 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 ways 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 reported that almost nine out of 10 Americans who are still in the workforce aged 45 and older are aware that remaining in the workforce for longer will increase their Social Security income, yet only 11% are planning to retire at 70.
Pursuant to the Social Security Amendments of 1983, anyone 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%. If you wait until age 70 to claim, you receive delayed retirement benefits, which would increase your benefit 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 full retirement age
- $4,194 a month if you retire at 70
Of course, you may prefer balancing your Social Security benefits with other things you want to do in retirement, such as spending more time with your Creve Coeur, MO family 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, as a team 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 your monthly Social Security benefits using "average indexed monthly earnings" (AIME). AIME is based off your 35 highest-earning years. If you are in the workforce for less than 35 years, the years you didn't work count for nothing. If you earned an income in more than 35 years, your higher earning years will cancel out the years you earned the least, boosting your benefit.
If you continue working in Creve Coeur, 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. The SSA takes both of those into account to help calculate 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, the SSA places a cap on how much income can count towards your 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 is higher. Just like when claiming your own benefits, 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 later elect for your benefit if your work record provides a higher monthly income.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is important throughout our financial lives, including in retirement. There will be tax consequences if you claim benefits in Creve Coeur, MO before your full retirement age and keep working. When calculating how much your benefits will be taxed, the IRS has a formula that adds 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 benefit 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.
While not every state may tax Social Security, 12 states (including Missouri) may tax your Social Security benefits.
Similarly, if you keep working after claiming Social Security, you may unintentionally bump yourself into a higher tax bracket.
6. Double-Check the Social Security Administration's Work
The SSA sends your personal Social Security statement statement every year, 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 the years for the highest income to be noted for when the administration computes your AIME.
7. Hire a Qualified Creve Coeur, MO Social Security Consultant
It's hard to replace the knowledge and experience of any professional in a given field, and many people in Creve Coeur, MO retirement planning and Social Security benefits themselves, whether because of time, know-how, or interest. With large portions of our everyday lives spent on our careers and providing for your family, it can be easy to let something important like Social Security planning get lost in the shuffle when it feels like it's years, or even decades, down the road. Correct Capital's group of Creve Coeur, MO Social Security consultants has the experience and knowledge necessary to help 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 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 careful tax planning, active asset management, and other areas of expertise in Creve Coeur, 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 Creve Coeur, MO, check out Correct Capital's and Savology's free online retirement retirement planning tool, or schedule a get-to-know-you call with a member of our team today.
Other services we offer in Creve Coeur, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
- 401(k) For Small Business
- Small Business Retirement Plans
- Tax Planning
- Retirement Calculator
Social Security Consultants Near Me in Creve Coeur, MO | Correct Capital Wealth Management
At Correct Capital, our Creve Coeur, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals are capable of much more than just getting you the maximum Social Security check. We create a holistic, tailored financial plan for you to ensure your own retirement savings are best positioned for long-term growth and stability. Reach out to Correct Capital today at 314-930-401(k) or contact us online for dependable, experienced, and trustworthy Social Security consultants in Creve Coeur, MO.