Social Security Consultant Near Me
Get the Most From Your Social Security Benefits With Knowledgeable Financial Advisors in Dardenne Prairie, MO
Social security consultants near me in Dardenne Prairie, MO. While it's reassuring that The U.S. Government has a safety net for workers 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 Dardenne Prairie, MO will work with you, not just to get the highest possible income from Social Security, but create 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 money in retirement will come from.
According to data from the Social Security Administration, Social Security represents about 30% of income for the elderly. When you claim Social Security, you only have one chance to claim the maximum benefits 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 apply next year, reach out to Correct Capital's Dardenne Prairie, 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 Dardenne Prairie, MO in 7 Steps
While the best retirement plans 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 time-tested strategies for any earner to increase their Social Security check:
- 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 86% of non-retired Americans aged 45 and older know that remaining in the workforce for longer will increase their check, yet only just above 10% are planning to retire at 70.
Under the rules set forth in the Social Security Amendments of 1983, any worker born in 1960 or later has a full retirement age of 67. If you retire at 62, the earliest you can claim benefits, your payout would be decreased by 30%, and your spouse's by 35%. Retiring at up to age 70 would mean you receive 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 70
- $4,194 a month if you retire at 70
Obviously, you may want to trade off the extra money with other life goals, such as seeing your Dardenne Prairie, MO family more or finally perfecting your golf game. But it's important to understand how your retirement age affects your Social Security income, and to discuss with your financial advisor if it's worth holding out for a few extra years to unlock the higher benefits.
2. Work at Least 35 Full Years
The Social Security Administration computes how much you'll receive for your Social Security income by using "average indexed monthly earnings" (AIME). AIME is based off your 35 highest-earning years. If you you leave the workforce before you worked for 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 cancel out your lower earning years, boosting your monthly check.
If you remain in the Dardenne Prairie, MO workforce after you've started claiming benefits, those years also get added into your AIME.
3. Earn More Money
While this is a no-brainer, it's also incredibly helpful in increasing your benefits when you eventually retire. 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 determine if you're able to receive the highest possible Social Security income. So, being more assertive in seeking raises, promotions, or better-paying jobs, or picking up a side hustle, may help make you eligible for the maximum benefit. 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, the spouse who earned less can claim their own Social Security benefits, or up to half of the higher earner's benefits, whichever the higher benefit is. 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 is deceased, you're also eligible for 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 later elect for your benefit if that will be higher.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is essential throughout our financial lives, including once we retire. There will be tax consequences if you started receiving Social Security in Dardenne Prairie, MO before your full retirement age and plan to continue working after you start receiving Social Security. 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 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 Social Security income will be subject to federal taxes. If that total exceeds those numbers, 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.
Similarly, if you keep working after you start receiving Social Security, you might accidentally 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 money you earned and the taxes you've paid into social security. 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 your highest earning years to be noted for when the administration computes your AIME.
7. Hire a Qualified Dardenne Prairie, MO Social Security Consultant
Professionals in any field usually know their area of practice the best, and many workers in Dardenne Prairie, MO retirement planning and Social Security benefits themselves, whether because of time, know-how, or interest. With the day-to-day grind of growing professionally and our families, it can be easy to forget about Social Security planning when it's still years or decades until you'll claim. Correct Capital's team of Dardenne Prairie, MO Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners live out the golden years of their dreams, and have peace of mind about 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 areas of expertise in Dardenne Prairie, MO such as 401(k) rollover, we'll do our part to provide you with a financially secure and happy retirement.
For more assistance with retirement planning in Dardenne Prairie, MO, take a look at Correct Capital's and Savology's free online retirement calculator, or schedule a get-to-know-you call with a member of our team today.
Other services we offer in Dardenne Prairie, 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 Dardenne Prairie, MO | Correct Capital Wealth Management
At Correct Capital, our Dardenne Prairie, 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 an exhaustive, tailored financial plan for you to ensure your own retirement savings are best positioned for long-term growth and stability. Call Correct Capital today at 314-930-401(k) or contact us online for dependable, experienced, and trustworthy Social Security consultants in Dardenne Prairie, MO.