Social Security Consultants Near Me in Dardenne Prairie, MO

Complimentary Planning By Elements

Social Security Consultant Near MeGet the Most From Your Social Security Earnings With Knowledgeable Retirement Planners in Dardenne Prairie, MO

Social security consultants near me in Dardenne Prairie, MO. While it may be comforting that the federal government provides an income for workers 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 want. Qualified Social Security consultants in Dardenne Prairie, MO can help you not just get the highest possible income from Social Security, but design a holistic retirement plan that includes income from a variety of sources. 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 money in retirement will come from.


Schedule a Meeting With an Advisor Today

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.

Schedule a 15-Minute Introductory Call


More From Correct Capital Wealth Management

Explore how Correct Capital Wealth Management can help guide you toward smarter decisions, clearer goals, and lasting financial success.

Subscribe To Our Newsletter Listen To Our Podcast Watch Our YouTube Channel


According to data from the Social Security Administration, Social Security is the major source of income for most of the elderly. You must claim the maximum benefits you are eligible for when you first file. Whether you envision remaining in the workforce for another couple decades, or just need someone to look over your plan to ensure you have things lined up right for when you claim benefits soon, reach out to Correct Capital's Dardenne Prairie, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.

Social Security Consultants Near Me Dardenne Prairie, MO | Retirement Planning | Financial Advisors | Wealth Management Near Dardenne Prairie

Maximum Your Social Security Benefits in Dardenne Prairie, MO in 7 Steps

While a retirement plan that truly allows you to live the life you wanted will include money 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 Social Security check:

  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

According to a Schroders 2022 U.S. Retirement Survey, almost 90% of non-retired Americans aged 45 and older know that remaining in the workforce for longer will increase their payout, yet only just above 10% are planning to retire at 70.

Under the rules set forth in 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 retire at 62, the first year you can claim Social Security, your retirement benefits would be decreased 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 70
  • $4,194 a month if you retire at 70

Of course, you may prefer balancing your Social Security benefits with other life goals, such as visiting your Dardenne Prairie, MO family more or finally visiting those dream vacation spots. But you still need to understand how your retirement age affects your Social Security income, and to think about, as a team with your financial advisor, if it's worth holding out for a few extra years to increase your 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 calculates your benefits based on the 35 years you made the most money. If you didn't work for 35 years, the years you didn't receive an income count for nothing. If you earned an income in more than 35 years, the years in which you earned the most will cancel out the years you earned the least, increasing your monthly check.

If you remain in the Dardenne Prairie, 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 seems obvious, it's also one of the only things you can do far before your retirement age in order to increase your benefits in the future. The more money you make, the higher your AIME will be, and the more you'll pay in Social Security taxes. Both of those factors 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, that number is $160,200.


4. Claim Spousal Benefits

If both spouses worked, 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 retire 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 (which will also be reduced because it's not at full retirement age) 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, including in retirement. 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, 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, 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 half your benefit 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 aspect to take into account is that if you keep working after you start receiving benefits, you might unintentionally make yourself have to pay more in income tax.

6. Double-Check the Social Security Administration's Work

Each year, you receive 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. 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. You'll want the years for the highest income to be in the official recorded 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 so much of our energy spent on growing professionally and our families, it's not hard to let something important like Social Security planning get lost in the shuffle when it feels like it's years, or even decades, into the future. Correct Capital's team of Dardenne Prairie, MO Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners achieve the golden years they always envisioned, and feel good in their financial future. Our team is made up 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 areas of expertise in Dardenne Prairie, 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 Dardenne Prairie, MO, take a look at Correct Capital's and Savology's free online retirement retirement planning tool, or schedule an appointment with a member of our team today.

Other services we offer in Dardenne Prairie, MO include:

Social Security Consultants Near Me Dardenne Prairie, MO | Retirement Planning | Financial Advisors | Wealth Management Near Dardenne Prairie

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 PLANNERā„¢ professionals do more than just optimize your Social Security benefits. We create a comprehensive, tailored financial plan for you to ensure the retirement funds in all your accounts are best positioned for long-term growth and stability. Reach out to Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Dardenne Prairie, MO.


Are you ready to experience the Correct Capital difference?

GET STARTED

Meet our team of financial advisors.

Our Team

Services We Offer