Social Security Consultant Near Me
Social security consultants near me in Des Peres, MO. While it's comforting that the federal government provides an income for workers after we've left the workforce, you still need to plan ahead to live the golden years you dreamed of. Qualified Social Security consultants in Des Peres, MO can help you not only get the highest possible income from Social Security, but create a holistic retirement plan that can help ensure your money is optimally positioned for growth and long-term stability. At Correct Capital Wealth Management, we offer a variety of tools, resources, and insights to our clients so they feel confident about where their retirement income will come from.
According to the Social Security Administration's 2022 Fact Sheet, Social Security is the major source of income for most of the elderly. When you initially apply your benefits, you only have one opportunity to get the most amount of 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, call Correct Capital's Des Peres, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.
Maximum Your Social Security Benefits in Des Peres, MO in 7 Steps
While an optimal retirement plan will consist of income from numerous sources, you'll still want to make sure you're getting the most out of Social Security. Below, we've listed seven time-tested methods for any earner to get the most out of their income from Social Security:
- 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 90% of Americans who are still in the workforce aged 45 and older know that remaining in the workforce for longer will increase their check, yet only one out of 10 plan to retire at 70.
Under the rules set forth in the Social Security Amendments of 1983, if you were born in 1960 or later your full retirement age is 67. If you are no longer working by 62, the earliest you can apply for benefits, your retirement benefits 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 might prefer balancing your Social Security benefits with other life goals, such as visiting your Des Peres, MO family more or finally perfecting your golf game. But you still need to understand how your retirement age affects your Social Security income, and to consider, along 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 takes into account your 35 highest-earning years. If you didn't work for 35 years, the years you didn't receive an income count for nothing. If you work more than 35 years, the years with the highest income will cancel out the years you earned the least, increasing your benefit.
If you remain in the Des Peres, MO workforce after you've started claiming benefits, those years also count towards your AIME.
3. Earn More Money
While this is what most of us strive for anyway, it's also significantly 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, 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 both spouses worked, 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, 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 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 an important part of any financial consideration, including in retirement. There will be tax consequences if you started receiving Social Security in Des Peres, MO before your full retirement age and keep working. When figuring out what the tax consequences are, the IRS will add up your nontaxable income, half 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 implications. 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 can be taxed by the federal government. If your income is more than that, up to 85% of your Social Security income can be taxed.
Missouri is only one of 12 states that may tax your Social Security benefits.
Another aspect to take into account is that if you keep working after you start receiving benefits, you may 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 how much income was recorded and how much you paid in Social Security taxes. Check the Social Security Administration's work against your W2, pay stubs, or tax returns. 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 your highest earning years to be noted for when the administration calculates your AIME.
7. Hire a Qualified Des Peres, MO Social Security Consultant
Professionals in any field usually know their area of practice the best, and many people in Des Peres, 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 putting food on the table, it can be easy to forget about Social Security planning when it's still years or decades until you'll start receiving benefits. Correct Capital's group of Des Peres, MO Social Security consultants has decades of combined experience helping 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 comprised 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 services in Des Peres, 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 Des Peres, MO, take advantage of Correct Capital's and Savology's free online retirement calculator, or make an appointment with one of our advisors today.
Other services we offer in Des Peres, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
- 401(k) For Small Business
Social Security Consultants Near Me in Des Peres, MO | Correct Capital Wealth Management
At Correct Capital, our Des Peres, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals do more than just optimize your Social Security benefits. We create a comprehensive, personalized financial plan for you to ensure the retirement funds in all your accounts are best positioned for long-term growth and stability. Call Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Des Peres, MO.
