Social Security Consultant Near Me
Social security consultants near me in Des Peres, MO. While it's reassuring that The U.S. 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 dreamed of. Dedicated Social Security consultants in Des Peres, MO can help you not only maximize your Social Security benefits, but create a comprehensive retirement plan that can help ensure your money is optimally positioned for growth and long-term stability. 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 research from the Social Security Administration, over a third of Americans receive 50% or more of their retirement income from Social Security. When you claim Social Security, you only have one chance to claim the most amount of benefits you are eligible for. Whether you envision remaining in the workforce for another couple decades, or just want to make sure you have things lined up right for when you claim benefits next year, reach out to Correct Capital's Des Peres, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.
7 Ways to Increase Your Social Security Check in Des Peres, MO
While a retirement plan that truly allows you to live the life dreamed of 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 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 stated that almost 90% of Americans who are still in the workforce who are 45 and up know that remaining in the workforce for longer will increase their Social Security income, yet only one out of 10 plan to wait until age 70.
Pursuant to the Social Security Amendments of 1983, anyone born in 1960 or later has a full retirement age of 67. If you are no longer working by 62, the first year you can apply for Social Security, your payout would be reduced by 30%, and your spouse's by 35%. If you wait until age 70 to claim, you are eligible for 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 full retirement age
- $4,194 a month if you retire at 70
Obviously, you might want to trade off the extra money with other life goals, such as spending more time with your Des Peres, MO family or finally spending more time at that timeshare in Aspen. But it's important to understand how your retirement age affects your Social Security income, and to talk over 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 calculates your monthly Social Security benefits using "average indexed monthly earnings" (AIME). AIME considers your 35 highest-earning years. If you are in the workforce for less than 35 years, the years you didn't work will count as zeros. If you earned an income in more than 35 years, your higher earning years will take the place of the years you earned the least, boosting your benefit.
If you remain in the Des Peres, MO workforce after you've started claiming benefits, those years also get added into your benefits calculation.
3. Earn More Money
While this is what most of us strive for anyway, it's also one of the only things you can do far before your retirement age in order to increase how much you eventually receive. 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, being more aggressive in pursuing raises, promotions, or seeking the next step up at another company, or picking up a side hustle, may help make you eligible for the maximum benefit. However, the SSA places a cap on how much income can count towards your benefits. In 2023, that number is $160,200.
4. Claim Spousal Benefits
If you and your spouse both received income, the spouse who earned less can claim claim Social Security through their own work history, or up to 50% of the higher earner's benefits, whichever the higher benefit is. Again, you will not get the full 50% of you claim benefits before your full retirement age.
If your spouse has passed away, you're also eligible for survivor's benefits. You can start claiming that benefit at age 60 (although like retirement and spousal benefits, it will be reduced) and later elect for your benefit if your work record provides a larger check.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is important throughout our financial lives, and that remains true in retirement. You may have to pay taxed if you started receiving Social Security in Des Peres, MO early and plan to continue working after you start receiving Social Security. When figuring out how much your benefits will be taxed, the IRS will add up your nontaxable income, half your Social Security benefit, and your adjusted gross income.If that total 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 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 benefit can be subject to taxes.
Missouri is only one of 12 states that may tax your Social Security benefits.
Another factor to take into account is that if you keep working after claiming benefits, you could unintentionally 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 income was recorded and how much you paid in Social Security taxes. 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 Des Peres, MO Social Security Consultant
It's hard to replace the knowledge and experience of any professional in a given field, and many people in Des Peres, MO just don't have the time, knowledge, or interest to manage their retirement planning and Social Security benefits themselves. With the day-to-day grind of 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's still years or decades until you'll claim. Correct Capital's team of Des Peres, 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 comprised 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 services in Des Peres, 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 Des Peres, MO, take a look at Correct Capital's and Savology's free online retirement retirement planning tool, or schedule a get-to-know-you call 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
- Small Business Retirement Plans
- Tax Planning
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 are capable of much more than just getting you the maximum Social Security check. We create a holistic, personalized 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. Get in touch with Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Des Peres, MO.
