Social Security Consultant Near MeGet the Most From Your Social Security Benefits With Knowledgeable Retirement Planners in Edwardsville, IL
Social security consultants near me in Edwardsville, IL. While it may be reassuring that The U.S. Government provides an income for workers after we've left the workforce, you still need to plan ahead to live the golden years you want. Experienced Social Security consultants in Edwardsville, IL will work with you, not just to maximize your Social Security benefits, but provide a holistic 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 retirement income will come from.
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According to the Social Security Administration's 2022 Fact Sheet, over a third of Americans receive 50% or more of their retirement income from Social Security. When you initially apply your benefits, you only have one opportunity to claim the most amount of benefits you are eligible for. Whether you still have a lot of work to do before you decide to retire, or just need someone to look over your plan to ensure you're set up to get your full benefits for when you apply soon, reach out to Correct Capital's Edwardsville, IL Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.

7 Ways to Maximize Your Social Security Benefits in Edwardsville, IL
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 not leaving any money on the table when it comes to your Social Security benefits. Below, we've listed seven tried-and-true ways for any worker to maximize 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 who are 45 and up know that they can receive more in Social Security if they wait to claim benefits, yet only 11% are planning to wait until age 70.
Under the rules set forth in the Social Security Amendments of 1983, any retiree born in 1960 or later has a full retirement age of 67. If you leave the workforce at 62, the earliest you can claim Social Security, your retirement benefits 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 payout by around 77% compared to age 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
Of course, you may prefer balancing your Social Security benefits with other things you want to do in retirement, such as seeing your Edwardsville, IL family more 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 consider, as a team 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 calculates your monthly Social Security benefits using "average indexed monthly earnings" (AIME). AIME calculates your benefits based on 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 have more than 35 years of recorded income, the years in which you earned the most will take the place of your lower earning years, increasing your Social Security income.
If you keep working in Edwardsville, IL 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. Making more money 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 aggressive in seeking raises, promotions, or better-paying jobs, or adding extra income from other sources, may increase your benefits. 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, you can claim either 50% of the higher earners benefits or the full benefits of the other spouse, whichever the higher benefit is. Again, it's advisable to hold off on claiming until the full retirement age to get the full 50%.
If your spouse is deceased, 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 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, including in retirement. There will be tax consequences if you claim benefits in Edwardsville, IL early and keep working. 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, 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 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.
Your benefits may also be subject to state taxes in Missouri.
Another thing to take into account is that if you keep working after claiming Social Security, you might unintentionally move into a higher tax bracket.
6. Double-Check the Social Security Administration's Work
The SSA creates 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. 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 in the official recorded for when the administration calculates your benefits.
7. Hire a Qualified Edwardsville, IL Social Security Consultant
Professionals in any field usually know their area of practice the best, and many people in Edwardsville, IL retirement planning and Social Security benefits themselves, whether because of time, know-how, or interest. With the day-to-day grind of our careers and putting food on the table, it's not hard to forget about Social Security planning when it feels like it's years, or even decades, down the road. Correct Capital's group of Edwardsville, IL Social Security consultants has decades of combined experience helping individuals, families, and business owners live out the golden years they always envisioned, and feel secure 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 Edwardsville, IL such as 401(k) rollover, we'll do our part to give you a financially secure and happy retirement.
For more assistance with retirement planning in Edwardsville, IL, 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 a member of our team today.
Other services we offer in Edwardsville, IL include:

Social Security Consultants Near Me in Edwardsville, IL | Correct Capital Wealth Management
At Correct Capital, our Edwardsville, IL Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNERā¢ professionals do more than just optimize your Social Security check. We create a holistic, 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 Edwardsville, IL.