Social Security Consultant Near Me
Social security consultants near me in Edwardsville, IL. While it's reassuring that The U.S. Government provides an income for us after we've left the workforce, you still need to plan ahead to live the retirement you want. Qualified Social Security consultants in Edwardsville, IL can help you not only maximize your Social Security benefits, but provide 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 secure about where their money in retirement will come from.
According to research from the Social Security Administration, Social Security represents about 30% of income for the elderly. When you initially apply your benefits, you only have one opportunity to claim the maximum income you are eligible for. Whether you're planning for decades into the future, or just need someone to look over your plan to ensure you have things lined up right for when you claim benefits soon, call Correct Capital's Edwardsville, IL Social Security consultants and fiduciary advisors today at 314-930-401(k) or contact us online.
7 Ways to Increase Your Social Security Check in Edwardsville, IL
While the best retirement plans will include income from a variety of sources, you'll still want to make sure you're getting the most out of Social Security. Below, we've listed seven tried-and-true ways for any earner to increase their Social Security benefits:
- 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
According to a Schroders 2022 U.S. Retirement Survey, almost 90% of Americans who are still in the workforce who are 45 and up understand that they can receive more in Social Security if they wait to claim benefits, yet only 11% plan to wait until age 70.
Under the rules established in the Social Security Amendments of 1983, if you were born in 1960 or later your full retirement age is 67. If you leave the workforce at 62, the earliest you can claim 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 would increase your checks 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
Obviously, you might prefer balancing your Social Security benefits with other things you want to do in retirement, such as spending more time with your Edwardsville, IL family or finally perfecting your golf game. But it's important to understand what retiring at what age will mean for your Social Security income, and to talk over with your financial advisor if it's worth waiting a few extra years to increase your 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 takes into account the 35 years you made the most money. If you you leave the workforce before you worked for 35 years, the years you didn't work will count as zeros. If you work more than 35 years, your higher earning years will take the place of the years you earned the least, increasing your Social Security income.
If you remain in the Edwardsville, IL workforce after you've started receiving Social Security, those years also count towards your benefits calculation.
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. The more you earn, the higher your AIME will be, and the more you'll pay in 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 asking for raises, promotions, or better-paying jobs, or adding extra income from other sources, may help make you eligible for the maximum benefit. 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 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 recommended to hold off on claiming until the full retirement age to get the full 50%.
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, and that is no different once we retire. You may have to pay taxed if you claim benefits in Edwardsville, IL before your full retirement age and keep working. 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 total 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 50% of your benefit 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 benefits, you might accidentally bump yourself into a higher tax bracket.
6. Double-Check the Social Security Administration's Work
The SSA sends your personal Social Security statement statement every year, which how much money you earned and the taxes you've paid into social security. Check the Social Security Administration's records 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. It's important for the years for the highest income to be in the official recorded for when the administration calculates your AIME.
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, knowledge, 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 team of Edwardsville, IL Social Security consultants has over 75 years of combined experience helping individuals, families, and business owners achieve the retirement of their dreams, 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 areas of expertise in Edwardsville, IL such as 401(k) rollover, we'll do our part to provide you with a financially secure and happy retirement.
For more help with your retirement planning needs in Edwardsville, IL, check out Correct Capital's and Savology's free online retirement calculator, or make an appointment with a member of our team today.
Other services we offer in Edwardsville, IL 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 Edwardsville, IL | Correct Capital Wealth Management
At Correct Capital, our Edwardsville, IL Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals are capable of much more than just getting you the maximum Social Security pay out. 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 Edwardsville, IL.
