Social Security Consultant Near Me
Social security consultants near me in Ellisville, MO. While it may be comforting that Uncle Sam provides an income for workers after we've left the workforce, retirement planning is still necessary to live the retirement you dreamed of. Knowledgeable Social Security consultants in Ellisville, 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 best 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 confident about where their money in retirement will come from.
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. You must claim the maximum benefits you are eligible for when you first file. 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 have things lined up right for when you claim benefits next year, call Correct Capital's Ellisville, MO Social Security consultants and fiduciary advisors today at 314-930-401(k) or contact us online.
Maximum Your Social Security Benefits in Ellisville, MO in 7 Steps
While an optimal retirement plan will consist of money from employer-backed plans, IRAs, and other accounts, you'll still want to make sure you're getting the most out of Social Security. Below, you'll find seven tried-and-true methods for any retiree 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 nine out of 10 Americans who are still in the workforce who are 45 and up understand that remaining in the workforce for longer will increase their benefits, yet only 11% plan to retire at 70.
Under the rules provided in the Social Security Amendments of 1983, any worker born in 1960 or later has a full retirement age of 67. If you retire at 62, the first year you can apply for benefits, your payout would be diminished by 30%, and your spouse's by 35%. Retiring at up to age 70 would mean 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 full retirement age
- $4,194 a month if you retire at 70
Obviously, you may prefer balancing your Social Security benefits with other life goals, such as spending more time with your Ellisville, MO family or finally visiting those dream vacation spots. But it's important to understand what retiring at what age will mean for your benefits, and to think about, along with your financial advisor, if it might be beneficial to retire later to unlock the higher benefits.
2. Work at Least 35 Full Years
The Social Security Administration computes how much you'll receive for your payout by using "average indexed monthly earnings" (AIME). AIME takes into account the 35 years you had the highest income. If you are in the workforce for less than 35 years, the years you didn't receive an income will count as zeros. If you earned an income in more than 35 years, your higher earning years will take the place of your lower earning years, increasing your benefit.
If you remain in the Ellisville, 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 is what most of us strive for anyway, it's also significantly helpful in increasing 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. 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, the SSA places a cap on how much income can count towards your 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 is higher. Again, you will not get the full 50% of you retire before your full retirement age.
If your spouse is deceased, you can also consider claiming 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 an important part of any financial consideration, and that remains true in retirement. There will be tax consequences if you started receiving Social Security in Ellisville, MO before your full retirement age and plan to continue working after you start receiving Social Security. When calculating 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 sum is below $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 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 unintentionally bump yourself into a higher tax bracket.
6. Double-Check the Social Security Administration's Work
Each year, you get a Social Security statement which how much money you earned 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. It's important for your highest earning years to be recorded for when the administration calculates your benefits.
7. Hire a Qualified Ellisville, MO Social Security Consultant
It's hard to replace the knowledge and experience of any professional in a given field, and many people in Ellisville, MO retirement planning and Social Security benefits themselves, whether because of time, know-how, or interest. With the day-to-day grind of growing professionally and our families, it can be easy to let something important like Social Security planning get forgotten among other things when it's still years or decades until you'll claim. Correct Capital's group of Ellisville, MO Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners live out the golden years of their dreams, and have peace of mind about their financial future. Our team is made up of award-winning advisors and a dedicated 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 Ellisville, MO 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 Ellisville, MO, take a look at Correct Capital's and Savology's free online retirement calculator, or make a get-to-know-you call with a member of our team today.
Other services we offer in Ellisville, 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 Ellisville, MO | Correct Capital Wealth Management
At Correct Capital, our Ellisville, 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 an exhaustive, personalized 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 Ellisville, MO.
