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, you still need to plan ahead to live the golden years you want. Experienced Social Security consultants in Ellisville, MO will work with you, not just to get the highest possible income from Social Security, but design 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 secure 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 claim Social Security, you only have one opportunity to get 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 have things lined up right for when you claim benefits next year, reach out to Correct Capital's Ellisville, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.
Maximum Your Social Security Benefits in Ellisville, MO in 7 Steps
While an optimal retirement plan will include money from employer-backed plans, IRAs, and other accounts, it's still important to make sure you're getting everything you can when it comes to your Social Security benefits. Below, you'll find seven time-tested ways for any worker 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
A Schroders 2022 U.S. Retirement Survey stated that 86% of Americans who are still in the workforce who are 45 and up know that remaining in the workforce for longer will increase their benefits, yet only just above 10% are planning to wait until age 70.
Under the rules provided 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 claim Social Security, your payout 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 gives you about 77% more each month than retiring at 62.
The maximum benefits for people who claim at 62, 67, and 70 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
Of course, you may decide to trade off the extra income with other life goals, such as visiting your Ellisville, MO family more or finally spending more time at that timeshare in Aspen. But it's important to understand what retiring at what age will mean for your benefits, and to consider, 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 calculates how much you'll receive for your Social Security income by using "average indexed monthly earnings" (AIME). AIME calculates your benefits based on 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 count for nothing. If you have more than 35 years of recorded income, your higher earning years will take the place of your lower earning years, increasing your monthly check.
If you keep working in Ellisville, MO after you've started claiming benefits, 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 significantly helpful in increasing your benefits when you eventually retire. 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 whether you'll be eligible for the maximum retirement benefit. So, being more assertive in pursuing 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 both spouses were in the workforce, the spouse with lower earnings 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. Just like when claiming your own benefits, it's important 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 Ellisville, MO early 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 below $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 half your Social Security income can be taxed by the federal government. If that total exceeds those numbers, up to 85% of your benefit can be taxed.
Your benefits may also be subject to state taxes in Missouri.
Similarly, if you keep working after claiming Social Security, you might accidentally make yourself have to pay more in income tax.
6. Double-Check the Social Security Administration's Work
Each year, you receive a Social Security statement which how much money you earned and the taxes you've paid into social security. Make sure all of your income for the year was recorded. 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 your highest earning years to be noted for when the administration computes your AIME.
7. Hire a Qualified Ellisville, MO Social Security Consultant
Professionals in any field usually know their area of practice the best, and many people in Ellisville, 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 let something important like Social Security planning fall into the cracks when it feels like it's years, or even decades, into the future. Correct Capital's team of Ellisville, 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 made up of financial advisors and a dedicated 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 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, check out Correct Capital's and Savology's free online retirement calculator, or make a get-to-know-you call with one of our advisors today.
Other services we offer in Ellisville, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
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 benefits. We create a holistic, personalized 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 Ellisville, MO.
