Social Security Consultants Near Me in Eureka, MO

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Social Security Consultant Near MeMaximize Your Social Security Earnings With Knowledgeable Retirement Planners in Eureka, MO

Social security consultants near me in Eureka, MO. While it's reassuring that The U.S. Government provides an income for workers in retirement, retirement planning is still necessary to live the retirement you dreamed of. Qualified Social Security consultants in Eureka, MO can help you not only get the highest possible income from Social Security, but design 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 offer a variety of tools, resources, and insights to our clients so they feel good about where their retirement income will come from.


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Correct Capital Wealth Management's office is physically located in St. Louis, MO, but we serve clients throughout the United States in both personal financial planning and corporate retirement plans.

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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 initially apply your benefits, you only have one chance to get the most amount of income you are eligible for. Whether you envision remaining in the workforce for a lot more time, 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 Eureka, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.

Social Security Consultants Near Me Eureka, MO | Retirement Planning | Financial Advisors | Wealth Management Near Eureka

Maximum Your Social Security Benefits in Eureka, MO in 7 Steps

While an optimal retirement plan will include income from numerous sources, it's still important to make sure you're getting everything you can when it comes to your Social Security benefits. Below, we've listed seven tried-and-true strategies for any earner to increase their Social Security payout:

  1. Wait to Claim Benefits
  2. Work at Least 35 Full Years
  3. Earn More Money
  4. Claim Spousal Benefits
  5. Avoid Social Security Taxes
  6. Double-Check the Social Security Administration's Work
  7. Hire a Qualified Social Security Consultant

1. Wait to Claim Benefits

A Schroders 2022 U.S. Retirement Survey reported that almost 90% of non-retired Americans who are 45 and up are aware that they can receive more in Social Security if they wait to claim benefits, yet only 11% plan to wait until age 70.

Pursuant to the Social Security Amendments of 1983, anyone whose date of birth was in 1960 or later has a full retirement age of 67. If you leave the workforce at 62, the earliest you can claim benefits, your retirement benefits would be decreased by 30%, and your spouse's by 35%. Retiring at up to age 70 would mean you are eligible for delayed retirement benefits, which would increase your benefit 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 want to trade off the extra money with other things you want to do in your golden years, such as visiting your Eureka, MO family more or finally visiting those dream vacation spots. But it's important to understand how your retirement age affects your benefits, and to talk over with your financial advisor if it might be beneficial to retire later to maximize 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 takes into account your 35 highest-earning years. If you didn't work for 35 years, the years you didn't work count for nothing. If you earned an income in more than 35 years, the years in which you earned the most will cancel out your lower earning years, increasing your monthly check.

If you remain in the Eureka, MO workforce after you've started receiving Social Security, those years also get added into your AIME.

3. Earn More Money

While this is what most of us strive for anyway, it's also considerably 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. Both of those factors help calculate if you're able to receive the highest possible Social Security income. So, being more aggressive 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, you can claim either 50% of the higher earners benefits or the full benefits of the other spouse, whichever is higher. Again, it's important to wait 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 elect for your survivor’s benefit at age 60 (although like retirement and spousal benefits, it will be reduced) and claim your own benefit down the road if that will be higher.



5. Avoid Paying Too Much in Social Security Taxes

Tax planning is vital throughout our financial lives, and that remains true once we retire. You may have to pay taxed if you started receiving Social Security in Eureka, MO before your full retirement age and keep working. When calculating what the tax consequences are, the IRS has a formula that adds 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 will be subject to federal taxes. If that total exceeds those numbers, up to 85% of your benefit 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 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 income was recorded and the taxes you've paid into social security. 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 the years for the highest income to be in the official recorded for when the administration calculates your AIME.


7. Hire a Qualified Eureka, MO Social Security Consultant

It's hard to replace the expertise of any professional in a given field, and many workers in Eureka, MO just don't have the time, knowledge, or interest to manage their retirement planning and Social Security benefits themselves. With so much of our energy spent on our careers and providing for your family, it's not hard to let something important like Social Security planning get forgotten among other things when it's still years or decades until you'll start receiving benefits. Correct Capital's group of Eureka, MO Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners achieve the retirement they always envisioned, 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 prudent tax planning, active asset management, and other areas of expertise in Eureka, 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 Eureka, MO, take advantage of Correct Capital's and Savology's free online retirement retirement planning tool, or make a get-to-know-you call with a member of our team today.

Other services we offer in Eureka, MO include:

Social Security Consultants Near Me Eureka, MO | Retirement Planning | Financial Advisors | Wealth Management Near Eureka

Social Security Consultants Near Me in Eureka, MO | Correct Capital Wealth Management

At Correct Capital, our Eureka, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals do more than just optimize your Social Security check. We create a holistic, personalized financial plan for you to ensure your own retirement savings 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 Eureka, MO.


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