Social Security Consultant Near MeGet the Most From Your Social Security Income With Experienced Financial Advisors in Eureka, MO
Social security consultants near me in Eureka, MO. While it's comforting that Uncle Sam provides an income for workers in retirement, you still need to plan ahead to live the golden years you want. Knowledgeable Social Security consultants in Eureka, 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 can live out the retirement they always wanted.
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According to the Social Security Administration's 2022 Fact Sheet, Social Security is the major source of income for most of the elderly. You must apply for the maximum benefits you are eligible for when you first file. Whether you envision remaining in the workforce for several more years, 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 Eureka, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.

Maximum Your Social Security Benefits in Eureka, MO in 7 Steps
While the best retirement plans will consist of income from a variety of sources, 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 strategies for any worker to increase their income from Social Security:
- 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, 86% of Americans who are still working who are 45 and up understand that remaining in the workforce for longer will increase their Social Security income, yet only 11% are planning to wait until age 70.
Pursuant to the Social Security Amendments of 1983, any retiree born in 1960 or later has a full retirement age of 67. If you are no longer working by 62, the earliest you can apply for Social Security, your retirement benefits would be reduced 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 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 may decide to trade off the extra income with other life goals, such as spending more time with your Eureka, MO family or finally perfecting your golf game. But it's important to understand what retiring at what age will mean for your benefits, and to discuss 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 your monthly Social Security benefits using "average indexed monthly earnings" (AIME). AIME takes into account the 35 years you had the highest income. 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, your higher earning years will take the place of your lower earning years, boosting your benefit.
If you remain in the Eureka, MO workforce after you've started claiming benefits, those years also get added into your benefits calculation.
3. Earn More Money
While this is what most of us strive for anyway, it's also one of the only things you can do now in order to increase your benefits when you eventually retire. Higher income leads to both a higher AIME and more of your money going to Social Security taxes. Both of those factors help determine 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, 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 is higher. Again, you will not get the full 50% of you retire before your full retirement age.
If your spouse has passed away, 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 that will be higher.


5. Avoid Paying Too Much in Social Security Taxes
Tax planning is an important part of any financial consideration, including once we retire. You may have to pay taxed if you started receiving Social Security in Eureka, MO before your full retirement age and plan to continue working after you start claiming benefits. When figuring out 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 can be taxed by the federal government. If that total exceeds those numbers, up to 85% of your Social Security income can be taxed.
While not every state may tax Social Security, 12 states (including Missouri) may tax your Social Security benefits.
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
The SSA sends your personal Social Security statement statement every year, which how much income was recorded and how much you paid in Social Security taxes. 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 benefits.
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 people in Eureka, MO retirement planning and Social Security benefits themselves, whether because of time, knowledge, or interest. With large portions of our everyday lives spent on our careers and putting food on the table, it's not hard 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 Eureka, 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 feel good in their financial future. Our team is comprised of financial 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 Eureka, MO 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 Eureka, MO, take a look at Correct Capital's and Savology's free online retirement calculator, or schedule a get-to-know-you call with one of our advisors today.
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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 PLANNERā¢ professionals do more than just optimize your Social Security benefits. We create an exhaustive, tailored financial plan for you to ensure your own retirement savings are growing and that your retirement income will come from a variety of sources. Call Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Eureka, MO.