Social Security Consultant Near Me
Get the Most From Your Social Security Benefits With Knowledgeable Retirement Planners in Fairview Heights, IL
Social security consultants near me in Fairview Heights, IL. While it may be reassuring that The U.S. Government has a safety net for us in retirement, that doesn't automatically ensure that you'll have the money you need to live the retirement you dreamed of. Qualified Social Security consultants in Fairview Heights, IL will work with you, not just to 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 good about where their money in retirement 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 initially apply your benefits, you only have one opportunity to claim the most amount of income you are eligible for. Whether you envision remaining in the workforce for another couple decades, or just want to make sure you have things lined up right for when you claim benefits soon, reach out to Correct Capital's Fairview Heights, IL Social Security consultants and fiduciary advisors today at 314-930-401(k) or fill out our online form.
Maximum Your Social Security Benefits in Fairview Heights, IL in 7 Steps
While a retirement plan that truly allows you to live the golden years you wanted will include money from numerous sources, you'll still want to make sure you're getting the most out of Social Security. Below, you'll find seven proven strategies for any retiree to maximize 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
A Schroders 2022 U.S. Retirement Survey stated that almost 90% of non-retired Americans who are 45 and up are aware that remaining in the workforce for longer will increase their check, yet only one out of 10 are planning to retire at 70.
Pursuant to the Social Security Amendments of 1983, any worker whose date of birth was in 1960 or later has a full retirement age of 67. If you retire at 62, the earliest you can apply for benefits, your retirement benefits 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 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 full retirement age
- $4,194 a month if you retire at 70
Obviously, you may want to trade off the extra income with other life goals, such as visiting your Fairview Heights, IL family more or finally visiting those dream vacation spots. But you still need to understand what retiring at what age will mean for your Social Security income, 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 how much you'll receive for your payout by using "average indexed monthly earnings" (AIME). AIME calculates your benefits based on your 35 highest-earning years. If you you retire before you worked for 35 years, the years you didn't work count for nothing. If you were in the workforce for more than 35 years, the years in which you earned the most will take the place of your lower earning years, increasing your monthly check.
If you remain in the Fairview Heights, IL workforce 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 what most of us strive for anyway, it's also considerably helpful in increasing your benefits when you eventually retire. The more you earn, the higher your AIME will be, and the more you'll pay in Social Security taxes. Both of those factors 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 AIME. In 2023, that number is $160,200.
4. Claim Spousal Benefits
If you and your spouse both received income, the spouse with lower earnings can claim their own Social Security benefits, or up to 50% of the higher earner's benefits, whichever is higher. Just like when claiming your own benefits, it's advisable to hold off on claiming until the full retirement age to get the full 50%.
If your spouse is deceased, you're also eligible for survivor's benefits. You can elect for your survivor’s benefit at age 60 (which will also be reduced because it's not at full retirement age) 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. There will be tax consequences if you claim benefits in Fairview Heights, IL early and plan to continue working after you start receiving Social Security. When figuring out what the tax consequences are, the IRS will add up your nontaxable income, 50% of your Social Security benefit, and your adjusted gross income.If that sum is under $25,000 for individuals or $32,000 for joint filers, there will be no federal tax implications. 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 Social Security income can be taxed.
Your benefits may also be subject to state taxes in Missouri.
Another thing to take into account is that if you keep working after you start receiving Social Security, you might accidentally bump yourself into a higher tax bracket.
6. Double-Check the Social Security Administration's Work
The SSA creates your personal Social Security statement statement every year, which how much income was recorded 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. You'll want the years for the highest income to be noted for when the administration computes your benefits.
7. Hire a Qualified Fairview Heights, IL Social Security Consultant
Professionals in any field usually know their area of practice the best, and many individuals and families in Fairview Heights, IL just don't have the time, knowledge, or interest to manage their retirement planning and Social Security benefits themselves. With the day-to-day grind of growing professionally and providing for your family, it's not hard to forget about Social Security planning when it's still years or decades until you'll claim. Correct Capital's group of Fairview Heights, IL 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 prudent tax planning, active asset management, and other areas of expertise in Fairview Heights, IL 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 Fairview Heights, IL, take a look at Correct Capital's and Savology's free online retirement retirement planning tool, or make an appointment with one of our advisors today.
Other services we offer in Fairview Heights, IL include:
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
- 401(k) For Small Business
- Small Business Retirement Plans
- Tax Planning
- Retirement Calculator
- Retirement Planning
- Rollover 401(k)
Social Security Consultants Near Me in Fairview Heights, IL | Correct Capital Wealth Management
At Correct Capital, our Fairview Heights, IL 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 a comprehensive, 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 314-930-401(k) or contact us online for dependable, experienced, and trustworthy Social Security consultants in Fairview Heights, IL.