Social Security Consultant Near MeGet the Most From Your Social Security Income With Experienced Retirement Planners in Fairview Heights, IL
Social security consultants near me in Fairview Heights, IL. While it's comforting that Uncle Sam provides an income for us in retirement, that doesn't automatically ensure that you'll have the money you need to live the golden years you dreamed of. Knowledgeable Social Security consultants in Fairview Heights, IL can help you not only maximize your Social Security benefits, but design a holistic retirement plan that can help ensure your money is optimally 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 can live out the retirement they always wanted.
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According to the Social Security Administration's 2022 Fact Sheet, Social Security represents about 30% of income for the elderly. 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 leave the workforce, 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 877-930-4015 or contact us online.

Maximum Your Social Security Benefits in Fairview Heights, IL in 7 Steps
While a retirement plan that truly allows you to live the life dreamed of 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, we've listed seven time-tested methods for any worker to get the most out of 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, 86% of Americans who are still in the workforce who are 45 and up are aware that they can receive more in Social Security if they wait to claim benefits, yet only one out of 10 are planning to wait until age 70.
Pursuant to 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 first year you can claim Social Security, your payout would be reduced 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 checks by around 77% compared to age 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 Fairview Heights, IL 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 increase your 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 calculates your benefits based on your 35 highest-earning years. If you didn't work for 35 years, the years you didn't work count for nothing. If you work more than 35 years, your higher earning years will cancel out the years you earned the least, increasing your benefit.
If you keep working in Fairview Heights, IL after you've started receiving Social Security, 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 biggest things you can do far before your retirement age in order to increase how much you eventually receive. The more you earn, 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, being more assertive in asking for raises, promotions, or seeking the next step up at another company, or adding extra income from other sources, may help make you eligible for the maximum benefit. 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, the spouse with lower earnings can claim their own Social Security benefits, or up to half of the higher earner's benefits, whichever the higher benefit is. Just like when claiming your own benefits, it's recommended to wait until the full retirement age to get the full 50%.
If your spouse has passed away, you're also eligible for survivor's benefits. You can start claiming that benefit at age 60 (which will also be reduced because it's not at full retirement age) 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 in retirement. There will be tax consequences if you claim benefits in Fairview Heights, IL early and plan to continue working after you start claiming benefits. The IRS calculates your tax consequences based on the sum of your nontaxable income, half your Social Security benefit, and your adjusted gross income.If that total is below $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 Social Security income will be subject to federal taxes. If your income is more than that, up to 85% of your Social Security income can be taxed.
Your benefits may also be subject to state taxes in Missouri.
Another factor to take into account is that if you keep working after you start receiving Social Security, you may unintentionally move into a higher tax bracket.
6. Double-Check the Social Security Administration's Work
Each year, you receive a Social Security statement which how much income was recorded and how much you paid in Social Security taxes. Check the Social Security Administration's records against your W2, pay stubs, or tax returns. 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 the years for the highest income to be in the official recorded for when the administration computes your AIME.
7. Hire a Qualified Fairview Heights, IL Social Security Consultant
Professionals in any field usually know their area of practice the best, and many people 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 our careers and putting food on the table, it can be easy to forget about Social Security planning when it's still years or decades until you'll start receiving benefits. Correct Capital's group of Fairview Heights, IL Social Security consultants has decades of combined experience helping individuals, families, and business owners achieve the retirement they always envisioned, and feel secure 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 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, check out Correct Capital's and Savology's free online retirement calculator, or schedule a get-to-know-you call with a member of our team today.
Other services we offer in Fairview Heights, IL include:

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 PLANNERā¢ professionals are capable of much more than just getting you the maximum Social Security pay out. We create an exhaustive, tailored financial plan for you to ensure the retirement funds in all your accounts are best positioned for long-term growth and stability. Get in touch with Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Fairview Heights, IL.