Social Security Consultant Near Me
Social security consultants near me in Fairview Heights, IL. While it may be comforting that The U.S. Government has a safety net for us after we've left the workforce, that doesn't automatically ensure that you'll have the money you need to live the retirement you dreamed of. Dedicated Social Security consultants in Fairview Heights, IL can help you not just get the highest possible income from Social Security, but create 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 offer a variety of tools, resources, and insights to our clients so they feel confident about where their money in retirement will come from.
According to data 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 opportunity to get the most amount of income you are eligible for. Whether you envision remaining in the workforce for another couple decades, or just need someone to look over your plan to ensure you're set up to get your full benefits for when you claim 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 the best retirement plans will consist of income from employer-backed plans, IRAs, and other accounts, it's still important to make sure you're getting the most out of Social Security. Below, you'll find seven time-tested ways for any retiree to get the most out of their Social Security check:
- 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, almost nine out of 10 Americans who are still working who are 45 and up know that they can receive more in Social Security if they wait to claim benefits, yet only 11% plan to retire at 70.
Under the rules established in the Social Security Amendments of 1983, if you were born in 1960 or later your full retirement age is 67. If you retire at 62, the earliest you can apply for benefits, 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 would increase your payout 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 full retirement age
- $4,194 a month if you retire at 70
Obviously, you might decide to trade off the extra income with other things you want to do in your golden years, 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 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 how much you'll receive for your Social Security income by using "average indexed monthly earnings" (AIME). AIME is based off your 35 highest-earning years. If you you leave the workforce before you worked 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 the years you earned the least, increasing your benefit.
If you remain in the Fairview Heights, IL workforce after you've started receiving Social Security, 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 significantly 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. The SSA takes both of those into account to 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, income over $160,200 will not be calculated.
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, it's recommended 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 start claiming that 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 an important part of any financial consideration, including in retirement. There will be tax consequences if you claim benefits in Fairview Heights, IL before your full retirement age and keep working. 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 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 50% of your Social Security income can be taxed by the federal government. If your income is more than that, up to 85% of your Social Security income can be subject to taxes.
Missouri is only one of 12 states that may tax your Social Security benefits.
Similarly, if you keep working after you start receiving benefits, you may accidentally make yourself have to pay more in income tax.
6. Double-Check the Social Security Administration's Work
The SSA creates your personal Social Security statement statement every year, which how much money you earned and the taxes you've paid into social security. Check the Social Security Administration's records 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 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 workers 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 providing for your family, it can be easy to let something important like Social Security planning get forgotten among other things 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 achieve the golden years they always envisioned, and have peace of mind about their financial future. Our team is comprised 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 provide you with 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 retirement planning tool, or make an appointment with a member of our team today.
Other services we offer in Fairview Heights, IL include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
- 401(k) For Small Business
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 do more than just optimize your Social Security pay out. We create a comprehensive, personalized financial plan for you to ensure the retirement funds in all your accounts are growing and that your retirement income will come from a variety of sources. Reach out to Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Fairview Heights, IL.
