Social Security Consultant Near Me
Social security consultants near me in Fenton, MO. While it's reassuring that Uncle Sam has a safety net for workers after we've left the workforce, you still need to plan ahead to live the golden years you dreamed of. Dedicated Social Security consultants in Fenton, MO will work with you, not just to get the highest possible income from Social Security, but provide a comprehensive retirement plan that includes income from a variety of sources. 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 confident about where their retirement income will come from.
According to the Social Security Administration's 2022 Fact Sheet, over a third of Americans receive 50% or more of their retirement income from Social Security. 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 retire, or just want to make sure you're set up to get your full benefits for when you claim next year, reach out to Correct Capital's Fenton, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.
7 Ways to Increase Your Social Security Check in Fenton, MO
While the best retirement plans will include income from employer-backed plans, IRAs, and other accounts, you'll still want 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 time-tested strategies for any retiree to increase 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
A Schroders 2022 U.S. Retirement Survey stated that almost 90% of Americans who are still working aged 45 and older 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 retire at 70.
Under the rules provided in 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 leave the workforce at 62, the earliest you can apply for Social Security, your retirement benefits would be diminished 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 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
Obviously, you might want to trade off the extra money with other things you want to do in retirement, such as seeing your Fenton, MO family more or finally perfecting your golf game. But it's important to understand what retiring at what age will mean for your Social Security income, and to talk over 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 your 35 highest-earning years. If you are in the workforce for less than 35 years, the years you didn't work will count as zeros. If you earned an income in more than 35 years, your higher earning years will take the place of the years you earned the least, increasing your benefit.
If you keep working in Fenton, MO 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 a no-brainer, it's also considerably helpful in increasing how much you eventually receive. The more you earn, the higher the Social Security Administration will calculate your benefits, 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 pursuing raises, promotions, or better-paying jobs, or picking up a side hustle, may increase your benefits. 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, the spouse who earned less 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 advisable 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 essential throughout our financial lives, including once we retire. You may have to pay taxed if you claim benefits in Fenton, MO early and plan to continue working after you start receiving Social Security. 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 below $25,000 for individuals or $32,000 for joint filers, there will be no federal tax consequences. 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 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 you start receiving benefits, you may unintentionally bump yourself into a higher tax bracket.
6. Double-Check the Social Security Administration's Work
Each year, you receive a Social Security statement which details your income 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. You'll want the years for the highest income to be recorded for when the administration computes your benefits.
7. Hire a Qualified Fenton, MO Social Security Consultant
It's hard to replace the expertise of any professional in a given field, and many people in Fenton, 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 our families, it's not hard to forget about Social Security planning when it feels like it's years, or even decades, down the road. Correct Capital's group of Fenton, MO Social Security consultants has decades of combined experience helping individuals, families, and business owners achieve the retirement of their dreams, and feel confident in their financial future. Our team is comprised of financial advisors and a committed 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 Fenton, 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 Fenton, MO, take a look at 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 Fenton, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
Social Security Consultants Near Me in Fenton, MO | Correct Capital Wealth Management
At Correct Capital, our Fenton, 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 the retirement funds in all your accounts are best positioned for long-term growth and stability. Call Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Fenton, MO.
