Social Security Consultant Near Me
Social security consultants near me in Fenton, MO. While it's comforting that The U.S. Government provides an income for workers 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. Knowledgeable Social Security consultants in Fenton, MO can help you not just get the highest possible income from Social Security, 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 offer a variety of tools, resources, and insights to our clients so they can live out the golden years they always wanted.
According to research from the Social Security Administration, Social Security is the major source of income for most of the elderly. You must claim the maximum benefits you are eligible for when you first file. Whether you're planning for decades into the future, or just want to make sure you have things lined up right for when you claim benefits soon, call 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 a retirement plan that truly allows you to live the life you wanted will consist of income from numerous sources, 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 tried-and-true strategies for any worker 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 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 just above 10% plan to retire at 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 leave the workforce at 62, the earliest you can claim benefits, your payout would be decreased 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
Of course, you may prefer balancing your Social Security benefits with other life goals, such as visiting your Fenton, MO family more or finally spending more time at that timeshare in Aspen. 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 maximize your benefits.
2. Work at Least 35 Full Years
The Social Security Administration determines how much you'll receive for your benefits by using "average indexed monthly earnings" (AIME). AIME is based off your 35 highest-earning years. If you you retire before you worked for 35 years, the years you didn't work will count as zeros. If you earned an income in more than 35 years, the years with the highest income will take the place of your lower earning years, increasing your monthly check.
If you remain in the Fenton, MO 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 one of the biggest things you can do now in order to increase your benefits when you eventually retire. The more you earn, the higher the Social Security Administration will calculate your benefits, 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, being more aggressive in asking for raises, promotions, or better-paying jobs, or picking up a side hustle, may increase your benefits. However, the SSA places a cap on how much income can count towards your 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 the higher benefit is. Just like when claiming your own benefits, you will not get the full 50% of you retire before your full retirement age.
If your spouse has passed away, you're also eligible for survivor's benefits. You can elect for your survivor’s benefit at age 60 (although like retirement and spousal benefits, it will be reduced) and later elect for your benefit if your work record provides a higher monthly income.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is an important part of any financial consideration, and that remains true once we retire. There will be tax consequences if you claim benefits in Fenton, MO early and keep working. When calculating what the tax consequences are, the IRS has a formula that adds your nontaxable income, 50% of your Social Security benefit, and your adjusted gross income.If that total is under $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 half 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 subject to taxes.
Your Social Security income 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 benefits, you may accidentally make yourself have to pay more in income tax.
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. Make sure all of your income for the year was recorded. Notify the SSA if there is a discrepancy in your income or how much Social Security taxes you paid. You'll want the years for the highest income to be noted for when the administration calculates your benefits.
7. Hire a Qualified Fenton, MO Social Security Consultant
It's hard to replace the knowledge and experience of any professional in a given field, and many individuals and families in Fenton, MO retirement planning and Social Security benefits themselves, whether because of time, know-how, or interest. With the day-to-day grind of our careers and our families, it can be easy to forget about Social Security planning when it's still years or decades until you'll claim. Correct Capital's group of Fenton, MO Social Security consultants has decades of combined experience helping individuals, families, and business owners live out the golden years of their dreams, and feel secure in 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 careful tax planning, active asset management, and other areas of expertise 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 advantage of Correct Capital's and Savology's free online retirement retirement planning tool, or schedule an appointment 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
- 401(k) For Small Business
- Small Business Retirement Plans
- Tax Planning
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 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. Call Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Fenton, MO.
