Social Security Consultants Near Me in Fenton, MO

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Social Security Consultant Near MeMaximize Your Social Security Benefits With Knowledgeable Retirement Planners in Fenton, MO

Social security consultants near me in Fenton, MO. While it may be comforting that the federal government has a safety net for us after we've left the workforce, retirement planning is still necessary to live the retirement you want. Knowledgeable Social Security consultants in Fenton, MO will work with you, not just to get the highest possible income from Social Security, but create a comprehensive retirement plan that includes income from IRAs, 401(k)s, and other retirement funds. At Correct Capital Wealth Management, we offer a variety of tools, resources, and insights to our clients so they can live out the retirement they always wanted.


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Correct Capital Wealth Management's office is physically located in St. Louis, MO, but we serve clients throughout the United States in both personal financial planning and corporate retirement plans.

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According to research from the Social Security Administration, over a third of Americans receive 50% or more of their retirement income from Social Security. You must apply for 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're set up to get your full benefits for when you claim next year, call Correct Capital's Fenton, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.

Social Security Consultants Near Me Fenton, MO | Retirement Planning | Financial Advisors | Wealth Management Near Fenton

7 Ways to Increase Your Social Security Check in Fenton, MO

While an optimal retirement plan will include money from a variety of sources, you'll still want to make sure you're getting everything you can when it comes to your Social Security benefits. Below, we've listed seven time-tested ways for any retiree to increase their income from Social Security:

  1. Wait to Claim Benefits
  2. Work at Least 35 Full Years
  3. Earn More Money
  4. Claim Spousal Benefits
  5. Avoid Social Security Taxes
  6. Double-Check the Social Security Administration's Work
  7. 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 in the workforce aged 45 and older understand 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.

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 apply for benefits, your retirement benefits would be lowered 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 at different ages in 2022 are:

  • $2,364 a month if you retire at 62
  • $3,345 a month if you retire at 70
  • $4,194 a month if you retire at 70

Obviously, you may want to trade off the extra benefits with other life goals, such as spending more time with your Fenton, MO family or finally perfecting your golf game. 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's worth holding out for a few extra years to unlock the higher benefits.

2. Work at Least 35 Full Years

The Social Security Administration calculates your monthly Social Security benefits using "average indexed monthly earnings" (AIME). AIME is based off 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, the years in which you earned the most will take the place of your lower earning years, increasing your benefit.

If you continue working in Fenton, MO 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 one of the biggest things you can do far before your retirement age in order to increase 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, 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, income over $160,200 will not be calculated.


4. Claim Spousal Benefits

If both spouses worked, you can claim either 50% of the higher earners benefits or the full benefits of the other spouse, whichever the higher benefit is. Again, you will not get the full 50% of you claim benefits before your full retirement age.

If your spouse is deceased, you can also consider claiming 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, including in retirement. You may have to pay taxed if you started receiving Social Security in Fenton, MO early and keep working. The IRS calculates your tax consequences based on the sum of 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 implications. Between $25,000 and $34,000 for individuals and $32,000 and $44,000 for joint filers, up to 50% of your benefit will be subject to federal taxes. If your income is more than that, up to 85% of your benefit can be subject to taxes.

While not every state may tax Social Security, 12 states (including Missouri) may tax your Social Security benefits.

Another thing to take into account is that if you keep working after you start receiving Social Security, you could unintentionally make yourself have to pay more in income tax.

6. Double-Check the Social Security Administration's Work

Each year, you get a Social Security statement which details your income and the taxes you've paid into social security. Check the Social Security Administration's work 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 your highest earning years to be in the official recorded 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 people 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 growing professionally and providing for your family, it can be easy to forget about Social Security planning when it feels like it's years, or even decades, into the future. Correct Capital's team of Fenton, MO Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners achieve the golden years of their dreams, and feel confident in 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 services in Fenton, MO such as 401(k) rollover, we'll do our part to provide you with a financially secure and happy retirement.

For more help with your retirement planning needs in Fenton, MO, check out 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 Fenton, MO include:

Social Security Consultants Near Me Fenton, MO | Retirement Planning | Financial Advisors | Wealth Management Near Fenton

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 are capable of much more than just getting you the maximum Social Security benefits. We create an exhaustive, personalized financial plan for you to ensure your own retirement savings 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 Fenton, MO.


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