Social Security Consultant Near Me
Social security consultants near me in Frontenac, MO. While it may be reassuring that the federal 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. Dedicated Social Security consultants in Frontenac, MO can help you not only 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 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. When you initially apply your benefits, you only have one chance to get the most amount of income you are eligible for. 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 apply next year, reach out to Correct Capital's Frontenac, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.
7 Ways to Increase Your Social Security Check in Frontenac, MO
While an optimal retirement plan will consist of money 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, we've listed seven proven strategies for any retiree to increase their Social Security payout:
- 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 reported that 86% of Americans who are still in the workforce aged 45 and older know that remaining in the workforce for longer will increase their benefits, yet only just above 10% plan to wait until age 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 are no longer working by 62, the earliest 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 are eligible for delayed retirement benefits, which would increase your benefit 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 70
- $4,194 a month if you retire at 70
Of course, you might decide to trade off the extra income with other things you want to do in retirement, such as seeing your Frontenac, MO family more or finally spending more time at that timeshare in Aspen. But you still need to understand what retiring at what age will mean for your benefits, and to consider, as a team 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 your monthly Social Security benefits using "average indexed monthly earnings" (AIME). AIME considers the 35 years you made the most money. If you you retire 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, your higher earning years will cancel out your lower earning years, increasing your monthly check.
If you continue working in Frontenac, 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 your benefits when you eventually retire. 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 can get the maximum retirement benefit. So, if you needed more motivation to seek raises or better-paying jobs, now you have it. 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, you can claim either 50% of the higher earners benefits or the full benefits of the other spouse, whichever is higher. Again, it's important 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 (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 important throughout our financial lives, including in retirement. You may have to pay taxed if you started receiving Social Security in Frontenac, MO before your full retirement age and keep working. When figuring out what the tax consequences are, the IRS will add up your nontaxable income, 50% of your Social Security benefit, and your adjusted gross income.If that sum is under $25,000 for individuals or $32,000 for joint filers, you will not pay federal tax on your Social Security. Between $25,000 and $34,000 for individuals and $32,000 and $44,000 for joint filers, up to half your benefit will be subject to federal taxes. If your income is more than that, up to 85% of your Social Security income can be subject to taxes.
While not every state may tax Social Security, 12 states (including Missouri) may tax your Social Security benefits.
Similarly, if you keep working after claiming Social Security, you may unintentionally move into a higher tax bracket.
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 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 your highest earning years to be in the official recorded for when the administration computes your benefits.
7. Hire a Qualified Frontenac, MO Social Security Consultant
Professionals in any field usually know their area of practice the best, and many individuals and families in Frontenac, MO retirement planning and Social Security benefits themselves, whether because of time, knowledge, or interest. With the day-to-day grind of growing professionally and putting food on the table, it's not hard to let something important like Social Security planning fall into the cracks when it's still years or decades until you'll claim. Correct Capital's team of Frontenac, MO Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners live out the golden years of their dreams, 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 services in Frontenac, 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 Frontenac, MO, take a look at Correct Capital's and Savology's free online retirement calculator, or make a get-to-know-you call with a member of our team today.
Other services we offer in Frontenac, 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 Frontenac, MO | Correct Capital Wealth Management
At Correct Capital, our Frontenac, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals do more than just optimize your Social Security benefits. We create a comprehensive, 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 Frontenac, MO.
