Social Security Consultant Near Me
Social security consultants near me in Glendale, MO. While it's reassuring that Uncle Sam has a safety net for workers in retirement, that doesn't automatically ensure that you'll have the money you need to live the retirement you want. Experienced Social Security consultants in Glendale, MO can help you not just get the highest possible income from Social Security, but provide 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 get to know our clients personally and come up with a plan they're involved in so they can live out the retirement they always wanted.
According to the Social Security Administration's 2022 Fact Sheet, Social Security represents about 30% of income for the elderly. You must apply for the maximum benefits you are eligible for when you first file. Whether you envision remaining in the workforce for a lot more time, or just need someone to look over your plan to ensure you have things lined up right for when you claim benefits next year, call Correct Capital's Glendale, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.
Maximum Your Social Security Benefits in Glendale, MO in 7 Steps
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 methods for any earner to maximize their Social Security benefits:
- 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 86% of non-retired Americans who are 45 and up know that remaining in the workforce for longer will increase their Social Security income, yet only one out of 10 plan to wait until age 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 retire at 62, the earliest you can apply for Social Security, your retirement benefits would be lowered by 30%, and your spouse's by 35%. Retiring at up to age 70 would mean you are eligible for delayed retirement benefits, which would increase your payout by around 77% compared to age 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 may prefer balancing your Social Security benefits with other things you want to do in your golden years, such as visiting your Glendale, MO family more or finally perfecting your golf game. But it's important to understand how your retirement age affects 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 computes your monthly Social Security benefits using "average indexed monthly earnings" (AIME). AIME calculates your benefits based on your 35 highest-earning years. If you are in the workforce for less than 35 years, the years you didn't receive an income count for nothing. If you work more than 35 years, your higher earning years will cancel out your lower earning years, boosting your benefit.
If you remain in the Glendale, MO workforce 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 incredibly helpful in increasing 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'll be eligible for the maximum retirement benefit. So, being more assertive in asking for raises, promotions, or seeking the next step up at another company, or adding extra income from other sources, 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 claim benefits 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 (which will also be reduced because it's not at full retirement age) 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 vital throughout our financial lives, and that is no different once we retire. You may have to pay taxed if you claim benefits in Glendale, MO early and plan to continue working after you start receiving Social Security. When calculating what the tax consequences are, the IRS has a formula that adds 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 consequences. Between $25,000 and $34,000 for individuals and $32,000 and $44,000 for joint filers, up to half your benefit 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.
Another thing to take into account is that if you keep working after you start receiving Social Security, you might unintentionally bump yourself into a higher tax bracket.
6. Double-Check the Social Security Administration's Work
Each year, you get a Social Security statement which how much money you earned 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 your highest earning years to be noted for when the administration computes your benefits.
7. Hire a Qualified Glendale, MO Social Security Consultant
It's hard to replace the expertise of any professional in a given field, and many workers in Glendale, MO retirement planning and Social Security benefits themselves, whether because of time, knowledge, or interest. With so much of our energy spent on our careers 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, down the road. Correct Capital's group of Glendale, MO Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners live out the retirement they always envisioned, 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 Glendale, MO 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 Glendale, MO, check out Correct Capital's and Savology's free online retirement calculator, or make an appointment with one of our advisors today.
Other services we offer in Glendale, MO 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 Glendale, MO | Correct Capital Wealth Management
At Correct Capital, our Glendale, 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 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 Glendale, MO.
