Social Security Consultant Near Me
Get the Most From Your Social Security Benefits With Knowledgeable Financial Advisors in Huntleigh, MO
Social security consultants near me in Huntleigh, MO. While it may be comforting that The U.S. Government provides an income for workers in retirement, you still need to plan ahead to live the retirement you want. Qualified Social Security consultants in Huntleigh, MO can help you not just maximize your Social Security benefits, but design a comprehensive retirement plan that can help ensure your money is best 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 feel good about where their money in retirement will come from.
According to the Social Security Administration's 2022 Fact Sheet, Social Security is the major source of income for most of 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 several more years, or just need someone to look over your plan to ensure you're set up to get your full benefits for when you claim soon, call Correct Capital's Huntleigh, MO Social Security consultants and fiduciary advisors today at 314-930-401(k) or contact us online.
7 Ways to Maximize Your Social Security Benefits in Huntleigh, MO
While a retirement plan that truly allows you to live the life dreamed of will consist of money from a variety of sources, it's still important to make sure you're getting everything you can when it comes to your Social Security benefits. Below, you'll find seven time-tested methods for any earner 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 in the workforce who are 45 and up are aware that remaining in the workforce for longer will increase their payout, yet only 11% are planning to retire at 70.
Pursuant to 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 retire at 62, the earliest you can claim Social Security, your payout would be reduced 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 checks 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 70
- $4,194 a month if you retire at 70
Obviously, you might prefer balancing your Social Security benefits with other life goals, such as seeing your Huntleigh, MO family more or finally visiting those dream vacation spots. But it's important to understand what retiring at what age will mean for your benefits, and to consider, along with your financial advisor, if it might be beneficial to retire later to increase your 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 considers the 35 years you had the highest income. If you didn't work for 35 years, the years you didn't work will count as zeros. If you were in the workforce for more than 35 years, your higher earning years will cancel out your lower earning years, boosting your Social Security income.
If you remain in the Huntleigh, 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 one of the biggest things you can do now 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'll be eligible for the maximum retirement benefit. So, being more aggressive in seeking raises, promotions, or better-paying jobs, or picking up a side hustle, may help make you eligible for the maximum benefit. However, earnings over a specific amount are not factored into your retirement benefits. In 2023, income over $160,200 will not be calculated.
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, it's important to wait until the full retirement age to get the full 50%.
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 Huntleigh, MO early and keep working. 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 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.
Missouri is only one of 12 states that may tax your Social Security benefits.
Another factor to take into account is that if you keep working after you start receiving Social Security, you might 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 details your income and how much you paid in Social Security taxes. Make sure all of your income for the year was recorded. 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 noted for when the administration calculates your benefits.
7. Hire a Qualified Huntleigh, MO Social Security Consultant
Professionals in any field usually know their area of practice the best, and many people in Huntleigh, MO retirement planning and Social Security benefits themselves, whether because of time, knowledge, or interest. With large portions of our everyday lives spent on 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 Huntleigh, MO Social Security consultants has decades of combined experience helping individuals, families, and business owners achieve 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 Huntleigh, MO such as 401(k) rollover, we'll do our part to give you a financially secure and happy retirement.
For more help with your retirement planning needs in Huntleigh, MO, take advantage of Correct Capital's and Savology's free online retirement retirement planning tool, or schedule a get-to-know-you call with a member of our team today.
Other services we offer in Huntleigh, MO include:
- 401(k) For Small Business
- Small Business Retirement Plans
- Tax Planning
- Retirement Calculator
- Retirement Planning
- Rollover 401(k)
- Wealth Management
- 401k Companies
- Financial Advisor
Social Security Consultants Near Me in Huntleigh, MO | Correct Capital Wealth Management
At Correct Capital, our Huntleigh, 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 a comprehensive, personalized financial plan for you to ensure the retirement funds in all your accounts are growing and that your retirement income will come from a variety of sources. Get in touch with Correct Capital today at 314-930-401(k) or contact us online for dependable, experienced, and trustworthy Social Security consultants in Huntleigh, MO.