Social Security Consultant Near Me
Social security consultants near me in Huntleigh, MO. While it may be reassuring that The U.S. Government provides an income for us after we've left the workforce, you still need to plan ahead to live the golden years you dreamed of. Dedicated Social Security consultants in Huntleigh, MO can help you not just maximize your Social Security benefits, but design a holistic 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 feel good about where their retirement income will come from.
According to data from the Social Security Administration, Social Security represents about 30% of income for the elderly. When you initially apply your benefits, you only have one chance to claim the most amount of income you are eligible for. Whether you're planning for decades into the future, or just need someone to look over your plan to ensure you have things lined up right for when you claim benefits soon, call Correct Capital's Huntleigh, 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 Huntleigh, MO
While the best retirement plans will include money from employer-backed plans, IRAs, and other accounts, 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 methods for any worker to get the most out of their income from Social Security:
- 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 nine out of 10 non-retired Americans aged 45 and older are aware that they can receive more in Social Security if they wait to claim benefits, yet only 11% plan to wait until age 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 are no longer working by 62, the first year you can apply for Social Security, your payout would be reduced by 30%, and your spouse's by 35%. Retiring at up to age 70 would mean you are eligible for 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 full retirement age
- $4,194 a month if you retire at 70
Of course, you might want to trade off the extra income with other life goals, such as spending more time with your Huntleigh, MO family or finally perfecting your golf game. 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 increase 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 takes into account the 35 years you had the highest income. If you are in the workforce for less than 35 years, the years you didn't work will count as zeros. If you earned an income in more than 35 years, your higher earning years will take the place of your lower earning years, boosting your benefit.
If you keep working in Huntleigh, MO 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 significantly helpful in increasing your benefits down the road. Making more money leads to both a higher AIME and more of your money going to Social Security taxes. Both of those factors help determine if you're able to receive the highest possible Social Security income. 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, 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 is higher. Again, it's recommended to wait until the full retirement age to get the full 50%.
If your spouse has passed away, 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 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 is no different once we retire. You may have to pay taxed if you claim benefits in Huntleigh, MO early and keep working. When figuring out what the tax consequences are, the IRS will add up your nontaxable income, half your Social Security benefit, and your adjusted gross income.If that total 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 50% of your Social Security income will be subject to federal taxes. If that total exceeds those numbers, up to 85% of your benefit can be taxed.
Missouri is only one of 12 states that may tax your Social Security benefits.
Similarly, if you keep working after claiming 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. Check the Social Security Administration's work against your W2, pay stubs, or tax returns. 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 recorded for when the administration computes your AIME.
7. Hire a Qualified Huntleigh, MO Social Security Consultant
It's hard to replace the expertise of any professional in a given field, and many individuals and families in Huntleigh, MO just don't have the time, knowledge, or interest to manage their retirement planning and Social Security benefits themselves. With the day-to-day grind of our careers and our families, it can be easy 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 Huntleigh, MO Social Security consultants has decades of combined experience helping individuals, families, and business owners achieve the retirement they always envisioned, and have peace of mind about their financial future. Our team is comprised of award-winning advisors and a committed 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 Huntleigh, 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 Huntleigh, MO, take a look at Correct Capital's and Savology's free online retirement calculator, or make an appointment with a member of our team today.
Other services we offer in Huntleigh, 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 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 pay out. We create a holistic, tailored financial plan for you to ensure your own retirement savings are growing and that your retirement income will come from a variety of sources. Get in touch with Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Huntleigh, MO.
