Social Security Consultant Near Me
Social security consultants near me in Huntleigh, MO. While it's comforting that the federal government provides an income for workers after we've left the workforce, you still need to plan ahead to live the golden years 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 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 money in retirement will come from.
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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 the Social Security Administration's 2022 Fact Sheet, 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 benefits you are eligible for. Whether you envision remaining in the workforce for a lot more time, or just want to make sure 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 877-930-4015 or contact us online.
Maximum Your Social Security Benefits in Huntleigh, MO in 7 Steps
While an optimal retirement plan 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 tried-and-true ways for any earner to increase 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, 86% of non-retired Americans who are 45 and up know that they can receive more in Social Security if they wait to claim benefits, yet only just above 10% are planning to retire at 70.
Pursuant to the Social Security Amendments of 1983, anyone born 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%. Retiring at up to age 70 would mean you receive 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 full retirement age
- $4,194 a month if you retire at 70
Of course, you may prefer balancing your Social Security benefits with other things you want to do in your golden years, such as seeing your Huntleigh, MO family more or finally visiting those dream vacation spots. But you still need to understand how your retirement age affects your Social Security income, and to talk over with your financial advisor if it's worth holding out for a few extra years to maximize your benefits.
2. Work at Least 35 Full Years
The Social Security Administration computes how much you'll receive for your benefits by using "average indexed monthly earnings" (AIME). AIME takes into account your 35 highest-earning years. If you didn't work for 35 years, the years you didn't receive an income count for nothing. If you were in the workforce for more than 35 years, the years in which you earned the most will cancel out 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 one of the only things you can do far before your retirement age in order to increase how much you eventually receive. The more you earn, the higher your AIME will be, and the more you'll pay in Social Security taxes. The SSA takes both of those into account to help calculate whether you'll be eligible for the maximum retirement benefit. So, being more assertive in seeking raises, promotions, or better-paying jobs, or picking up a side hustle, may increase your benefits. 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 both spouses were in the workforce, the spouse who earned less can claim claim Social Security through their own work history, or up to half of the higher earner's benefits, whichever is higher. Again, you will not get the full 50% of you claim benefits before your full retirement age.
If your spouse has passed away, you can also consider claiming survivor's benefits. You can start claiming that 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 essential throughout our financial lives, and that is no different once we retire. You may have to pay taxed if you claim benefits in Huntleigh, MO before your full retirement age and keep working. When figuring out how much your benefits will be taxed, the IRS will add up your nontaxable income, 50% of your Social Security benefit, and your adjusted gross income.If that sum is below $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 can be taxed by the federal government. If your income is more than that, up to 85% of your benefit can be taxed.
Your benefits may also be subject to state taxes in Missouri.
Similarly, if you keep working after claiming benefits, you might accidentally make yourself have to pay more in income tax.
6. Double-Check the Social Security Administration's Work
The SSA sends your personal Social Security statement statement every year, which details your income and the taxes you've paid into social security. 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 the years for the highest income to be noted for when the administration calculates your AIME.
7. Hire a Qualified Huntleigh, MO Social Security Consultant
Professionals in any field usually know their area of practice the best, and many workers in Huntleigh, MO just don't have the time, knowledge, or interest to manage their retirement planning and Social Security benefits themselves. With large portions of our everyday lives spent on growing professionally and providing for your family, it can be easy to forget about Social Security planning when it's still years or decades until you'll start receiving benefits. Correct Capital's group of Huntleigh, MO Social Security consultants has over 75 years of combined experience helping individuals, families, and business owners live out the retirement of their dreams, and feel confident in their financial future. Our team is comprised of financial 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 areas of expertise in Huntleigh, 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 Huntleigh, 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 Huntleigh, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
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 check. 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. Call Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Huntleigh, MO.
