Social Security Consultant Near Me
Social security consultants near me in Imperial, MO. While it may be reassuring that The U.S. Government has a safety net for workers after we've left the workforce, retirement planning is still necessary to live the retirement you dreamed of. Qualified Social Security consultants in Imperial, MO will work with you, not just to get the highest possible income from Social Security, but create a holistic 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 secure 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. When you claim Social Security, you only have one opportunity to claim the most amount of benefits 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 have things lined up right for when you claim benefits soon, reach out to Correct Capital's Imperial, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.
7 Ways to Maximize Your Social Security Benefits in Imperial, MO
While a retirement plan that truly allows you to live the life you wanted will consist of income from numerous sources, you'll still want to make sure you're getting the most out of Social Security. Below, you'll find seven proven ways for any earner to get the most out of 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
According to a Schroders 2022 U.S. Retirement Survey, almost nine out of 10 Americans who are still in the workforce who are 45 and up are aware that they can receive more in Social Security if they wait to claim benefits, yet only 11% are planning 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 claim benefits, your payout would be decreased by 30%, and your spouse's by 35%. If you wait until age 70 to claim, you are eligible for delayed retirement benefits, which gives you about 77% more each month than retiring at 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
Of course, you may prefer balancing your Social Security benefits with other life goals, such as seeing your Imperial, MO family more or finally spending more time at that timeshare in Aspen. But it's important to understand how your retirement age affects your Social Security income, and to think about, 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 calculates how much you'll receive for your payout by using "average indexed monthly earnings" (AIME). AIME is based off the 35 years you had the highest income. If you you leave the workforce before you worked for 35 years, the years you didn't work count for nothing. If you were in the workforce for more than 35 years, your higher earning years will take the place of your lower earning years, boosting your Social Security income.
If you remain in the Imperial, MO workforce after you've started receiving Social Security, those years also get added into your AIME.
3. Earn More Money
While this is a no-brainer, it's also significantly helpful in increasing how much you eventually receive. The more you earn, the higher the Social Security Administration will calculate your benefits, and the more you'll pay in Social Security taxes. Both of those factors 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, the SSA places a cap on how much income can count towards your AIME. In 2023, that number is $160,200.
4. Claim Spousal Benefits
If both spouses worked, 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 retire before your full retirement age.
If your spouse is deceased, 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 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 remains true once we retire. There will be tax consequences if you claim benefits in Imperial, MO before your full retirement age 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 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 that total exceeds those numbers, 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 benefits, you could accidentally make yourself have to pay more in income tax.
6. Double-Check the Social Security Administration's Work
Each year, you get a Social Security statement 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 the years for the highest income to be recorded for when the administration calculates your benefits.
7. Hire a Qualified Imperial, MO Social Security Consultant
It's hard to replace the knowledge and experience of any professional in a given field, and many workers in Imperial, 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 let something important like Social Security planning fall into the cracks when it's still years or decades until you'll start receiving benefits. Correct Capital's team of Imperial, MO Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners achieve the retirement they always envisioned, and feel confident in 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 careful tax planning, active asset management, and other areas of expertise in Imperial, 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 Imperial, 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 Imperial, 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 Imperial, MO | Correct Capital Wealth Management
At Correct Capital, our Imperial, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals do more than just optimize your 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 Imperial, MO.
