Social Security Consultant Near Me
Social security consultants near me in Imperial, MO. While it may be reassuring that The U.S. Government provides an income for workers after we've left the workforce, you still need to plan ahead to live the retirement you dreamed of. Knowledgeable Social Security consultants in Imperial, MO can help you not only 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 can live out the golden years they always wanted.
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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. You must apply for the maximum benefits you are eligible for when you first file. 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, 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 Increase Your Social Security Check in Imperial, MO
While a retirement plan that truly allows you to live the life dreamed of will consist of income from a variety of sources, you'll still want to make sure you're getting everything you can when it comes to your Social Security benefits. Below, you'll find seven proven strategies for any retiree 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, almost 90% 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 one out of 10 plan to retire at 70.
Pursuant to the Social Security Amendments of 1983, any retiree 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 retirement benefits would be diminished 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 70
- $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 spending more time with your Imperial, MO family or finally spending more time at that timeshare in Aspen. But you still need to understand what retiring at what age will mean for your benefits, and to consider, along with your financial advisor, if it's worth waiting a few extra years to maximize your benefits.
2. Work at Least 35 Full Years
The Social Security Administration determines how much you'll receive for your payout by using "average indexed monthly earnings" (AIME). AIME is based off the 35 years you made the most money. If you you leave the workforce before you worked for 35 years, the years you didn't work count for nothing. If you earned an income in more than 35 years, the years in which you earned the most will take the place of the years you earned the least, boosting your Social Security income.
If you keep working in Imperial, MO after you've started claiming benefits, those years also get added into your AIME.
3. Earn More Money
While this is a no-brainer, it's also one of the only things you can do far before your retirement age in order to increase your benefits in the future. Higher income 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 calculate if you're able to receive the highest possible Social Security income. So, being more assertive in asking for raises, promotions, or better-paying jobs, or picking up a side hustle, 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. Again, you will not get the full 50% of you retire before your full retirement age.
If your spouse is deceased, 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 vital throughout our financial lives, and that remains true once we retire. You may have to pay taxed if you started receiving Social Security in Imperial, MO before your full retirement age and keep working. When calculating 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 under $25,000 for individuals or $32,000 for joint filers, there will be no federal tax implications. Between $25,000 and $34,000 for individuals and $32,000 and $44,000 for joint filers, up to 50% of your benefit will be subject to federal taxes. If that total exceeds those numbers, up to 85% of your benefit can be subject to taxes.
Your benefits may also be subject to state taxes in Missouri.
Similarly, 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
Each year, you get a Social Security statement which details your income and how much you paid in Social Security taxes. Check the Social Security Administration's work against your W2, pay stubs, or tax returns. 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. It's important for your highest earning years to be noted for when the administration calculates your benefits.
7. Hire a Qualified Imperial, MO Social Security Consultant
Professionals in any field usually know their area of practice the best, and many workers in Imperial, MO just don't have the time, knowledge, or interest to manage their retirement planning and Social Security benefits themselves. 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, into the future. Correct Capital's group of Imperial, MO Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners live out the golden years of their dreams, and feel secure in their financial future. Our team is made up of financial 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 services in Imperial, 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 Imperial, MO, take a look at Correct Capital's and Savology's free online retirement calculator, or schedule an appointment with a member of our team today.
Other services we offer in Imperial, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
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 are capable of much more than just getting you the maximum Social Security check. 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. Call Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Imperial, MO.
