Social Security Consultant Near Me
Maximize Your Social Security Income With Experienced Financial Advisors in Jefferson County, MO
Social security consultants near me in Jefferson County, MO. While it's comforting that the federal government has a safety net for us in retirement, retirement planning is still necessary to live the golden years you want. Knowledgeable Social Security consultants in Jefferson County, MO can help you not just maximize your Social Security benefits, but create 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 can live out the golden years they always wanted.
According to data from the Social Security Administration, Social Security represents about 30% of income for the elderly. When you claim Social Security, you only have one chance to get the maximum benefits you are eligible for. Whether you still have a lot of work to do before you decide to leave the workforce, or just need someone to look over your plan to ensure you have things lined up right for when you claim benefits next year, reach out to Correct Capital's Jefferson County, MO Social Security consultants and fiduciary advisors today at 314-930-401(k) or fill out our online form.
7 Ways to Increase Your Social Security Check in Jefferson County, MO
While a retirement plan that truly allows you to live the golden years dreamed of will consist of money from numerous sources, it's still important to make sure you're getting the most out of Social Security. Below, you'll find seven proven ways for any earner to increase their Social Security benefits:
- 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
A Schroders 2022 U.S. Retirement Survey stated that almost 90% of Americans who are still working who are 45 and up are aware that remaining in the workforce for longer will increase their Social Security income, yet only one out of 10 plan to retire at 70.
Pursuant to the Social Security Amendments of 1983, if you were born in 1960 or later your full retirement age is 67. If you leave the workforce at 62, the first year you can claim Social Security, your retirement benefits would be lowered 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 full retirement age
- $4,194 a month if you retire at 70
Obviously, you might want to trade off the extra money with other things you want to do in retirement, such as visiting your Jefferson County, MO family more or finally spending more time at that timeshare in Aspen. 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 might be beneficial to retire later to increase your benefits.
2. Work at Least 35 Full Years
The Social Security Administration computes 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 you leave the workforce before you worked for 35 years, the years you didn't receive an income count for nothing. If you have more than 35 years of recorded income, your higher earning years will cancel out your lower earning years, increasing your monthly check.
If you keep working in Jefferson County, MO after you've started claiming benefits, those years also count towards your benefits calculation.
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 now in order to increase how much you eventually receive. The more money you make, 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 calculate whether you'll be eligible for the maximum retirement benefit. So, being more assertive in seeking raises, promotions, or seeking the next step up at another company, or adding extra income from other sources, 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 worked, the spouse with lower earnings can claim their own Social Security benefits, or up to half of the higher earner's benefits, 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 has passed away, you're also eligible for 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 later elect for your benefit if that will be higher.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is an important part of any financial consideration, including in retirement. There will be tax consequences if you claim benefits in Jefferson County, MO before your full retirement age and plan to continue working after you start receiving Social Security. The IRS calculates your tax consequences based on the sum of your nontaxable income, 50% of your Social Security benefit, and your adjusted gross income.If that total 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 will be subject to federal taxes. If your income is more than that, 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 aspect to take into account is that if you keep working after claiming benefits, you may unintentionally 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 how much income was recorded and the taxes you've paid into social security. 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. You'll want your highest earning years to be noted for when the administration computes your AIME.
7. Hire a Qualified Jefferson County, MO Social Security Consultant
Professionals in any field usually know their area of practice the best, and many workers in Jefferson County, MO retirement planning and Social Security benefits themselves, whether because of time, knowledge, or interest. With the day-to-day grind of growing professionally and putting food on the table, it can be easy to forget about Social Security planning when it feels like it's years, or even decades, down the road. Correct Capital's group of Jefferson County, MO Social Security consultants has decades of combined experience helping individuals, families, and business owners live out the golden years they always envisioned, and have peace of mind about their financial future. Our team is made up 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 Jefferson County, 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 Jefferson County, MO, take advantage of Correct Capital's and Savology's free online retirement calculator, or make a get-to-know-you call with one of our advisors today.
Other services we offer in Jefferson County, MO include:
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
- 401(k) For Small Business
- Small Business Retirement Plans
- Tax Planning
- Retirement Calculator
- Retirement Planning
Social Security Consultants Near Me in Jefferson County, MO | Correct Capital Wealth Management
At Correct Capital, our Jefferson County, 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 Jefferson County, MO.