Social Security Consultant Near Me
Social security consultants near me in Jefferson County, MO. While it may be comforting that The U.S. Government has a safety net for us in retirement, retirement planning is still necessary to live the golden years you dreamed of. Knowledgeable Social Security consultants in Jefferson County, MO will work with you, not just to maximize your Social Security benefits, but provide 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 get to know our clients personally and come up with a plan they're involved in so they can live out the retirement they always wanted.
Schedule a Meeting With an Advisor Today
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.
Schedule a 15-Minute Introductory Call
More From Correct Capital Wealth Management
Explore how Correct Capital Wealth Management can help guide you toward smarter decisions, clearer goals, and lasting financial success.
Subscribe To Our Newsletter Listen To Our Podcast Watch Our YouTube Channel
According to research from the Social Security Administration, over a third of Americans receive 50% or more of their retirement income from Social Security. When you claim Social Security, you only have one opportunity to claim the most amount of benefits you are eligible for. Whether you envision remaining in the workforce for several more years, or just need someone to look over your plan to ensure you're set up to get your full benefits for when you claim soon, call Correct Capital's Jefferson County, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.
Maximum Your Social Security Benefits in Jefferson County, MO in 7 Steps
While a retirement plan that truly allows you to live the life you wanted will include income from employer-backed plans, IRAs, and other accounts, you'll still want to make sure you're getting the most out of Social Security. Below, we've listed seven tried-and-true strategies for any earner to maximize 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 non-retired Americans aged 45 and older know that remaining in the workforce for longer will increase their Social Security income, yet only just above 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 retire at 62, the first year you can claim benefits, your payout would be reduced by 30%, and your spouse's by 35%. If you wait until age 70 to claim, you are eligible for delayed retirement benefits, which would increase your checks 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
Obviously, you may want to trade off the extra benefits with other life goals, such as spending more time with your Jefferson County, MO family 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 consider, along with your financial advisor, if it's worth holding out for a few extra years to unlock the higher 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 is based off your 35 highest-earning years. 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, the years in which you earned the most will take the place of your lower earning years, boosting your Social Security income.
If you remain in the Jefferson County, MO workforce after you've started claiming benefits, 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 incredibly helpful in increasing your benefits in the future. 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 calculate if you're able to receive the highest possible Social Security income. So, being more assertive in seeking raises, promotions, or better-paying jobs, or adding extra income from other sources, may help make you eligible for the maximum benefit. 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 the higher benefit is. Just like when claiming your own benefits, it's advisable to hold off on claiming until the full retirement age to get the full 50%.
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 (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 an important part of any financial consideration, and that remains true in retirement. You may have to pay taxed if you started receiving Social Security in Jefferson County, MO early and keep working. 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 under $25,000 for individuals or $32,000 for joint filers, there will be no federal tax consequences. Between $25,000 and $34,000 for individuals and $32,000 and $44,000 for joint filers, up to half 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.
Another thing to take into account is that if you keep working after you start receiving benefits, you may unintentionally bump yourself into a higher tax bracket.
6. Double-Check the Social Security Administration's Work
The SSA creates 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 recorded 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, know-how, or interest. With the day-to-day grind of growing professionally and providing for your family, it can be easy to let something important like Social Security planning get forgotten among other things when it's still years or decades until you'll start receiving benefits. Correct Capital's group of Jefferson County, MO Social Security consultants has over 75 years of combined experience helping individuals, families, and business owners achieve the golden years 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 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 schedule an appointment with a member of our team today.
Other services we offer in Jefferson County, MO include:
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 an exhaustive, 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. Reach out to Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Jefferson County, MO.
