Social Security Consultant Near Me
Social security consultants near me in Kirkwood, MO. While it's reassuring that Uncle Sam provides an income for us in retirement, retirement planning is still necessary to live the golden years you want. Experienced Social Security consultants in Kirkwood, MO can help you not just get the highest possible income from Social Security, but provide a comprehensive retirement plan that includes income from IRAs, 401(k)s, and other retirement funds. 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. You must claim the maximum benefits you are eligible for when you first file. Whether you envision remaining in the workforce for several more years, 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 Kirkwood, 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 Kirkwood, MO
While a retirement plan that truly allows you to live the life you wanted will consist of money from employer-backed plans, IRAs, and other accounts, it's still important to make sure you're getting the most out of Social Security. Below, you'll find seven time-tested strategies for any worker to increase their Social Security check:
- 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 reported that 86% of Americans who are still working aged 45 and older know that they can receive more in Social Security if they wait to claim benefits, yet only one out of 10 are planning to retire at 70.
Under the rules established in the Social Security Amendments of 1983, any retiree born in 1960 or later has a full retirement age of 67. If you retire at 62, the earliest you can claim benefits, your payout would be lowered 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 full retirement age
- $4,194 a month if you retire at 70
Obviously, you might prefer balancing your Social Security benefits with other life goals, such as seeing your Kirkwood, MO family more 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 discuss with your financial advisor if it might be beneficial to retire later 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 retire before you worked for 35 years, the years you didn't receive an income count for nothing. If you earned an income in more than 35 years, the years with the highest income will take the place of the years you earned the least, boosting your monthly check.
If you continue working in Kirkwood, MO after you've started receiving Social Security, those years also get added into your AIME.
3. Earn More Money
While this seems obvious, it's also incredibly helpful in increasing 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. The SSA takes both of those into account to help calculate whether you'll be eligible for 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 benefits. In 2023, that number is $160,200.
4. Claim Spousal Benefits
If both spouses worked, 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. Just like when claiming your own benefits, it's important to wait until the full retirement age to get the full 50%.
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 larger check.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is vital throughout our financial lives, and that remains true in retirement. There will be tax consequences if you claim benefits in Kirkwood, MO before your full retirement age and keep working. When calculating what the tax consequences are, 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, 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 50% of 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.
Similarly, 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. 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 computes your benefits.
7. Hire a Qualified Kirkwood, MO Social Security Consultant
It's hard to replace the knowledge and experience of any professional in a given field, and many workers in Kirkwood, 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's not hard to let something important like Social Security planning get lost in the shuffle when it's still years or decades until you'll start receiving benefits. Correct Capital's group of Kirkwood, MO Social Security consultants has over 75 years of combined experience helping individuals, families, and business owners achieve the retirement they always envisioned, and have peace of mind about their financial future. Our team is comprised 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 services in Kirkwood, 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 Kirkwood, MO, check out Correct Capital's and Savology's free online retirement retirement planning tool, or schedule a get-to-know-you call with a member of our team today.
Other services we offer in Kirkwood, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
- 401(k) For Small Business
Social Security Consultants Near Me in Kirkwood, MO | Correct Capital Wealth Management
At Correct Capital, our Kirkwood, 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 holistic, tailored 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 Kirkwood, MO.
