Social Security Consultant Near Me
Social security consultants near me in Kirkwood, MO. While it's comforting that The U.S. Government provides an income for us in retirement, that doesn't automatically ensure that you'll have the money you need to live the golden years you dreamed of. Qualified Social Security consultants in Kirkwood, MO will work with you, not just to 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 retirement 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. When you initially apply your benefits, you only have one opportunity to claim the most amount of income you are eligible for. Whether you're planning for decades into the future, 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, reach out to Correct Capital's Kirkwood, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.
7 Ways to Increase Your Social Security Check in Kirkwood, MO
While a retirement plan that truly allows you to live the life dreamed of will include money from employer-backed plans, IRAs, and other accounts, it's still important to make sure you're not leaving any money on the table when it comes to your Social Security benefits. Below, we've listed seven time-tested ways for any retiree to get the most out of 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
A Schroders 2022 U.S. Retirement Survey stated that 86% of 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 just above 10% plan to retire at 70.
Under the rules provided in the Social Security Amendments of 1983, any worker born in 1960 or later has a full retirement age of 67. If you retire at 62, the earliest you can apply for benefits, your retirement benefits 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 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 might prefer balancing your Social Security benefits with other life goals, such as spending more time with your Kirkwood, MO family or finally visiting those dream vacation spots. But it's important to understand what retiring at what age will mean for your Social Security income, and to think about, as a team 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 computes how much you'll receive for your Social Security income by using "average indexed monthly earnings" (AIME). AIME takes into account your 35 highest-earning years. If you you retire before you worked for 35 years, the years you didn't receive an income count for nothing. If you were in the workforce for more than 35 years, your higher earning years will cancel out the years you earned the least, boosting your Social Security income.
If you continue working in Kirkwood, MO after you've started receiving Social Security, those years will count towards your AIME once you start claiming full benefits.
3. Earn More Money
While this is a no-brainer, 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. Both of those factors help determine if you're able to receive the highest possible Social Security income. So, being more aggressive in pursuing raises, promotions, or better-paying jobs, or adding extra income from other sources, may increase your benefits. 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 you and your spouse both received income, the spouse with lower earnings can claim their own Social Security benefits, or up to 50% of the higher earner's benefits, whichever is higher. Again, you will not get the full 50% of you claim benefits 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 (although like retirement and spousal benefits, it will be reduced) 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, and that remains true in retirement. There will be tax consequences if you claim benefits in Kirkwood, MO before your full retirement age and plan to continue working after you start claiming benefits. 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 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 taxed.
Missouri is only one of 12 states that may tax your Social Security benefits.
Similarly, if you keep working after you start receiving benefits, you may unintentionally move into a higher tax bracket.
6. Double-Check the Social Security Administration's Work
Each year, you receive a Social Security statement which how much money you earned and how much you paid in Social Security taxes. 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 in the official recorded for when the administration calculates your benefits.
7. Hire a Qualified Kirkwood, MO Social Security Consultant
Professionals in any field usually know their area of practice the best, and many workers in Kirkwood, MO just don't have the time, knowledge, or interest to manage their retirement planning and Social Security benefits themselves. With large portions of our everyday lives spent on our careers and putting food on the table, it's not hard to forget about Social Security planning when it's still years or decades until you'll claim. Correct Capital's team of Kirkwood, 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 have peace of mind about their financial future. Our team is comprised of financial advisors and a committed support staff, all with the experience, knowledge, and drive needed to deliver positive client experiences. Through prudent tax planning, active asset management, and other services in Kirkwood, MO such as 401(k) rollover, we'll do our part to give you a financially secure and happy retirement.
For more help with your retirement planning needs in Kirkwood, MO, take a look at Correct Capital's and Savology's free online retirement retirement planning tool, or schedule an appointment with one of our advisors today.
Other services we offer in Kirkwood, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
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 do more than just optimize your Social Security pay out. We create a comprehensive, tailored financial plan for you to ensure the retirement funds in all your accounts are best positioned for long-term growth and stability. Reach out to Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Kirkwood, MO.
