Social Security Consultants Near Me in Ladue, MO

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Social Security Consultant Near MeMaximize Your Social Security Income With Knowledgeable Retirement Planners in Ladue, MO

Social security consultants near me in Ladue, MO. While it's comforting that the federal government provides an income for workers in retirement, that doesn't automatically ensure that you'll have the money you need to live the golden years you dreamed of. Dedicated Social Security consultants in Ladue, 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 optimally 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.


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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 research from the Social Security Administration, Social Security is the major source of income for most of the elderly. When you claim Social Security, you only have one chance to claim the most amount of benefits 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 apply soon, reach out to Correct Capital's Ladue, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.

Social Security Consultants Near Me Ladue, MO | Retirement Planning | Financial Advisors | Wealth Management Near Ladue

7 Ways to Maximize Your Social Security Benefits in Ladue, MO

While a retirement plan that truly allows you to live the golden years you wanted will include income from numerous sources, you'll still want to make sure you're getting the most out of Social Security. Below, you'll find seven tried-and-true strategies for any worker to maximize their income from Social Security:

  1. Wait to Claim Benefits
  2. Work at Least 35 Full Years
  3. Earn More Money
  4. Claim Spousal Benefits
  5. Avoid Social Security Taxes
  6. Double-Check the Social Security Administration's Work
  7. 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 understand that they can receive more in Social Security if they wait to claim benefits, yet only one out of 10 plan to wait until age 70.

Under the rules set forth in the Social Security Amendments of 1983, if you were born in 1960 or later your full retirement age is 67. If you are no longer working by 62, the first year you can claim Social Security, your retirement benefits would be decreased 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 benefit 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 prefer balancing your Social Security benefits with other life goals, such as spending more time with your Ladue, MO family or finally spending more time at that timeshare in Aspen. But it's important 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 calculates 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 are in the workforce for less than 35 years, the years you didn't receive an income count for nothing. If you work more than 35 years, your higher earning years will cancel out the years you earned the least, boosting your monthly check.

If you keep working in Ladue, MO 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 considerably helpful in increasing how much you eventually receive. 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 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 picking up a side hustle, 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 the higher benefit is. Just like when claiming your own benefits, it's recommended 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 (which will also be reduced because it's not at full retirement age) 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 an important part of any financial consideration, including in retirement. You may have to pay taxed if you started receiving Social Security in Ladue, MO before your full retirement age 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, 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 can be taxed by the federal government. If that total exceeds those numbers, up to 85% of your benefit can be subject to taxes.

Your Social Security income may also be subject to state taxes in Missouri.

Another aspect to take into account is that if you keep working after you start receiving Social Security, you may accidentally bump yourself 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 income was recorded and how much you paid in Social Security taxes. 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 your highest earning years to be in the official recorded for when the administration calculates your benefits.


7. Hire a Qualified Ladue, MO Social Security Consultant

Professionals in any field usually know their area of practice the best, and many people in Ladue, 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 forget about Social Security planning when it's still years or decades until you'll claim. Correct Capital's team of Ladue, MO Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners achieve the retirement they always envisioned, and feel confident in their financial future. Our team is comprised of award-winning 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 Ladue, 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 Ladue, MO, check out Correct Capital's and Savology's free online retirement calculator, or make a get-to-know-you call with a member of our team today.

Other services we offer in Ladue, MO include:

Social Security Consultants Near Me Ladue, MO | Retirement Planning | Financial Advisors | Wealth Management Near Ladue

Social Security Consultants Near Me in Ladue, MO | Correct Capital Wealth Management

At Correct Capital, our Ladue, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals are capable of much more than just getting you the maximum Social Security pay out. We create a holistic, tailored financial plan for you to ensure your own retirement savings are best positioned for long-term growth and stability. Get in touch with Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Ladue, MO.


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