Social Security Consultants Near Me in Lake St. Louis, MO

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Social Security Consultant Near MeMaximize Your Social Security Income With Experienced Financial Advisors in Lake St. Louis, MO

Social security consultants near me in Lake St. Louis, MO. While it may be comforting that The U.S. Government has a safety net for workers in retirement, that doesn't automatically ensure that you'll have the money you need to live the golden years you want. Qualified Social Security consultants in Lake St. Louis, MO can help you not only maximize your Social Security benefits, but design 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 feel secure about where their money in retirement will come from.


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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 represents about 30% of income for the elderly. You must claim the maximum benefits you are eligible for when you first file. Whether you envision remaining in the workforce for another couple decades, or just want to make sure you have things lined up right for when you claim benefits soon, call Correct Capital's Lake St. Louis, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.

Social Security Consultants Near Me Lake St. Louis, MO | Retirement Planning | Financial Advisors | Wealth Management Near Lake St. Louis

7 Ways to Maximize Your Social Security Benefits in Lake St. Louis, MO

While an optimal retirement plan will include income 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 methods for any earner to maximize their Social Security check:

  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

According to a Schroders 2022 U.S. Retirement Survey, almost 90% of non-retired Americans aged 45 and older 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 are no longer working by 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 decide to trade off the extra income with other things you want to do in retirement, such as spending more time with your Lake St. Louis, MO family or finally perfecting your golf game. But you still need to understand how your retirement age affects your benefits, and to think about, along 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 calculates how much you'll receive for your benefits by 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 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 benefit.

If you remain in the Lake St. Louis, MO workforce after you've started receiving Social Security, those years also count towards your AIME.

3. Earn More Money

While this is a no-brainer, it's also one of the biggest things you can do now in order to increase 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 calculate if you're able to receive the highest possible Social Security income. So, being more assertive in asking for raises, promotions, or seeking the next step up at another company, 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 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, 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 (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. You may have to pay taxed if you started receiving Social Security in Lake St. Louis, MO early 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 Social Security income can be taxed by the federal government. If your income is more than that, up to 85% of your benefit can be subject to taxes.

Missouri is only one of 12 states that may tax your Social Security benefits.

Similarly, if you keep working after claiming benefits, you might accidentally 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 how much money you earned 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 your highest earning years to be noted for when the administration computes your benefits.


7. Hire a Qualified Lake St. Louis, MO Social Security Consultant

It's hard to replace the expertise of any professional in a given field, and many people in Lake St. Louis, MO just don't have the time, knowledge, or interest to manage their retirement planning and Social Security benefits themselves. With the day-to-day grind of our careers 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, into the future. Correct Capital's team of Lake St. Louis, 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 feel secure in 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 prudent tax planning, active asset management, and other areas of expertise in Lake St. Louis, MO such as 401(k) rollover, we'll do our part to provide you with a financially secure and happy retirement.

For more assistance with retirement planning in Lake St. Louis, MO, take a look at Correct Capital's and Savology's free online retirement retirement planning tool, or make a get-to-know-you call with one of our advisors today.

Other services we offer in Lake St. Louis, MO include:

Social Security Consultants Near Me Lake St. Louis, MO | Retirement Planning | Financial Advisors | Wealth Management Near Lake St. Louis

Social Security Consultants Near Me in Lake St. Louis, MO | Correct Capital Wealth Management

At Correct Capital, our Lake St. Louis, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNERā„¢ professionals do more than just optimize your Social Security benefits. 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. Get in touch with Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Lake St. Louis, MO.


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