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

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Social Security Consultant Near MeGet the Most From Your Social Security Benefits With Experienced Retirement Planners in Lake St. Louis, MO

Social security consultants near me in Lake St. Louis, MO. While it may be reassuring that the federal government provides an income for us after we've left the workforce, retirement planning is still necessary to live the golden years you want. Knowledgeable Social Security consultants in Lake St. Louis, MO will work with you, not just to maximize your Social Security benefits, but design a comprehensive retirement plan that includes income from a variety of sources. At Correct Capital Wealth Management, we offer a variety of tools, resources, and insights to our clients so they feel good about where their retirement income will come from.


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According to data from the Social Security Administration, Social Security represents about 30% of income for the elderly. When you initially apply your benefits, you only have one chance to get the maximum benefits you are eligible for. Whether you envision remaining in the workforce for another couple decades, or just want to make sure you're set up to get your full benefits for when you apply next year, reach out to 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

Maximum Your Social Security Benefits in Lake St. Louis, MO in 7 Steps

While a retirement plan that truly allows you to live the golden years dreamed of will consist of income from employer-backed plans, IRAs, and other accounts, you'll still want to make sure you're getting everything you can when it comes to your Social Security benefits. Below, you'll find seven time-tested strategies for any retiree to get the most out of 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 reported that almost nine out of 10 Americans who are still in the workforce who are 45 and up 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.

Pursuant to the Social Security Amendments of 1983, anyone 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 apply for benefits, your retirement benefits would be decreased by 30%, and your spouse's by 35%. Retiring at up to age 70 would mean 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 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 visiting your Lake St. Louis, MO family more or finally spending more time at that timeshare in Aspen. But you still need to understand how your retirement age affects your benefits, and to think about, as a team with your financial advisor, if it might be beneficial to retire later to increase your 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 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 earned an income in more than 35 years, your higher earning years will take the place of the years you earned the least, boosting your Social Security income.

If you keep working in Lake St. Louis, MO after you've started claiming benefits, those years also count towards your benefits calculation.

3. Earn More Money

While this seems obvious, it's also significantly helpful in increasing your benefits in the future. The more money you make, the higher your AIME will be, 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 seeking raises, promotions, or better-paying jobs, or picking up a side hustle, may help make you eligible for the maximum benefit. However, the SSA places a cap on how much income can count towards your benefits. In 2023, income over $160,200 will not be calculated.


4. Claim Spousal Benefits

If both spouses were in the workforce, 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 retire before your full retirement age.

If your spouse is deceased, you're also eligible for 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 claim your own benefit down the road if that will be higher.



5. Avoid Paying Too Much in Social Security Taxes

Tax planning is vital throughout our financial lives, including once we retire. You may have to pay taxed if you claim benefits in Lake St. Louis, 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 will be subject to federal taxes. If your income is more than that, 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 might accidentally move into a higher tax bracket.

6. Double-Check the Social Security Administration's Work

Each year, you receive a Social Security statement which details your income and the taxes you've paid into social security. Check the Social Security Administration's work against your W2, pay stubs, or tax returns. 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 noted for when the administration calculates your benefits.


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

Professionals in any field usually know their area of practice the best, and many individuals and families in Lake St. Louis, MO retirement planning and Social Security benefits themselves, whether because of time, know-how, or interest. With so much of our energy spent on our careers and putting food on the table, it's not hard to let something important like Social Security planning get forgotten among other things when it's still years or decades until you'll claim. Correct Capital's group of Lake St. Louis, MO Social Security consultants has decades 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 made up 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 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 help with your retirement planning needs in Lake St. Louis, MO, check out Correct Capital's and Savology's free online retirement retirement planning tool, or make an appointment 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 an exhaustive, tailored 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. Call 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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