Social Security Consultant Near Me
Social security consultants near me in Lemay, 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 want. Qualified Social Security consultants in Lemay, MO can help you not just 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 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 data from the Social Security Administration, over a third of Americans receive 50% or more of their retirement income from Social Security. When you initially apply your benefits, you only have one chance to claim the most amount of income you are eligible for. Whether you still have a lot of work to do before you decide to leave the workforce, or just want to make sure you have things lined up right for when you claim benefits next year, call Correct Capital's Lemay, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.
Maximum Your Social Security Benefits in Lemay, MO in 7 Steps
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 everything you can when it comes to your Social Security benefits. Below, you'll find seven tried-and-true ways for any worker to get the most out of their Social Security payout:
- 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
According to a Schroders 2022 U.S. Retirement Survey, 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 plan to retire at 70.
Under the rules established in the Social Security Amendments of 1983, if you were born in 1960 or later your full retirement age is 67. If you leave the workforce at 62, the earliest you can apply for Social Security, 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 would increase your checks 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
Of course, you might want to trade off the extra money with other things you want to do in your golden years, such as visiting your Lemay, MO family more or finally perfecting your golf game. But it's important to understand what retiring at what age will mean for your Social Security income, and to talk over 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 calculates how much you'll receive for your payout by using "average indexed monthly earnings" (AIME). AIME takes into account your 35 highest-earning years. If you are in the workforce for less than 35 years, the years you didn't work will count as zeros. If you have more than 35 years of recorded income, your higher earning years will take the place of your lower earning years, increasing your monthly check.
If you keep working in Lemay, MO after you've started claiming benefits, those years also get added into your benefits calculation.
3. Earn More Money
While this is what most of us strive for anyway, it's also one of the only things you can do now in order to increase your benefits in the future. 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, earnings over a specific amount are not factored into your retirement benefits. In 2023, income over $160,200 will not be calculated.
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 the higher benefit is. 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 has passed away, 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 essential throughout our financial lives, including once we retire. There will be tax consequences if you claim benefits in Lemay, MO early and keep working. When calculating what the tax consequences are, the IRS has a formula that adds 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 will be subject to federal taxes. If your income is more than that, up to 85% of your Social Security income 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 unintentionally make yourself have to pay more in income tax.
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. Check the Social Security Administration's records against your W2, pay stubs, or tax returns. 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 recorded for when the administration computes your benefits.
7. Hire a Qualified Lemay, MO Social Security Consultant
It's hard to replace the expertise of any professional in a given field, and many workers in Lemay, 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 providing for your family, it's not hard to let something important like Social Security planning fall into the cracks when it feels like it's years, or even decades, down the road. Correct Capital's team of Lemay, MO Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners live out the retirement they always envisioned, 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 careful tax planning, active asset management, and other areas of expertise in Lemay, 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 Lemay, 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 Lemay, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
Social Security Consultants Near Me in Lemay, MO | Correct Capital Wealth Management
At Correct Capital, our Lemay, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals are capable of much more than just getting you the maximum Social Security check. We create a holistic, 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 Lemay, MO.
