Social Security Consultant Near Me
Social security consultants near me in Lemay, MO. While it may be comforting that The U.S. Government has a safety net for workers after we've left the workforce, you still need to plan ahead to live the retirement you dreamed of. Experienced Social Security consultants in Lemay, MO can help you not only maximize your Social Security benefits, but design a holistic retirement plan that can help ensure your money is optimally positioned for growth and long-term stability. At Correct Capital Wealth Management, we get to know our clients personally and come up with a plan they're involved in so they feel secure about where their retirement income will come from.
According to data from the Social Security Administration, Social Security is the major source of income for most of the elderly. You must claim the maximum benefits you are eligible for when you first file. Whether you're planning for decades into the future, or just need someone to look over your plan to ensure you have things lined up right for when you claim benefits soon, reach out to Correct Capital's Lemay, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.
7 Ways to Maximize Your Social Security Benefits in Lemay, MO
While a retirement plan that truly allows you to live the golden years you wanted will consist of money from a variety of sources, 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 worker to maximize 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 almost 90% of Americans who are still in the workforce aged 45 and older understand that remaining in the workforce for longer will increase their check, yet only one out of 10 plan to retire at 70.
Under the rules set forth in the Social Security Amendments of 1983, any retiree 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 claim 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
Of course, you may prefer balancing your Social Security benefits with other life goals, such as seeing your Lemay, 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 Social Security income, and to think about, as a team with your financial advisor, if it might be beneficial to retire later to unlock the higher benefits.
2. Work at Least 35 Full Years
The Social Security Administration calculates 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 didn't work for 35 years, the years you didn't receive an income count for nothing. If you earned an income in more than 35 years, the years with the highest income will cancel out your lower earning years, increasing your monthly check.
If you continue working in Lemay, 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 seems obvious, it's also one of the only things you can do now in order to increase how much you eventually receive. Making more money leads to both a higher AIME and more of your money going to Social Security taxes. Both of those factors help calculate whether you can get the maximum retirement benefit. So, being more aggressive in pursuing raises, promotions, or better-paying jobs, or picking up a side hustle, may help make you eligible for the maximum benefit. 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 you and your spouse both received income, you can claim either 50% of the higher earners benefits or the full benefits of the other spouse, 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 elect for your survivor’s 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 in retirement. You may have to pay taxed if you started receiving Social Security in Lemay, MO before your full retirement age 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, there will be no federal tax implications. 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 benefit can be subject to taxes.
Missouri is only one of 12 states that may tax your Social Security benefits.
Another thing to take into account is that if you keep working after you start receiving Social Security, you may accidentally move 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 income was recorded and how much you paid in Social Security taxes. 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. It's important for your highest earning years to be noted for when the administration calculates 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 people 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 growing professionally and our families, 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 team of Lemay, 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 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 services 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 advantage of 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 Lemay, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
- 401(k) For Small Business
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 do more than just optimize your Social Security pay out. We create an exhaustive, personalized financial plan for you to ensure your own retirement savings are growing and that your retirement income will come from a variety of sources. 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.
