Social Security Consultant Near Me
Social security consultants near me in Manchester, MO. While it's comforting that the federal government has a safety net for workers after we've left the workforce, you still need to plan ahead to live the golden years you want. Qualified Social Security consultants in Manchester, MO will work with you, not just to maximize your Social Security benefits, but design a holistic retirement plan that includes income from IRAs, 401(k)s, and other retirement funds. 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.
According to data from the Social Security Administration, Social Security represents about 30% of income for the elderly. When you claim Social Security, you only have one opportunity to claim the most amount of benefits you are eligible for. Whether you still have a lot of work to do before you decide to leave the workforce, or just need someone to look over your plan to ensure you're set up to get your full benefits for when you apply next year, call Correct Capital's Manchester, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.
Maximum Your Social Security Benefits in Manchester, MO in 7 Steps
While the best retirement plans will include money from numerous 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 retiree to increase their Social Security benefits:
- 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 nine out of 10 Americans who are still working who are 45 and up are aware that remaining in the workforce for longer will increase their payout, yet only 11% 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 leave the workforce at 62, the earliest you can claim Social Security, your payout would be diminished by 30%, and your spouse's by 35%. Retiring at up to age 70 would mean you receive delayed retirement benefits, which would increase your benefit by around 77% compared to age 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
Of course, you might want to trade off the extra benefits with other things you want to do in retirement, such as spending more time with your Manchester, 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 Social Security income, and to talk over 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 is based off the 35 years you made the most money. If you are in the workforce for less than 35 years, the years you didn't work will count as zeros. If you work more than 35 years, the years in which you earned the most will cancel out the years you earned the least, increasing your monthly check.
If you remain in the Manchester, MO workforce 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 a no-brainer, it's also one of the only things you can do now in order to increase your benefits down the road. 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. Both of those factors help determine if you're able to receive the highest possible Social Security income. 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 were in the workforce, you can claim either 50% of the higher earners benefits or the full benefits of the other spouse, 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 elect for your survivor’s benefit at age 60 (although like retirement and spousal benefits, it will be reduced) 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 an important part of any financial consideration, and that remains true in retirement. You may have to pay taxed if you started receiving Social Security in Manchester, 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, half 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 that total exceeds those numbers, up to 85% of your benefit can be taxed.
Your benefits may also be subject to state taxes in Missouri.
Another aspect to take into account is that if you keep working after claiming benefits, you may 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 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. 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 in the official recorded for when the administration computes your benefits.
7. Hire a Qualified Manchester, MO Social Security Consultant
It's hard to replace the expertise of any professional in a given field, and many workers in Manchester, MO just don't have the time, knowledge, or interest to manage their retirement planning and Social Security benefits themselves. With large portions of our everyday lives spent on growing professionally 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 Manchester, 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 feel confident in 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 services in Manchester, 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 Manchester, MO, take advantage of Correct Capital's and Savology's free online retirement calculator, or make an appointment with one of our advisors today.
Other services we offer in Manchester, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
Social Security Consultants Near Me in Manchester, MO | Correct Capital Wealth Management
At Correct Capital, our Manchester, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals are capable of much more than just getting you the maximum 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. Call Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Manchester, MO.
