Social Security Consultants Near Me in Manchester, MO

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Social Security Consultant Near MeGet the Most From Your Social Security Benefits With Knowledgeable Financial Advisors in Manchester, MO

Social security consultants near me in Manchester, MO. While it may be reassuring 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 dreamed of. Experienced Social Security consultants in Manchester, MO can help you not only 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 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.


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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 research from the Social Security Administration, Social Security is the major source of income for most of the elderly. You must apply for the maximum benefits you are eligible for when you first file. Whether you still have a lot of work to do before you decide to leave the workforce, 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 Manchester, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.

Social Security Consultants Near Me Manchester, MO | Retirement Planning | Financial Advisors | Wealth Management Near Manchester

7 Ways to Maximize Your Social Security Benefits in Manchester, MO

While the best retirement plans will include money 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 ways for any retiree to increase 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, 86% of non-retired Americans aged 45 and older know that they can receive more in Social Security if they wait to claim benefits, yet only 11% are planning 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 retire at 62, the earliest you can apply for Social Security, your payout would be lowered by 30%, and your spouse's by 35%. If you wait until age 70 to claim, you receive delayed retirement benefits, which gives you about 77% more each month than retiring at 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 may prefer balancing your Social Security benefits with other things you want to do in your golden years, such as spending more time with your Manchester, MO family or finally spending more time at that timeshare in Aspen. But you still need to understand what retiring at what age will mean for your benefits, 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 considers the 35 years you made the most money. If you are in the workforce for less than 35 years, the years you didn't receive an income will count as zeros. If you earned an income in more than 35 years, your higher earning years will cancel out your lower earning years, increasing your benefit.

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 what most of us strive for anyway, it's also one of the biggest 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. 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, the SSA places a cap on how much income can count towards your AIME. 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 50% of the higher earner's benefits, whichever the higher benefit is. Again, you will not get the full 50% of you claim benefits 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 (which will also be reduced because it's not at full retirement age) and later elect for your benefit if your work record provides a higher monthly income.



5. Avoid Paying Too Much in Social Security Taxes

Tax planning is important throughout our financial lives, and that remains true once we retire. You may have to pay taxed if you started receiving Social Security in Manchester, MO before your full retirement age and plan to continue working after you start claiming benefits. When figuring out what the tax consequences are, the IRS will add up your nontaxable income, 50% of your Social Security benefit, and your adjusted gross income.If that sum is under $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.

While not every state may tax Social Security, 12 states (including Missouri) may tax your Social Security benefits.

Another factor to take into account is that if you keep working after you start receiving Social Security, you may unintentionally 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 income was recorded 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. It's important for the years for the highest income to be 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 people in Manchester, 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 can be easy to let something important like Social Security planning get forgotten among other things when it feels like it's years, or even decades, into the future. Correct Capital's group of Manchester, MO Social Security consultants has over 75 years of combined experience helping individuals, families, and business owners achieve the retirement they always envisioned, and feel good in their financial future. Our team is made up of award-winning advisors and a dedicated support staff, all with the experience, knowledge, and drive needed to deliver positive client experiences. Through careful 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 retirement planning tool, or schedule a get-to-know-you call with a member of our team today.

Other services we offer in Manchester, MO include:

Social Security Consultants Near Me Manchester, MO | Retirement Planning | Financial Advisors | Wealth Management Near Manchester

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 do more than just optimize your Social Security benefits. We create a comprehensive, personalized 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. Reach out to Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Manchester, MO.


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