Social Security Consultant Near Me
Social security consultants near me in Manchester, MO. While it may be reassuring that The U.S. Government provides an income for workers after we've left the workforce, that doesn't automatically ensure that you'll have the money you need to live the golden years you want. Experienced Social Security consultants in Manchester, MO can help you not only get the highest possible income from Social Security, but create 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 can live out the golden years they always wanted.
According to research 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 opportunity to claim the maximum benefits you are eligible for. Whether you're planning for decades into the future, or just want to make sure you're set up to get your full benefits for when you claim next year, reach out to Correct Capital's Manchester, MO Social Security consultants and fiduciary advisors today at 314-930-401(k) or fill out our online form.
7 Ways to Increase Your Social Security Check in Manchester, MO
While the best retirement plans will consist of income from numerous sources, you'll still want to make sure you're getting everything you can when it comes to your Social Security benefits. Below, we've listed seven proven ways for any retiree to increase 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
According to a Schroders 2022 U.S. Retirement Survey, almost nine out of 10 Americans who are still in the workforce aged 45 and older know that they can receive more in Social Security if they wait to claim benefits, yet only just above 10% plan to wait until age 70.
Pursuant to the Social Security Amendments of 1983, any retiree born in 1960 or later has a full retirement age of 67. If you are no longer working by 62, the first year you can claim Social Security, your payout would be decreased by 30%, and your spouse's by 35%. If you wait until age 70 to claim, 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 might 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 it's important to understand how your retirement age affects your Social Security income, and to consider, as a team with your financial advisor, if it might be beneficial to retire later to maximize your benefits.
2. Work at Least 35 Full Years
The Social Security Administration determines your monthly Social Security benefits using "average indexed monthly earnings" (AIME). AIME calculates your benefits based on 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 will count as zeros. If you work more than 35 years, your higher earning years will cancel out the years you earned the least, boosting your monthly check.
If you continue working in Manchester, MO after you've started receiving Social Security, those years also get added into your AIME.
3. Earn More Money
While this seems obvious, it's also one of the biggest things you can do now in order to increase how much you eventually receive. Higher income leads to both a higher AIME and more of your money going to Social Security taxes. Both of those factors help determine if you're able to receive the highest possible Social Security income. So, being more assertive in asking for raises, promotions, or seeking the next step up at another company, or adding extra income from other sources, may increase your benefits. 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 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 is higher. Again, you will not get the full 50% of you claim benefits before your full retirement age.
If your spouse has passed away, 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 that will be higher.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is important throughout our financial lives, and that is no different in retirement. There will be tax consequences if you claim benefits in Manchester, MO early and keep working. When figuring out how much your benefits will be taxed, 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 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 Social Security income can be subject to taxes.
Your Social Security income may also be subject to state taxes in Missouri.
Another aspect to take into account is that if you keep working after claiming Social Security, you might unintentionally make yourself have to pay more in income tax.
6. Double-Check the Social Security Administration's Work
Each year, you receive a Social Security statement which how much money you earned and how much you paid in Social Security taxes. Make sure all of your income for the year was recorded. 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 in the official recorded for when the administration calculates your benefits.
7. Hire a Qualified Manchester, MO Social Security Consultant
Professionals in any field usually know their area of practice the best, and many individuals and families in Manchester, MO retirement planning and Social Security benefits themselves, whether because of time, knowledge, or interest. With the day-to-day grind of growing professionally and providing for your family, it's not hard to forget about Social Security planning when it feels like it's years, or even decades, down the road. Correct Capital's team 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 confident in 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 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 assistance with retirement planning in Manchester, MO, check out Correct Capital's and Savology's free online retirement retirement planning tool, or schedule 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
- 401(k) For Small Business
- Small Business Retirement Plans
- Tax Planning
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, personalized financial plan for you to ensure your own retirement savings are best positioned for long-term growth and stability. Call Correct Capital today at 314-930-401(k) or contact us online for dependable, experienced, and trustworthy Social Security consultants in Manchester, MO.
