Social Security Consultant Near Me
Social security consultants near me in Millstadt, IL. While it may be comforting that Uncle Sam has a safety net for us in retirement, retirement planning is still necessary to live the golden years you want. Qualified Social Security consultants in Millstadt, IL will work with you, not just to get the highest possible income from Social Security, but provide 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 retirement they always wanted.
According to research from the Social Security Administration, Social Security represents about 30% of income for the elderly. You must claim the maximum benefits you are eligible for when you first file. Whether you envision remaining in the workforce for another couple decades, 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 Millstadt, IL Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.
7 Ways to Maximize Your Social Security Benefits in Millstadt, IL
While the best retirement plans will consist of money from employer-backed plans, IRAs, and other accounts, you'll still want to make sure you're getting the most out of Social Security. Below, you'll find seven proven methods for any earner 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
According to a Schroders 2022 U.S. Retirement Survey, 86% of non-retired Americans aged 45 and older understand that remaining in the workforce for longer will increase their payout, yet only 11% plan to wait until age 70.
Pursuant to the Social Security Amendments of 1983, any worker whose date of birth was in 1960 or later has a full retirement age of 67. If you retire at 62, the earliest you can claim Social Security, your retirement benefits would be lowered by 30%, and your spouse's by 35%. Retiring at up to age 70 would mean 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
Obviously, you may prefer balancing your Social Security benefits with other life goals, such as visiting your Millstadt, IL family more 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 think about, along 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 Social Security income by using "average indexed monthly earnings" (AIME). AIME considers the 35 years you had the highest income. If you you leave the workforce before you worked for 35 years, the years you didn't work count for nothing. If you were in the workforce for more than 35 years, the years in which you earned the most will take the place of the years you earned the least, increasing your monthly check.
If you remain in the Millstadt, IL 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 incredibly helpful in increasing your benefits down the road. The more you earn, 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 determine if you're able to receive the highest possible Social Security income. So, being more aggressive in pursuing 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 AIME. In 2023, that number is $160,200.
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. Again, it's recommended to wait until the full retirement age to get the full 50%.
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 your work record provides a larger check.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is important throughout our financial lives, including in retirement. You may have to pay taxed if you claim benefits in Millstadt, IL before your full retirement age and plan to continue working after you start claiming benefits. 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 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 50% of your Social Security income will be subject to federal taxes. If that total exceeds those numbers, up to 85% of your benefit can be taxed.
Missouri is only one of 12 states that may tax your Social Security benefits.
Similarly, if you keep working after claiming Social Security, you might 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 details your income 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 the years for the highest income to be in the official recorded for when the administration computes your benefits.
7. Hire a Qualified Millstadt, IL Social Security Consultant
Professionals in any field usually know their area of practice the best, and many people in Millstadt, IL just don't have the time, knowledge, or interest to manage their retirement planning and Social Security benefits themselves. With so much of our energy spent on our careers and providing for your family, it can be easy to forget about Social Security planning when it's still years or decades until you'll claim. Correct Capital's group of Millstadt, IL Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners live out the retirement of their dreams, and feel secure 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 Millstadt, IL 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 Millstadt, IL, check out Correct Capital's and Savology's free online retirement calculator, or make a get-to-know-you call with one of our advisors today.
Other services we offer in Millstadt, IL 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 Millstadt, IL | Correct Capital Wealth Management
At Correct Capital, our Millstadt, IL Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals do more than just optimize your Social Security benefits. We create a holistic, 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 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Millstadt, IL.
