Social Security Consultant Near Me
Social security consultants near me in Oakland, MO. While it's comforting that The U.S. Government has a safety net for us in retirement, retirement planning is still necessary to live the golden years you dreamed of. Dedicated Social Security consultants in Oakland, MO can help you not only get the highest possible income from Social Security, but create a comprehensive retirement plan that includes income from a variety of sources. At Correct Capital Wealth Management, we offer a variety of tools, resources, and insights to our clients 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 the Social Security Administration's 2022 Fact Sheet, Social Security is the major source of income for most of the elderly. When you claim Social Security, you only have one chance to get the maximum benefits you are eligible for. Whether you envision remaining in the workforce for another couple decades, or just need someone to look over your plan to ensure you're set up to get your full benefits for when you claim soon, call Correct Capital's Oakland, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.
Maximum Your Social Security Benefits in Oakland, MO in 7 Steps
While a retirement plan that truly allows you to live the life dreamed of will consist of income from numerous sources, you'll still want to make sure you're getting the most out of Social Security. Below, we've listed seven tried-and-true methods for any earner 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
A Schroders 2022 U.S. Retirement Survey reported that almost 90% of Americans who are still working aged 45 and older understand that remaining in the workforce for longer will increase their Social Security income, yet only 11% plan to wait until age 70.
Under the rules provided in 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 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 are eligible for delayed retirement benefits, which would increase your payout 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 may want to trade off the extra benefits with other things you want to do in retirement, such as spending more time with your Oakland, 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 increase your benefits.
2. Work at Least 35 Full Years
The Social Security Administration computes 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 are in the workforce for less than 35 years, the years you didn't work will count as zeros. If you have more than 35 years of recorded income, the years with the highest income will take the place of the years you earned the least, boosting your benefit.
If you remain in the Oakland, MO workforce after you've started receiving Social Security, 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 significantly helpful in increasing how much you eventually receive. The more you earn, 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 calculate 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 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 important to wait until the full retirement age to get the full 50%.
If your spouse is deceased, 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 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 is no different once we retire. There will be tax consequences if you claim benefits in Oakland, MO early and keep working. 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 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 50% of 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.
Similarly, if you keep working after you start receiving benefits, you may accidentally 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 details your income and how much you paid in Social Security taxes. Check the Social Security Administration's work 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. You'll want the years for the highest income to be recorded for when the administration calculates your benefits.
7. Hire a Qualified Oakland, MO Social Security Consultant
Professionals in any field usually know their area of practice the best, and many people in Oakland, MO retirement planning and Social Security benefits themselves, whether because of time, know-how, or interest. With the day-to-day grind of growing professionally and providing for your family, it's not hard to let something important like Social Security planning fall into the cracks when it's still years or decades until you'll start receiving benefits. Correct Capital's team of Oakland, MO Social Security consultants has over 75 years of combined experience helping individuals, families, and business owners achieve the retirement of their dreams, and feel confident in their financial future. Our team is made up of financial 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 areas of expertise in Oakland, 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 Oakland, MO, take a look at Correct Capital's and Savology's free online retirement retirement planning tool, or make an appointment with one of our advisors today.
Other services we offer in Oakland, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
Social Security Consultants Near Me in Oakland, MO | Correct Capital Wealth Management
At Correct Capital, our Oakland, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals do more than just optimize your Social Security check. 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 Oakland, MO.
