Social Security Consultants Near Me in Oakland, MO

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Social Security Consultant Near MeMaximize Your Social Security Benefits With Experienced Financial Advisors in Oakland, MO

Social security consultants near me in Oakland, MO. While it may be reassuring that Uncle Sam provides an income for workers after we've left the workforce, you still need to plan ahead 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 holistic 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 feel good about where their money in retirement 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 data from the Social Security Administration, Social Security is the major source of income for most of the elderly. When you initially apply your benefits, you only have one chance to claim the most amount of income you are eligible for. Whether you still have a lot of work to do before you decide to retire, or just want to make sure you have things lined up right for when you claim benefits soon, call Correct Capital's Oakland, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.

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

Maximum Your Social Security Benefits in Oakland, MO in 7 Steps

While the best retirement plans will include income from a variety of sources, it's still important to make sure you're not leaving any money on the table when it comes to your Social Security benefits. Below, we've listed seven time-tested ways for any earner to maximize their income from Social Security:

  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 are aware that remaining in the workforce for longer will increase their benefits, yet only 11% are planning to retire at 70.

Under the rules provided in the Social Security Amendments of 1983, any worker born in 1960 or later has a full retirement age of 67. If you retire at 62, the earliest you can apply for benefits, your payout would be reduced by 30%, and your spouse's by 35%. Retiring at up to age 70 would mean 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 full retirement age
  • $4,194 a month if you retire at 70

Of course, you might decide to trade off the extra income with other life goals, such as visiting your Oakland, MO family more or finally perfecting your golf game. But it's important to understand what retiring at what age will mean for your benefits, and to think about, along with your financial advisor, if it's worth holding out for a few extra years to unlock the higher benefits.

2. Work at Least 35 Full Years

The Social Security Administration computes your monthly Social Security benefits using "average indexed monthly earnings" (AIME). AIME is based off 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 earned an income in more than 35 years, the years in which you earned the most will cancel out your lower earning years, boosting your monthly check.

If you continue working in Oakland, MO 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 one of the only things you can do far before your retirement age 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 determine whether you'll be eligible for the maximum retirement benefit. So, being more aggressive in seeking raises, promotions, or better-paying jobs, or adding extra income from other sources, may help make you eligible for the maximum benefit. However, earnings over a specific amount are not factored into your retirement benefits. In 2023, that number is $160,200.


4. Claim Spousal Benefits

If you and your spouse both received income, the spouse with lower earnings can claim their own Social Security benefits, or up to 50% of the higher earner's benefits, whichever is higher. Just like when claiming your own benefits, it's important to hold off on claiming 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 start claiming that benefit at age 60 (although like retirement and spousal benefits, it will be reduced) 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 an important part of any financial consideration, including once we retire. There will be tax consequences if you started receiving Social Security in Oakland, MO before your full retirement age and keep working. 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, 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 benefit can be taxed by the federal government. If your income is more than that, up to 85% of your benefit can be taxed.

Your benefits may also be subject to state taxes in Missouri.

Another thing to take into account is that if you keep working after claiming Social Security, you could accidentally bump yourself into a higher tax bracket.

6. Double-Check the Social Security Administration's Work

Each year, you get a Social Security statement which details your income and the taxes you've paid into social security. Make sure all of your income for the year was recorded. Notify the SSA if there is a discrepancy in your income or how much Social Security taxes you paid. It's important for your highest earning years to be recorded for when the administration calculates your benefits.


7. Hire a Qualified Oakland, MO Social Security Consultant

It's hard to replace the knowledge and experience of any professional in a given field, and many people in Oakland, 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 our careers and our families, it's not hard to let something important like Social Security planning get lost in the shuffle when it's still years or decades until you'll start receiving benefits. Correct Capital's team of Oakland, MO Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners achieve the retirement of their dreams, and have peace of mind about their financial future. Our team is comprised of award-winning advisors and a committed support staff, all with the experience, knowledge, and drive needed to deliver positive client experiences. Through careful tax planning, active asset management, and other areas of expertise in Oakland, MO such as 401(k) rollover, we'll do our part to provide you with a financially secure and happy retirement.

For more help with your retirement planning needs in Oakland, MO, take advantage of Correct Capital's and Savology's free online retirement calculator, or make a get-to-know-you call with a member of our team today.

Other services we offer in Oakland, MO include:

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

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 PLANNERā„¢ professionals are capable of much more than just getting you the maximum Social Security benefits. We create a holistic, personalized financial plan for you to ensure the retirement funds in all your accounts are best positioned for long-term growth and stability. 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.


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