Social Security Consultant Near Me
Social security consultants near me in Oakland, MO. While it's 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. Knowledgeable Social Security consultants in Oakland, MO will work with you, not just to get the highest possible income from Social Security, but create a holistic retirement plan that includes income from a variety of sources. 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 retirement they always wanted.
According to the Social Security Administration's 2022 Fact Sheet, Social Security represents about 30% of income for the elderly. When you initially apply your benefits, you only have one chance to get the most amount of benefits you are eligible for. Whether you're planning for decades into the future, or just need someone to look over your plan to ensure you're set up to get your full benefits for when you claim next year, reach out to Correct Capital's Oakland, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.
7 Ways to Maximize Your Social Security Benefits in Oakland, MO
While a retirement plan that truly allows you to live the golden years dreamed of will include income from numerous 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, you'll find seven time-tested strategies for any retiree to get the most out of their Social Security check:
- 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 working who are 45 and up know that remaining in the workforce for longer will increase their benefits, yet only 11% are planning to retire at 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 benefits, your payout would be lowered 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 benefit 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 70
- $4,194 a month if you retire at 70
Obviously, you might decide to trade off the extra benefits with other things you want to do in your golden years, such as seeing your Oakland, MO family more or finally spending more time at that timeshare in Aspen. But you still need to understand how your retirement age affects 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 computes how much you'll receive for your Social Security income by using "average indexed monthly earnings" (AIME). AIME takes into account the 35 years you had the highest income. If you you retire 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, your higher earning years will cancel out your lower earning years, boosting your monthly check.
If you remain in the Oakland, 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 seems obvious, it's also incredibly helpful in increasing your benefits when you eventually retire. Making more money leads to both a higher AIME and more of your money going to Social Security taxes. Both of those factors help determine whether you'll be eligible for the maximum retirement benefit. So, being more assertive in asking for 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, income over $160,200 will not be calculated.
4. Claim Spousal Benefits
If both spouses were in the workforce, the spouse with lower earnings can claim claim Social Security through their own work history, or up to half of the higher earner's benefits, whichever the higher benefit is. Again, it's important to hold off on claiming 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 start claiming that 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 an important part of any financial consideration, and that is no different once we retire. You may have to pay taxed if you claim benefits in Oakland, MO before your full retirement age and plan to continue working after you start receiving Social Security. 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, you will not pay federal tax on your Social Security. Between $25,000 and $34,000 for individuals and $32,000 and $44,000 for joint filers, up to half your Social Security income can be taxed by the federal government. If your income is more than that, up to 85% of your benefit can be taxed.
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 could unintentionally make yourself have to pay more in income tax.
6. Double-Check the Social Security Administration's Work
The SSA sends your personal Social Security statement statement every year, which how much money you earned and how much you paid in Social Security taxes. 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. You'll want the years for the highest income to be in the official recorded for when the administration computes 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 workers 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 growing professionally and putting food on the table, it's not hard to forget about Social Security planning when it feels like it's years, or even decades, into the future. Correct Capital's team of Oakland, MO Social Security consultants has decades of combined experience helping 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 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 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, check out Correct Capital's and Savology's free online retirement retirement planning tool, or schedule a get-to-know-you call 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
- 401(k) For Small Business
- Small Business Retirement Plans
- Tax Planning
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 are capable of much more than just getting you the maximum Social Security pay out. 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. Call Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Oakland, MO.
