Social Security Consultant Near MeMaximize Your Social Security Earnings With Experienced Financial Advisors in Oakville, MO
Social security consultants near me in Oakville, MO. While it's reassuring that The U.S. Government provides an income for workers after we've left the workforce, you still need to plan ahead to live the golden years you want. Experienced Social Security consultants in Oakville, MO can help you not only get the highest possible income from Social Security, but design a holistic 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 confident 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, over a third of Americans receive 50% or more of their retirement income from Social Security. You must apply for the maximum benefits you are eligible for when you first file. Whether you envision remaining in the workforce for a lot more time, or just want to make sure you're set up to get your full benefits for when you claim soon, reach out to Correct Capital's Oakville, 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 Oakville, MO
While an optimal retirement plan will include income from employer-backed plans, IRAs, and other accounts, you'll still want to make sure you're getting everything you can when it comes to your Social Security benefits. Below, you'll find seven time-tested methods for any worker 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 86% of non-retired Americans who are 45 and up are aware 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 set forth in the Social Security Amendments of 1983, if you were born in 1960 or later your full retirement age is 67. If you are no longer working by 62, the first year you can apply for benefits, your payout would be decreased by 30%, and your spouse's by 35%. If you wait until age 70 to claim, you receive 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
Obviously, you may prefer balancing your Social Security benefits with other things you want to do in retirement, such as visiting your Oakville, MO family more or finally visiting those dream vacation spots. But you still need to understand what retiring at what age will mean for your Social Security income, and to discuss with your financial advisor if it might be beneficial to retire later to unlock the higher benefits.
2. Work at Least 35 Full Years
The Social Security Administration calculates your monthly Social Security benefits using "average indexed monthly earnings" (AIME). AIME takes into account the 35 years you had the highest income. If you didn't work for 35 years, the years you didn't receive an income count for nothing. If you work more than 35 years, the years with the highest income will take the place of the years you earned the least, boosting your monthly check.
If you keep working in Oakville, MO 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 a no-brainer, it's also one of the biggest things you can do far before your retirement age in order to increase your benefits down the road. The more money you make, the higher your AIME will be, and the more you'll pay in Social Security taxes. Both of those factors help determine if you're able to receive the highest possible Social Security income. So, being more aggressive in pursuing raises, promotions, or better-paying jobs, or picking up a side hustle, 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, you can claim either 50% of the higher earners benefits or the full benefits of the other spouse, whichever is higher. Just like when claiming your own benefits, you will not get the full 50% of you retire before your full retirement age.
If your spouse is deceased, 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 vital throughout our financial lives, and that is no different once we retire. There will be tax consequences if you claim benefits in Oakville, 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 sum 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.
While not every state may tax Social Security, 12 states (including Missouri) may tax your Social Security benefits.
Another thing to take into account is that if you keep working after you start receiving benefits, you may accidentally move 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 how much money you earned and the taxes you've paid into social security. 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. You'll want your highest earning years to be noted for when the administration computes your AIME.
7. Hire a Qualified Oakville, MO Social Security Consultant
Professionals in any field usually know their area of practice the best, and many individuals and families in Oakville, MO 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 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 Oakville, MO Social Security consultants has over 75 years of combined experience helping individuals, families, and business owners achieve the golden years they always envisioned, and have peace of mind about their financial future. Our team is comprised of financial 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 Oakville, MO such as 401(k) rollover, we'll do our part to give you a financially secure and happy retirement.
For more help with your retirement planning needs in Oakville, MO, check out Correct Capital's and Savology's free online retirement calculator, or schedule a get-to-know-you call with one of our advisors today.
Other services we offer in Oakville, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
Social Security Consultants Near Me in Oakville, MO | Correct Capital Wealth Management
At Correct Capital, our Oakville, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNERā¢ professionals are capable of much more than just getting you the maximum Social Security check. We create a holistic, 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. Reach out to Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Oakville, MO.