Social Security Consultant Near Me
Social security consultants near me in O'Fallon, IL. While it may be comforting that the federal government provides an income for us in retirement, that doesn't automatically ensure that you'll have the money you need to live the golden years you dreamed of. Qualified Social Security consultants in O'Fallon, IL will work with you, not just to maximize your Social Security benefits, 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 confident about where their retirement income will come from.
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According to data from the Social Security Administration, over a third of Americans receive 50% or more of their retirement income from Social Security. You must claim the maximum benefits you are eligible for when you first file. Whether you still have a lot of work to do before you decide to leave the workforce, or just want to make sure you have things lined up right for when you claim benefits next year, reach out to Correct Capital's O'Fallon, IL Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.
Maximum Your Social Security Benefits in O'Fallon, IL in 7 Steps
While a retirement plan that truly allows you to live the golden years you wanted will consist of income 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, we've listed seven tried-and-true strategies for any earner to increase 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
A Schroders 2022 U.S. Retirement Survey stated that 86% of Americans who are still in the workforce who are 45 and up understand that remaining in the workforce for longer will increase their Social Security income, yet only 11% are planning to retire at 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 leave the workforce at 62, the earliest you can apply for benefits, your payout would be decreased 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 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 might decide to trade off the extra income with other life goals, such as seeing your O'Fallon, IL family more or finally visiting those dream vacation spots. But you still need to understand what retiring at what age will mean for your benefits, and to talk over with your financial advisor if it's worth holding out for a few extra years to increase your benefits.
2. Work at Least 35 Full Years
The Social Security Administration computes how much you'll receive for your payout 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 earned an income in more than 35 years, your higher earning years will take the place of your lower earning years, boosting your monthly check.
If you remain in the O'Fallon, 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 one of the biggest things you can do now in order to increase how much you eventually receive. The more money you make, the higher your AIME will be, and the more you'll pay in 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, if you needed more motivation to seek raises or better-paying jobs, now you have it. However, the SSA places a cap on how much income can count towards your AIME. In 2023, income over $160,200 will not be calculated.
4. Claim Spousal Benefits
If you and your spouse both received income, 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 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're also eligible for survivor's benefits. You can start claiming that benefit at age 60 (although like retirement and spousal benefits, it will be reduced) and later elect for your benefit if that will be higher.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is an important part of any financial consideration, and that remains true in retirement. You may have to pay taxed if you started receiving Social Security in O'Fallon, IL early and plan to continue working after you start claiming benefits. When figuring out what the tax consequences are, the IRS has a formula that adds your nontaxable income, 50% of your Social Security benefit, and your adjusted gross income.If that sum 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 half your benefit can be taxed by the federal government. If that total exceeds those numbers, up to 85% of your benefit can be taxed.
Your Social Security income may also be subject to state taxes in Missouri.
Another thing to take into account is that if you keep working after you start receiving Social Security, you might accidentally bump yourself into a higher tax bracket.
6. Double-Check the Social Security Administration's Work
The SSA sends your personal Social Security statement statement every year, 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. You'll want the years for the highest income to be noted for when the administration calculates your benefits.
7. Hire a Qualified O'Fallon, IL Social Security Consultant
Professionals in any field usually know their area of practice the best, and many people in O'Fallon, 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 growing professionally and our families, 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 O'Fallon, IL Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners live out the golden years of their dreams, and have peace of mind about 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 services in O'Fallon, 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 O'Fallon, IL, take a look at Correct Capital's and Savology's free online retirement retirement planning tool, or make a get-to-know-you call with one of our advisors today.
Other services we offer in O'Fallon, IL include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
Social Security Consultants Near Me in O'Fallon, IL | Correct Capital Wealth Management
At Correct Capital, our O'Fallon, IL 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. Reach out to Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in O'Fallon, IL.
