Social Security Consultants Near Me in O'Fallon, MO

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Social Security Consultant Near MeGet the Most From Your Social Security Income With Experienced Retirement Planners in O'Fallon, MO

Social security consultants near me in O'Fallon, MO. While it may be reassuring that the federal government provides an income for workers after we've left the workforce, retirement planning is still necessary to live the retirement you dreamed of. Knowledgeable Social Security consultants in O'Fallon, MO 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 get to know our clients personally and come up with a plan they're involved in so they can live out the golden years they always wanted.


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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 research from the Social Security Administration, Social Security represents about 30% of income for the elderly. When you initially apply your benefits, you only have one opportunity to claim the most amount of benefits you are eligible for. Whether you envision remaining in the workforce for several more years, or just need someone to look over your plan to ensure you're set up to get your full benefits for when you apply soon, call Correct Capital's O'Fallon, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.

Social Security Consultants Near Me O'Fallon, MO | Retirement Planning | Financial Advisors | Wealth Management Near O'Fallon

7 Ways to Maximize Your Social Security Benefits in O'Fallon, MO

While a retirement plan that truly allows you to live the golden years dreamed of will include income from employer-backed plans, IRAs, and other accounts, it's still important to make sure you're getting the most out of Social Security. Below, we've listed seven tried-and-true strategies for any retiree to increase 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

A Schroders 2022 U.S. Retirement Survey stated that almost nine out of 10 Americans who are still in the workforce 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.

Pursuant to the Social Security Amendments of 1983, anyone 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 Social Security, your payout would be decreased by 30%, and your spouse's by 35%. If you wait until age 70 to claim, you are eligible for delayed retirement benefits, which would increase your benefit by around 77% compared to age 62.

The maximum benefits at different ages 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

Of course, you may prefer balancing your Social Security benefits with other things you want to do in retirement, such as spending more time with your O'Fallon, MO family 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 might be beneficial to retire later to maximize your benefits.

2. Work at Least 35 Full Years

The Social Security Administration computes how much you'll receive for your benefits by using "average indexed monthly earnings" (AIME). AIME takes into account your 35 highest-earning years. If you didn't work for 35 years, the years you didn't receive an income will count as zeros. If you have more than 35 years of recorded income, your higher earning years will cancel out your lower earning years, increasing your Social Security income.

If you continue working in O'Fallon, MO after you've started claiming benefits, those years also count towards your AIME.

3. Earn More Money

While this is a no-brainer, it's also significantly helpful in increasing how much you eventually receive. Higher income leads to both a higher AIME and more of your money going to Social Security taxes. Both of those factors help determine 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, the spouse who earned less can claim their own Social Security benefits, or up to half of the higher earner's benefits, whichever the higher benefit is. Just like when claiming your own benefits, you will not get the full 50% of you claim benefits before your full retirement age.

If your spouse has passed away, 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 that will be higher.



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 O'Fallon, MO before your full retirement age and plan to continue working after you start receiving Social Security. When calculating 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 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 50% of your Social Security income will be subject to federal taxes. If that total exceeds those numbers, up to 85% of your Social Security income can be subject to taxes.

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

Similarly, if you keep working after claiming Social Security, you could unintentionally bump yourself into a higher tax bracket.

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

Each year, you receive a Social Security statement which details your income and how much you paid in Social Security taxes. Check the Social Security Administration's records against your W2, pay stubs, or tax returns. 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 in the official recorded for when the administration calculates your AIME.


7. Hire a Qualified O'Fallon, MO Social Security Consultant

Professionals in any field usually know their area of practice the best, and many workers in O'Fallon, 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 can be easy to let something important like Social Security planning get forgotten among other things when it's still years or decades until you'll start receiving benefits. Correct Capital's group of O'Fallon, MO 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 award-winning advisors and a committed 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 O'Fallon, 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 O'Fallon, MO, take advantage of Correct Capital's and Savology's free online retirement retirement planning tool, or schedule an appointment with one of our advisors today.

Other services we offer in O'Fallon, MO include:

Social Security Consultants Near Me O'Fallon, MO | Retirement Planning | Financial Advisors | Wealth Management Near O'Fallon

Social Security Consultants Near Me in O'Fallon, MO | Correct Capital Wealth Management

At Correct Capital, our O'Fallon, 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 holistic, tailored 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 O'Fallon, MO.


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