Social Security Consultant Near Me
Social security consultants near me in Olivette, MO. While it may be comforting that The U.S. Government provides an income for us after we've left the workforce, retirement planning is still necessary to live the retirement you want. Knowledgeable Social Security consultants in Olivette, MO will work with you, not just to maximize your Social Security benefits, but design 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 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.
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According to the Social Security Administration's 2022 Fact Sheet, Social Security is the major source of income for most of the elderly. You must claim the maximum benefits you are eligible for when you first file. Whether you're planning for decades into the future, or just need someone to look over your plan to ensure you have things lined up right for when you claim benefits soon, reach out to Correct Capital's Olivette, 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 Olivette, MO
While a retirement plan that truly allows you to live the golden years you wanted will consist of income from numerous sources, 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 proven strategies for any worker to get the most out of 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
According to a Schroders 2022 U.S. Retirement Survey, almost 90% of non-retired Americans who are 45 and up understand that they can receive more in Social Security if they wait to claim benefits, yet only 11% plan to retire at 70.
Under the rules set forth in the Social Security Amendments of 1983, any retiree whose date of birth was 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 retirement benefits would be reduced by 30%, and your spouse's by 35%. If you wait until age 70 to claim, you receive delayed retirement benefits, which would increase your payout 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 might prefer balancing your Social Security benefits with other life goals, such as visiting your Olivette, MO family more or finally perfecting your golf game. But it's important to understand how your retirement age affects your Social Security income, and to discuss 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 determines how much you'll receive for your payout by using "average indexed monthly earnings" (AIME). AIME calculates your benefits based on your 35 highest-earning years. If you are in the workforce for less than 35 years, the years you didn't work will count as zeros. If you have more than 35 years of recorded income, your higher earning years will take the place of your lower earning years, increasing your monthly check.
If you remain in the Olivette, MO workforce after you've started claiming benefits, those years also get added into your benefits calculation.
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 now in order to increase your benefits down the road. The more you earn, the higher the Social Security Administration will calculate your benefits, and the more you'll pay in Social Security taxes. Both of those factors help calculate 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, the SSA places a cap on how much income can count towards your AIME. In 2023, that number is $160,200.
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 50% of the higher earner's benefits, whichever is higher. Just like when claiming your own benefits, it's advisable to wait 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 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 essential throughout our financial lives, including once we retire. There will be tax consequences if you started receiving Social Security in Olivette, 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 consequences. 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 that total exceeds those numbers, up to 85% of your Social Security income 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 claiming benefits, 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 how much income was recorded and how much you paid in Social Security taxes. 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 in the official recorded for when the administration computes your AIME.
7. Hire a Qualified Olivette, MO Social Security Consultant
It's hard to replace the knowledge and experience of any professional in a given field, and many individuals and families in Olivette, 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 our families, it's not hard to forget about Social Security planning when it's still years or decades until you'll start receiving benefits. Correct Capital's team of Olivette, MO Social Security consultants has over 75 years of combined experience helping individuals, families, and business owners live out 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 services in Olivette, 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 Olivette, MO, check out Correct Capital's and Savology's free online retirement calculator, or make an appointment with a member of our team today.
Other services we offer in Olivette, MO include:
Social Security Consultants Near Me in Olivette, MO | Correct Capital Wealth Management
At Correct Capital, our Olivette, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals do more than just optimize your Social Security check. We create a comprehensive, personalized financial plan for you to ensure your own retirement savings 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 Olivette, MO.
