Social Security Consultant Near Me
Social security consultants near me in Olivette, MO. While it may be comforting that Uncle Sam has a safety net for us in retirement, that doesn't automatically ensure that you'll have the money you need to live the golden years you want. Qualified Social Security consultants in Olivette, MO can help you not only get the highest possible income from Social Security, but provide a comprehensive retirement plan that includes income from IRAs, 401(k)s, and other retirement funds. At Correct Capital Wealth Management, we get to know our clients personally and come up with a plan they're involved in so they feel secure about where their retirement income will come from.
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 claim 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 need someone to look over your plan to ensure you have things lined up right for when you claim benefits next year, call Correct Capital's Olivette, MO Social Security consultants and fiduciary advisors today at 314-930-401(k) 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 dreamed of will include income from a variety of sources, you'll still want to make sure you're getting the most out of Social Security. Below, we've listed seven time-tested strategies for any worker to maximize 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, 86% of non-retired Americans who are 45 and up are aware that remaining in the workforce for longer will increase their benefits, yet only just above 10% are planning to retire at 70.
Under the rules established in 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 earliest you can apply for benefits, your retirement benefits would be lowered 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 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 benefits with other life goals, such as spending more time with your Olivette, MO family or finally spending more time at that timeshare in Aspen. But you still need to understand what retiring at what age will mean for your Social Security income, and to consider, along 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 determines your monthly Social Security benefits using "average indexed monthly earnings" (AIME). AIME takes into account the 35 years you made the most money. If you are in the workforce for less than 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 take the place of the years you earned the least, boosting your benefit.
If you continue working in Olivette, MO after you've started receiving Social Security, those years will count towards your AIME once you start claiming full benefits.
3. Earn More Money
While this seems obvious, it's also considerably helpful in increasing your benefits down the road. Higher income leads to both a higher AIME and more of your money going to Social Security taxes. The SSA takes both of those into account to help determine if you're able to receive the highest possible Social Security income. So, being more aggressive in asking for 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, that number is $160,200.
4. Claim Spousal Benefits
If both spouses were in the workforce, the spouse who earned less can claim claim Social Security through their own work history, or up to 50% 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're also eligible for survivor's benefits. You can elect for your survivor’s 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 higher monthly income.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is an important part of any financial consideration, including once we retire. You may have to pay taxed if you started receiving Social Security in Olivette, MO early and keep working. The IRS calculates your tax consequences based on the sum of your nontaxable income, 50% of your Social Security benefit, and your adjusted gross income.If that sum is below $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 will be subject to federal taxes. If your income is more than that, 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 move 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 money you earned and how much you paid in Social Security taxes. Check the Social Security Administration's work 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 recorded for when the administration computes your AIME.
7. Hire a Qualified Olivette, MO Social Security Consultant
It's hard to replace the expertise of any professional in a given field, and many people in Olivette, MO retirement planning and Social Security benefits themselves, whether because of time, know-how, or interest. With large portions of our everyday lives spent on our careers and our families, it's not hard to let something important like Social Security planning fall into the cracks when it feels like it's years, or even decades, down the road. Correct Capital's group of Olivette, MO Social Security consultants has the experience and knowledge necessary to help 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 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 areas of expertise in Olivette, MO 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 Olivette, 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 Olivette, 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 Olivette, MO | Correct Capital Wealth Management
At Correct Capital, our Olivette, 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 an exhaustive, 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. Call Correct Capital today at 314-930-401(k) or contact us online for dependable, experienced, and trustworthy Social Security consultants in Olivette, MO.
