Social Security Consultants Near Me in Olivette, MO

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Social Security Consultant Near MeGet the Most From Your Social Security Income With Experienced Financial Advisors in Olivette, MO

Social security consultants near me in Olivette, MO. While it may be reassuring that the federal government has a safety net for workers after we've left the workforce, that doesn't automatically ensure that you'll have the money you need to live the retirement you dreamed of. Knowledgeable Social Security consultants in Olivette, MO will work with you, not just to maximize your Social Security benefits, but provide a comprehensive retirement plan that can help ensure your money is best positioned for growth and long-term stability. At Correct Capital Wealth Management, we offer a variety of tools, resources, and insights to our clients so they can live out the retirement 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 the Social Security Administration's 2022 Fact Sheet, Social Security is the major source of income for most of the elderly. You must apply for 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.

Social Security Consultants Near Me Olivette, MO | Retirement Planning | Financial Advisors | Wealth Management Near Olivette

7 Ways to Increase Your Social Security Check in Olivette, MO

While a retirement plan that truly allows you to live the golden years you wanted 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, we've listed seven tried-and-true methods for any retiree to get the most out of their Social Security payout:

  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

According to a Schroders 2022 U.S. Retirement Survey, almost nine out of 10 non-retired Americans aged 45 and older know that remaining in the workforce for longer will increase their payout, yet only 11% plan to wait until age 70.

Pursuant to the Social Security Amendments of 1983, if you were born in 1960 or later your full retirement age is 67. If you retire at 62, the first year you can claim 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 gives you about 77% more each month than retiring at 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 full retirement age
  • $4,194 a month if you retire at 70

Obviously, you might prefer balancing your Social Security benefits with other things you want to do in retirement, such as spending more time with your Olivette, MO family or finally visiting those dream vacation spots. But you still need to understand how your retirement age affects your Social Security income, and to talk over 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 Social Security income 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 count for nothing. If you were in the workforce for more than 35 years, the years with the highest income will take the place of your lower earning years, boosting your monthly check.

If you continue working in Olivette, 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 seems obvious, it's also one of the only things you can do far before your retirement age in order to increase how much you eventually receive. The more you earn, 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 calculate whether you can get the maximum retirement benefit. So, being more aggressive in asking for raises, promotions, or seeking the next step up at another company, or picking up a side hustle, may increase your benefits. 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 with lower earnings 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. Again, you will not get the full 50% of you retire 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 (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 essential throughout our financial lives, including in retirement. There will be tax consequences if you claim benefits in Olivette, MO early and plan to continue working after you start claiming benefits. 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 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 50% of your Social Security income can be taxed by the federal government. If that total exceeds those numbers, up to 85% of your benefit can be subject to taxes.

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

Another thing to take into account is that if you keep working after claiming Social Security, you could accidentally make yourself have to pay more in income tax.

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 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 in the official recorded for when the administration calculates 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 workers in Olivette, MO retirement planning and Social Security benefits themselves, whether because of time, knowledge, or interest. With the day-to-day grind of growing professionally and our families, it can be easy to forget about Social Security planning 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 retirement they always envisioned, and feel good in 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 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 provide you with a financially secure and happy retirement.

For more assistance with retirement planning in Olivette, MO, take a look at Correct Capital's and Savology's free online retirement calculator, or make a get-to-know-you call with a member of our team today.

Other services we offer in Olivette, MO include:

Social Security Consultants Near Me Olivette, MO | Retirement Planning | Financial Advisors | Wealth Management Near Olivette

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 benefits. We create a holistic, 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. Call Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Olivette, MO.


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