Social Security Consultant Near Me
Social security consultants near me in Richmond Heights, MO. While it may be comforting that Uncle Sam provides an income for us after we've left the workforce, retirement planning is still necessary to live the golden years you want. Knowledgeable Social Security consultants in Richmond Heights, MO will work with you, not just to maximize your Social Security benefits, but design a holistic retirement plan that includes income from IRAs, 401(k)s, and other retirement funds. At Correct Capital Wealth Management, we offer a variety of tools, resources, and insights to our clients so they can live out the golden years they always wanted.
According to data from the Social Security Administration, over a third of Americans receive 50% or more of their retirement income from Social Security. When you initially apply your benefits, you only have one opportunity to get the maximum benefits you are eligible for. Whether you envision remaining in the workforce for another couple decades, or just want to make sure you have things lined up right for when you claim benefits soon, reach out to Correct Capital's Richmond Heights, MO Social Security consultants and fiduciary advisors today at 314-930-401(k) or contact us online.
Maximum Your Social Security Benefits in Richmond Heights, MO in 7 Steps
While a retirement plan that truly allows you to live the golden years dreamed of will consist of income from employer-backed plans, IRAs, and other accounts, it's still important to make sure you're not leaving any money on the table when it comes to your Social Security benefits. Below, we've listed seven tried-and-true methods for any earner to maximize 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 almost 90% of Americans who are still working aged 45 and older know that remaining in the workforce for longer will increase their check, yet only 11% plan to retire at 70.
Under the rules provided in the Social Security Amendments of 1983, anyone born in 1960 or later has a full retirement age of 67. If you retire at 62, the earliest you can apply for Social Security, your payout would be reduced by 30%, and your spouse's by 35%. Retiring at up to age 70 would mean you are eligible for 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 may decide to trade off the extra money with other life goals, such as seeing your Richmond Heights, MO family more or finally spending more time at that timeshare in Aspen. But it's important to understand what retiring at what age will mean for your benefits, and to think about, as a team with your financial advisor, if it might be beneficial to retire later to increase your benefits.
2. Work at Least 35 Full Years
The Social Security Administration computes your monthly Social Security benefits using "average indexed monthly earnings" (AIME). AIME considers 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 work more than 35 years, your higher earning years will cancel out your lower earning years, boosting your monthly check.
If you continue working in Richmond Heights, MO after you've started claiming benefits, those years also get added into your AIME.
3. Earn More Money
While this seems obvious, it's also significantly helpful in increasing your benefits when you eventually retire. Making more money 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 whether you can get the maximum retirement benefit. So, being more assertive in seeking raises, promotions, or better-paying jobs, or adding extra income from other sources, may increase your benefits. 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, you can claim either 50% of the higher earners benefits or the full benefits of the other spouse, whichever is higher. Again, it's important 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 start claiming that benefit at age 60 (although like retirement and spousal benefits, it will be reduced) and claim your own benefit down the road if that will be higher.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is essential throughout our financial lives, including in retirement. You may have to pay taxed if you started receiving Social Security in Richmond Heights, 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, 50% of your Social Security benefit, and your adjusted gross income.If that total 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 benefit will be subject to federal taxes. 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.
Similarly, if you keep working after you start receiving Social Security, you might unintentionally 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 money you earned and the taxes you've paid into social security. 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. You'll want the years for the highest income to be recorded for when the administration calculates your benefits.
7. Hire a Qualified Richmond Heights, MO Social Security Consultant
Professionals in any field usually know their area of practice the best, and many individuals and families in Richmond Heights, 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 putting food on the table, 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 team of Richmond Heights, MO Social Security consultants has decades of combined experience helping individuals, families, and business owners live out the retirement they always envisioned, and have peace of mind about their financial future. Our team is comprised 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 Richmond Heights, 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 Richmond Heights, MO, check out 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 Richmond Heights, 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 Richmond Heights, MO | Correct Capital Wealth Management
At Correct Capital, our Richmond Heights, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals do more than just optimize your Social Security pay out. We create an exhaustive, 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 314-930-401(k) or contact us online for dependable, experienced, and trustworthy Social Security consultants in Richmond Heights, MO.
