Social Security Consultant Near Me
Social security consultants near me in Rock Hill, MO. While it may be comforting that the federal government provides an income for us in retirement, that doesn't automatically ensure that you'll have the money you need to live the retirement you want. Knowledgeable Social Security consultants in Rock Hill, MO can help you not just get the highest possible income from Social Security, but create a holistic retirement plan that can help ensure your money is optimally 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 feel good about where their retirement income will come from.
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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 data from the Social Security Administration, 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're set up to get your full benefits for when you apply next year, call Correct Capital's Rock Hill, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.
7 Ways to Increase Your Social Security Check in Rock Hill, 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 everything you can when it comes to your Social Security benefits. Below, you'll find seven proven methods for any retiree 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
A Schroders 2022 U.S. Retirement Survey reported that almost nine out of 10 non-retired Americans aged 45 and older know that they can receive more in Social Security if they wait to claim benefits, yet only just above 10% are planning to retire at 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 leave the workforce at 62, the first year you can claim Social Security, your payout would be diminished 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
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 Rock Hill, 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 consider, along with your financial advisor, if it's worth waiting a few extra years to unlock the higher 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 is based off the 35 years you had the highest income. If you you retire before you worked for 35 years, the years you didn't receive an income will count as zeros. If you work more than 35 years, the years in which you earned the most will cancel out the years you earned the least, increasing your Social Security income.
If you remain in the Rock Hill, MO workforce after you've started receiving Social Security, those years also count towards your AIME.
3. Earn More Money
While this is what most of us strive for anyway, it's also one of the biggest things you can do far before your retirement age in order to increase your benefits when you eventually retire. The more money you make, the higher the Social Security Administration will calculate your benefits, and the more you'll pay in 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, 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, 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 hold off on claiming until the full retirement age to get the full 50%.
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 that will be higher.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is an important part of any financial consideration, and that remains true once we retire. There will be tax consequences if you started receiving Social Security in Rock Hill, 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 implications. Between $25,000 and $34,000 for individuals and $32,000 and $44,000 for joint filers, up to 50% of your benefit 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 Social Security income may also be subject to state taxes in Missouri.
Similarly, if you keep working after you start receiving Social Security, you may accidentally 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 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 noted for when the administration calculates your benefits.
7. Hire a Qualified Rock Hill, MO Social Security Consultant
It's hard to replace the expertise of any professional in a given field, and many people in Rock Hill, MO just don't have the time, knowledge, or interest to manage their retirement planning and Social Security benefits themselves. With the day-to-day grind of growing professionally and providing for your family, it's not hard to let something important like Social Security planning get lost in the shuffle when it's still years or decades until you'll start receiving benefits. Correct Capital's group of Rock Hill, MO Social Security consultants has over 75 years of combined experience helping individuals, families, and business owners achieve the retirement they always envisioned, and feel confident in 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 areas of expertise in Rock Hill, 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 Rock Hill, MO, check out Correct Capital's and Savology's free online retirement retirement planning tool, or make an appointment with a member of our team today.
Other services we offer in Rock Hill, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
Social Security Consultants Near Me in Rock Hill, MO | Correct Capital Wealth Management
At Correct Capital, our Rock Hill, 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 your own retirement savings are growing and that your retirement income will come from a variety of sources. Reach out to Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Rock Hill, MO.
