Social Security Consultant Near Me
Maximize Your Social Security Earnings With Experienced Financial Advisors in Rock Hill, MO
Social security consultants near me in Rock Hill, MO. While it may be comforting that The U.S. Government provides an income for us in retirement, retirement planning is still necessary to live the retirement you dreamed of. Qualified Social Security consultants in Rock Hill, MO will work with you, not just to maximize your Social Security benefits, but create a holistic retirement plan that includes income from a variety of sources. 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 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're set up to get your full benefits for when you claim next year, call Correct Capital's Rock Hill, MO Social Security consultants and fiduciary advisors today at 314-930-401(k) or fill out our online form.
Maximum Your Social Security Benefits in Rock Hill, MO in 7 Steps
While a retirement plan that truly allows you to live the golden years you wanted 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 tried-and-true ways for any worker to maximize their Social Security benefits:
- 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 Americans who are still working who are 45 and up know that remaining in the workforce for longer will increase their payout, yet only just above 10% plan to retire at 70.
Under the rules provided in the Social Security Amendments of 1983, anyone whose date of birth was in 1960 or later has a full retirement age of 67. If you leave the workforce at 62, the first year you can claim Social Security, 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 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 want to trade off the extra income with other life goals, such as visiting your Rock Hill, MO family more or finally visiting those dream vacation spots. But it's important to understand how your retirement age affects your benefits, and to discuss 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 Social Security income by using "average indexed monthly earnings" (AIME). AIME is based off the 35 years you made the most money. If you didn't work for 35 years, the years you didn't receive an income will count as zeros. If you work more than 35 years, your higher earning years will cancel out your lower earning years, boosting your monthly check.
If you keep working in Rock Hill, 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 is what most of us strive for anyway, 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 money you make, 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'll be eligible for the maximum retirement benefit. So, being more assertive in pursuing raises, promotions, or seeking the next step up at another company, or adding extra income from other sources, may help make you eligible for the maximum benefit. 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 both spouses were in the workforce, the spouse with lower earnings can claim their own Social Security benefits, or up to 50% of the higher earner's benefits, whichever the higher benefit is. Just like when claiming your own benefits, it's important to hold off on claiming 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 claim your own benefit down the road if that will be higher.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is vital throughout our financial lives, and that is no different in retirement. You may have to pay taxed if you claim benefits in Rock Hill, MO early and plan to continue working after you start receiving Social Security. 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 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 half your Social Security income can be taxed by the federal government. If your income is more than that, up to 85% of your benefit can be subject to taxes.
Missouri is only one of 12 states that may tax your Social Security benefits.
Another factor to take into account is that if you keep working after you start receiving Social Security, you might 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 details your income and the taxes you've paid into social security. 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 computes your AIME.
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 workers 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 our careers and putting food on the table, it's not hard to forget about Social Security planning when it feels like it's years, or even decades, down the road. Correct Capital's team of Rock Hill, MO Social Security consultants has over 75 years of combined experience helping individuals, families, and business owners achieve the retirement of their dreams, and have peace of mind about 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 services in Rock Hill, 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 Rock Hill, MO, take advantage of 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:
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
- 401(k) For Small Business
- Small Business Retirement Plans
- Tax Planning
- Retirement Calculator
- Retirement Planning
- Rollover 401(k)
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 do more than just optimize your Social Security check. We create an exhaustive, tailored financial plan for you to ensure your own retirement savings are growing and that your retirement income will come from a variety of sources. Get in touch with Correct Capital today at 314-930-401(k) or contact us online for dependable, experienced, and trustworthy Social Security consultants in Rock Hill, MO.