Social Security Consultant Near Me
Social security consultants near me in Sappington, MO. While it's reassuring that Uncle Sam provides an income for workers in retirement, retirement planning is still necessary to live the retirement you want. Knowledgeable Social Security consultants in Sappington, MO can help you not just get the highest possible income from Social Security, but design 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 get to know our clients personally and come up with a plan they're involved in so they feel confident 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're planning for decades into the future, or just want to make sure you're set up to get your full benefits for when you claim next year, reach out to Correct Capital's Sappington, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.
7 Ways to Maximize Your Social Security Benefits in Sappington, MO
While the best retirement plans will include income from numerous sources, 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, you'll find seven time-tested strategies for any earner to increase 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
A Schroders 2022 U.S. Retirement Survey reported that 86% of non-retired Americans who are 45 and up understand that remaining in the workforce for longer will increase their benefits, yet only just above 10% are planning 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 leave the workforce at 62, the first year you can apply for 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 at different ages in 2022 are:
- $2,364 a month if you retire at 62
- $3,345 a month if you retire at 70
- $4,194 a month if you retire at 70
Obviously, you might decide to trade off the extra money with other life goals, such as spending more time with your Sappington, 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 benefits, and to think about, 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 didn't work for 35 years, the years you didn't work count for nothing. If you work more than 35 years, the years in which you earned the most will take the place of the years you earned the least, increasing your Social Security income.
If you keep working in Sappington, MO 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 only things you can do now 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. Both of those factors 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, 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 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 half of the higher earner's benefits, whichever the higher benefit is. Just like when claiming your own benefits, it's important to wait 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 your work record provides a larger check.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is an important part of any financial consideration, including in retirement. There will be tax consequences if you started receiving Social Security in Sappington, MO before your full retirement age and plan to continue working after you start receiving Social Security. When calculating what the tax consequences are, the IRS will add up your nontaxable income, half your Social Security benefit, and your adjusted gross income.If that total is below $25,000 for individuals or $32,000 for joint filers, there will be no federal tax consequences. 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 benefit can be subject to taxes.
While not every state may tax Social Security, 12 states (including Missouri) 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 may 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 the taxes you've paid into social security. Check the Social Security Administration's records 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. It's important for the years for the highest income to be recorded for when the administration computes your AIME.
7. Hire a Qualified Sappington, MO Social Security Consultant
Professionals in any field usually know their area of practice the best, and many people in Sappington, MO just don't have the time, knowledge, or interest to manage their retirement planning and Social Security benefits themselves. With large portions of our everyday lives spent on our careers and providing for your family, 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 Sappington, MO Social Security consultants has over 75 years of combined experience helping individuals, families, and business owners live out the golden years they always envisioned, and feel good in 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 Sappington, 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 Sappington, MO, take advantage of 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 Sappington, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
- 401(k) For Small Business
Social Security Consultants Near Me in Sappington, MO | Correct Capital Wealth Management
At Correct Capital, our Sappington, 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 comprehensive, 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. Reach out to Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Sappington, MO.
