Social Security Consultant Near Me
Social security consultants near me in Shrewsbury, MO. While it may be reassuring that The U.S. 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 golden years you want. Knowledgeable Social Security consultants in Shrewsbury, MO can help you not just maximize your Social Security benefits, but provide a holistic 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 golden years they always wanted.
According to research 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 still have a lot of work to do before you decide to retire, or just want to make sure you have things lined up right for when you claim benefits next year, call Correct Capital's Shrewsbury, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.
Maximum Your Social Security Benefits in Shrewsbury, MO in 7 Steps
While the best retirement plans will consist of money from employer-backed plans, IRAs, and other accounts, you'll still want 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 time-tested ways for any retiree to maximize 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
According to a Schroders 2022 U.S. Retirement Survey, almost nine out of 10 Americans who are still working aged 45 and older know that they can receive more in Social Security if they wait to claim benefits, yet only just above 10% plan to retire at 70.
Under the rules established 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 retire at 62, the first year you can apply for Social Security, your payout would be lowered by 30%, and your spouse's by 35%. Retiring at up to age 70 would mean you are eligible for delayed retirement benefits, which would increase your checks by around 77% compared to age 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 prefer balancing your Social Security benefits with other things you want to do in your golden years, such as seeing your Shrewsbury, 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 consider, along with your financial advisor, if it might be beneficial to retire later to unlock the higher 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 is based off your 35 highest-earning years. If you are in the workforce for less than 35 years, the years you didn't work will count as zeros. If you work more than 35 years, the years with the highest income will cancel out the years you earned the least, increasing your Social Security income.
If you remain in the Shrewsbury, MO workforce 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 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 money you make, the higher your AIME will be, and the more you'll pay in Social Security taxes. Both of those factors help determine whether you'll be eligible for the maximum retirement benefit. 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 benefits. In 2023, income over $160,200 will not be calculated.
4. Claim Spousal Benefits
If both spouses worked, the spouse who earned less can claim claim Social Security through their own work history, or up to half of the higher earner's benefits, whichever is higher. Again, it's recommended 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 start claiming that 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 important throughout our financial lives, and that is no different in retirement. You may have to pay taxed if you claim benefits in Shrewsbury, MO before your full retirement age 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 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 Social Security income can be taxed by the federal government. If your income is more than that, up to 85% of your Social Security income can be subject to taxes.
While not every state may tax Social Security, 12 states (including Missouri) may tax your Social Security benefits.
Similarly, if you keep working after claiming Social Security, you might unintentionally move into a higher tax bracket.
6. Double-Check the Social Security Administration's Work
Each year, you receive a Social Security statement 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. It's important for your highest earning years to be recorded for when the administration computes your benefits.
7. Hire a Qualified Shrewsbury, MO Social Security Consultant
Professionals in any field usually know their area of practice the best, and many people in Shrewsbury, MO just don't have the time, knowledge, or interest to manage their retirement planning and Social Security benefits themselves. With so much of our energy spent on growing professionally and putting food on the table, it's not hard to let something important like Social Security planning get lost in the shuffle when it feels like it's years, or even decades, down the road. Correct Capital's group of Shrewsbury, MO Social Security consultants has over 75 years of combined experience helping individuals, families, and business owners live out the retirement of their dreams, and have peace of mind about their financial future. Our team is comprised of award-winning advisors and a dedicated 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 Shrewsbury, 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 Shrewsbury, MO, take a look at Correct Capital's and Savology's free online retirement retirement planning tool, or make a get-to-know-you call with a member of our team today.
Other services we offer in Shrewsbury, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
Social Security Consultants Near Me in Shrewsbury, MO | Correct Capital Wealth Management
At Correct Capital, our Shrewsbury, 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 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 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Shrewsbury, MO.
