Social Security Consultant Near Me
Social security consultants near me in Shrewsbury, MO. While it may be reassuring that Uncle Sam provides an income for us in retirement, you still need to plan ahead to live the retirement you dreamed of. Qualified Social Security consultants in Shrewsbury, MO can help you not only maximize your Social Security benefits, but create a comprehensive retirement plan that includes income from IRAs, 401(k)s, and other retirement funds. At Correct Capital Wealth Management, we get to know our clients personally and come up with a plan they're involved in so they can live out the retirement they always wanted.
According to the Social Security Administration's 2022 Fact Sheet, Social Security represents about 30% of income for the elderly. When you initially apply your benefits, you only have one chance to get the maximum benefits you are eligible for. Whether you're planning for decades into the future, or just need someone to look over your plan to ensure you have things lined up right for when you claim benefits soon, 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 a retirement plan that truly allows you to live the golden years dreamed of will include income from a variety of sources, it's still important to make sure you're getting everything you can when it comes to your Social Security benefits. Below, we've listed seven tried-and-true methods for any retiree to increase their Social Security payout:
- 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 86% of Americans who are still working aged 45 and older understand that they can receive more in Social Security if they wait to claim benefits, yet only just above 10% are planning to wait until age 70.
Pursuant to the Social Security Amendments of 1983, any retiree whose date of birth was in 1960 or later has a full retirement age of 67. If you are no longer working by 62, the first year you can apply for benefits, your retirement benefits would be reduced by 30%, and your spouse's by 35%. Retiring at up to age 70 would mean you receive 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 full retirement age
- $4,194 a month if you retire at 70
Obviously, you may want to trade off the extra benefits with other life goals, such as seeing your Shrewsbury, MO family more or finally spending more time at that timeshare in Aspen. But it's important to understand how your retirement age affects your Social Security income, and to consider, as a team with your financial advisor, if it's worth holding out for a few extra years to unlock the higher 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 is based off the 35 years you had the highest income. If you are in the workforce for less than 35 years, the years you didn't work will count as zeros. If you were in the workforce for more than 35 years, the years with the highest income will cancel out the years you earned the least, increasing your monthly check.
If you keep working in Shrewsbury, MO after you've started receiving Social Security, those years also get added into your AIME.
3. Earn More Money
While this seems obvious, it's also considerably helpful in increasing your benefits down the road. 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 whether you can get the maximum retirement benefit. 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. Just like when claiming your own benefits, it's advisable to hold off on claiming until the full retirement age to get the full 50%.
If your spouse is deceased, you're also eligible for 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 later elect for your benefit if your work record provides a higher monthly income.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is vital throughout our financial lives, and that is no different once we retire. You may have to pay taxed if you started receiving Social Security in Shrewsbury, MO before your full retirement age and keep working. 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 consequences. 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 that total exceeds those numbers, up to 85% of your Social Security income can be taxed.
While not every state may tax Social Security, 12 states (including Missouri) may tax your Social Security benefits.
Another aspect to take into account is that if you keep working after claiming benefits, you may unintentionally 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 how much you paid in Social Security taxes. Check the Social Security Administration's work 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 your highest earning years to be recorded for when the administration calculates your benefits.
7. Hire a Qualified Shrewsbury, MO Social Security Consultant
It's hard to replace the knowledge and experience of any professional in a given field, and many workers in Shrewsbury, 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 putting food on the table, it's not hard to forget about Social Security planning when it's still years or decades until you'll claim. Correct Capital's team of Shrewsbury, MO Social Security consultants has over 75 years of combined experience helping individuals, families, and business owners achieve the golden years they always envisioned, and feel good in 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 prudent 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 help with your retirement planning needs in Shrewsbury, MO, check out Correct Capital's and Savology's free online retirement calculator, or schedule 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
- 401(k) For Small Business
- Small Business Retirement Plans
- Tax Planning
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 are capable of much more than just getting you the maximum Social Security check. We create an exhaustive, tailored financial plan for you to ensure your own retirement savings are best positioned for long-term growth and stability. 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.
