Social Security Consultant Near Me
Social security consultants near me in Shrewsbury, MO. While it's comforting that The U.S. Government provides an income for us after we've left the workforce, retirement planning is still necessary to live the golden years you want. Qualified Social Security consultants in Shrewsbury, MO will work with you, not just to maximize your Social Security benefits, but create a holistic retirement plan that includes income from IRAs, 401(k)s, and other retirement funds. At Correct Capital Wealth Management, we offer a variety of tools, resources, and insights to our clients so they feel confident about where their money in retirement 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, 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 still have a lot of work to do before you decide to retire, or just need someone to look over your plan to ensure 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 contact us online.
Maximum Your Social Security Benefits in Shrewsbury, MO in 7 Steps
While the best retirement plans will include money from numerous sources, 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, you'll find seven proven strategies for any worker 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
According to a Schroders 2022 U.S. Retirement Survey, almost 90% of Americans who are still working aged 45 and older are aware that remaining in the workforce for longer will increase their benefits, yet only one out of 10 are planning to wait until age 70.
Under the rules established in the Social Security Amendments of 1983, any worker born in 1960 or later has a full retirement age of 67. If you leave the workforce at 62, the first year you can apply for 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 are eligible for delayed retirement benefits, which would increase your checks by around 77% compared to age 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 70
- $4,194 a month if you retire at 70
Of course, you may want to trade off the extra benefits with other life goals, such as spending more time with your Shrewsbury, MO family 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 think about, 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 calculates how much you'll receive for your payout by using "average indexed monthly earnings" (AIME). AIME considers your 35 highest-earning years. If you didn't work for 35 years, the years you didn't receive an income count for nothing. If you earned an income in more than 35 years, your higher earning years will take the place of the years you earned the least, boosting your monthly check.
If you continue working in Shrewsbury, MO after you've started claiming benefits, those years also count towards your AIME.
3. Earn More Money
While this is what most of us strive for anyway, it's also significantly helpful in increasing your benefits when you eventually retire. Higher income leads to both a higher AIME and more of your money going to Social Security taxes. The SSA takes both of those into account to help determine whether you can get the maximum retirement benefit. So, being more aggressive in asking for raises, promotions, or better-paying jobs, 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 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, you will not get the full 50% of you retire before your full retirement age.
If your spouse has passed away, 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 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, including in retirement. There will be tax consequences if you claim benefits in Shrewsbury, MO before your full retirement age and keep working. 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 sum is below $25,000 for individuals or $32,000 for joint filers, you will not pay federal tax on your Social Security. 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.
Your benefits may also be subject to state taxes in Missouri.
Another factor to take into account is that if you keep working after you start receiving Social Security, you might unintentionally make yourself have to pay more in income tax.
6. Double-Check the Social Security Administration's Work
The SSA creates 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. It's important for the years for the highest income to be in the official recorded for when the administration computes your benefits.
7. Hire a Qualified Shrewsbury, MO Social Security Consultant
It's hard to replace the expertise 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 so much of our energy spent on our careers and providing for your family, it's not hard to forget about Social Security planning when it's still years or decades until you'll start receiving benefits. Correct Capital's group of Shrewsbury, MO Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners live out the golden years they always envisioned, and feel secure in their financial future. Our team is made up 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 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 advantage of Correct Capital's and Savology's free online retirement calculator, or make an appointment 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 a holistic, personalized financial plan for you to ensure the retirement funds in all your accounts 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.
