Social Security Consultant Near Me
Social security consultants near me in St. Charles County, MO. While it's comforting that the federal government provides an income for workers in retirement, retirement planning is still necessary to live the retirement you dreamed of. Qualified Social Security consultants in St. Charles County, MO will work with you, not just to 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 golden years 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 claim the most amount of income you are eligible for. Whether you still have a lot of work to do before you decide to leave the workforce, or just want to make sure you're set up to get your full benefits for when you apply next year, call Correct Capital's St. Charles County, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.
Maximum Your Social Security Benefits in St. Charles County, 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 getting the most out of Social Security. Below, you'll find seven time-tested ways for any earner to increase their Social Security check:
- 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 in the workforce 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.
Under the rules set forth in the Social Security Amendments of 1983, any worker 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 benefits, your payout would be diminished by 30%, and your spouse's by 35%. Retiring at up to age 70 would mean you receive delayed retirement benefits, which would increase your benefit 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 full retirement age
- $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 retirement, such as spending more time with your St. Charles County, MO family or finally perfecting your golf game. But you still need to understand how your retirement age affects your Social Security income, and to discuss with your financial advisor if it might be beneficial to retire later to maximize your 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 considers your 35 highest-earning years. If you didn't work for 35 years, the years you didn't work count for nothing. If you have more than 35 years of recorded income, your higher earning years will cancel out the years you earned the least, increasing your monthly check.
If you keep working in St. Charles County, MO after you've started receiving Social Security, those years also get added into 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. The more you earn, the higher the Social Security Administration will calculate your benefits, and the more you'll pay in Social Security taxes. Both of those factors 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 both spouses were in the workforce, the spouse who earned less can claim claim Social Security through their own work history, or up to 50% of the higher earner's benefits, whichever is higher. Again, you will not get the full 50% of you claim benefits before your full retirement age.
If your spouse is deceased, you can also consider claiming survivor's benefits. You can start claiming that 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 important throughout our financial lives, and that is no different in retirement. There will be tax consequences if you claim benefits in St. Charles County, MO early and keep working. When calculating what the tax consequences are, the IRS will add up 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 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 taxed.
Your Social Security income may also be subject to state taxes in Missouri.
Similarly, if you keep working after you start receiving Social Security, you may unintentionally make yourself have to pay more in income tax.
6. Double-Check the Social Security Administration's Work
Each year, you receive a Social Security statement which details your income 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 your highest earning years to be recorded for when the administration calculates your benefits.
7. Hire a Qualified St. Charles County, MO Social Security Consultant
Professionals in any field usually know their area of practice the best, and many individuals and families in St. Charles County, 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 growing professionally 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 group of St. Charles County, 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 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 areas of expertise in St. Charles County, 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 St. Charles County, 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 St. Charles County, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
Social Security Consultants Near Me in St. Charles County, MO | Correct Capital Wealth Management
At Correct Capital, our St. Charles County, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals do more than just optimize your Social Security check. 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 St. Charles County, MO.
