Social Security Consultant Near Me
Get the Most From Your Social Security Benefits With Experienced Financial Advisors in St. Charles County, MO
Social security consultants near me in St. Charles County, MO. While it's comforting that the federal government provides an income for us 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 dreamed of. Knowledgeable Social Security consultants in St. Charles County, MO will work with you, not just to get the highest possible income from Social Security, but provide 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 can live out the golden years they always wanted.
According to research from the Social Security Administration, Social Security represents about 30% of income for the elderly. When you claim Social Security, you only have one opportunity to claim the most amount of benefits you are eligible for. Whether you envision remaining in the workforce for a lot more time, or just need someone to look over your plan to ensure you're set up to get your full benefits for when you apply next year, reach out to Correct Capital's St. Charles County, MO Social Security consultants and fiduciary advisors today at 314-930-401(k) or contact us online.
7 Ways to Increase Your Social Security Check in St. Charles County, MO
While a retirement plan that truly allows you to live the golden years dreamed of will consist of income 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 proven ways for any earner to get the most out of 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
A Schroders 2022 U.S. Retirement Survey reported that almost nine out of 10 non-retired Americans who are 45 and up are aware that they can receive more in Social Security if they wait to claim benefits, yet only one out of 10 are planning to retire at 70.
Under the rules set forth in the Social Security Amendments of 1983, if you were born in 1960 or later your full retirement age is 67. If you retire at 62, the first year you can apply for benefits, 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 benefit 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 full retirement age
- $4,194 a month if you retire at 70
Obviously, you may 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 spending more time at that timeshare in Aspen. But it's important to understand what retiring at what age will mean for your benefits, and to discuss with your financial advisor if it might be beneficial to retire later to increase your benefits.
2. Work at Least 35 Full Years
The Social Security Administration calculates how much you'll receive for your Social Security income by using "average indexed monthly earnings" (AIME). AIME calculates your benefits based on 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 work more than 35 years, your higher earning years will take the place of the years you earned the least, increasing your Social Security income.
If you remain in the St. Charles County, MO workforce after you've started claiming benefits, those years also get added into your benefits calculation.
3. Earn More Money
While this is a no-brainer, it's also one of the only things you can do now in order to increase 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 calculate if you're able to receive the highest possible Social Security income. So, being more assertive in pursuing raises, promotions, or seeking the next step up at another company, or picking up a side hustle, may help make you eligible for the maximum benefit. However, earnings over a specific amount are not factored into your retirement benefits. 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 is higher. Again, you will not get the full 50% of you claim benefits before your full retirement age.
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 (which will also be reduced because it's not at full retirement age) and claim your own benefit down the road 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 in retirement. You may have to pay taxed if you started receiving Social Security in St. Charles County, 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 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 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.
Missouri is only one of 12 states that may tax your Social Security benefits.
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 how much income was recorded and the taxes you've paid into social security. 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 in the official recorded for when the administration computes your benefits.
7. Hire a Qualified St. Charles County, MO Social Security Consultant
It's hard to replace the expertise of any professional in a given field, and many people 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 the day-to-day grind of our careers and our families, it can be easy to let something important like Social Security planning get forgotten among other things when it's still years or decades until you'll start receiving benefits. Correct Capital's group of St. Charles County, MO Social Security consultants has decades 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 made up 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 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 help with your retirement planning needs in St. Charles County, MO, take a look at Correct Capital's and Savology's free online retirement calculator, or schedule an appointment 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
- 401(k) For Small Business
- Small Business Retirement Plans
- Tax Planning
- Retirement Calculator
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 are capable of much more than just getting you the maximum Social Security pay out. We create an exhaustive, personalized 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. Call Correct Capital today at 314-930-401(k) or contact us online for dependable, experienced, and trustworthy Social Security consultants in St. Charles County, MO.