Social Security Consultant Near Me
Social security consultants near me in St. Charles, MO. While it's comforting that Uncle Sam provides an income 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 dreamed of. Knowledgeable Social Security consultants in St. Charles, MO can help you not only get the highest possible income from Social Security, but design a comprehensive 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 feel good about where their retirement income will come from.
According to research from the Social Security Administration, over a third of Americans receive 50% or more of their retirement income from Social Security. When you claim Social Security, you only have one opportunity to get the maximum benefits 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 claim soon, reach out to Correct Capital's St. Charles, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.
7 Ways to Maximize Your Social Security Benefits in St. Charles, MO
While an optimal retirement plan will include money from employer-backed plans, IRAs, and other accounts, it's still important 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 tried-and-true methods for any worker to get the most out of 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
A Schroders 2022 U.S. Retirement Survey reported that almost nine out of 10 Americans who are still in the workforce who are 45 and up are aware that remaining in the workforce for longer will increase their check, yet only just above 10% plan to retire at 70.
Under the rules provided in 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 retire at 62, the first year you can claim benefits, your retirement benefits would be decreased by 30%, and your spouse's by 35%. If you wait until age 70 to claim, you are eligible for 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
Of course, you might decide to trade off the extra money with other things you want to do in retirement, such as spending more time with your St. Charles, MO family or finally spending more time at that timeshare in Aspen. But you still need to understand what retiring at what age will mean for your benefits, and to talk over 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 computes your monthly Social Security benefits 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 will count as zeros. If you have more than 35 years of recorded income, your higher earning years will take the place of your lower earning years, increasing your Social Security income.
If you continue working in St. Charles, MO after you've started receiving Social Security, those years will count towards your AIME once you start claiming full benefits.
3. Earn More Money
While this seems obvious, it's also one of the biggest things you can do now in order to increase how much you eventually receive. The more you earn, 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 aggressive in seeking raises, promotions, or seeking the next step up at another company, or adding extra income from other sources, may increase your benefits. 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 both spouses were in the workforce, 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, you will not get the full 50% of you retire before your full retirement age.
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 an important part of any financial consideration, including in retirement. You may have to pay taxed if you started receiving Social Security in St. Charles, MO early 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 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 benefit will be subject to federal taxes. If that total exceeds those numbers, up to 85% of your Social Security income can be taxed.
Your benefits may also be subject to state taxes in Missouri.
Similarly, if you keep working after you start receiving benefits, you may unintentionally move into a higher tax bracket.
6. Double-Check the Social Security Administration's Work
The SSA creates your personal Social Security statement statement every year, which how much money you earned and the taxes you've paid into social security. Check the Social Security Administration's records against your W2, pay stubs, or tax returns. You'll want to make sure you're getting credit for the Social Security taxes you've paid, and that all of your income is recorded. You'll want your highest earning years to be in the official recorded for when the administration computes your AIME.
7. Hire a Qualified St. Charles, MO Social Security Consultant
Professionals in any field usually know their area of practice the best, and many individuals and families in St. Charles, MO retirement planning and Social Security benefits themselves, whether because of time, know-how, or interest. With the day-to-day grind of growing professionally and putting food on the table, it can be easy to forget about Social Security planning when it feels like it's years, or even decades, down the road. Correct Capital's team of St. Charles, MO Social Security consultants has decades of combined experience helping individuals, families, and business owners achieve the retirement of their dreams, and feel confident in their financial future. Our team is comprised of award-winning 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, MO such as 401(k) rollover, we'll do our part to provide you with a financially secure and happy retirement.
For more help with your retirement planning needs in St. Charles, MO, take advantage of Correct Capital's and Savology's free online retirement retirement planning tool, or schedule a get-to-know-you call with one of our advisors today.
Other services we offer in St. Charles, 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 St. Charles, MO | Correct Capital Wealth Management
At Correct Capital, our St. Charles, 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 a comprehensive, 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 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in St. Charles, MO.
