Social Security Consultant Near Me
Social security consultants near me in St. Charles, MO. While it's reassuring that the federal government has a safety net 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 want. Knowledgeable Social Security consultants in St. Charles, MO can help you not just get the highest possible income from Social Security, but design a holistic 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 confident about where their retirement income will come from.
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 get the maximum benefits you are eligible for. Whether you envision remaining in the workforce for several more years, or just want to make sure you're set up to get your full benefits for when you claim next year, call Correct Capital's St. Charles, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.
Maximum Your Social Security Benefits in St. Charles, MO in 7 Steps
While a retirement plan that truly allows you to live the life dreamed of will include money from numerous sources, it's still important to make sure you're getting the most out of Social Security. Below, you'll find seven tried-and-true methods for any worker to maximize 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 almost 90% of non-retired Americans who are 45 and up know that they can receive more in Social Security if they wait to claim benefits, yet only just above 10% plan to retire at 70.
Pursuant to the Social Security Amendments of 1983, if you were born in 1960 or later your full retirement age is 67. If you are no longer working by 62, the earliest you can claim benefits, your retirement benefits would be lowered 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 payout 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
Of course, you may decide to trade off the extra money with other life goals, 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 think about, along 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 determines how much you'll receive for your Social Security income by using "average indexed monthly earnings" (AIME). AIME takes into account the 35 years you made the most money. If you are in the workforce for less than 35 years, the years you didn't receive an income will count as zeros. If you were in the workforce for more than 35 years, your higher earning years will cancel out the years you earned the least, boosting your monthly check.
If you remain in the St. Charles, MO workforce 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 is what most of us strive for anyway, it's also one of the only things you can do far before your retirement age in order to increase your benefits when you eventually retire. Higher income leads to both a higher AIME and more of your money going to Social Security taxes. Both of those factors help calculate if you're able to receive the highest possible Social Security income. 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, that number is $160,200.
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 the higher benefit is. Just like when claiming your own benefits, 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 that will be higher.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is important throughout our financial lives, and that remains true in retirement. You may have to pay taxed if you claim benefits in St. Charles, MO early and plan to continue working after you start claiming benefits. The IRS calculates your tax consequences based on the sum of your nontaxable income, half 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 implications. 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 benefit can be taxed.
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 may unintentionally make yourself have to pay more in income tax.
6. Double-Check the Social Security Administration's Work
Each year, you get a Social Security statement which how much money you earned and how much you paid in Social Security taxes. 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. It's important for the years for the highest income to be recorded for when the administration calculates your benefits.
7. Hire a Qualified St. Charles, MO Social Security Consultant
It's hard to replace the expertise of any professional in a given field, and many workers in St. Charles, 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 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, MO Social Security consultants has decades of combined experience helping individuals, families, and business owners live out the retirement they always envisioned, and feel good 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 prudent 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 give you a financially secure and happy retirement.
For more assistance with retirement planning in St. Charles, MO, check out 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 do more than just optimize your Social Security benefits. We create an exhaustive, tailored financial plan for you to ensure the retirement funds in all your accounts are best positioned for long-term growth and stability. Reach out to Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in St. Charles, MO.
