Social Security Consultant Near Me
Social security consultants near me in St. Charles, MO. While it's comforting that Uncle Sam has a safety net for workers in retirement, that doesn't automatically ensure that you'll have the money you need to live the retirement you dreamed of. Dedicated Social Security consultants in St. Charles, MO will work with you, not just to maximize your Social Security benefits, but provide 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 get to know our clients personally and come up with a plan they're involved in so they feel secure about where their money in retirement will come from.
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 get the most amount of benefits you are eligible for. Whether you envision remaining in the workforce for a lot more time, or just want to make sure you have things lined up right for when you claim benefits next year, reach out to Correct Capital's St. Charles, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.
Maximum Your Social Security Benefits in St. Charles, MO in 7 Steps
While the best retirement plans will consist of money from employer-backed plans, IRAs, and other accounts, it's still important to make sure you're getting everything you can when it comes to your Social Security benefits. Below, we've listed seven time-tested ways for any earner to get the most out of 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
According to a Schroders 2022 U.S. Retirement Survey, almost nine out of 10 Americans who are still working who are 45 and up are aware that remaining in the workforce for longer will increase their Social Security income, yet only one out of 10 plan to wait until age 70.
Pursuant to the Social Security Amendments of 1983, any worker born in 1960 or later has a full retirement age of 67. If you retire at 62, the earliest you can claim Social Security, your retirement benefits would be reduced by 30%, and your spouse's by 35%. Retiring at up to age 70 would mean you are eligible for delayed retirement benefits, which would increase your checks 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 may prefer balancing your Social Security benefits with other things you want to do in retirement, such as visiting your St. Charles, MO family more or finally perfecting your golf game. But you still need to understand what retiring at what age will mean for your benefits, and to discuss with your financial advisor if it's worth waiting a few extra years to increase your 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 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 your lower earning years, 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 in the future. 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. 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, the SSA places a cap on how much income can count towards your AIME. 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 the higher benefit is. Just like when claiming your own benefits, you will not get the full 50% of you retire 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 higher monthly income.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is an important part of any financial consideration, and that remains true once we retire. 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. When calculating how much your benefits will be taxed, the IRS will add up your nontaxable income, half your Social Security benefit, and your adjusted gross income.If that sum is under $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 benefit 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.
While not every state may tax Social Security, 12 states (including Missouri) may tax your Social Security benefits.
Another thing to take into account is that if you keep working after you start receiving Social Security, you may unintentionally bump yourself into a higher tax bracket.
6. Double-Check the Social Security Administration's Work
Each year, you get 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. 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 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 people in St. Charles, MO retirement planning and Social Security benefits themselves, whether because of time, knowledge, or interest. With the day-to-day grind of our careers and our families, it can be easy to forget about Social Security planning when it feels like it's years, or even decades, into the future. 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 secure in their financial future. Our team is comprised 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 St. Charles, 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, MO, take advantage of 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, 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, 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 check. We create a comprehensive, tailored financial plan for you to ensure your own retirement savings 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.
