Social Security Consultants Near Me in St. Clair County, IL

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Social Security Consultant Near MeGet the Most From Your Social Security Earnings With Experienced Financial Advisors in St. Clair County, IL

Social security consultants near me in St. Clair County, IL. While it may be reassuring that the federal government 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 want. Dedicated Social Security consultants in St. Clair County, IL can help you not only get the highest possible income from Social Security, but provide a comprehensive retirement plan that includes income from a variety of sources. 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 confident about where their retirement income will come from.


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According to data from the Social Security Administration, over a third of Americans receive 50% or more of their retirement income from Social Security. You must apply for the maximum benefits you are eligible for when you first file. Whether you envision remaining in the workforce for another couple decades, 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, call Correct Capital's St. Clair County, IL Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.

Social Security Consultants Near Me St. Clair County, IL | Retirement Planning | Financial Advisors | Wealth Management Near St. Clair County

Maximum Your Social Security Benefits in St. Clair County, IL in 7 Steps

While an optimal retirement plan will include income from numerous sources, you'll still want to make sure you're getting everything you can when it comes to your Social Security benefits. Below, you'll find seven proven methods for any earner to maximize their income from Social Security:

  1. Wait to Claim Benefits
  2. Work at Least 35 Full Years
  3. Earn More Money
  4. Claim Spousal Benefits
  5. Avoid Social Security Taxes
  6. Double-Check the Social Security Administration's Work
  7. Hire a Qualified Social Security Consultant

1. Wait to Claim Benefits

A Schroders 2022 U.S. Retirement Survey stated 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 payout, yet only 11% plan to wait until age 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 are no longer working by 62, the earliest you can apply for benefits, your payout 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 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 70
  • $4,194 a month if you retire at 70

Of course, you might want to trade off the extra money with other things you want to do in your golden years, such as spending more time with your St. Clair County, IL 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 consider, along with your financial advisor, if it's worth holding out for a few extra years to increase your benefits.

2. Work at Least 35 Full Years

The Social Security Administration determines your monthly Social Security benefits using "average indexed monthly earnings" (AIME). AIME calculates your benefits based on the 35 years you had the highest income. If you you retire before you worked for 35 years, the years you didn't work count for nothing. If you earned an income in more than 35 years, the years in which you earned the most will take the place of your lower earning years, boosting your Social Security income.

If you keep working in St. Clair County, IL after you've started receiving Social Security, those years also count towards your benefits calculation.

3. Earn More Money

While this is a no-brainer, it's also considerably helpful in increasing how much you eventually receive. Making more money leads to both a higher AIME and more of your money going to Social Security taxes. The SSA takes both of those into account to help determine 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, 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. Just like when claiming your own benefits, it's important to hold off on claiming until the full retirement age to get the full 50%.

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 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, and that is no different in retirement. There will be tax consequences if you started receiving Social Security in St. Clair County, IL early and keep working. When figuring out 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 sum is below $25,000 for individuals or $32,000 for joint filers, you will not pay federal tax on your Social Security. 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 will be subject to federal taxes. 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 claiming Social Security, you could accidentally make yourself have to pay more in income tax.

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 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. You'll want your highest earning years to be in the official recorded for when the administration calculates your benefits.


7. Hire a Qualified St. Clair County, IL Social Security Consultant

Professionals in any field usually know their area of practice the best, and many people in St. Clair County, IL 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 let something important like Social Security planning get lost in the shuffle when it feels like it's years, or even decades, down the road. Correct Capital's team of St. Clair County, IL Social Security consultants has decades of combined experience helping individuals, families, and business owners achieve the golden years of their dreams, and feel good in their financial future. Our team is comprised 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. Clair County, IL 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. Clair County, IL, take a look at Correct Capital's and Savology's free online retirement calculator, or make a get-to-know-you call with a member of our team today.

Other services we offer in St. Clair County, IL include:

Social Security Consultants Near Me St. Clair County, IL | Retirement Planning | Financial Advisors | Wealth Management Near St. Clair County

Social Security Consultants Near Me in St. Clair County, IL | Correct Capital Wealth Management

At Correct Capital, our St. Clair County, IL 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, 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. Clair County, IL.


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