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

Complimentary Planning By Elements

Social Security Consultant Near MeMaximize Your Social Security Benefits 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 Uncle Sam 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 retirement you dreamed of. Qualified Social Security consultants in St. Clair County, IL can help you not only maximize your Social Security benefits, but provide a comprehensive retirement plan that includes income from a variety of sources. 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.


Schedule a Meeting With an Advisor Today

Correct Capital Wealth Management's office is physically located in St. Louis, MO, but we serve clients throughout the United States in both personal financial planning and corporate retirement plans.

Schedule a 15-Minute Introductory Call


More From Correct Capital Wealth Management

Explore how Correct Capital Wealth Management can help guide you toward smarter decisions, clearer goals, and lasting financial success.

Subscribe To Our Newsletter Listen To Our Podcast Watch Our YouTube Channel


According to the Social Security Administration's 2022 Fact Sheet, Social Security represents about 30% of income for the elderly. You must claim the maximum benefits you are eligible for when you first file. Whether you envision remaining in the workforce for several more years, 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. Clair County, IL Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.

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 consist of money 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, we've listed seven tried-and-true ways for any worker to increase their Social Security benefits:

  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 90% of non-retired Americans who are 45 and up are aware that remaining in the workforce for longer will increase their Social Security income, yet only just above 10% plan to wait until age 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 retire at 62, the earliest you can apply for Social Security, your retirement benefits would be lowered by 30%, and your spouse's by 35%. Retiring at up to age 70 would mean 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

Obviously, you may decide to trade off the extra benefits with other life goals, 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 Social Security income, and to think about, along 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 determines how much you'll receive for your benefits by using "average indexed monthly earnings" (AIME). AIME takes into account the 35 years you made the most money. If you didn't work for 35 years, the years you didn't work will count as zeros. If you earned an income in more than 35 years, the years with the highest income will cancel out your lower earning years, increasing your Social Security income.

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

3. Earn More Money

While this is a no-brainer, it's also considerably helpful in increasing your benefits when you eventually retire. 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 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, income over $160,200 will not be calculated.


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 50% of the higher earner's benefits, 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 has passed away, 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 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 vital throughout our financial lives, and that remains true in retirement. There will be tax consequences if you started receiving Social Security in St. Clair County, IL 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 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 half 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 subject to taxes.

Your Social Security income may also be subject to state taxes in Missouri.

Another factor to take into account is that if you keep working after claiming Social Security, you might accidentally 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 how much you paid in Social Security taxes. 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. You'll want the years for the highest income to be recorded for when the administration computes your benefits.


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

It's hard to replace the expertise of any professional in a given field, and many people in St. Clair County, IL retirement planning and Social Security benefits themselves, whether because of time, knowledge, or interest. With so much of our energy spent on our careers and providing for your family, it's not hard 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. Clair County, IL Social Security consultants has over 75 years of combined experience helping individuals, families, and business owners achieve the retirement they always envisioned, and have peace of mind about their financial future. Our team is made up 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 areas of expertise in St. Clair County, IL such as 401(k) rollover, we'll do our part to provide you with a financially secure and happy retirement.

For more assistance with retirement planning in St. Clair County, IL, check out 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. 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 PLANNERā„¢ professionals do more than just optimize your 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. 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.


Are you ready to experience the Correct Capital difference?

GET STARTED

Meet our team of financial advisors.

Our Team

Services We Offer