Social Security Consultant Near Me
Social security consultants near me in St. Clair County, IL. While it's reassuring that Uncle Sam has a safety net for workers after we've left the workforce, you still need to plan ahead to live the retirement you want. Experienced Social Security consultants in St. Clair County, IL can help you not only get the highest possible income from Social Security, but create a holistic 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 can live out the retirement they always wanted.
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 initially apply your benefits, you only have one chance to get the maximum income you are eligible for. Whether you envision remaining in the workforce for another couple decades, 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 314-930-401(k) or contact us online.
Maximum Your Social Security Benefits in St. Clair County, IL in 7 Steps
While a retirement plan that truly allows you to live the life you wanted will include money from numerous sources, you'll still want to make sure you're getting the most out of Social Security. Below, we've listed seven proven ways for any retiree to increase their income from Social Security:
- 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 non-retired Americans aged 45 and older know that they can receive more in Social Security if they wait to claim benefits, yet only just above 10% are planning to wait until age 70.
Pursuant to the Social Security Amendments of 1983, any retiree born in 1960 or later has a full retirement age of 67. If you are no longer working by 62, the earliest you can claim benefits, your payout would be decreased by 30%, and your spouse's by 35%. If you wait until age 70 to claim, you receive delayed retirement benefits, which gives you about 77% more each month than retiring at 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 might prefer balancing your Social Security benefits with other life goals, such as spending more time with your St. Clair County, IL family or finally perfecting your golf game. But it's important to understand how your retirement age affects your benefits, and to think about, along with your financial advisor, if it's worth waiting 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 payout by using "average indexed monthly earnings" (AIME). AIME is based off the 35 years you made the most money. If you you retire before you worked for 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 benefit.
If you continue working in St. Clair County, IL after you've started claiming benefits, those years will count towards your AIME once you start claiming full benefits.
3. Earn More Money
While this is a no-brainer, it's also one of the biggest things you can do far before your retirement age in order to increase your benefits down the road. 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, being more aggressive in asking for raises, promotions, or seeking the next step up at another company, or adding extra income from other sources, may help make you eligible for the maximum benefit. However, the SSA places a cap on how much income can count towards your AIME. 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 is deceased, you can also consider claiming survivor's benefits. You can elect for your survivor’s 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 larger check.
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 claim benefits in St. Clair County, IL early and plan to continue working after you start receiving Social Security. 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 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 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.
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 you start receiving benefits, you might unintentionally make yourself have to pay more in income tax.
6. Double-Check the Social Security Administration's Work
The SSA sends 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. 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 in the official recorded for when the administration computes your AIME.
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 individuals and families in St. Clair County, IL 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 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, down the road. 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 live out the golden years of their dreams, and have peace of mind about their financial future. Our team is made up of award-winning advisors and a dedicated 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. 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, take a look at Correct Capital's and Savology's free online retirement retirement planning tool, or make an appointment with a member of our team today.
Other services we offer in St. Clair County, IL 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. 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 do more than just optimize your Social Security check. We create an exhaustive, personalized financial plan for you to ensure your own retirement savings are growing and that your retirement income will come from a variety of sources. Reach out to Correct Capital today at 314-930-401(k) or contact us online for dependable, experienced, and trustworthy Social Security consultants in St. Clair County, IL.
