Social Security Consultant Near Me
Social security consultants near me in St. Louis County, MO. While it's comforting that the federal government has a safety net for us after we've left the workforce, retirement planning is still necessary to live the retirement you want. Knowledgeable Social Security consultants in St. Louis County, MO can help you not only get the highest possible income from Social Security, but design a comprehensive retirement plan that includes income from IRAs, 401(k)s, and other retirement funds. At Correct Capital Wealth Management, we offer a variety of tools, resources, and insights to our clients so they can live out the retirement they always wanted.
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 claim the maximum income 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. Louis County, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.
7 Ways to Increase Your Social Security Check in St. Louis County, MO
While an optimal retirement plan will consist of income from employer-backed plans, IRAs, and other accounts, it's still important to make sure you're not leaving any money on the table when it comes to your Social Security benefits. Below, we've listed seven tried-and-true ways for any retiree to get the most out of 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 90% of non-retired Americans aged 45 and older know that remaining in the workforce for longer will increase their Social Security income, yet only just above 10% 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 first year you can apply for benefits, your retirement benefits 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 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 might decide to trade off the extra income with other things you want to do in your golden years, such as seeing your St. Louis County, MO family more or finally visiting those dream vacation spots. But you still need 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's worth waiting a few extra years to increase your benefits.
2. Work at Least 35 Full Years
The Social Security Administration calculates how much you'll receive for your payout by using "average indexed monthly earnings" (AIME). AIME calculates your benefits based on your 35 highest-earning years. If you didn't work for 35 years, the years you didn't receive an income count for nothing. If you have more than 35 years of recorded income, your higher earning years will take the place of your lower earning years, boosting your Social Security income.
If you remain in the St. Louis County, MO workforce 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 significantly 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. Both of those factors help determine whether you'll be eligible for the maximum retirement benefit. So, being more aggressive in pursuing raises, promotions, or better-paying jobs, or adding extra income from other sources, may help make you eligible for the maximum benefit. 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 both spouses were in the workforce, you can claim either 50% of the higher earners benefits or the full benefits of the other spouse, whichever is higher. Again, 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 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 higher monthly income.
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 started receiving Social Security in St. Louis County, MO before your full retirement age and plan to continue working after you start claiming benefits. When figuring out what the tax consequences are, the IRS has a formula that adds 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 half your benefit will be subject to federal taxes. If that total exceeds those numbers, up to 85% of your benefit 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 Social Security, you may accidentally move 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 money you earned and the taxes you've paid into social security. 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. It's important for your highest earning years to be in the official recorded for when the administration computes your AIME.
7. Hire a Qualified St. Louis County, MO Social Security Consultant
Professionals in any field usually know their area of practice the best, and many people in St. Louis County, MO just don't have the time, knowledge, or interest to manage their retirement planning and Social Security benefits themselves. With so much of our energy spent on our careers and providing for your family, it can be easy to let something important like Social Security planning fall into the cracks when it feels like it's years, or even decades, down the road. Correct Capital's team of St. Louis County, MO Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners live out the golden years they always envisioned, and feel confident in their financial future. Our team is made up 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. Louis County, 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. Louis County, MO, check out Correct Capital's and Savology's free online retirement calculator, or schedule an appointment with one of our advisors today.
Other services we offer in St. Louis County, 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. Louis County, MO | Correct Capital Wealth Management
At Correct Capital, our St. Louis County, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals do more than just optimize your Social Security pay out. We create a comprehensive, 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. Call Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in St. Louis County, MO.
