Social Security Consultant Near Me
Social security consultants near me in St. Louis County, MO. While it's reassuring that The U.S. Government provides an income for workers after we've left the workforce, you still need to plan ahead to live the retirement you dreamed of. Experienced Social Security consultants in St. Louis County, MO can help you not only get the highest possible income from Social Security, but provide 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 data from the Social Security Administration, over a third of Americans receive 50% or more of their retirement income from Social Security. You must claim the maximum benefits you are eligible for when you first file. Whether you're planning for decades into the future, or just want to make sure you're set up to get your full benefits for when you claim next year, reach out to Correct Capital's St. Louis County, 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. Louis County, MO in 7 Steps
While a retirement plan that truly allows you to live the life you wanted will include income from employer-backed plans, IRAs, and other accounts, you'll still want to make sure you're getting the most out of Social Security. Below, we've listed seven time-tested ways for any worker 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 90% of non-retired Americans aged 45 and older know that remaining in the workforce for longer will increase their payout, yet only one out of 10 plan to retire at 70.
Pursuant to the Social Security Amendments of 1983, anyone whose date of birth was in 1960 or later has a full retirement age of 67. If you leave the workforce at 62, the earliest you can claim Social Security, your retirement benefits would be reduced by 30%, and your spouse's by 35%. If you wait until age 70 to claim, 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
Of course, you might prefer balancing your Social Security benefits with other things you want to do in retirement, such as seeing your St. Louis County, MO family more or finally visiting those dream vacation spots. But it's important to understand what retiring at what age will mean for your Social Security income, and to talk over 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 determines your monthly Social Security benefits using "average indexed monthly earnings" (AIME). AIME is based off the 35 years you made the most money. If you you leave the workforce before you worked for 35 years, the years you didn't receive an income will count as zeros. If you work more than 35 years, your higher earning years will cancel out your lower earning years, increasing your monthly check.
If you continue working in St. Louis County, MO 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 how much you eventually receive. The more money you make, the higher your AIME will be, 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, being more assertive in pursuing raises, promotions, or seeking the next step up at another company, or picking up a side hustle, 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 the higher benefit is. Just like when claiming your own benefits, you will not get the full 50% of you claim benefits 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 that will be higher.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is important throughout our financial lives, including once we retire. 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 receiving Social Security. 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 total 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 benefit can be taxed by the federal government. If your income is more than that, up to 85% of your Social Security income can be subject to taxes.
Your benefits may also be subject to state taxes in Missouri.
Similarly, if you keep working after claiming Social Security, you might accidentally 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. Check the Social Security Administration's records 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 in the official recorded for when the administration calculates your AIME.
7. Hire a Qualified St. Louis County, MO Social Security Consultant
It's hard to replace the expertise of any professional in a given field, and many workers in St. Louis County, MO retirement planning and Social Security benefits themselves, whether because of time, know-how, or interest. With the day-to-day grind of our careers and providing for your family, it can be easy to let something important like Social Security planning get forgotten among other things when it feels like it's years, or even decades, into the future. Correct Capital's team of St. Louis County, MO Social Security consultants has decades of combined experience helping individuals, families, and business owners achieve the golden years they always envisioned, and feel secure in their financial future. Our team is comprised 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 provide you with a financially secure and happy retirement.
For more help with your retirement planning needs in St. Louis County, MO, take a look at Correct Capital's and Savology's free online retirement retirement planning tool, or schedule an appointment with a member of our team 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
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 check. We create a holistic, personalized financial plan for you to ensure the retirement funds in all your accounts are best positioned for long-term growth and stability. 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.
