Social Security Consultant Near Me
Social security consultants near me in St. Louis, MO. While it's comforting that Uncle Sam has a safety net for us after we've left the workforce, you still need to plan ahead to live the golden years you dreamed of. Qualified Social Security consultants in St. Louis, MO will work with you, not just to maximize your Social Security benefits, but create a holistic retirement plan that can help ensure your money is best positioned for growth and long-term stability. 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.
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According to data from the Social Security Administration, Social Security is the major source of income for most of the elderly. When you initially apply your benefits, you only have one opportunity to get the maximum income you are eligible for. Whether you're planning for decades into the future, or just need someone to look over your plan to ensure you have things lined up right for when you claim benefits soon, reach out to Correct Capital's St. Louis, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.
7 Ways to Increase Your Social Security Check in St. Louis, MO
While an optimal retirement plan will include money from employer-backed plans, IRAs, and other accounts, it's still important to make sure you're getting everything you can when it comes to your Social Security benefits. Below, we've listed seven proven methods for any worker to increase their Social Security check:
- 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 Americans who are still in the workforce aged 45 and older are aware that they can receive more in Social Security if they wait to claim benefits, yet only one out of 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 benefits, your payout 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 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 70
- $4,194 a month if you retire at 70
Obviously, you might prefer balancing your Social Security benefits with other things you want to do in your golden years, such as spending more time with your St. Louis, MO 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 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 computes your monthly Social Security benefits using "average indexed monthly earnings" (AIME). AIME is based off your 35 highest-earning years. If you are in the workforce for less than 35 years, the years you didn't work will count as zeros. If you have more than 35 years of recorded income, your higher earning years will take the place of the years you earned the least, increasing your Social Security income.
If you continue working in St. Louis, 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 a no-brainer, it's also considerably helpful in increasing your benefits in the future. 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 whether you'll be eligible for the maximum retirement benefit. 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 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. Again, you will not get the full 50% of you retire before your full retirement age.
If your spouse is deceased, you're also eligible for 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 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 once we retire. You may have to pay taxed if you started receiving Social Security in St. Louis, MO early and keep working. 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 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 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.
While not every state may tax Social Security, 12 states (including Missouri) may tax your Social Security benefits.
Another thing to take into account is that if you keep working after you start receiving benefits, you could 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 income was recorded 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 calculates your benefits.
7. Hire a Qualified St. Louis, MO Social Security Consultant
It's hard to replace the knowledge and experience of any professional in a given field, and many people in St. Louis, MO 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 can be easy 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. Louis, MO Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners achieve the retirement they always envisioned, and have peace of mind about their financial future. Our team is comprised of financial 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. Louis, MO 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. Louis, MO, take advantage of Correct Capital's and Savology's free online retirement calculator, or schedule a get-to-know-you call with one of our advisors today.
Other services we offer in St. Louis, MO include:
- Roth Conversion
- Investment Management
- 401(k) Audit
- High-Net-Worth Wealth Management
- Retirement Planner
- Financial Planning
- Retirement Plan Consultants
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
Social Security Consultants Near Me in St. Louis, MO | Correct Capital Wealth Management
At Correct Capital, our St. Louis, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals do more than just optimize your Social Security benefits. We create a holistic, personalized financial plan for you to ensure your own retirement savings are best positioned for long-term growth and stability. Get in touch with Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in St. Louis, MO.
