Social Security Consultant Near Me
Social security consultants near me in St. Peters, MO. While it's reassuring that the federal government has a safety net for us in retirement, you still need to plan ahead to live the golden years you dreamed of. Dedicated Social Security consultants in St. Peters, MO can help you not just maximize your Social Security benefits, but create a comprehensive retirement plan that includes income from IRAs, 401(k)s, and other retirement funds. 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 the Social Security Administration's 2022 Fact Sheet, Social Security is the major source of income for most of the elderly. You must claim the maximum benefits you are eligible for when you first file. Whether you envision remaining in the workforce for a lot more time, or just need someone to look over your plan to ensure you have things lined up right for when you claim benefits next year, call Correct Capital's St. Peters, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.
7 Ways to Maximize Your Social Security Benefits in St. Peters, MO
While the best retirement plans will consist of money from numerous sources, 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 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
A Schroders 2022 U.S. Retirement Survey stated that 86% of non-retired Americans who are 45 and up are aware that remaining in the workforce for longer will increase their payout, yet only 11% 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 are no longer working by 62, the first year you can apply for Social Security, your retirement benefits would be diminished by 30%, and your spouse's by 35%. If you wait until age 70 to claim, you receive delayed retirement benefits, which would increase your checks by around 77% compared to age 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 may decide to trade off the extra money with other things you want to do in retirement, such as visiting your St. Peters, 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 benefits, and to talk over with your financial advisor if it might be beneficial to retire later to increase your benefits.
2. Work at Least 35 Full Years
The Social Security Administration computes 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 are in the workforce for less than 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 cancel out your lower earning years, boosting your monthly check.
If you continue working in St. Peters, MO after you've started receiving Social Security, those years also count towards your benefits calculation.
3. Earn More Money
While this is what most of us strive for anyway, it's also one of the biggest things you can do far before your retirement age in order to increase how much you eventually receive. Higher income leads to both a higher AIME and more of your money going to Social Security taxes. Both of those factors help calculate 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 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 advisable 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 start claiming that benefit at age 60 (although like retirement and spousal benefits, it will be reduced) and claim your own benefit down the road if that will be higher.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is an important part of any financial consideration, and that remains true in retirement. You may have to pay taxed if you claim benefits in St. Peters, MO early and plan to continue working after you start receiving Social Security. When calculating how much your benefits will be taxed, the IRS has a formula that adds your nontaxable income, half your Social Security benefit, and your adjusted gross income.If that sum is under $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 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.
Similarly, if you keep working after you start receiving benefits, you may accidentally make yourself have to pay more in income tax.
6. Double-Check the Social Security Administration's Work
The SSA creates your personal Social Security statement statement every year, which details your income 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. You'll want the years for the highest income to be recorded for when the administration computes your benefits.
7. Hire a Qualified St. Peters, MO Social Security Consultant
It's hard to replace the expertise of any professional in a given field, and many workers in St. Peters, MO retirement planning and Social Security benefits themselves, whether because of time, know-how, or interest. With so much of our energy spent on growing professionally and providing for your family, it can be easy to forget about Social Security planning when it's still years or decades until you'll start receiving benefits. Correct Capital's group of St. Peters, MO 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 feel good in their financial future. Our team is comprised of award-winning 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 areas of expertise in St. Peters, MO such as 401(k) rollover, we'll do our part to give you a financially secure and happy retirement.
For more help with your retirement planning needs in St. Peters, MO, take advantage of Correct Capital's and Savology's free online retirement calculator, or make a get-to-know-you call with one of our advisors today.
Other services we offer in St. Peters, 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. Peters, MO | Correct Capital Wealth Management
At Correct Capital, our St. Peters, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals do more than just optimize your Social Security benefits. We create an exhaustive, personalized financial plan for you to ensure the retirement funds in all your accounts are best positioned for long-term growth and stability. Reach out to Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in St. Peters, MO.
