Social Security Consultant Near Me
Social security consultants near me in St. Peters, MO. While it may be comforting that Uncle Sam provides an income for workers after we've left the workforce, that doesn't automatically ensure that you'll have the money you need to live the golden years you want. Dedicated Social Security consultants in St. Peters, MO will work with you, not just to maximize your Social Security benefits, but provide a comprehensive retirement plan that can help ensure your money is optimally 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 feel secure about where their money in retirement will come from.
According to research from the Social Security Administration, Social Security is the major source of income for most of the elderly. When you claim Social Security, you only have one opportunity to get the maximum income you are eligible for. Whether you still have a lot of work to do before you decide to leave the workforce, or just want to make sure you're set up to get your full benefits for when you claim soon, reach out to Correct Capital's St. Peters, 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. Peters, MO
While the best retirement plans will consist of money from a variety of sources, it's still important to make sure you're getting the most out of Social Security. Below, you'll find seven time-tested strategies for any earner to get the most out of their Social Security benefits:
- 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 who are 45 and up are aware that remaining in the workforce for longer will increase their benefits, yet only 11% are planning to wait until age 70.
Pursuant to the Social Security Amendments of 1983, any worker 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 Social Security, 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 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
Obviously, you may decide to trade off the extra benefits with other things you want to do in your golden years, such as spending more time with your St. Peters, MO 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 maximize your benefits.
2. Work at Least 35 Full Years
The Social Security Administration calculates how much you'll receive for your Social Security income 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 work more than 35 years, 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 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 biggest things you can do now in order to increase how much you eventually receive. The more you earn, 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 determine 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, 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, 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, it's important to wait until the full retirement age to get the full 50%.
If your spouse is deceased, you're also eligible for 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 your work record provides a larger check.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is essential throughout our financial lives, and that remains true in retirement. There will be tax consequences if you claim benefits in St. Peters, MO early and plan to continue working after you start claiming benefits. 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, there will be no federal tax implications. 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 your income is more than that, 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 claiming Social Security, 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 how much you paid in Social Security taxes. Check the Social Security Administration's work against your W2, pay stubs, or tax returns. Notify the SSA if there is a discrepancy in your income or how much Social Security taxes you paid. You'll want the years for the highest income to be noted for when the administration computes your AIME.
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 just don't have the time, knowledge, or interest to manage their retirement planning and Social Security benefits themselves. With the day-to-day grind of our careers and our families, it can be easy to let something important like Social Security planning fall into the cracks when it's still years or decades until you'll claim. Correct Capital's group of St. Peters, MO Social Security consultants has over 75 years of combined experience helping individuals, families, and business owners achieve the golden years they always envisioned, and have peace of mind about 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 careful tax planning, active asset management, and other services 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 assistance with retirement planning in St. Peters, MO, check out 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. Peters, 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. 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 check. We create a holistic, tailored financial plan for you to ensure your own retirement savings 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.
