Social Security Consultants Near Me in St. Peters, MO

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Social Security Consultant Near MeMaximize Your Social Security Income With Knowledgeable Financial Advisors in St. Peters, MO

Social security consultants near me in St. Peters, MO. While it's comforting that The U.S. Government provides an income for us in retirement, that doesn't automatically ensure that you'll have the money you need to live the golden years you dreamed of. Knowledgeable Social Security consultants in St. Peters, MO can help you not only maximize your Social Security benefits, but provide a comprehensive retirement plan that can help ensure your money is best positioned for growth and long-term stability. At Correct Capital Wealth Management, we get to know our clients personally and come up with a plan they're involved in so they feel confident about where their retirement income will come from.


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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. You must apply for the maximum benefits you are eligible for when you first file. Whether you still have a lot of work to do before you decide to retire, or just want to make sure you have things lined up right for when you claim benefits soon, call Correct Capital's St. Peters, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.

Social Security Consultants Near Me St. Peters, MO | Retirement Planning | Financial Advisors | Wealth Management Near St. Peters

Maximum Your Social Security Benefits in St. Peters, MO in 7 Steps

While the best retirement plans will include money from employer-backed plans, IRAs, and other accounts, it's still important to make sure you're getting the most out of Social Security. Below, you'll find seven proven strategies for any worker to increase their income from Social Security:

  1. Wait to Claim Benefits
  2. Work at Least 35 Full Years
  3. Earn More Money
  4. Claim Spousal Benefits
  5. Avoid Social Security Taxes
  6. Double-Check the Social Security Administration's Work
  7. Hire a Qualified Social Security Consultant

1. Wait to Claim Benefits

A Schroders 2022 U.S. Retirement Survey stated that almost nine out of 10 Americans who are still working who are 45 and up are aware that remaining in the workforce for longer will increase their benefits, yet only 11% are planning to retire at 70.

Under the rules provided in the Social Security Amendments of 1983, any retiree born in 1960 or later has a full retirement age of 67. If you retire at 62, the first year you can claim Social Security, your retirement benefits would be decreased by 30%, and your spouse's by 35%. Retiring at up to age 70 would mean you receive 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 retirement, such as spending more time with your St. Peters, 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 Social Security income, and to consider, as a team with your financial advisor, if it might be beneficial to retire later to maximize your benefits.

2. Work at Least 35 Full Years

The Social Security Administration calculates your monthly Social Security benefits using "average indexed monthly earnings" (AIME). AIME calculates your benefits based on the 35 years you had the highest income. If you you retire before you worked for 35 years, the years you didn't work count for nothing. If you earned an income in more than 35 years, your higher earning years will take the place of the years you earned the least, boosting your monthly check.

If you remain in the St. Peters, MO workforce 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 seems obvious, it's also considerably helpful in increasing your benefits in the future. Higher income leads to both a higher AIME and more of your money going to 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, 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 is higher. 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 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 that will be higher.



5. Avoid Paying Too Much in Social Security Taxes

Tax planning is vital throughout our financial lives, and that remains true once we retire. You may have to pay taxed if you claim benefits in St. Peters, MO early and keep working. When figuring out what the tax consequences are, the IRS will add up your nontaxable income, 50% of your Social Security benefit, and your adjusted gross income.If that total is under $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 Social Security income 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.

Similarly, if you keep working after claiming Social Security, you could 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 the taxes you've paid into social security. 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 your highest earning years to be in the official recorded for when the administration computes your AIME.


7. Hire a Qualified St. Peters, MO Social Security Consultant

Professionals in any field usually know their area of practice the best, 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 growing professionally and providing for your family, it's not hard 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 team of St. Peters, MO Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners live out the retirement of their dreams, and feel secure in 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 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 help with your retirement planning needs in St. Peters, 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. Peters, MO include:

Social Security Consultants Near Me St. Peters, MO | Retirement Planning | Financial Advisors | Wealth Management Near St. Peters

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 are capable of much more than just getting you the maximum Social Security check. We create a holistic, personalized financial plan for you to ensure your own retirement savings are growing and that your retirement income will come from a variety of sources. 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.


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