Social Security Consultant Near Me
Social security consultants near me in Swansea, IL. While it's reassuring that The U.S. Government has a safety net for workers after we've left the workforce, retirement planning is still necessary to live the retirement you dreamed of. Knowledgeable Social Security consultants in Swansea, IL 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 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 can live out the golden years they always wanted.
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According to research 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 still have a lot of work to do before you decide to leave the workforce, or just want to make sure you have things lined up right for when you claim benefits soon, reach out to Correct Capital's Swansea, IL Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.
7 Ways to Increase Your Social Security Check in Swansea, IL
While the best retirement plans will include money from numerous sources, you'll still want to make sure you're getting the most out of Social Security. Below, we've listed seven tried-and-true ways for any worker to maximize 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 check, yet only one out of 10 are planning to retire at 70.
Under the rules provided in 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 earliest you can apply for 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 are eligible for delayed retirement benefits, which would increase your benefit by around 77% compared to age 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
Obviously, you might decide to trade off the extra benefits with other things you want to do in your golden years, such as visiting your Swansea, IL family more or finally perfecting your golf game. 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 didn't work for 35 years, the years you didn't receive an income count for nothing. If you were in the workforce for more than 35 years, the years with the highest income will take the place of your lower earning years, increasing your Social Security income.
If you remain in the Swansea, IL workforce after you've started receiving Social Security, those years also get added into your AIME.
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. 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 calculate if you're able to receive the highest possible Social Security income. So, being more assertive in seeking raises, promotions, or better-paying jobs, or adding extra income from other sources, may increase your benefits. 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 worked, 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 is deceased, you can also consider claiming survivor's benefits. You can start claiming that benefit at age 60 (which will also be reduced because it's not at full retirement age) and later elect for your benefit if that will be higher.
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 started receiving Social Security in Swansea, IL early and keep working. 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 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 50% of your Social Security income will be subject to federal taxes. If your income is more than that, up to 85% of your benefit can be taxed.
Your benefits may also be subject to state taxes in Missouri.
Another factor to take into account is that if you keep working after you start receiving Social Security, you might accidentally bump yourself into a higher tax bracket.
6. Double-Check the Social Security Administration's Work
Each year, you get a Social Security statement which details your income and how much you paid in Social Security taxes. 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. You'll want the years for the highest income to be recorded for when the administration computes your benefits.
7. Hire a Qualified Swansea, IL Social Security Consultant
It's hard to replace the expertise of any professional in a given field, and many individuals and families in Swansea, IL 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 our families, it can be easy to forget about Social Security planning when it's still years or decades until you'll claim. Correct Capital's group of Swansea, IL Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners live out the retirement of their dreams, and have peace of mind about their financial future. Our team is made up of financial 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 services in Swansea, IL 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 Swansea, IL, check out Correct Capital's and Savology's free online retirement calculator, or schedule an appointment with a member of our team today.
Other services we offer in Swansea, IL include:
Social Security Consultants Near Me in Swansea, IL | Correct Capital Wealth Management
At Correct Capital, our Swansea, IL Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals are capable of much more than just getting you the maximum Social Security pay out. We create a comprehensive, tailored financial plan for you to ensure the retirement funds in all your accounts 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 Swansea, IL.
