Social Security Consultants Near Me in Swansea, IL

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Social Security Consultant Near MeMaximize Your Social Security Income With Knowledgeable Retirement Planners in Swansea, IL

Social security consultants near me in Swansea, IL. While it may be reassuring that The U.S. Government has a safety net for us in retirement, you still need to plan ahead to live the golden years you want. Qualified 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 includes income from IRAs, 401(k)s, and other retirement funds. At Correct Capital Wealth Management, we offer a variety of tools, resources, and insights to our clients so they can live out the retirement they always wanted.


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According to the Social Security Administration's 2022 Fact Sheet, Social Security represents about 30% of income for the elderly. When you claim Social Security, you only have one opportunity to get the most amount of benefits you are eligible for. Whether you envision remaining in the workforce for a lot more time, or just want to make sure you have things lined up right for when you claim benefits soon, call Correct Capital's Swansea, IL Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.

Social Security Consultants Near Me Swansea, IL | Retirement Planning | Financial Advisors | Wealth Management Near Swansea

Maximum Your Social Security Benefits in Swansea, IL in 7 Steps

While an optimal retirement plan will include income from employer-backed plans, IRAs, and other accounts, you'll still want to make sure you're getting the most out of Social Security. Below, we've listed seven tried-and-true strategies for any worker to maximize 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

According to a Schroders 2022 U.S. Retirement Survey, 86% of non-retired Americans aged 45 and older are aware that remaining in the workforce for longer will increase their benefits, yet only just above 10% plan to retire at 70.

Under the rules set forth in the Social Security Amendments of 1983, any worker born in 1960 or later has a full retirement age of 67. If you retire at 62, the first year you can apply for Social Security, your retirement benefits would be reduced by 30%, and your spouse's by 35%. Retiring at up to age 70 would mean you are eligible for delayed retirement benefits, which would increase your benefit 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 prefer balancing your Social Security benefits with other life goals, such as seeing your Swansea, IL family more or finally spending more time at that timeshare in Aspen. But you still need to understand what retiring at what age will mean for your Social Security income, and to talk over with your financial advisor if it might be beneficial to retire later to unlock the higher 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 calculates your benefits based on your 35 highest-earning years. 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, your higher earning years will cancel out your lower earning years, increasing your benefit.

If you continue working in Swansea, IL after you've started claiming benefits, 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 considerably helpful in increasing your benefits down the road. The more you earn, the higher your AIME will be, 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 aggressive in seeking raises, promotions, or better-paying jobs, or picking up a side hustle, may increase your benefits. However, the SSA places a cap on how much income can count towards your 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 with lower earnings can claim their own Social Security benefits, or up to 50% of the higher earner's benefits, whichever is higher. Just like when claiming your own benefits, you will not get the full 50% of you retire before your full retirement age.

If your spouse has passed away, 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 claim your own benefit down the road if your work record provides a higher monthly income.



5. Avoid Paying Too Much in Social Security Taxes

Tax planning is vital throughout our financial lives, and that remains true in retirement. You may have to pay taxed if you started receiving Social Security in Swansea, IL 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 total 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 benefit can be taxed by the federal government. If that total exceeds those numbers, up to 85% of your Social Security income can be taxed.

Your benefits may also be subject to state taxes in Missouri.

Similarly, if you keep working after claiming Social Security, you might unintentionally 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 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 the years for the highest income to be recorded for when the administration calculates your AIME.


7. Hire a Qualified Swansea, IL Social Security Consultant

Professionals in any field usually know their area of practice the best, and many individuals and families in Swansea, IL 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 get lost in the shuffle when it's still years or decades until you'll start receiving benefits. Correct Capital's group of Swansea, IL Social Security consultants has decades of combined experience helping individuals, families, and business owners achieve the retirement of their dreams, and feel secure in their financial future. Our team is comprised 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 Swansea, IL 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 Swansea, IL, 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 Swansea, IL include:

Social Security Consultants Near Me Swansea, IL | Retirement Planning | Financial Advisors | Wealth Management Near Swansea

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 check. We create a holistic, tailored financial plan for you to ensure the retirement funds in all your accounts are best positioned for long-term growth and stability. Call Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Swansea, IL.


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