Social Security Consultant Near Me
Get the Most From Your Social Security Income With Knowledgeable Retirement Planners in Swansea, IL
Social security consultants near me in Swansea, IL. While it may be comforting that Uncle Sam provides an income for us after we've left the workforce, you still need to plan ahead to live the retirement you dreamed of. Experienced Social Security consultants in Swansea, IL will work with you, not just to maximize your Social Security benefits, but design 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 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 initially apply your benefits, you only have one opportunity to get the maximum income you are eligible for. Whether you envision remaining in the workforce for several more years, or just need someone to look over your plan to ensure you have things lined up right for when you claim benefits next year, reach out to Correct Capital's Swansea, IL Social Security consultants and fiduciary advisors today at 314-930-401(k) 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, 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 maximize their Social Security check:
- 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 reported that 86% of Americans who are still working aged 45 and older understand that they can receive more in Social Security if they wait to claim benefits, yet only one out of 10 are planning 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 earliest you can claim benefits, your payout would be diminished by 30%, and your spouse's by 35%. If you wait until age 70 to claim, you are eligible for delayed retirement benefits, which gives you about 77% more each month than retiring at 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 may prefer balancing your Social Security benefits with other things you want to do in retirement, such as seeing your Swansea, IL family more or finally perfecting your golf game. But it's important to understand how your retirement age affects your Social Security income, and to talk over with your financial advisor if it's worth holding out for a few extra years to maximize 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 had the highest income. If you are in the workforce for less than 35 years, the years you didn't work count for nothing. If you work more than 35 years, your higher earning years will take the place of the years you earned the least, boosting your benefit.
If you remain in the Swansea, IL workforce after you've started claiming benefits, those years will count towards your AIME once you start claiming full benefits.
3. Earn More Money
While this is a no-brainer, it's also one of the biggest things you can do far before your retirement age in order to increase your benefits down the road. The more money you make, 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 can get the maximum retirement benefit. 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, that number is $160,200.
4. Claim Spousal Benefits
If both spouses worked, the spouse with lower earnings can claim claim Social Security through their own work history, or up to half of the higher earner's benefits, whichever the higher benefit is. Again, you will not get the full 50% of you claim benefits 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 (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 an important part of any financial consideration, and that is no different in retirement. You may have to pay taxed if you started receiving Social Security in Swansea, IL before your full retirement age and plan to continue working after you start claiming benefits. When calculating 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, 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 50% of your Social Security income can be taxed by the federal government. If that total exceeds those numbers, up to 85% of your Social Security income can be taxed.
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 may unintentionally move into a higher tax bracket.
6. Double-Check the Social Security Administration's Work
Each year, you get a Social Security statement which how much money you earned and the taxes you've paid into social security. 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. It's important for your highest earning years to be recorded for when the administration computes 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 so much of our energy spent on our careers and putting food on the table, it can be easy to let something important like Social Security planning fall into the cracks when it feels like it's years, or even decades, down the road. Correct Capital's group of Swansea, IL Social Security consultants has the experience and knowledge necessary to help 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 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, take a look at 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:
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
- 401(k) For Small Business
- Small Business Retirement Plans
- Tax Planning
- Retirement Calculator
- Retirement Planning
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 do more than just optimize your Social Security pay out. 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. Get in touch with Correct Capital today at 314-930-401(k) or contact us online for dependable, experienced, and trustworthy Social Security consultants in Swansea, IL.