Social Security Consultant Near MeGet the Most From Your Social Security Earnings With Knowledgeable Retirement Planners in Tower Grove, MO
Social security consultants near me in Tower Grove, MO. While it's reassuring that the federal government has a safety net for workers in retirement, you still need to plan ahead to live the retirement you dreamed of. Knowledgeable Social Security consultants in Tower Grove, MO will work with you, not just to get the highest possible income from Social Security, but create a holistic retirement plan that includes income from IRAs, 401(k)s, and other retirement funds. 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 good about where their money in retirement will come from.
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According to research from the Social Security Administration, 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 income you are eligible for. Whether you're planning for decades into the future, or just want to make sure you're set up to get your full benefits for when you apply soon, call Correct Capital's Tower Grove, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.

7 Ways to Maximize Your Social Security Benefits in Tower Grove, MO
While an optimal retirement plan will include money from employer-backed plans, IRAs, and other accounts, you'll still want to make sure you're getting everything you can when it comes to your Social Security benefits. Below, you'll find seven tried-and-true ways for any retiree to maximize their Social Security payout:
- 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 90% of 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 retiree whose date of birth was in 1960 or later has a full retirement age of 67. If you are no longer working by 62, the earliest you can claim benefits, your payout would be lowered 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
Of course, you may want to trade off the extra money with other life goals, such as seeing your Tower Grove, MO family more 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 benefits, and to discuss with your financial advisor if it's worth holding out for a few extra years to unlock the higher benefits.
2. Work at Least 35 Full Years
The Social Security Administration computes how much you'll receive for your payout by using "average indexed monthly earnings" (AIME). AIME takes into account your 35 highest-earning years. If you didn't work for 35 years, the years you didn't work count for nothing. If you work more than 35 years, the years with the highest income will cancel out the years you earned the least, increasing your monthly check.
If you remain in the Tower Grove, MO workforce after you've started claiming benefits, those years also get added into your benefits calculation.
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. Making more money leads to both a higher AIME and more of your money going to Social Security taxes. Both of those factors help calculate 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, the SSA places a cap on how much income can count towards your AIME. In 2023, income over $160,200 will not be calculated.
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. Again, you will not get the full 50% of you retire before your full retirement age.
If your spouse has passed away, 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 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 an important part of any financial consideration, and that remains true in retirement. There will be tax consequences if you started receiving Social Security in Tower Grove, MO early and keep working. When figuring out how much your benefits will be taxed, the IRS has a formula that adds 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, 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 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 subject to taxes.
Missouri is only one of 12 states that may tax your Social Security benefits.
Similarly, if you keep working after claiming Social Security, you could 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 how much money you earned 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. It's important for the years for the highest income to be recorded for when the administration calculates your AIME.
7. Hire a Qualified Tower Grove, MO Social Security Consultant
It's hard to replace the knowledge and experience of any professional in a given field, and many workers in Tower Grove, MO retirement planning and Social Security benefits themselves, whether because of time, know-how, or interest. With the day-to-day grind of our careers and putting food on the table, it's not hard to forget about Social Security planning when it's still years or decades until you'll claim. Correct Capital's group of Tower Grove, MO Social Security consultants has over 75 years of combined experience helping 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 careful tax planning, active asset management, and other areas of expertise in Tower Grove, MO 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 Tower Grove, MO, take advantage of Correct Capital's and Savology's free online retirement retirement planning tool, or schedule an appointment with a member of our team today.
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Social Security Consultants Near Me in Tower Grove, MO | Correct Capital Wealth Management
At Correct Capital, our Tower Grove, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNERā¢ professionals do more than just optimize your Social Security check. We create a holistic, personalized financial plan for you to ensure your own retirement savings 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 Tower Grove, MO.