Social Security Consultant Near Me
Social security consultants near me in Town and Country, MO. While it's reassuring that the federal government has a safety net for workers after we've left the workforce, that doesn't automatically ensure that you'll have the money you need to live the golden years you dreamed of. Qualified Social Security consultants in Town and Country, MO can help you not only get the highest possible income from Social Security, but create a holistic retirement plan that includes income from a variety of sources. 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.
According to data from the Social Security Administration, over a third of Americans receive 50% or more of their retirement income from Social Security. When you initially apply your benefits, you only have one opportunity to get the most amount of income you are eligible for. Whether you envision remaining in the workforce for another couple decades, or just need someone to look over your plan to ensure you're set up to get your full benefits for when you claim next year, reach out to Correct Capital's Town and Country, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.
7 Ways to Maximize Your Social Security Benefits in Town and Country, MO
While a retirement plan that truly allows you to live the life dreamed of will consist of income from employer-backed plans, IRAs, and other accounts, it's still important 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 strategies for any worker to increase 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
According to a Schroders 2022 U.S. Retirement Survey, almost nine out of 10 non-retired Americans who are 45 and up understand that they can receive more in Social Security if they wait to claim benefits, yet only just above 10% are planning to wait until age 70.
Under the rules established in 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 retire at 62, the earliest you can claim 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 payout 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
Of course, you might prefer balancing your Social Security benefits with other things you want to do in retirement, such as visiting your Town and Country, MO family more or finally visiting those dream vacation spots. But you still need to understand what retiring at what age will mean for your benefits, and to think about, along with your financial advisor, if it's worth waiting a few extra years to maximize your benefits.
2. Work at Least 35 Full Years
The Social Security Administration calculates how much you'll receive for your Social Security income by using "average indexed monthly earnings" (AIME). AIME calculates your benefits based on your 35 highest-earning years. If you you retire before you worked for 35 years, the years you didn't receive an income will count as zeros. If you earned an income in more than 35 years, your higher earning years will take the place of your lower earning years, increasing your monthly check.
If you remain in the Town and Country, MO workforce after you've started claiming benefits, those years also get added into your AIME.
3. Earn More Money
While this seems obvious, it's also considerably helpful in increasing how much you eventually receive. The more you earn, the higher your AIME will be, and the more you'll pay in Social Security taxes. The SSA takes both of those into account to help calculate whether you can get the maximum retirement benefit. So, being more aggressive in pursuing 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, that number is $160,200.
4. Claim Spousal Benefits
If both spouses were in the workforce, the spouse with lower earnings can claim claim Social Security through their own work history, or up to 50% of the higher earner's benefits, whichever the higher benefit is. Again, it's advisable to hold off on claiming until the full retirement age to get the full 50%.
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 claim your own benefit down the road if that will be higher.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is an important part of any financial consideration, including once we retire. There will be tax consequences if you claim benefits in Town and Country, MO 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, half your Social Security benefit, and your adjusted gross income.If that total is below $25,000 for individuals or $32,000 for joint filers, there will be no federal tax consequences. 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 that total exceeds those numbers, up to 85% of your Social Security income can be taxed.
Missouri is only one of 12 states that may tax your Social Security benefits.
Similarly, if you keep working after claiming Social Security, you might accidentally move into a higher tax bracket.
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 records 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 recorded for when the administration calculates your benefits.
7. Hire a Qualified Town and Country, MO Social Security Consultant
It's hard to replace the expertise of any professional in a given field, and many workers in Town and Country, 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 our families, it's not hard to forget about Social Security planning when it's still years or decades until you'll claim. Correct Capital's team of Town and Country, MO Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners live out the golden years of their dreams, and have peace of mind about their financial future. Our team is comprised of award-winning 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 areas of expertise in Town and Country, MO 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 Town and Country, MO, take advantage of Correct Capital's and Savology's free online retirement calculator, or make a get-to-know-you call with one of our advisors today.
Other services we offer in Town and Country, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
- 401(k) For Small Business
- Small Business Retirement Plans
- Tax Planning
Social Security Consultants Near Me in Town and Country, MO | Correct Capital Wealth Management
At Correct Capital, our Town and Country, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals do more than just optimize your Social Security check. We create a holistic, personalized financial plan for you to ensure the retirement funds in all your accounts are growing and that your retirement income will come from a variety of sources. Call Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Town and Country, MO.
