Social Security Consultants Near Me in Town and Country, MO

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Social Security Consultant Near MeMaximize Your Social Security Income With Experienced Financial Advisors in Town and Country, MO

Social security consultants near me in Town and Country, MO. While it's reassuring that The U.S. Government has a safety net for workers in retirement, retirement planning is still necessary to live the retirement you dreamed of. Dedicated Social Security consultants in Town and Country, MO can help you not only maximize your Social Security benefits, but provide a comprehensive retirement plan that can help ensure your money is optimally 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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Correct Capital Wealth Management's office is physically located in St. Louis, MO, but we serve clients throughout the United States in both personal financial planning and corporate retirement plans.

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According to the Social Security Administration's 2022 Fact Sheet, over a third of Americans receive 50% or more of their retirement income from Social Security. When you claim Social Security, you only have one opportunity to claim the most amount of income you are eligible for. Whether you envision remaining in the workforce for several more years, or just want to make sure you're set up to get your full benefits for when you apply soon, call Correct Capital's Town and Country, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.

Social Security Consultants Near Me Town and Country, MO | Retirement Planning | Financial Advisors | Wealth Management Near Town and Country

Maximum Your Social Security Benefits in Town and Country, MO in 7 Steps

While an optimal retirement plan will consist of 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 proven strategies for any worker to increase 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

A Schroders 2022 U.S. Retirement Survey stated that almost nine out of 10 non-retired Americans who are 45 and up understand that remaining in the workforce for longer will increase their Social Security income, yet only 11% are planning to retire at 70.

Under the rules established 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 first year you can apply for 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 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 might decide to trade off the extra income with other things you want to do in retirement, such as spending more time with your Town and Country, MO family or finally perfecting your golf game. But you still need to understand what retiring at what age will mean for your Social Security income, and to consider, along with your financial advisor, if it might be beneficial to retire later to increase your benefits.

2. Work at Least 35 Full Years

The Social Security Administration computes how much you'll receive for your Social Security income 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 will count as zeros. If you have more than 35 years of recorded income, your higher earning years will cancel out the years you earned the least, boosting your monthly check.

If you keep working in Town and Country, MO after you've started claiming benefits, those years also count towards your AIME.

3. Earn More Money

While this is what most of us strive for anyway, it's also one of the only things you can do far before your retirement age in order to increase how much you eventually receive. Making more money leads to both a higher AIME and more of your money going to Social Security taxes. The SSA takes both of those into account to 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 adding extra income from other sources, may help make you eligible for the maximum benefit. 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 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 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 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 important throughout our financial lives, and that is no different once we retire. There will be tax consequences if you started receiving Social Security in Town and Country, MO early and plan to continue working after you start claiming benefits. 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 sum is below $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 benefit can be taxed.

Missouri is only one of 12 states that may tax your Social Security benefits.

Similarly, if you keep working after claiming benefits, you could accidentally make yourself have to pay more in income tax.

6. Double-Check the Social Security Administration's Work

Each year, you receive a Social Security statement which details your income and the taxes you've paid into social security. Check the Social Security Administration's work 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. You'll want your highest earning years to be noted for when the administration computes your AIME.


7. Hire a Qualified Town and Country, MO Social Security Consultant

Professionals in any field usually know their area of practice the best, 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 our careers and providing for your family, it can be easy to forget about Social Security planning when it's still years or decades until you'll start receiving benefits. Correct Capital's team of Town and Country, MO Social Security consultants has over 75 years of combined experience helping individuals, families, and business owners achieve 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 services in Town and Country, 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 Town and Country, MO, take advantage of Correct Capital's and Savology's free online retirement calculator, or schedule a get-to-know-you call with a member of our team today.

Other services we offer in Town and Country, MO include:

Social Security Consultants Near Me Town and Country, MO | Retirement Planning | Financial Advisors | Wealth Management Near Town and Country

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 are capable of much more than just getting you the maximum Social Security benefits. We create an exhaustive, 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 Town and Country, MO.


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