Social Security Consultant Near MeGet the Most From Your Social Security Benefits With Experienced Retirement Planners in Town and Country, MO
Social security consultants near me in Town and Country, MO. While it may be reassuring that Uncle Sam provides an income for us after we've left the workforce, you still need to plan ahead to live the golden years you dreamed of. Dedicated Social Security consultants in Town and Country, MO can help you not only get the highest possible income from Social Security, but provide 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 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 research 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 benefits you are eligible for. Whether you're planning for decades into the future, or just need someone to look over your plan to ensure you're set up to get your full benefits for when you apply next year, reach out to Correct Capital's Town and Country, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.
7 Ways to Increase Your Social Security Check in Town and Country, MO
While an optimal retirement plan will consist of income from numerous sources, you'll still want to make sure you're not leaving any money on the table when it comes to your Social Security benefits. Below, we've listed seven tried-and-true ways for any worker to get the most out of 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
A Schroders 2022 U.S. Retirement Survey stated that 86% of Americans who are still in the workforce who are 45 and up know that they can receive more in Social Security if they wait to claim benefits, yet only 11% plan 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 retire at 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 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 70
- $4,194 a month if you retire at 70
Of course, you might prefer balancing your Social Security benefits with other life goals, such as spending more time with your Town and Country, MO family or finally visiting those dream vacation spots. But it's important to understand how your retirement age affects your Social Security income, and to discuss with your financial advisor if it's worth holding out for a few extra years to increase 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 is based off the 35 years you made the most money. If you are in the workforce for less than 35 years, the years you didn't work will count as zeros. If you work more than 35 years, the years with the highest income will cancel out the years you earned the least, boosting your benefit.
If you keep working in Town and Country, MO after you've started receiving Social Security, those years also count towards your AIME.
3. Earn More Money
While this is what most of us strive for anyway, it's also incredibly helpful in increasing how much you eventually receive. Higher income leads to both a higher AIME and more of your money going to Social Security taxes. Both of those factors help determine whether you'll be eligible for 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 you and your spouse both received income, the spouse who earned less can claim their own Social Security benefits, 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 is deceased, 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 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, including in retirement. There will be tax consequences if you started receiving Social Security in Town and Country, MO before your full retirement age and keep working. The IRS calculates your tax consequences based on the sum of 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, 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 will be subject to federal taxes. If your income is more than that, up to 85% of your benefit can be subject to taxes.
Your Social Security income may also be subject to state taxes in Missouri.
Another factor to take into account is that if you keep working after you start receiving Social Security, you could unintentionally make yourself have to pay more in income tax.
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. 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 the years for the highest income to be noted for when the administration calculates 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 retirement planning and Social Security benefits themselves, whether because of time, know-how, or interest. With so much of our energy spent on growing professionally 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 group of Town and Country, MO Social Security consultants has decades 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 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, check out Correct Capital's and Savology's free online retirement retirement planning tool, or schedule an appointment 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
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 pay out. We create a comprehensive, personalized financial plan for you to ensure the retirement funds in all your accounts are best positioned for long-term growth and stability. Reach out to Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Town and Country, MO.