Social Security Consultant Near Me
Social security consultants near me in University City, MO. While it may be reassuring that Uncle Sam has a safety net for workers after we've left the workforce, you still need to plan ahead to live the golden years you dreamed of. Experienced Social Security consultants in University City, MO can help you not just maximize your Social Security benefits, but design 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 feel good about where their retirement income will come from.
According to the Social Security Administration's 2022 Fact Sheet, Social Security represents about 30% of income for the elderly. You must claim the maximum benefits you are eligible for when you first file. Whether you still have a lot of work to do before you decide to leave the workforce, or just want to make sure you're set up to get your full benefits for when you apply soon, call Correct Capital's University City, 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 University City, MO
While a retirement plan that truly allows you to live the golden years you wanted will consist of income from employer-backed plans, IRAs, and other accounts, it's still important to make sure you're getting the most out of Social Security. Below, you'll find seven tried-and-true methods for any retiree to get the most out of 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
According to a Schroders 2022 U.S. Retirement Survey, almost nine out of 10 Americans who are still working who are 45 and up are aware that they can receive more in Social Security if they wait to claim benefits, yet only one out of 10 are planning to retire at 70.
Under the rules provided 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 benefits, your payout would be decreased by 30%, and your spouse's by 35%. Retiring at up to age 70 would mean you receive 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 70
- $4,194 a month if you retire at 70
Obviously, you may prefer balancing your Social Security benefits with other life goals, such as spending more time with your University City, MO family or finally perfecting your golf game. But you still need to understand how your retirement age affects your benefits, and to discuss with your financial advisor if it's worth waiting a few extra years to increase your benefits.
2. Work at Least 35 Full Years
The Social Security Administration determines how much you'll receive for your Social Security income by using "average indexed monthly earnings" (AIME). AIME calculates your benefits based on the 35 years you made the most money. If you are in the workforce for less than 35 years, the years you didn't receive an income will count as zeros. If you work more than 35 years, your higher earning years will cancel out the years you earned the least, increasing your benefit.
If you keep working in University City, MO after you've started receiving Social Security, those years will count towards your AIME once you start claiming full benefits.
3. Earn More Money
While this seems obvious, it's also one of the only things you can do now in order to increase how much you eventually receive. Higher income 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 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 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 is deceased, you can also consider claiming survivor's benefits. You can start claiming that benefit at age 60 (although like retirement and spousal benefits, it will be reduced) 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 essential throughout our financial lives, and that remains true in retirement. There will be tax consequences if you started receiving Social Security in University City, MO before your full retirement age and keep working. When figuring out what the tax consequences are, the IRS has a formula that adds your nontaxable income, 50% of your Social Security benefit, and your adjusted gross income.If that sum 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 benefit can be taxed by the federal government. If your income is more than that, up to 85% of your benefit can be taxed.
Your benefits may also be subject to state taxes in Missouri.
Similarly, if you keep working after you start receiving benefits, you may unintentionally 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 how much income was recorded and how much you paid in Social Security taxes. Check the Social Security Administration's work 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 the years for the highest income to be noted for when the administration calculates your benefits.
7. Hire a Qualified University City, MO Social Security Consultant
It's hard to replace the expertise of any professional in a given field, and many people in University City, MO just don't have the time, knowledge, or interest to manage their retirement planning and Social Security benefits themselves. With large portions of our everyday lives spent on our careers and putting food on the table, it's not hard to let something important like Social Security planning get forgotten among other things when it feels like it's years, or even decades, down the road. Correct Capital's group of University City, MO Social Security consultants has decades of combined experience helping individuals, families, and business owners live out the golden years they always envisioned, and feel secure in 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 University City, MO such as 401(k) rollover, we'll do our part to provide you with a financially secure and happy retirement.
For more help with your retirement planning needs in University City, MO, take advantage of Correct Capital's and Savology's free online retirement retirement planning tool, or make an appointment with a member of our team today.
Other services we offer in University City, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
- 401(k) For Small Business
Social Security Consultants Near Me in University City, MO | Correct Capital Wealth Management
At Correct Capital, our University City, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals do more than just optimize your Social Security benefits. We create an exhaustive, personalized financial plan for you to ensure the retirement funds in all your accounts 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 University City, MO.
