Social Security Consultants Near Me in Warson Woods, MO

Complimentary financial planning By Savology

Social Security Consultant Near MeGet the Most From Your Social Security Benefits With Knowledgeable Financial Advisors in Warson Woods, MO

Social security consultants near me in Warson Woods, MO. While it's reassuring that The U.S. Government has a safety net for workers after we've left the workforce, you still need to plan ahead to live the retirement you dreamed of. Qualified Social Security consultants in Warson Woods, MO will work with you, not just to maximize your Social Security benefits, but design a comprehensive 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 secure about where their retirement income will come from.


Schedule a Meeting With an Advisor Today

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.

Schedule a 15-Minute Introductory Call


According to data from the Social Security Administration, Social Security is the major source of income for most of the elderly. When you initially apply your benefits, you only have one chance to get the maximum income you are eligible for. Whether you still have a lot of work to do before you decide to leave the workforce, or just need someone to look over your plan to ensure you have things lined up right for when you claim benefits soon, reach out to Correct Capital's Warson Woods, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.

Social Security Consultants Near Me Warson Woods, MO | Retirement Planning | Financial Advisors | Wealth Management Near Warson Woods

7 Ways to Increase Your Social Security Check in Warson Woods, MO

While the best retirement plans will include income from employer-backed plans, IRAs, and other accounts, you'll still want to make sure you're getting the most out of Social Security. Below, you'll find seven proven ways for any worker to maximize their Social Security payout:

  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

According to a Schroders 2022 U.S. Retirement Survey, almost nine out of 10 non-retired Americans aged 45 and older understand that they can receive more in Social Security if they wait to claim benefits, yet only 11% plan 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 earliest you can claim benefits, your payout would be decreased 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 may prefer balancing your Social Security benefits with other life goals, such as visiting your Warson Woods, MO family more or finally visiting those dream vacation spots. But it's important to understand how your retirement age affects your benefits, and to think about, as a team 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 calculates how much you'll receive for your benefits by using "average indexed monthly earnings" (AIME). AIME takes into account the 35 years you made the most money. If you you retire before you worked for 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 take the place of the years you earned the least, increasing your monthly check.

If you remain in the Warson Woods, MO workforce after you've started claiming benefits, those years will count towards your AIME once you start claiming full benefits.

3. Earn More Money

While this is a no-brainer, it's also considerably helpful in increasing how much you eventually receive. The more money you make, 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 if you're able to receive the highest possible Social Security income. 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, that number is $160,200.


4. Claim Spousal Benefits

If both spouses were in the workforce, you can claim either 50% of the higher earners benefits or the full benefits of the other spouse, whichever the higher benefit is. Again, it's important to wait until the full retirement age to get the full 50%.

If your spouse is deceased, you're also eligible for survivor's benefits. You can start claiming that benefit at age 60 (although like retirement and spousal benefits, it will be reduced) and later elect for your benefit if that will be higher.



5. Avoid Paying Too Much in Social Security Taxes

Tax planning is vital throughout our financial lives, and that is no different once we retire. There will be tax consequences if you started receiving Social Security in Warson Woods, MO before your full retirement age and plan to continue working after you start claiming benefits. 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 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 half your Social Security income 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.

Another factor to take into account is that 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

Each year, you receive a Social Security statement which details your income and how much you paid in Social Security taxes. 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. It's important for the years for the highest income to be noted for when the administration calculates your AIME.


7. Hire a Qualified Warson Woods, MO Social Security Consultant

Professionals in any field usually know their area of practice the best, and many individuals and families in Warson Woods, 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 feels like it's years, or even decades, into the future. Correct Capital's team of Warson Woods, MO Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners achieve the retirement they always envisioned, and feel secure in their financial future. Our team is made up of award-winning 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 Warson Woods, MO such as 401(k) rollover, we'll do our part to give you a financially secure and happy retirement.

For more help with your retirement planning needs in Warson Woods, MO, take a look at Correct Capital's and Savology's free online retirement retirement planning tool, or schedule a get-to-know-you call with a member of our team today.

Other services we offer in Warson Woods, MO include:

Social Security Consultants Near Me Warson Woods, MO | Retirement Planning | Financial Advisors | Wealth Management Near Warson Woods

Social Security Consultants Near Me in Warson Woods, MO | Correct Capital Wealth Management

At Correct Capital, our Warson Woods, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNERā„¢ professionals do more than just optimize your Social Security pay out. We create an exhaustive, tailored 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 Warson Woods, MO.


Are you ready to experience the Correct Capital difference?

GET STARTED

Meet our team of financial advisors.

Our Team

Services We Offer