Social Security Consultant Near Me
Social security consultants near me in Warson Woods, MO. While it's reassuring that the federal government has a safety net for workers in retirement, you still need to plan ahead to live the retirement you dreamed of. Knowledgeable Social Security consultants in Warson Woods, MO can help you not just maximize your Social Security benefits, but design a comprehensive retirement plan that includes income from a variety of sources. At Correct Capital Wealth Management, we offer a variety of tools, resources, and insights to our clients so they can live out the golden years they always wanted.
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. You must apply for 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 need someone to look over your plan to ensure you have things lined up right for when you claim benefits next year, reach out to Correct Capital's Warson Woods, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.
Maximum Your Social Security Benefits in Warson Woods, MO in 7 Steps
While a retirement plan that truly allows you to live the golden years dreamed of will consist of money 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 time-tested strategies for any retiree to maximize 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 Americans who are still in the workforce who are 45 and up are aware 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, any worker born in 1960 or later has a full retirement age of 67. If you retire at 62, the earliest you can claim Social Security, your payout would be diminished by 30%, and your spouse's by 35%. Retiring at up to age 70 would mean you are eligible for 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 full retirement age
- $4,194 a month if you retire at 70
Obviously, you may want to trade off the extra income with other life goals, such as spending more time with your Warson Woods, MO family or finally perfecting your golf game. But it's important to understand what retiring at what age will mean for your Social Security income, and to consider, 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 computes your monthly Social Security benefits using "average indexed monthly earnings" (AIME). AIME calculates your benefits based on your 35 highest-earning years. If you you leave the workforce before you worked for 35 years, the years you didn't receive an income will count as zeros. If you were in the workforce for more than 35 years, the years in which you earned the most will take the place of your lower earning years, boosting your benefit.
If you keep working in Warson Woods, MO after you've started receiving Social Security, those years also get added into your benefits calculation.
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 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. Both of those factors help determine 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, 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 is higher. 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 (which will also be reduced because it's not at full retirement age) and claim your own benefit down the road if your work record provides a larger check.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is an important part of any financial consideration, and that remains true in retirement. You may have to pay taxed if you started receiving Social Security in Warson Woods, MO early and plan to continue working after you start receiving Social Security. When calculating what the tax consequences are, the IRS has a formula that adds your nontaxable income, half your Social Security benefit, and your adjusted gross income.If that total is under $25,000 for individuals or $32,000 for joint filers, there will be no federal tax implications. Between $25,000 and $34,000 for individuals and $32,000 and $44,000 for joint filers, up to half your benefit will be subject to federal taxes. If your income is more than that, up to 85% of your Social Security income can be subject to taxes.
Missouri is only one of 12 states that may tax your Social Security benefits.
Another aspect to take into account is that if you keep working after claiming benefits, you may accidentally make yourself have to pay more in income tax.
6. Double-Check the Social Security Administration's Work
The SSA sends your personal Social Security statement statement every year, which how much money you earned 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 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 workers in Warson Woods, MO retirement planning and Social Security benefits themselves, whether because of time, know-how, or interest. With the day-to-day grind of our careers 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 group of Warson Woods, MO Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners achieve the golden years they always envisioned, and have peace of mind about their financial future. Our team is comprised of financial advisors and a committed support staff, all with the experience, knowledge, and drive needed to deliver positive client experiences. Through prudent 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 advantage of 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 Warson Woods, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
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 PLANNER™ professionals are capable of much more than just getting you the maximum Social Security check. We create a holistic, tailored 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. Get in touch with Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Warson Woods, MO.
