Social Security Consultant Near Me
Maximize Your Social Security Income With Experienced Financial Advisors in Webster Groves, MO
Social security consultants near me in Webster Groves, MO. While it may be reassuring that the federal government provides an income for us after we've left the workforce, retirement planning is still necessary to live the golden years you dreamed of. Dedicated Social Security consultants in Webster Groves, MO will work with you, not just to maximize your Social Security benefits, but design a holistic 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 can live out the retirement they always wanted.
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 chance to claim the most amount of benefits you are eligible for. Whether you envision remaining in the workforce for another couple decades, or just want to make sure you're set up to get your full benefits for when you apply next year, call Correct Capital's Webster Groves, MO Social Security consultants and fiduciary advisors today at 314-930-401(k) or contact us online.
Maximum Your Social Security Benefits in Webster Groves, MO in 7 Steps
While an optimal retirement plan will consist of money from numerous sources, it's still important to make sure you're not leaving any money on the table when it comes to your Social Security benefits. Below, you'll find seven time-tested strategies for any earner to maximize their Social Security payout:
- 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 aged 45 and older know that remaining in the workforce for longer will increase their check, yet only one out of 10 plan to wait until age 70.
Under the rules set forth in the Social Security Amendments of 1983, if you were born in 1960 or later your full retirement age is 67. If you leave the workforce at 62, the earliest you can apply for benefits, 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 would increase your payout by around 77% compared to age 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 decide to trade off the extra income with other things you want to do in your golden years, such as spending more time with your Webster Groves, MO family or finally visiting those dream vacation spots. But you still need to understand how your retirement age affects 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 determines how much you'll receive for your Social Security income by using "average indexed monthly earnings" (AIME). AIME is based off your 35 highest-earning years. If you you leave the workforce before you worked for 35 years, the years you didn't work count for nothing. If you earned an income in more than 35 years, your higher earning years will take the place of your lower earning years, boosting your monthly check.
If you remain in the Webster Groves, MO workforce after you've started claiming benefits, those years also get added into your benefits calculation.
3. Earn More Money
While this is a no-brainer, it's also incredibly helpful in increasing your benefits down the road. Higher income leads to both a higher AIME and more of your money going to Social Security taxes. Both of those factors help calculate whether you can get the maximum retirement benefit. So, being more assertive in pursuing raises, promotions, or better-paying jobs, or adding extra income from other sources, may help make you eligible for the maximum benefit. However, the SSA places a cap on how much income can count towards your AIME. In 2023, income over $160,200 will not be calculated.
4. Claim Spousal Benefits
If both spouses were in the workforce, the spouse with lower earnings can claim claim Social Security through their own work history, or up to 50% of the higher earner's benefits, whichever the higher benefit is. Just like when claiming your own benefits, it's recommended to hold off on claiming until the full retirement age to get the full 50%.
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 higher monthly income.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is essential throughout our financial lives, including once we retire. There will be tax consequences if you started receiving Social Security in Webster Groves, MO early and keep working. The IRS calculates your tax consequences based on the sum of your nontaxable income, 50% of your Social Security benefit, and your adjusted gross income.If that sum is below $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 can be taxed by the federal government. 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.
Similarly, if you keep working after claiming Social Security, 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 income was recorded 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 your highest earning years to be noted for when the administration computes your benefits.
7. Hire a Qualified Webster Groves, MO Social Security Consultant
Professionals in any field usually know their area of practice the best, and many individuals and families in Webster Groves, 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 putting food on the table, it can be easy to forget about Social Security planning when it feels like it's years, or even decades, into the future. Correct Capital's team of Webster Groves, MO Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners achieve the retirement of their dreams, 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 Webster Groves, 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 Webster Groves, MO, take a look at 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 Webster Groves, MO include:
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
- 401(k) For Small Business
- Small Business Retirement Plans
- Tax Planning
- Retirement Calculator
- Retirement Planning
- Rollover 401(k)
Social Security Consultants Near Me in Webster Groves, MO | Correct Capital Wealth Management
At Correct Capital, our Webster Groves, 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, personalized 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 314-930-401(k) or contact us online for dependable, experienced, and trustworthy Social Security consultants in Webster Groves, MO.