Social Security Consultant Near Me
Social security consultants near me in Webster Groves, MO. While it's reassuring that the federal government has a safety net for us in retirement, that doesn't automatically ensure that you'll have the money you need to live the golden years you want. Dedicated Social Security consultants in Webster Groves, MO can help you not only get the highest possible income from Social Security, but design a holistic 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 retirement they always wanted.
According to data from the Social Security Administration, Social Security represents about 30% of income for the elderly. When you claim Social Security, you only have one opportunity to claim the maximum income you are eligible for. Whether you envision remaining in the workforce for several more years, 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 Webster Groves, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.
Maximum Your Social Security Benefits in Webster Groves, MO in 7 Steps
While a retirement plan that truly allows you to live the golden years you wanted will consist of money from numerous sources, it's still important to make sure you're getting everything you can when it comes to your Social Security benefits. Below, we've listed seven proven strategies 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
According to a Schroders 2022 U.S. Retirement Survey, 86% of Americans who are still in the workforce who are 45 and up understand that remaining in the workforce for longer will increase their Social Security income, yet only one out of 10 plan to retire at 70.
Under the rules provided 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 retirement benefits 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 would increase your benefit by around 77% compared to age 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 seeing your Webster Groves, MO family more or finally spending more time at that timeshare in Aspen. But you still need to understand how your retirement age affects your Social Security income, and to think about, along 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 your monthly Social Security benefits using "average indexed monthly earnings" (AIME). AIME takes into account 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, increasing your benefit.
If you continue working in Webster Groves, MO after you've started receiving Social Security, those years also count towards your benefits calculation.
3. Earn More Money
While this is a no-brainer, it's also considerably 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. The SSA takes both of those into account to help calculate whether you can get the maximum retirement benefit. So, being more aggressive in seeking raises, promotions, or seeking the next step up at another company, or adding extra income from other sources, may help make you eligible for the maximum benefit. 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 the higher benefit is. Just like when claiming your own benefits, 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 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 that will be higher.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is important throughout our financial lives, and that is no different once we retire. You may have to pay taxed if you claim benefits in Webster Groves, MO before your full retirement age and plan to continue working after you start claiming benefits. When calculating how much your benefits will be taxed, the IRS will add up 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, 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 taxed.
Your Social Security income may also be subject to state taxes in Missouri.
Another aspect to take into account is that if you keep working after claiming benefits, you could accidentally move into a higher tax bracket.
6. Double-Check the Social Security Administration's Work
The SSA creates your personal Social Security statement statement every year, 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 your highest earning years to be noted for when the administration computes your benefits.
7. Hire a Qualified Webster Groves, MO Social Security Consultant
It's hard to replace the expertise of any professional in a given field, and many individuals and families in Webster Groves, 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 providing for your family, it's not hard to forget about Social Security planning when it's still years or decades until you'll start receiving benefits. Correct Capital's group of Webster Groves, MO Social Security consultants has decades of combined experience helping individuals, families, and business owners achieve the golden years they always envisioned, and feel good in their financial future. Our team is comprised of award-winning 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 services 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 help with your retirement planning needs in Webster Groves, MO, take a look at Correct Capital's and Savology's free online retirement retirement planning tool, or make an appointment with one of our advisors today.
Other services we offer in Webster Groves, 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 Webster Groves, MO | Correct Capital Wealth Management
At Correct Capital, our Webster Groves, 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, 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 Webster Groves, MO.
