Social Security Consultant Near Me
Maximize Your Social Security Benefits With Knowledgeable Retirement Planners in Weldon Spring, MO
Social security consultants near me in Weldon Spring, MO. While it's reassuring that Uncle Sam provides an income for workers in retirement, that doesn't automatically ensure that you'll have the money you need to live the golden years you dreamed of. Dedicated Social Security consultants in Weldon Spring, MO can help you not just maximize your Social Security benefits, but create a comprehensive retirement plan that can help ensure your money is optimally 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 golden years they always wanted.
According to the Social Security Administration's 2022 Fact Sheet, Social Security is the major source of income for most of the elderly. When you claim Social Security, you only have one chance to get the maximum benefits you are eligible for. Whether you still have a lot of work to do before you decide to retire, or just want to make sure you're set up to get your full benefits for when you apply next year, reach out to Correct Capital's Weldon Spring, MO Social Security consultants and fiduciary advisors today at 314-930-401(k) or fill out our online form.
7 Ways to Increase Your Social Security Check in Weldon Spring, MO
While a retirement plan that truly allows you to live the life you wanted will include money from employer-backed plans, IRAs, and other accounts, 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 tried-and-true methods for any earner to maximize their Social Security benefits:
- 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 non-retired Americans who are 45 and up understand that they can receive more in Social Security if they wait to claim benefits, yet only 11% are planning to retire at 70.
Pursuant to 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 diminished 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 full retirement age
- $4,194 a month if you retire at 70
Obviously, you may prefer balancing your Social Security benefits with other things you want to do in retirement, such as spending more time with your Weldon Spring, MO family or finally visiting those dream vacation spots. But it's important to understand how your retirement age affects your benefits, and to discuss with your financial advisor if it might be beneficial to retire later to maximize your benefits.
2. Work at Least 35 Full Years
The Social Security Administration computes how much you'll receive for your benefits by using "average indexed monthly earnings" (AIME). AIME takes into account 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, your higher earning years will cancel out your lower earning years, increasing your Social Security income.
If you continue working in Weldon Spring, MO after you've started claiming benefits, 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 far before your retirement age in order to increase how much you eventually receive. Making more money 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, being more aggressive in asking for raises, promotions, or better-paying jobs, 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, 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 is higher. Again, it's advisable to hold off on claiming until the full retirement age to get the full 50%.
If your spouse is deceased, you can also consider claiming 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 an important part of any financial consideration, and that remains true once we retire. There will be tax consequences if you started receiving Social Security in Weldon Spring, MO before your full retirement age and plan to continue working after you start receiving Social Security. 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 total 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 that total exceeds those numbers, up to 85% of your benefit can be taxed.
Missouri is only one of 12 states that may tax your Social Security benefits.
Another factor to take into account is that if you keep working after claiming benefits, you might unintentionally bump yourself into a higher tax bracket.
6. Double-Check the Social Security Administration's Work
The SSA sends your personal Social Security statement statement every year, which details your income and the taxes you've paid into social security. 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 calculates your benefits.
7. Hire a Qualified Weldon Spring, MO Social Security Consultant
Professionals in any field usually know their area of practice the best, and many workers in Weldon Spring, MO retirement planning and Social Security benefits themselves, whether because of time, knowledge, or interest. With the day-to-day grind of our careers and our families, it can be easy to let something important like Social Security planning get lost in the shuffle when it's still years or decades until you'll claim. Correct Capital's group of Weldon Spring, MO Social Security consultants has decades of combined experience helping individuals, families, and business owners live out the golden years they always envisioned, and have peace of mind about 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 areas of expertise in Weldon Spring, 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 Weldon Spring, MO, check out 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 Weldon Spring, 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 Weldon Spring, MO | Correct Capital Wealth Management
At Correct Capital, our Weldon Spring, 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 an exhaustive, tailored financial plan for you to ensure the retirement funds in all your accounts are best positioned for long-term growth and stability. Reach out to Correct Capital today at 314-930-401(k) or contact us online for dependable, experienced, and trustworthy Social Security consultants in Weldon Spring, MO.