Social Security Consultant Near Me
Social security consultants near me in Weldon Spring, MO. While it may be comforting that the federal government provides an income for us after we've left the workforce, you still need to plan ahead to live the retirement you want. Qualified Social Security consultants in Weldon Spring, MO will work with you, not just to get the highest possible income from Social Security, but design a holistic retirement plan that includes income from a variety of sources. 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 money in retirement will come from.
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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.
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According to the Social Security Administration's 2022 Fact Sheet, Social Security represents about 30% of income for the elderly. When you initially apply your benefits, you only have one chance to claim the most amount of benefits 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're set up to get your full benefits for when you claim next year, call Correct Capital's Weldon Spring, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.
Maximum Your Social Security Benefits in Weldon Spring, MO in 7 Steps
While an optimal retirement plan will consist of income 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, you'll find seven proven methods for any earner 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
A Schroders 2022 U.S. Retirement Survey reported that almost 90% of non-retired Americans aged 45 and older know 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, anyone whose date of birth was in 1960 or later has a full retirement age of 67. If you leave the workforce at 62, the earliest you can claim benefits, your retirement benefits would be diminished by 30%, and your spouse's by 35%. Retiring at up to age 70 would mean 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 full retirement age
- $4,194 a month if you retire at 70
Obviously, you might prefer balancing your Social Security benefits with other things you want to do in your golden years, such as spending more time with your Weldon Spring, MO family or finally spending more time at that timeshare in Aspen. But it's important 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 unlock the higher benefits.
2. Work at Least 35 Full Years
The Social Security Administration calculates your monthly Social Security benefits 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 receive an income count for nothing. If you have more than 35 years of recorded income, the years with the highest income will take the place of the years you earned the least, boosting your Social Security income.
If you remain in the Weldon Spring, MO workforce after you've started claiming benefits, those years also count towards 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. 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 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, 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 hold off on claiming 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 (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 is no different once we retire. You may have to pay taxed if you started receiving Social Security in Weldon Spring, MO early and keep working. When figuring out what the tax consequences are, the IRS will add up 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, 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 will be subject to federal taxes. If that total exceeds those numbers, up to 85% of your Social Security income can be taxed.
Your Social Security income may also be subject to state taxes in Missouri.
Similarly, if you keep working after claiming Social Security, you could unintentionally make yourself have to pay more in income tax.
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. Check the Social Security Administration's work against your W2, pay stubs, or tax returns. 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. You'll want the years for the highest income 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 growing professionally 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 claim. Correct Capital's team of Weldon Spring, MO Social Security consultants has decades of combined experience helping individuals, families, and business owners live out the golden years of their dreams, and have peace of mind about their financial future. Our team is comprised of financial advisors and a dedicated support staff, all with the experience, knowledge, and drive needed to deliver positive client experiences. Through careful tax planning, active asset management, and other services 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 a get-to-know-you call with a member of our team today.
Other services we offer in Weldon Spring, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
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 do more than just optimize your Social Security pay out. We create a comprehensive, personalized financial plan for you to ensure your own retirement savings are growing and that your retirement income will come from a variety of sources. Reach out to Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Weldon Spring, MO.
