Social Security Consultants Near Me in Westwood, MO

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Social Security Consultant Near MeMaximize Your Social Security Benefits With Knowledgeable Retirement Planners in Westwood, MO

Social security consultants near me in Westwood, MO. While it may be comforting that the federal government has a safety net for us in retirement, retirement planning is still necessary to live the retirement you want. Knowledgeable Social Security consultants in Westwood, MO can help you not only get the highest possible income from Social Security, but provide 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 offer a variety of tools, resources, and insights to our clients so they feel good about where their money in retirement will come from.


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According to research from the Social Security Administration, Social Security represents about 30% of income for the elderly. When you initially apply your benefits, you only have one chance to claim the maximum benefits you are eligible for. Whether you're planning for decades into the future, or just need someone to look over your plan to ensure you're set up to get your full benefits for when you apply soon, reach out to Correct Capital's Westwood, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.

Social Security Consultants Near Me Westwood, MO | Retirement Planning | Financial Advisors | Wealth Management Near Westwood

7 Ways to Maximize Your Social Security Benefits in Westwood, MO

While a retirement plan that truly allows you to live the golden years dreamed of will include 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 time-tested strategies for any worker to maximize their income from Social Security:

  1. Wait to Claim Benefits
  2. Work at Least 35 Full Years
  3. Earn More Money
  4. Claim Spousal Benefits
  5. Avoid Social Security Taxes
  6. Double-Check the Social Security Administration's Work
  7. 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 working who are 45 and up understand that they can receive more in Social Security if they wait to claim benefits, yet only 11% plan to retire at 70.

Under the rules established in 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 apply for benefits, your payout would be decreased by 30%, and your spouse's by 35%. If you wait until age 70 to claim, you are eligible for delayed retirement benefits, which gives you about 77% more each month than retiring at 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 things you want to do in retirement, such as seeing your Westwood, MO family more or finally visiting those dream vacation spots. But it's important to understand how your retirement age affects your benefits, and to talk over with your financial advisor if it's worth holding out for a few extra years to increase your benefits.

2. Work at Least 35 Full Years

The Social Security Administration computes how much you'll receive for your payout by using "average indexed monthly earnings" (AIME). AIME calculates your benefits based on the 35 years you made the most money. If you didn't work 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, boosting your monthly check.

If you keep working in Westwood, MO after you've started receiving Social Security, those years will count towards your AIME once you start claiming full benefits.

3. Earn More Money

While this seems obvious, 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. Both of those factors help determine whether you'll be eligible for the maximum retirement benefit. So, if you needed more motivation to seek raises or better-paying jobs, now you have it. However, the SSA places a cap on how much income can count towards your benefits. In 2023, income over $160,200 will not be calculated.


4. Claim Spousal Benefits

If both spouses worked, you can claim either 50% of the higher earners benefits or the full benefits of the other spouse, whichever is higher. Again, it's important to wait until the full retirement age to get the full 50%.

If your spouse has passed away, you can also consider claiming survivor's benefits. You can start claiming that benefit at age 60 (although like retirement and spousal benefits, it will be reduced) and later elect for your benefit if your work record provides a larger check.



5. Avoid Paying Too Much in Social Security Taxes

Tax planning is vital throughout our financial lives, and that remains true in retirement. You may have to pay taxed if you claim benefits in Westwood, 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 consequences. 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 benefit can be subject to taxes.

While not every state may tax Social Security, 12 states (including Missouri) may tax your Social Security benefits.

Similarly, if you keep working after you start receiving Social Security, you could accidentally bump yourself 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 how much income was recorded 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 your highest earning years to be noted for when the administration calculates your benefits.


7. Hire a Qualified Westwood, MO Social Security Consultant

It's hard to replace the expertise of any professional in a given field, and many workers in Westwood, MO just don't have the time, knowledge, or interest to manage their retirement planning and Social Security benefits themselves. With the day-to-day grind of our careers and putting food on the table, 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 start receiving benefits. Correct Capital's group of Westwood, MO Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners live out the retirement of their dreams, and feel secure in 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 Westwood, 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 Westwood, 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 Westwood, MO include:

Social Security Consultants Near Me Westwood, MO | Retirement Planning | Financial Advisors | Wealth Management Near Westwood

Social Security Consultants Near Me in Westwood, MO | Correct Capital Wealth Management

At Correct Capital, our Westwood, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNERā„¢ professionals are capable of much more than just getting you the maximum Social Security benefits. We create a comprehensive, 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 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Westwood, MO.


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