Social Security Consultant Near Me
Social security consultants near me in Westwood, MO. While it's reassuring that the federal government has a safety net for workers after we've left the workforce, you still need to plan ahead to live the golden years you want. Dedicated Social Security consultants in Westwood, MO will work with you, not just to get the highest possible income from Social Security, but create a holistic retirement plan that includes income from a variety of sources. At Correct Capital Wealth Management, we offer a variety of tools, resources, and insights to our clients 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. You must claim the maximum benefits you are eligible for when you first file. Whether you're planning for decades into the future, or just want to make sure you're set up to get your full benefits for when you claim next year, call Correct Capital's Westwood, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.
Maximum Your Social Security Benefits in Westwood, MO in 7 Steps
While a retirement plan that truly allows you to live the golden years you wanted will consist of income from numerous sources, you'll still want to make sure you're not leaving any money on the table when it comes to your Social Security benefits. Below, we've listed seven time-tested methods for any worker to get the most out of their Social Security check:
- 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, almost 90% of Americans who are still working who are 45 and up know that they can receive more in Social Security if they wait to claim benefits, yet only one out of 10 are planning to wait until age 70.
Pursuant to the Social Security Amendments of 1983, any retiree born in 1960 or later has a full retirement age of 67. If you retire at 62, the first year you can apply for 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 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 might prefer balancing your Social Security benefits with other things you want to do in your golden years, such as seeing your Westwood, 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 benefits, and to consider, as a team 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 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 work will count as zeros. If you have more than 35 years of recorded income, the years with the highest income will cancel out your lower earning years, boosting your benefit.
If you continue working in Westwood, MO after you've started claiming benefits, those years will count towards your AIME once you start claiming full benefits.
3. Earn More Money
While this is a no-brainer, it's also one of the biggest things you can do far before your retirement age in order to increase your benefits when you eventually retire. The more you earn, the higher your AIME will be, and the more you'll pay in Social Security taxes. Both of those factors help calculate 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, 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 who earned less can claim their own Social Security benefits, 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 start claiming that 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 that will be higher.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is essential throughout our financial lives, including once we retire. 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 total 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 will be subject to federal taxes. If your income is more than that, up to 85% of your benefit can be subject to taxes.
Missouri is only one of 12 states that may tax your Social Security benefits.
Similarly, if you keep working after you start receiving benefits, you may accidentally move 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 how much you paid in Social Security taxes. 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 the years for the highest income to be noted for when the administration computes your AIME.
7. Hire a Qualified Westwood, MO Social Security Consultant
Professionals in any field usually know their area of practice the best, and many individuals and families in Westwood, MO retirement planning and Social Security benefits themselves, whether because of time, knowledge, or interest. With large portions of our everyday lives spent on growing professionally and our families, it can be easy to forget about Social Security planning when it's still years or decades until you'll claim. Correct Capital's group of Westwood, MO Social Security consultants has over 75 years of combined experience helping individuals, families, and business owners live out the retirement 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 services in Westwood, 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 Westwood, MO, take advantage of 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:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
- 401(k) For Small Business
- Small Business Retirement Plans
- Tax Planning
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 PLANNER™ professionals are capable of much more than just getting you the maximum Social Security check. We create a comprehensive, tailored 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.
