Social Security Consultant Near Me
Social security consultants near me in Wildwood, MO. While it may be comforting that Uncle Sam provides an income for us after we've left the workforce, retirement planning is still necessary to live the retirement you dreamed of. Dedicated Social Security consultants in Wildwood, MO can help you not only get the highest possible income from Social Security, but design a comprehensive retirement plan that includes income from IRAs, 401(k)s, and other retirement funds. 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 opportunity 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 have things lined up right for when you claim benefits soon, reach out to Correct Capital's Wildwood, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or fill out our online form.
7 Ways to Increase Your Social Security Check in Wildwood, MO
While the best retirement plans will consist of income from employer-backed plans, IRAs, and other accounts, 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 proven strategies for any retiree to increase their Social Security payout:
- 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 know that remaining in the workforce for longer will increase their Social Security income, yet only just above 10% are planning to wait until age 70.
Under the rules provided in the Social Security Amendments of 1983, any retiree born in 1960 or later has a full retirement age of 67. If you leave the workforce at 62, the first year you can claim benefits, your payout would be diminished by 30%, and your spouse's by 35%. Retiring at up to age 70 would mean you are eligible for delayed retirement benefits, which would increase your payout 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 want to trade off the extra benefits with other life goals, such as seeing your Wildwood, MO family more or finally perfecting your golf game. But you still need to understand how your retirement age affects your Social Security income, and to consider, along with your financial advisor, if it might be beneficial to retire later 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 considers your 35 highest-earning years. If you are in the workforce for less than 35 years, the years you didn't work will count as zeros. If you earned an income in more than 35 years, your higher earning years will take the place of your lower earning years, increasing your monthly check.
If you continue working in Wildwood, 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 seems obvious, it's also one of the only things you can do now in order to increase 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 determine whether you can get 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, that number is $160,200.
4. Claim Spousal Benefits
If you and your spouse both received income, the spouse who earned less can claim claim Social Security through their own work history, or up to 50% of the higher earner's benefits, whichever is higher. Again, you will not get the full 50% of you retire before your full retirement age.
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 higher monthly income.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is vital throughout our financial lives, and that remains true in retirement. There will be tax consequences if you started receiving Social Security in Wildwood, MO before your full retirement age 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 can be taxed by the federal government. If your income is more than that, up to 85% of your benefit can be taxed.
Missouri is only one of 12 states that may tax your Social Security benefits.
Another aspect to take into account is that if you keep working after claiming benefits, you could unintentionally make yourself have to pay more in income tax.
6. Double-Check the Social Security Administration's Work
Each year, you get a Social Security statement which how much income was recorded and the taxes you've paid into social security. Check the Social Security Administration's records 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 recorded for when the administration calculates your AIME.
7. Hire a Qualified Wildwood, MO Social Security Consultant
Professionals in any field usually know their area of practice the best, and many individuals and families in Wildwood, MO retirement planning and Social Security benefits themselves, whether because of time, know-how, or interest. With so much of our energy spent on our careers and providing for your family, it's not hard to forget about Social Security planning when it feels like it's years, or even decades, into the future. Correct Capital's group of Wildwood, MO Social Security consultants has decades of combined experience helping individuals, families, and business owners achieve the retirement of their dreams, and have peace of mind about their financial future. Our team is comprised of award-winning advisors and a dedicated 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 Wildwood, 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 Wildwood, MO, take a look at Correct Capital's and Savology's free online retirement retirement planning tool, or make a get-to-know-you call with one of our advisors today.
Other services we offer in Wildwood, 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 Wildwood, MO | Correct Capital Wealth Management
At Correct Capital, our Wildwood, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals do more than just optimize your Social Security check. We create a holistic, tailored financial plan for you to ensure your own retirement savings are best positioned for long-term growth and stability. Call Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in Wildwood, MO.
