Social Security Consultant Near Me
Maximize Your Social Security Income With Experienced Financial Advisors in Wildwood, MO
Social security consultants near me in Wildwood, MO. While it's reassuring that Uncle Sam 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. Qualified Social Security consultants in Wildwood, MO will work with you, not just to maximize your Social Security benefits, but create a comprehensive 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 can live out the retirement they always wanted.
According to data from the Social Security Administration, Social Security represents about 30% of income for the elderly. You must claim the maximum benefits you are eligible for when you first file. 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 next year, call Correct Capital's Wildwood, MO Social Security consultants and fiduciary advisors today at 314-930-401(k) or fill out our online form.
7 Ways to Maximize Your Social Security Benefits in Wildwood, MO
While a retirement plan that truly allows you to live the life you wanted 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, you'll find seven time-tested strategies for any worker to get the most out of 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, almost nine out of 10 non-retired Americans who are 45 and up understand that remaining in the workforce for longer will increase their benefits, yet only one out of 10 are planning to wait until age 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 retire at 62, the first year you can apply for benefits, your payout would be lowered by 30%, and your spouse's by 35%. Retiring at up to age 70 would mean you receive 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 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 your golden years, such as spending more time with your Wildwood, MO family or finally visiting those dream vacation spots. But you still need to understand what retiring at what age will mean for your benefits, and to discuss with your financial advisor if it's worth waiting a few extra years to increase your benefits.
2. Work at Least 35 Full Years
The Social Security Administration determines how much you'll receive for your payout by using "average indexed monthly earnings" (AIME). AIME considers the 35 years you made the most money. If you didn't work for 35 years, the years you didn't receive an income count for nothing. If you were in the workforce for more than 35 years, the years in which you earned the most will take the place of your lower earning years, boosting your monthly check.
If you keep 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 incredibly helpful in increasing 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 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 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 the higher benefit is. Again, you will not get the full 50% of you retire before your full retirement age.
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 later elect for your benefit if that will be higher.
5. Avoid Paying Too Much in Social Security Taxes
Tax planning is an important part of any financial consideration, including once we retire. There will be tax consequences if you claim benefits in Wildwood, 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, 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 Social Security income will be subject to federal taxes. 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 factor to take into account is that if you keep working after you start receiving benefits, 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 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 in the official 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 just don't have the time, knowledge, or interest to manage their retirement planning and Social Security benefits themselves. With large portions of our everyday lives spent on our careers and our families, it can be easy to let something important like Social Security planning get lost in the shuffle when it feels like it's years, or even decades, into the future. Correct Capital's group of Wildwood, MO Social Security consultants has over 75 years of combined experience helping individuals, families, and business owners live out the retirement of their dreams, and have peace of mind about their financial future. Our team is made up 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 Wildwood, MO such as 401(k) rollover, we'll do our part to provide you with a financially secure and happy retirement.
For more help with your retirement planning needs in Wildwood, MO, take advantage of Correct Capital's and Savology's free online retirement retirement planning tool, or schedule a get-to-know-you call with a member of our team 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
- Small Business Retirement Plans
- Tax Planning
- Retirement Calculator
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 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 314-930-401(k) or contact us online for dependable, experienced, and trustworthy Social Security consultants in Wildwood, MO.