Payment more the social security

pedroalcosta · ‎July 15, 2021

I'd like to pay more the Social security to improve my earning during my retirement.

How could I do that?

KochuK · ‎July 15, 2021

If you already retired and are taking social security, you can still work as an employee or self employed and pay more social security tax.

Quote

Each year we review the records for every working Social Security beneficiary to see if the additional earnings will increase their monthly benefit amounts. If an increase is due, we calculate your new benefit amount and pay the increase retroactive to January following the year of earnings. For example, if you have earnings in 2020 that will increase your monthly benefit amount, we will increase your benefit amount retroactive to January 2021 once we review your record.

Unquote

https://faq.ssa.gov/en-us/Topic/article/KA-01963

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TaxT2021 · ‎July 15, 2021

Hi Mr Acosta.

Nice speaking with you and I hope that your day is going great!

To clarify your objective:

You would like to increase your expected Social retirement benefit
To do that you are asking if additional Social Security benefits are obtainable by excess contributions on your current earning.

That is a great goal but, Social Security Benefits are based on:

Lifetime earnings, and
Age at time of retirement.

So the answer is no but, if you have disposable income (excess) I recommend :

Open an IRA
1. Traditional (deductible based on income)
2. Roth (non deductible and grows tax free)
3. Participate in your employers retirement plan

Again, contact our Mint or TurboTax Live professionals for additional discussion.

Thank you for your contacting Intuit

All the best!

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Payment more the social security

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