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
- Traditional (deductible based on income)
- Roth (non deductible and grows tax free)
- 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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