Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
pedroalcosta
Returning Member

Payment more the social security

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

How could I do that?

2 Replies
KochuK
Employee Tax Expert

Payment more the social security

Hi pedroalcosta, good day! 

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

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
TaxT2021
Employee Tax Expert

Payment more the social security

Hi  Mr Acosta.

 

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

 

To clarify your objective:

  1. You would like to increase your expected Social  retirement benefit 
  2. 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 :

  1. 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!

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Dynamic AdsDynamic Ads
Privacy Settings
v