We have a Corp, my husband & I are president & secretary. My daughter works for us too. I am 62 & I want to maximized my retirement at 70 or 72? Should I up my income or can I just up the amount I pay?

Hi. Here's what I can tell you. You can't voluntarily overpay Social Security taxes in order to increase your benefit rate. If you raise your salary you may be required to pay more Social Security taxes, which could potentially increase your benefit rate. However, based on IRS and Social Security regulations the amount that you pay yourself in salary is supposed to be commensurate with the services you perform.

Furthermore, Social Security retirement benefits are based on an average of a person's highest 35 years of Social Security covered wage-indexed earnings, so a relatively few years of higher earnings may not have as much of an effect on your future benefit rate as you may be thinking. You and your husband may want to strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully analyze the options available to you in order to determine your best strategy for maximizing your benefits.

Best, Jerry