I am 60 and self employed for 30
Years. the vast majority of my income was / is from
company profit distributions and 1099 income. My questions:

What can I do now and for the next few years to maximize or build up more social security benefits for myself (and spouse, same situation) before I / we retire? (i.e.; pay myself a W-2 income)

Hi. Your Social Security retirement benefit rate will be based on an average of your highest 35 years of wage-indexed Social Security covered earnings. You can increase your benefit rate by replacing a lower past year of earnings with a current or future higher year of earnings, a few years of high earnings aren't likely to substantially increase a 35 year average.

Social Security covered earnings consist of covered wages reported on a W-2 form, or self-employment net profits reported on schedule SE of a person's tax return. If your business is incorporated and you're in a position to control the amount paid on your W-2, note that per IRS and Social Security regulations the amount that you are paid should be commensurate with the services you perform. In other words, you are not supposed to artificially inflate the amount that you pay yourself in wages. That would also apply to any wages paid from your business to your spouse.

I don't have enough information about you and your wife to be able to give you any personalized advice, but you 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