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Ask Rusty – Will Paying the IRS Quarterly Increase My Social Security?

May 10, 2022 | Presenting: Russell Gloor - AMAC Foundation Social Security Advisor

Dear Rusty: I waited to sign up for Social Security until I turned 70 last month so I would qualify for the maximum benefit. I have been the pastor of a small church for the last 15 years & they didn’t take out deductions, so I paid in quarterly at the advice of my accountant so I would have an amount built up when the time came for me to sign up for Social Security. I received my first SS payment in March for $1757.00 after Medicare was deducted. I have been told that once you turned 70 you get the maximum SS benefit, but my accountant thought that I can still pay in quarterly to boost that $1757. I don’t want to pay in anymore if it’s not going to increase my amount (other than cost of living increases), so what do I tell my accountant? He’s waiting to hear from me before he completes my income tax return. Signed: Inquisitive Pastor

This recording presents the viewpoints of the AMAC Foundation’s Social Security Advisory Staff, trained and accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). NSSA and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government. To request additional information, contact our Advisory Staff at 888-750-2622, or email us at [email protected].