I am taking ss payments early at 62 but I have owned my own business for years and my accountants never paid into ss payments enough . Is there any way I can pay into the system now to increase my monthly benefits now?

Hi,

Your retirement benefit rate is based on your highest 35 years of wage-indexed earnings (https://www.ssa.gov/pubs/EN-05-10070.pdf). You can potentially increase your benefit rate if you earn more in wages or self-employment earnings this year or in future years than in one or more of your previous 35 highest earnings years. However, there is a limit on how much you can earn and still draw benefits prior to full retirement age (https://www.ssa.gov/planners/retire/whileworking2.html). And, you can't make voluntary contributions of Social Security taxes above and beyond what is required based on your actual earnings in order to increase your benefit rate.

Furthermore, taking benefits at age 62 reduces your full monthly benefit rate by roughly 25%, so you may want to reconsider starting your benefits early. If you've already filed, you should have up to 12 months from your entitlement date in order to change your mind and withdraw your claim (https://www.ssa.gov/planners/retire/withdrawal.html). You should strongly consider using the maximization software available on this website in order to explore your filing options and determine your best strategy.

Best, Jerry