Social Security Advice Needed to Retire from my Small business
Hi all I am a 66 year-old optometrist in New York City. I have owned my own business for over 25 years and definitely have been working with taxable income for over 35 years at this point. I am looking to retire at 70 years old or later so I have a few few years to go. After Covid, we changed my business from an S Corp. to a C Corp. and some of my income is taken in distributions while I collect a $75,000 a year on the books.
My wife also works. She is about a year younger than me and we would be looking to retire at the same age. She works fully on the books as a registered nurse.
I’m not particularly savvy at Personal financial planning, but would increasing my income over my remaining working years boost my Social Security payout significantly? Is this a smart idea or should I be doing something else that is savvier?
Please be gentle on me.. I am interested in any and all advice; this is not my strong suit !
According to the online calculator on ssa gov:
Retirement at 67
$3454
Retirement at 70
$4284