I'd like to be able to figure out (relatively easily) how to calculate where we are in relation to the bend points on an ongoing basis. Maybe something I can plug into a personal spreadsheet? Anyone know a calculator that shows this? My knowledge of SS is very limited.
Backstory:
Because my wife and I contract our services out through our personal LLC (s-corp), we have the power to pay ourselves pretty much whatever we want. As such, I can control the income taxed (or not) by social security, as well as the amount each of us is paid.
I'd like to investigate the "right payments" to maximize social security considering the current "bend points" in the system. My wife is naturalized citizen, and will have a less than 30 year history most likely, with relatively low wages. I will have 30 or near 30 history, mostly toward the top end of the scale. birth years '69 and '78.
Backstory:
Because my wife and I contract our services out through our personal LLC (s-corp), we have the power to pay ourselves pretty much whatever we want. As such, I can control the income taxed (or not) by social security, as well as the amount each of us is paid.
I'd like to investigate the "right payments" to maximize social security considering the current "bend points" in the system. My wife is naturalized citizen, and will have a less than 30 year history most likely, with relatively low wages. I will have 30 or near 30 history, mostly toward the top end of the scale. birth years '69 and '78.