No. of Recommendations: 2

Your suggestion of starting a business may well help increase SS payments, but you seem to have some misunderstandings:

$2000 in an IRA is not going to grow much before you are eligible for SS.

The contribution limit for IRAs 2007 is $4000. It will be $5000 next year. It hasn't been $2000 since 2001.

The advantages are in figuring your SS payments. They are based on your last three years wages.

SS payments are based on your highest 35 years wages (after indexing), not your last three years. Here is an explantion from the Social Security website: (If you want to preview the LONG url, go here: )

Print the post  


When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.