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ShawnA, SS Expert, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS , Decades of experience helping clients..
Category: Social Security
Satisfied Customers: 2884
Experience:  SS Expert, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience helping clients..
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I retired in 1994 from Civil Service with 20 quarters

Customer Question

I retired in 1994 from Civil Service with 20 quarters of Social Security wages before Civil Service. In 2004, I started a small tour business. I have paid taxes fully each year, but have not contributed any to Social Security. Is there any way I might pay some back contributions, catch up, get my 40 quarters, and be eligible for Social Security when I retire from the tour business. I am owner and sole employee of the business and 75 yrs old.
Submitted: 2 years ago.
Category: Social Security
Expert:  ShawnA replied 2 years ago.
Hello. My specialty is focusing on YOUR Financial needs. Financial Planner/Business Owner for 20 years. CPA,PFS,QFP,GMMA.
Unfortunately there is no "catch up allowed".
As you probably know you need 40 quarters to qualify. If you get a part time job for 10 more quarters you will qualify but the payments will be small.
Sorry to be the bearer of bad news.
Customer: replied 2 years ago.
How would 10 more quarters plus my current 20 quarters add up to 40 quarters. Did you read my question? If, starting now, I work 20 more quarters, would I then qualify for 40 quarters. I have a nice little income ($2000/yr) from my current tour business.
I have already worked 44 quarters in the tour business, but haven't contributed anything. You sure there's no way to "catch up?"
Expert:  ShawnA replied 2 years ago.
I apologize for the typo, it should have said 20 more quarters.
As I stated in order to obtain SS you must have participated/paid into it for a total of 40 quarters. As there is no way to "buy back" past quarters you would have to work until you have 40 quarters (about another 5 years) and then you would be eligible to collect.
SS is unlike civil service where you are able to buy back years (i.e. using military service for example and making a payment.)
Despite working 44 quarters because you didn't contribute they don't count.