You can do the same with an LLC or (I think) an S-corp. My CPA's been doing that for me for 30 years. Take a nominal salary (my CPA uses $15k) and declare the rest as dividend. You have to pay income tax on all of it, but you only pay SS / Medicare tax on the $15k. Makes a significant difference. With an LLC you don't have to worry about retained earnings or double taxation, but you'd probably pay a higher tax rate (personal income rate vs. corporate rate of 21%). So the C corp may be the best answer, especially with the income levels you're talking about.At that level of income you can save some money using a C-Corp, where you'd be taxed on a smaller salary (say $100K) at ordinary rates plus FICA, but then pay only 21% on the retained earnings in the C-Corp.
With $15k declared income you might slightly reduce your eventual SS income, if that concerns you, but it's not a big deal. With 30 years of mostly $15k income, I'll still get about 80% of the maximum possible benefit.
Your tax pro will also explain that you should pay quarterly estimated taxes. At your job your employer withheld taxes from every paycheck; now you have to do it yourself. If you expect $175k tax liability like @biophase suggests, then you would want to file about $65k in estimated taxes each quarter.