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The average retired-worker benefit at age 62
You can start receiving your Social Security retirement benefits as early as age 62; however, if you start receiving benefits early, your benefits are reduced. There are advantages and disadvantages to taking your benefits before your full retirement age; however, you should be aware that claiming your benefits early will impact the amount of your Social Security benefits. Trevor Jenniewine outlines the average Social Security benefit at age 62 compared to the average benefit amount at other ages. Read Mr. Jenniewine’s article here…
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I am 64 and thinking of applying for social security benefits, my wife is 56. I am currently receiving a pension from my previous employer. My wife and I own a small business where I am the sole proprietor. We file our taxes jointly.
For tax purposes, would it be beneficial to make my wife the sole proprietor, form an LLC or other?
Bill:
Thanks for the message. Unfortunately, our Advisory Service is limited to Social Security areas. We are not accredited to provide tax advice, other than to answer questions related to how Social Security benefits become subject to federal income tax. We advise you to contact a certified accounting firm regarding your question.
Gerry Hafer, Social Security Advisor
AMAC Foundation
888-750-2622
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