Social Security benefits and working after retirement

[seniorjudge]

Yes, I really have friends and yes, these are real questions. I told my friends that I had no clue about taxes or Social Security so I would give y'all a chance to answer some queries.

Husband is 60 years old and is collecting a $47K retirement. Wife is 59 years old and is making about $80K per year working at a business that she and husband own.

Questions:

(1) If husband wants to start collecting his social security at age 62, does the retirement count as income (meaning his social security benefits will be cut down)?

(2) Would it be better if the husband became the wage earner when wife turns 62 so that she is getting no income and full social security?

(Frankly, I didn't even know what questions to ask these folks. If I am not seeing something, please let me know. And thanks!)

 

[seniorjudge]

bump..........

 

[trina_m]

please help i have visitation battles

i need help in a case that may be started can you help

 

[trbandrews]

Yes, I really have friends and yes, these are real questions. I told my friends that I had no clue about taxes or Social Security so I would give y'all a chance to answer some queries.

Husband is 60 years old and is collecting a $47K retirement. Wife is 59 years old and is making about $80K per year working at a business that she and husband own.

Questions:

(1) If husband wants to start collecting his social security at age 62, does the retirement count as income (meaning his social security benefits will be cut down)?

(2) Would it be better if the husband became the wage earner when wife turns 62 so that she is getting no income and full social security?

(Frankly, I didn't even know what questions to ask these folks. If I am not seeing something, please let me know. And thanks!)

The retirement he is receiving would not be a problem for the husband to begin is benefits at 62, the income that is counted would only be from actual work currently being preformed. However, the road block is the owning of the business. Even though he may not be working in the business if he owns shares, has any control of the income and decision making it would seem that he has not retired and is only retired for the purpose of receiving Social Security benefits. A corporate officer may not by a "scheme of shifting wages" indirectly receive remuneration in another form which is in effect wages to him in order to avoid deductions for excess earnings. If this is what he would be doing then it would be best for him to wait until he reached full retirement age (FRA) then any earnings he has from any source of employment or ownership would have not effect on his benefits. The same would apply to the spouse. Therefore, if they plan to continue the jointly owned business it would most probably be best waiting until they each have reached FRA. They can make an appointment with their local Social Security office to go in and discuss this in person with someone knowledgable in this area.

Hope this helps!!!!!!!!!!!!!