May 23, 2019
In episode 158 of Financially Simple, Justin takes a look at when you should start claiming on your Social Security.
As retirement approaches, you might feel like claiming on your Social Security early or even take early retirement; or you might decide to keep working at your business and make the most of your Social Security once you do reach retirement age. Justin goes over some considerations you should have before deciding one way or the other.
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ARTICLE TRANSCRIPT: BLOG: Minimizing Negative Tax Implications When Selling a Business
01:08 - When Should a Business Owner Start Social Security?
02:23 - The Three Ages of Social Security
02:33 - Full Retirement Age
03:48 - Early vs. Delayed Benefit
06:09 - Taxation of Early Benefit
08:09 - Claiming on Your Spouse’s Early
10:03 - The Key Thing to Consider
12:09 - What is the Latest You Can Take it?
13:01 - Why is it Such a Big Deal?
14:23 - A Case Study for the Analytically-Minded
18:24 - So When Should You Start Collecting Social Security?
19:29 - When Should you Take Social Security at 70?
20:41 - Wrap Up
Justin A. Goodbread, CFP®, CEPA,
CVGA, is a nationally recognized financial planner, business
educator, wealth manager, author, speaker, and entrepreneur. He has
20+ years of experience teaching small business owners how to
start, buy, grow, and sell businesses. He is a multi-year recipient
of the Investopedia Top 100 Advisor and 2018 Exit Planning
Institute’s Exit Planner Leader of the Year.
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