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Financially Simple Bizcast


The Financially Simple podcast is your one-stop resource for small business owners. Gain unique insights into growing, refining, and selling businesses. You will hear ways business owners have reduced their tax liabilities, increased their income, improved office morale, saved for the retirement of their dreams, and more.
Host Justin Goodbread is a serial entrepreneur, award-winning CFP® (Certified Financial Planning professional), CEPA® (Certified Exit Planning Advisor), and CVGA® (Certified Value Growth Advisor) with years of experience guiding business owners from start to exit in their business.

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: https://financiallysimple.com/minimizing-negative-tax-implications-when-selling-a-business/

 

TIME INDEX:

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

 

USEFUL LINKS:

Financially Simple

Financially Simple on YouTube

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Determining Your Eligibility and Estimated Benefits

Income Taxes and Your Social Security Benefit

Best Age for Social Security Retirement Benefits

Should You Take Social Security at 62?

 

DISCLAIMER:

The Financially Simple podcast provides information, guidance, and support to Small Businesses in the United States. Host Justin Goodbread is a serial entrepreneur, CFP (Certified Financial Planner), CEPA (Certified Exit Planning Advisor), CVGA (Certified Value Growth Advisor), Investopedia Top 100 advisor, and business strategist with over 20 years of experience. Justin owns Heritage Investors LLC, a registered investment adviser with the State of Tennessee. Heritage Investors only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. This material is for general information only and is not intended to provide specific advice or recommendations for individuals. To determine what is appropriate for you, please consult a qualified professional.