Private business owner looking to collect SS benefits

[polg0003]

Hello, I have been running a business for over 20 years and have reached the age of retirement. Is there any way to collect social security benefits without having to discontinue running my business?

Im just starting to research this topic, but if anyone could point me in the right direction I would appreciate it.

Thanks in advance

[Petunia 100]

Hello, I have been running a business for over 20 years and have reached the age of retirement. Is there any way to collect social security benefits without having to discontinue running my business?

Im just starting to research this topic, but if anyone could point me in the right direction I would appreciate it.

Thanks in advance

Of course you can collect if you are old enough. You are subject to the same earnings limit that W-2 employees are. You likely will want to wait until you have reached your full retirement age.

[Like2Plan]

Hello, I have been running a business for over 20 years and have reached the age of retirement. Is there any way to collect social security benefits without having to discontinue running my business?

Im just starting to research this topic, but if anyone could point me in the right direction I would appreciate it.

Thanks in advance

There are a lot of variables. If you have reached full retirement age FRA (which varies depending on the year you were born), you can collect SS without taking a benefit reduction if you have other income.

If you are 62, but below your FRA your SS is reduced $1 from your benefit payments for every 2 you earn above the annual limit (for 2014, that limit is $15,480). There is a special rule in the year you reach FRA which allows higher income. For more details:
Retirement Planner: Getting Benefits While Working


link to Social Security Benefits