When Should a Business Owner Start Social Security?

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. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  ARTICLE TRANSCRIPT: BLOG: 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 Financially Simple on Facebook Financially Simple on Twitter 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? _______________ BIO: 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.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. 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