Llc earnings impact on social security benefits
I am 62 years old and currently collecting Social Security benefits. If I start an LLC does any money I make from the LLC count against my earned income for Social Security benefits?
Terry Says
Yes. It would impact your benefits if you take benefits before your full retirement age. Until you reach full retirement age, your benefits will be reduced by $1 for every $2 you earn in excess of $18,240 for 2020 and $18,960 for 2021. In the year you reach full retirement age, your benefits will be reduced by $1 for every $3 you earn above $48,600 for 2020 and $50,520 for 2021.
So if you’re planning to earn income certainly don’t take early SS! also, taking it early permanently reduces your benefits over your lifetime. Warning to everyone: WAIT!
