Signing up for Social Security
Terry, I turned 65 last March, I am thinking about taking my pension December of 2023. As owner of the company I will continue to draw a salary. Am I required to sign up for social security Evan though I won’t be taking it? How about my wife who will turn 65 in July of 2023 and does not work? Thanks
Terry Says
You should definitely wait until age 70 to sign up for Social Security — if you can afford to. You’ll get an additional 8% in your base check for every year you wait– plus future COLAs will come on top of a higher base.
But when it comes to strategies for spousal SS, it gets more complicated.
Here’s a suggestion I hope you will take. Go to www.MaximizeMySocialSecurity.com and let them run the numbers as to when your wife should file, and if she is eligible on her own record from previous work earnings.
But if she is collecting on YOUR retirement benefits, she must definitely wait until HER full retirement age to make this work. Again, pay he $39 and get a full understanding of how to do this.
ALSO, though you didn’t ask, you should file for Medicare at age 65. If you own a small business, with fewer than 20 employees, it becomes the primary payer — even if you have company health insurance for others. Your company becomes the secondary payer. For more information and advice on doing that correctly, go to www.65incorporated.com.
