Q: Can my husband volunteer (with no compensation) for my company after he retires?
My husband and I are partners in a business. He is considering retiring in January. He is 62. I am 49. I will become the sole owner of the company. Can he "volunteer" his services for my company after he retires and keep his full SS payments? Is there a limit on how much he can
volunteer?
A:
He can work there and get social security. Just means that he gets a certain amount deducted in relation to his income.
Second, he may want to wait until he is 66 or so. At 62 he only gets 75 per cent of his benefits. If he hasn't maxed his contribution he may want to put in a few more years. Business can't handle his salary to max (Approx 122 per yer)?
Then he gets his check he can loan it back to the firm. Talk to your accountant about how to do this. Yes, you need an accountant to do this right. CPA not a bookeeper..
A: PS Once he reaches full retirement age, I believe he can work with no limit on earnings --i.e. he earns more than 15 k, no deduction in Social Security Amount! If he waits on collecting he gets a bit more in the monthly amount until at age 70, then no "bounce" by waiting.
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