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Christopher B, Esq.
Christopher B, Esq., Attorney
Category: Social Security
Satisfied Customers: 2922
Experience:  associate attorney
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I began claiming ss benefits in Sept 2015 when I reached my

Customer Question

I began claiming ss benefits in Sept 2015 when I reached my 65th birthday. I also took medicare with medicaid. I intend to start a business in a few months and expect that the paltry $840 I now receive monthly (I know, it a very small amount -- I was ignorant & worked for cash most of my life), will be completely obliterated by the profits from my new business. Is there any way to defer or preserve my benefits until I'm 70? I expect that at 70 I'm going to be quite wealthy.
Submitted: 9 months ago.
Category: Social Security
Expert:  Christopher B, Esq. replied 9 months ago.
How old are you now?
Customer: replied 9 months ago.
65 + 7 months. 66 in September, 2016.
Expert:  Christopher B, Esq. replied 9 months ago.
My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship. Since you are now in the year you reach full retirement age the earned income penalty has different rules. Before this the penalty is $1 for every $2 earned over $15,720. This year for you the penalty is $1 for every $3 earned over $14,880 and this is ONLY income before you turn age 66. Your monthly benefit still might be completely obliterated depending on how much money you will make. There is one other option though. Social Security allows a 1 time rescission of your benefits if done within 12 months of your initial election. All SS benefits you earn must also be paid back. You can then delay your retirement benefit until age 70 and earn 8% credit increases per year from ages 66-70 for a total of 32%. This should solve your problem, either way. Please let me know if you have any further questions and please positively rate my answer if satisfied. There should be smiley faces or numbers from 1-5 to choose from. This extra step will cost you nothing extra and will ensure that I will be compensated for my time by the site.
Customer: replied 9 months ago.
My phone says that you're calling me but you weren't there when I picked up. Please type your response. Thanks.
Expert:  Christopher B, Esq. replied 9 months ago.
That was not me that was calling, that has to be an extra service that has an extra charge, but I did type out my response.
Expert:  Christopher B, Esq. replied 9 months ago.
Please let me know if you have any further questions and please positively rate my answer if satisfied. There should be smiley faces or numbers from 1-5 to choose from. This extra step will cost you nothing extra and will ensure that I will be compensated for my time by the site.