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Christopher B, Esq.
Christopher B, Esq., Attorney
Category: Social Security
Satisfied Customers: 2768
Experience:  associate attorney
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I have a sudden chance to sell my self employed business and

Customer Question

I have a sudden chance to sell my self employed business and retire by the end of 2016. My wife turns 62 next Tuesday and I turn 62 in July of 2016. We would like to start collecting social security as soon as possible due to this sale of my business. Is there any one BEST way to apply for benefits that we might be unaware of or should we just start the on line application?
Submitted: 8 months ago.
Category: Social Security
Expert:  Christopher B, Esq. replied 8 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. Normally the online application is easiest. Understand that if you retire at age 62, your amount will be reduced by 30%. All the loopholes related to the spousal benefit have been closed and you are not grandfathered into these changes, so there is no plan opportunities related to this. Also understand that if you are yoru wife are working (I know you said you were selling your business), it does not makes sense to retire early. Any income that is earned (by working W-2 income or by income from your business) reduces your SS benefit $1 for every $2 earned over $15,720, so keep that in mind. See link for SSA app: https://secure.ssa.gov/iClaim/rib 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.
Expert:  Christopher B, Esq. replied 8 months ago.
Just checking back in, do you have any further questions?