Finance

Can applying for social security hurt a 63-year-old small-business owner?

min read
Opinions expressed by Entrepreneur contributors are their own.
Applying for Social Security before the mandated retirement age and/or while still working part-time can adversely affect the amount of the benefits to which your father is entitled.  If he's 63 now, he was born in 1945 (or thereabouts), for which the retirement age is 66.  In addition, he would have to advise Social Security whether he intends to fully retire or continue to work in some capacity.  Earnings can reduce his benefits.  Visit www.socialsecurity.gov  (and especially http://www.ssa.gov/pubs/10038.html) for more information and helpful fact sheets on your father's situation.

More from Entrepreneur

Amina AlTai teaches entrepreneurs and intrapreneurs how to balance a thriving career, body and mind.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. Try risk free for 60 days.

Latest on Entrepreneur