Question

Retirement at 62/sale of business

Forum|Forum|4 years ago
July 15, 2021
1 reply
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I will be retiring in April 2022. I am selling my business and will be getting $100,000 per year in stock sales, i think it is 1099 income. Will I be able to collect my ss at 62 with this business sale income? Also, what is the best way to invest this money so that it earns interest, but is there for an emergency?

V

VincentL12345

What Income Is Included in Your Social Security Record?

Only earned income, your wages, or net income from self-employment is covered by Social Security. If money was withheld from your wages for “Social Security” or “FICA,” your wages are covered by Social Security. This means you are paying into the Social Security system that protects you for retirement, disability, survivors, and Medicare benefits.

Pension payments, annuities, and the interest or dividends from your savings and investments are not earnings for Social Security purposes. You may need to pay income tax, but you do not pay Social Security taxes.

When SSA figures out how much to deduct from your benefits, they count only the wages you make from your job or your net profit if you're self-employed. They include bonuses, commissions, and vacation pay. They don't count pensions, annuities, investment income, interest, veterans, or other government or military retirement benefits.

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