Yes, I really have friends and yes, these are real questions. I told my friends that I had no clue about taxes or Social Security so I would give y’all a chance to answer some queries.
Husband is 60 years old and is collecting a $47K retirement. Wife is 59 years old and is making about $80K per year working at a business that she and husband own.
(1) If husband wants to start collecting his social security at age 62, does the retirement count as income (meaning his social security benefits will be cut down)?
(2) Would it be better if the husband became the wage earner when wife turns 62 so that she is getting no income and full social security?
(Frankly, I didn’t even know what questions to ask these folks. If I am not seeing something, please let me know. And thanks!)