If I am over 65 years old and receiving Social Security, can I still put a small business under my name?
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If I am over 65 years old and receiving Social Security, can I still put a small business under my name?
Asked on October 22, 2011 under Business Law, Wisconsin
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Even though Social Security is thought of as retirement income, it is age-related, not employment-status-related. That is, unlike a pension, which one cannot collect until one has retired from the job, your eligibility for social security depends entirely on your age. You may work and collect social security, and that includes working as someone's emploee; being an independent contractor or freelancer; or starting or owing a small business. So yes, you can do this; just remember that for income tax purposes, you need to account for your total income, from all sources. If you haven't already, go to the AARP website and/or call AARP; they may have certain programs or discounts, such as better rate on some services or insurance you need, which you can take advantage of. Good luck.
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