Hello friends of ExpertLaw.
I’m age 62 and, unfortunately, have recently suffered some very significant vision problems. So much so, that it has forced me away from my old line of work, which required many hours in front of a computer screen. FYI, a month ago I was declined for disability since vision issues are so intangible/subjective from the outside observer. I’ve not appealed.
So now, it seems to survive, I need to retrain into a completely different line of work that is more physical and less technical. During this time of adjustment, I’ve no income, so I’m entertaining the idea of early retirement.
Today, speaking with the SSA on this notion, I find that if I file for early retirement, I can still work, and I’ve two options:
1.) If I work for another, I can EARN up to $17,040/year.
2.) If I’m self-employed, I can NET up to $1,7040/year.
Regarding net income: I’ve been self-employed most of my professional life. And so, here now, if I’m self-employed again, I would not want to operate as a sole proprietorship because I’d want the protection of an LLC (w/EIN#, not a SS#) plus E&O insurance, etc.
My question: would it be considered legal and ethical in the eyes of the IRS and/or the SSA if this proposed LLC receives all GROSS receipts, to pay for overhead, marketing, accounting, taxes, etc., and pays me, as a W2 employee, no more than $17K/year NET? If it's a plausible way to go without legal retribution, I’ve a legitimate way to slooowly grow a new business. Then, if all goes well, ~4 years from now, at age 66, and if the business has a decent positive cash flow, I could start receiving larger sums of income. Then, maybe, just maybe, I could get back on my feet, regardless of my vision problems — God forbid it gets worse in the interim.
Thank you so very much for any constructive thoughts!
-Lee in California
I’m age 62 and, unfortunately, have recently suffered some very significant vision problems. So much so, that it has forced me away from my old line of work, which required many hours in front of a computer screen. FYI, a month ago I was declined for disability since vision issues are so intangible/subjective from the outside observer. I’ve not appealed.
So now, it seems to survive, I need to retrain into a completely different line of work that is more physical and less technical. During this time of adjustment, I’ve no income, so I’m entertaining the idea of early retirement.
Today, speaking with the SSA on this notion, I find that if I file for early retirement, I can still work, and I’ve two options:
1.) If I work for another, I can EARN up to $17,040/year.
2.) If I’m self-employed, I can NET up to $1,7040/year.
Regarding net income: I’ve been self-employed most of my professional life. And so, here now, if I’m self-employed again, I would not want to operate as a sole proprietorship because I’d want the protection of an LLC (w/EIN#, not a SS#) plus E&O insurance, etc.
My question: would it be considered legal and ethical in the eyes of the IRS and/or the SSA if this proposed LLC receives all GROSS receipts, to pay for overhead, marketing, accounting, taxes, etc., and pays me, as a W2 employee, no more than $17K/year NET? If it's a plausible way to go without legal retribution, I’ve a legitimate way to slooowly grow a new business. Then, if all goes well, ~4 years from now, at age 66, and if the business has a decent positive cash flow, I could start receiving larger sums of income. Then, maybe, just maybe, I could get back on my feet, regardless of my vision problems — God forbid it gets worse in the interim.
Thank you so very much for any constructive thoughts!
-Lee in California
Retirement Benefits: Ethical Forced Early Retirement While Hoping to Grow a New Business
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