Achieving Social Security Benefits For Retirement When Your Business Is Your Sole Income

Planning for retirement & want to receive full social security benefits with your business as your sole income stream?

In this week’s training, learn exactly what you need to plan & achieve in your business to be fully qualified for retirement.

Qualifying For Social Security Retirement Benefits

To receive SSA benefits when you turn the qualifying age, you must first have achieved the right amount of working credits which is currently 40 credits.

Credits are earned in the amount of 1 credit per quarter (every 3 months) with the max amount of credits being 4 per year. (Equivalent to 10 years of work.)

To achieve your 1 credit per quarter, you must achieve the set profits (updated yearly by SSA.gov) in your business each quarter.

Currently, in 2024, you will need to do the financial planning & make $1730 net profits (after expenses are deducted) per quarter to gain your 1 point credit per quarter.

(Picture from Danielle’s Social Security Statement in 2024 provided by SSA.gov)

To learn more & check the current year benefit regulations be sure to check out ssa.gov/planners/credits.html

Mindful Business Goals For Retirement

Due to the fact our clients here at Passion Profit CEO are Lifestyle Entrepreneurs & many of us only work 6 months out of the year, it’s important to have a current awareness where you are on your retirement journey & know what still needs to be achieved.

This makes it very important to factor in your retirement goals when planning your business operations & financial projections.

If you have not already achieved your SSA credit goals before starting your business, making sure you operate your business in alignment with your retirement goals is crucial especially if your business is going to be your sole income source so that you are efficiently contributing to your benefits.

Also, it’s important to factor in your contribution goals (which also means your profit achievements in your business) as the SSA takes your highest contributions over 35 years to calculate the benefits you will receive.

CONCLUSION

Having a current awareness of your credits achieved & how many more you need to be fully retirement benefits eligible with social security will play a vital role in how you choose to operate your business in the first few years.

Also, when your business is your sole income, you must achieve at minimum the SSA financial contribution goals quarterly to accumulate your SSA credits & financial contributions.

Be sure to talk with your CPA to ask any questions about creating a good retirement plan for yourself & don’t for get we are here to support you in structuring your business to achieve your unique goals.

Need Further Support?

Schedule a consult to get 1:1 support structuring your business operations & financial projections to align with your unique retirement goals & hold you accountable to achieving them.

Need support planning your business operations? Gain access to your copy of The Yearly Business Planner Template.

Ready to learn how to do quarterly financial projections for your business? Check out the Quarterly Financial Planning Masterclass & Template.

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