A Business Owner Paid Himself a Low Salary for Decades to Save on Taxes. The Trade-Off Shows Up Now, in a Smaller Social Security Check, and Selling the Company Won’t Fix It.
A 66-year-old business owner running an S-corporation for decades is planning his exit. A buyer is circling, and he expects the sale to fund retirement. When it came time for him to request his Social Security statement, the projected monthly benefit was lower than expected. Friends with W-2 careers and similar lifestyles were getting noticeably ... A Business Owner Paid Himself a Low Salary for Decades to Save on Taxes. The Trade-Off Shows Up Now, in a Smaller Social Security Check, and Selling
A 66-year-old business owner running an S-corporation for decades is planning his exit. A buyer is circling, and he expects the sale to fund retirement. When it came time for him to request his Social Security statement, the projected monthly benefit was lower than expected. Friends with W-2 careers and similar lifestyles were getting noticeably ... A Business Owner Paid Himself a Low Salary for Decades to Save on Taxes. The Trade-Off Shows Up Now, in a Smaller Social Security Check, and Selling
What's Your Reaction?
:max_bytes(150000):strip_icc()/GettyImages-2187410260-5afe56694791404f99c253dd8d5abe6a.jpg?#)
