Social Security is a government-backed retirement program. Workers across the country pay a Social Security tax each year in exchange for a payment each month in retirement, or if disabled in some cases. This retirement fund isn’t quite a guarantee. For the most part, workers from all backgrounds can count on social security. Still, there is a very special way as to how social security works for business owners. This is important to understand in order to get the most from your social security.
Social Security is a sometimes controversial program. It seems a decade doesn’t go by without a government leader threatening that Social Security may run out of money. Some think the program should be canceled. For now, it is the law of the land. Plus, it’s something that would be incredibly unpopular to eliminate or reduce. As a business owner, how does Social Security work? Let’s dig in and find out.
