BUSINESS START UP

halifaxhops said

If you dont pay into social security, I think it is 40 good quarters, you will get very little when it is time to collect it. My friend worked off the books most his life, is 70 now did body work up to last year off the books and gets less than 500 a month from SS and has nothing else as income. He is lucky he has good friends.

Click to expand...

Remember Fotomat?
A buddy of mine and his wife owned 3 or 4 of them.
They had a "minilab" at the house and processed film there. When they closed the Fotomats up, they still had pharmacy's they worked with, so they weren't hurting.
When digital cameras became a thing, they were in denial, and wouldn't buy the equipment.
Now they're screwed.
Turns out neither were honest with the IRS and neither paid SS taxes for themselves.
I was out to their house the other day and he was telling me that they both are working at a convince store to get their 40 good quarters in with SS.
They're collecting SS but between them it's less than a $1000 a month. He found out what a 35 year old "minilab" is worth when he tried to sell that, not much. They did put some money back, but 2008 was hard on that.
Don't skimp or if you're gonna, get yourself a part time gig for SS reasons.