My client Mark is 62 and runs a baking business with his wife. This is the second marriage for them both and they have 3 older children as well as their 14 year daughter.

The business is doing well but weighed down by a high interest SBA loan. They were struggling to turn a profit and had to deal with some employee turnover. They needed an additional source of income. I initially believed they were looking for money for the business based on how things were presented.

After further discussuion, what they really were concerned about was making sure to have sufficient income for their daughter to finish high school and start college. We looked at the possibility of using social security. We ran the numbers and Bob decided it made sense to apply for social security now, even though he knew he was giving up a lot of money later. His breakeven between taking it early versus later was many years out. But, if he took social security now, his daughter as a minor could also get benefits until she turns 20.