Have you ever wondered if working in retirement reduces your Social Security benefits? If you are younger than your full retirement age for the entire year, your benefit will reduce by $1 for every $2 you earn in excess of the [current] annual limit of $22,320. If you start working in the year you reach your full retirement age, your benefit will reduce by $1 for every $3 you earn in excess of the [current] annual limit of $59,520, but only for the months prior to reaching your full retirement age. Once you reach your full retirement age, you’ll start receiving your full benefit no matter how much income you earn.
The bigger question is, are you considering working in retirement because you are worried about having enough income? If so, please give us a call; we may have some ideas you haven’t considered for income you can’t outlive. We’re always here to help.