Working while collecting Social Security may mean less Social Security and more taxes
With so many of those approaching retirement being short on savings for their golden years, it’s quite common to see people continuing to work well into their 60’s. But if you continue to work after you’ve started your Social Security benefits, you could be surprised to find out that Social Security will withhold some of your benefits if you exceed their “earnings limit”. And, you may find that working also means that a portion of your Social Security benefits will become taxable income. This Investopedia article by Evan Levine explains how and why your Social Security benefits may be reduced and taxed. Click here to read more.