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Losing Money by Working too Much in Retirement
Many retirees are finding that they need to keep a job in retirement in order to make ends meet. This is quickly becoming the new status quo for retirees. However, it is important that you know how Social Security benefits work when you have additional sources of income in order to keep from unintentionally harming your finances. If your extra work pushes you over certain thresholds then you may be looking at smaller benefit checks and in some cases higher taxes from being bumped into a higher tax bracket. The amount needed to bump you up varies between each person and is different for couples than for those who are single, the values also change yearly so you may need to make constant adjustments if you are walking a line. For more information visit this article by Michael Molinski with USA Today.
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