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Social Security benefits aren’t the only financial aspect that are affected by a retiree choosing to go back to work. There are other things, like 401(k)s and taxes, that should be considered.
Returning to work after retirement can impact your Social Security and 401(k). It’s important to assess how your finances will change before making any adjustments to your investment strategy.
Despite the potential reductions, there’s a hidden upside to working in retirement: potentially increasing your long-term Social Security benefits. Social Security benefits are calculated based ...
“If your world changed, and you’re back at work and no longer need that income from Social Security, you can voluntarily suspend it and hit the pause button between full retirement age and 70 ...
For example, a "normal" spousal or widow(er)'s benefit of $1,000/month was reduced to $0.00, if the spouse or widow(er) was already drawing a non-FICA taxed government pension of $1,500 or more per month. Pensions from work where Social Security taxes were paid, did not reduce Social Security spousal or widow(er)'s benefits.
Image source: Getty Images. 1. Continue working in your 60s and beyond. Many seniors opt to continue working or go back to work even after claiming Social Security, for financial reasons or the ...