Planning to Work in Retirement? Here's How It Will Affect Your Social Security
If you're planning to continue working well into your senior years, you're not alone. Around 49% of baby boomers say they expect to keep working into their 70s or never retire at all, according to a 2023 report from the Transamerica Center for Retirement Studies.
In some cases, though, working after you've started collecting Social Security could reduce your benefits. To avoid any surprises, then, it's important to know how your career plans will affect your monthly checks.
If you're still earning income from a job after filing for Social Security, your wages will be subject to the annual earnings test. This is essentially an income limit to determine how much of your benefits will be deducted based on your earnings.
Source Fool.com
