Think Twice Before Going Back to Work! A Part-Time Job Could Actually Cost Money

Inflation has hit retirees especially hard this year. Many seniors are thinking about going back to work or picking up a part-time job to help make ends meets. Before you submit a job application, be sure to consider the implications. That extra income could impact how much money you get from Social Security.

A CNBC report explains what you need to consider if you are collecting Social Security but have not reached full retirement age. Your new wage income could reduce your monthly benefits.

This shouldn’t be a big problem if you’re only working a few hours each week, but if your annual income will be over $18,960 then you need to think carefully. Your Social Security benefits will be reduced by $1 for every $2 you earn over that threshold.

Don’t worry. You don’t lose that money. It’s just delayed until after you reach full retirement age. Then it will be included in your monthly Social Security benefit checks.

The Seniors Trust thinks retirees would not need to consider part-time jobs if Social Security paid bigger benefits and the annual cost-of-living adjustments actually reflected the increasing expenses seniors face. We want to see Social Security improved through passage of the Social Security Expansion Act. You can show your support by signing this petition to Congress.