As for the best type of job you should pursue, it should definitely be something you think you might enjoy -- and one that doesn’t require too much taxing physical labor. However, landing the right part- time job is just one part of this process. You should also meet with your Peachtree City estate planning attorney to learn how much you can earn each year (without having to pay penalty fees) based upon your Social Security benefits and other income. Be sure to also keep in mind the following general information when choosing your next post-retirement job.
Tax Considerations and Other Helpful Information for Working Past Retirement Age
- If you start drawing Social Security benefits before reaching full retirement age. When you do this, and earn above the Social Security earnings limit, your Social Security benefits will probably be reduced. Be sure to ask your lawyer what decreases, if any, you should expect;
- If you’re not careful, some already received Social Security funds may need to be repaid. Although this doesn't happen frequently, you can actually be required to return some previously paid Social Security benefits if your earnings rise too high – assuming you haven’t yet reached your full retirement age;
- Consider waiting to return to work after you’ve reached your full retirement age. If you do this, you shouldn’t see your benefits reduced based upon new earnings;
- Give thought to just doing seasonal work. Many older Americans enjoy getting out during the holiday season and working in a variety of short-term jobs. You may want to work as a customer greeter in a high-end, specialty store; help out a busy shop by wrapping gifts; or consider taking on light delivery duties since many extra packages always need to be delivered during the holidays.
- Should you be self-employed. You are entitled to deduct your actual cost of doing business from your gross earnings. You can check with your Peachtree City estate planning attorney to learn what types of tools, equipment and other expenses can be deducted from your gross earnings when determining how much you're allowed to earn each year.
To obtain help with satisfying all of your Georgia estate planning needs, please contact the Law Offices of Shane Smith today. You can schedule your free initial consultation with a knowledgeable Peachtree City estate planning attorney by calling: (770) 487-8999.