Will my Social Security Retirement check be reduced if I work ?
Even after retirement a few people are still strong enough to handle another job that can still earn them an income however small. However it is important to know whether you will still get your social security check or whether the amount will be reduced due to the fact that you are still working so that you can make your financial decisions appropriately. Well your social security retirement check does not get reduced if you work but this is dependent on a number of factors.
Factors Affecting How Much Is Reduced From Your Retirement Check If You Work
Firstly, how much you are earning is put into consideration and an earnings limit is placed such that if one goes above the set limit, then the extra amount is reduced from your social security retirement check. For every 3 dollars earned one is recouped by the social security. Taxes payable also dictate how much will be given to you in your social security retirement check. Social security also looks at the cost of living increases before reducing any amount from your social security retirement check.
Important Points To Note About Employment After Retirement
For every new job that you get it is advisable to inform the social security at least every January and February of every year. Do not under quote how much you are earning because the social security will always find out and you may be penalized for it. If you are not sure about the set earnings limit in a given year find out from your local social service or give them a call. Also, find out in advance how often social security requirement checks are issued to enable proper planning of finances.