If you’ve retired, you may have thought you closed the book on one chapter of your life. But what happens if you need to “reverse” your retirement?
Due to higher inflation and rising interest rates, many retirees are taking out more money from their retirement accounts than they had originally anticipated. As a result, some are headed back to the work- force. If you’re thinking of joining them, you’ll need to consider some factors that may affect your finances.
First, if you’ve been taking Social Security, be aware that you could lose some of your benefits if you earn over a certain level, at least until you reach your full retirement age, which is likely between 66 and 67. Specifically, if you are under your full retirement age for the entire year, Social Security will deduct $1 from your benefit payments for every $2 you earn above the annual limit, which, in 2024, is $22,320. In the year you reach your full retirement age, Social Security will deduct $1 in benefits for every $3 you earn above a different limit, which, in 2024, is $59,520.
