The earlier you start preparing and saving for retirement, the more money you will have after you stop working. In today’s society, many people are continuing to work late into life. Some seniors work because they need the money, while other seniors have the energy and want to stay engaged.
Whether you’re preparing to retire or have already left the workforce, the U.S. Department of Labor offers sound advice about saving and holding on to your money. For more information from the Department of Labor, select the link below:
In addition to making sure that you have the money to retire, you will need to plan on how you will spend your time! Will you volunteer your time in your community? Will you spend time with your grandchildren? Are you looking forward to attending senior center activities?
How much am I allowed to earn without jeopardizing my social security benefits?
The Social Security laws changed a few years ago and now seniors can work more without jeopardizing their Social Security benefits. The allowable amount varies from senior to senior, depending upon factors such as age, current benefit amount, etc.
Below is a representation of a calculation form that is available on the Social Security Administration’s web site.
The screen shot (below) is for illustrational purposes only. It is not a functional form.
To use a functional form to calculate the amount of wages you can earn, you must access the web site of the Social Security Administration.
To access the calculation form, select the link below: