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Retirement and Social Security benefits

No matter how much most people look forward to retirement, they might find themselves missing the financial benefits and social interaction he or she enjoyed when they were working. Perhaps obtain a part-time or full-time job may enable you to rely less on retirement savings, which leaves more room to grow for the future.

Maybe they’ll are looking forward to pursing their dream of owning their own business. Whether working during is either a necessity or choice, make sure you understand the financial implications.

If you receive Social Security retirement benefits and you are younger than full retirement age, which is 65 to 67, you benefits will be reduced if you earn a certain amount. In 2010, $1 in benefits will be withheld for every $2 earned over the annual earnings limit of $14,160.

However, not all income earned will reduce Social Security benefits. Social Security will take account wages you have earned as an employee or net earnings from self employment, as well as other types of work-related incomes. Keep in mind that IRA payments/investments, pensions, annuities will not reduce your benefits.

 

 

 

 

 

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