Podcast Episode 267: Social Security Benefits While Working + Other Mailbag Questions

What You’ll Learn:

Let’s say you’ve walked away from your job and started living life in retirement with your Social Security benefits, but a job offer that was too good to refuse suddenly showed up. How will this impact the benefits you’ve already claimed? We’ll tackle that question on the podcast today plus others on retirement withdrawals and divorce.

It’s time to open the mailbag once again and see what’s on your mind. As always, we do our best to answer your questions on the podcast with the information we have.

The first question we tackle today comes from someone who retired and started their Social Security benefit but just got a job offer that she wants to take. So what needs to be considered from a Social Security standpoint before accepting that job?

The most important thing to keep in mind is that if you’re not at your full retirement age yet and you’re drawing your benefit already, there are limits to how much income you can make before you start losing a significant chunk of that benefit money. Another thing you might wonder about is whether your benefit might increase if you begin paying into the program again with the new job, but that’s probably not going to change much.

The next scenario on the show we’ll discuss is from someone that got an unexpected tax bill but doesn’t have enough cash to cover everything. So should they take withdrawals out of retirement accounts to pay the bill? Since he’s 60, he can access the retirement accounts without a penalty so that’s the good news. There are a few different considerations to think through before you make those withdrawals though so you’ll want to see what the IRS payment plan options are as well.

The last question we have on the show today is from someone who has basically lived as divorced even though they haven’t made it official. This has its benefits like being able to file jointly but what potential issues could come down the road if they ever make it official? We’ll talk through a few of the things that comes to mind in this situation but it’s not one that’s uncommon.

No matter what questions you have, we’re here to offer you the chance to meet and discuss the financial concerns on your mind. Take advantage of our Money Map review to get the process started.

1:16 – Mailbag question on Social Security

2:21 – So many Social Security considerations

4:35 – Mailbag question on paying a large tax bill

6:47 – Mailbag question on financial consequences of divorce

Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.

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