Social Security Lawyers in Schaumburg: Can You Work While Retired?

by | Jan 18, 2014 | Lawyers & Law Firms

Regardless of if you have a desire to contribute to your society again or you just want more money to spend, it is not uncommon for someone to want to go back to work after they retire. There are some people who find that their savings and investments are not nearly where they want to be and there are some people who just need more money for medical coverage. There are even some people who just discover that living the life of a retiree is not all that people made it out to be. If you are going to go back to work after you have retired and started receiving benefits it is important for you to talk to one of the Social Security lawyers in Schaumburg. You just need to make sure that working is not going to affect your benefits.

The biggest determining factor a law firm such as Nash Disability Law would use when figuring out whether or not you can work and collect social security benefits at the same time is how old you were when you started receiving benefits. As long as you were at or over the age of full retirement you should be fine. If you started receiving benefits before the age of retirement, your benefits are going to be reduced if you take a job.

While most people agree that it does not seem fair, a chunk of your social security benefits might end up being subject to income taxes. This depends on the amount of benefits you receive in relation to any other income you might receive. If you are a single taxpayer or you are married but filing as separate tax payers your modified adjusted gross income would need to be less than $25,000 or you would have to include 50 percent of it on your return. If you are filing jointly, $43,000 is the most you can earn or you would have to include 85 percent of your benefits on your income taxes. The biggest downside to having a job in addition to receiving benefits is the fact that your modified gross adjusted income will probably be high enough to require your benefits to be taxed as an income. Any of the Social Security lawyers in Schaumburg would be able to sit down with you and help you figure out how many hours you could work before it starts to affect your benefits.

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