Leaving behind a “full time job” and taking on “part time job” is quite common for older Americans for various reasons like a better financial security, a purpose or just the sense of feeling connected to the working world. The part time job has become quite common for aged people and it has been fore casted that in near future the people of 75 – 80 years old will soon commence the work of part time. So, according to financial advisor suggest that the aged people who are coming in the criteria of “taking part time job” than you must know how will the income of part time job will impact the older Americans in; including your nest egg, Social Security and Medicare.
Future uncertainty on whether your retirement income will be enough for you to survive onslaught of old age and you want to go for the part time job than I suggest – Go for it! As the amount you earn from the job can help reduce the amount of money you withdraw from the retirement income. It’s better to invest the money where they keep growing and benefit in the future.
There is a particular age when you start receiving your social security benefits i.e. you can earn as much without the reduction in the benefit. If you start receiving social security earlier than there is limit on much you can earn from working without benefits being affected whereas if you delay your social security for longer time than you can get higher monthly income. So, part time job may not be a bad idea!
MEDICARE Money earned from part time job could trigger the additional cost of medicine. The higher the income the more one has to pay for the Medicare.
News Source: CNBC