Retirees Need A Part-Time Job? Be a Savvy Senior

Seal of the United States Social Security Admi...

Savvy Seniors stay informed. Here is bit of help to make it easier for those considering a part-time job.

Kiplinger has some great ideas for retirees that need to supplement their income with their article, 6 Great Part-Time Jobs for Retirees.

To understand how your Social Security benefits might be affected by adding part-time income, check out the Social Security website for the rules on how working affects your benefits. There are different rules for anyone receiving Social Security disability benefits or Supplemental Security Income payments.

Another point to consider is the taxable affect that part-time income has on your social security benefits.

Single taxpayers:

If you are single and receive $20,000 in Social Security benefits:

  • None of your benefits are taxable if your other income is less than $15,000.
  • For every dollar between $15,000 and $24,000, an additional 50 cents becomes taxable.
  • For every dollar over $24,000, an additional 85 cents becomes taxable, up to a total other income of $38,706, which makes the maximum $17,000 taxable.

Married taxpayers:

If you are a married couple and receive $40,000 in Social Security benefits:

  • None of your benefits are taxable if your other income is less than $12,000.
  • For every dollar between $12,000 and $24,000, an additional 50 cents becomes taxable.
  • For every dollar over $24,000, an additional 85 cents becomes taxable, up to a total other income of $56,941, which makes the maximum $34,000 taxable.

There are some websites specifically helping Savvy Seniors seeking jobs. Check out: wiseworker.com and workforce50.com.

Don’t forget to keep your receipts on all job hunting costs. It you itemize, you may be eligible to deduct your job hunt costs.

Happy Job Hunting to all the Savvy Seniors out there! Good Luck!

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