While everyone thinks about how nice it must be to retire, many still choose to work. Nearly two-thirds of retirees stay working on a part-time basis while 11% stay full-time. Learn both the benefits and things to watch for while planning a second career with our financial advisors.
Financial advisors are professionals who help you plan for the future. Their job is to investigate your stability, assets, and personal budgets to formulate plans to maximize your current income.
At Legacy Financial Partners, we provide services such as:
How long have you worked over your lifetime? Think of all the skills you've been acquiring all those years. Your age isn't your pitfall. It's a door to a new opportunity.
Work into your retirement years to receive the following benefits:
Those retiring before full retirement age can expect to see the most disruption to their earnings. Typically, this occurs for only a few years, until you're 67. From there, you may earn as much as you like while still able to claim full benefits.
While starting a savings account early and sticking to a budget are great ways to plan for retirement, not everyone can easily save enough. For those who manage to save enough, a simple accident can erase a large portion of savings.
If you're concerned with your budgeting, our financial advisors can provide one personalized for your needs. This way, there'll be no guesswork on your behalf, nor will you need to stress over how much you're making and how that may affect your benefits.
While you're free to work after retirement, there will be a limit to how much you can make if you wish to receive full benefits. For those earning a higher income than allowed, $1 of benefits will be forfeit for every $3 you earn above the cap.
As your earnings increase, so can your taxes. Social security and wages are both sources of income and are both taxable. Additionally, the combination of these two can place you in a higher tax bracket. Hiring a financial advisor can help you make sense of all the numbers, allowing you to understand if you should or shouldn't work.
If your earned wages and social security combined income exceed the limit, your social security may incur tax. The most you could expect to see is about 85%. However, once you reach full retirement, the amount you can earn has no cap.
Whether you're retired or wishing to make a plan for it, Legacy Financial Advisors can help you navigate the legalities much easier. After all, knowing where you stand concerning your income threshold can save you thousands in taxes, time, energy, and frustration. Partner with us to head into retirement with confidence. Call us today!
If you’d like to hear more information about any of our products or services, schedule a meeting today or register to attend a seminar.