Whether for personal or financial reasons, many Americans find themselves returning to work after retiring. While extra income sounds appealing, there may be other factors to consider before making your decision to head back to work. Independent retirement planner Rob De Lessio of Strategic Wealth Designers joins us today to discuss returning to work after retirement. See more financial news at [ Ссылка ].
“For some, it may not be much of a choice,” De Lessio says. “An unexpected medical emergency or other setback could unfortunately force someone back to work. On the other hand, someone may choose to go back to work if they are seeking more personal fulfillment that they aren’t finding in retirement or simply want an encore career.”
If you begin Social Security benefits before your full retirement age, your earned income could reduce your benefits. Your income could also impact your tax bracket and costs of Medicare. Another factor to account for is your required RMDs on your retirement accounts.
“Especially when it comes to your retirement, an ounce of prevention is worth a pound of cure,” De Lessio says. “Essentially - working with an experienced retirement planner ahead of time can help you plan for all of the unknowns later on. Establishing a retirement plan that factors in inflation, having a long retirement, and realistic expenses can allow you to enjoy your retirement to the fullest.”
If you are looking to pursue an encore career, consider discussing with a financial planner to ensure it won’t hurt you financially. To see additional stories surrounding business and economic news for the Cincinnati area, visit [ Ссылка ] and if you have a question for Rob send an email to info@swdgroup.com.
