Do you want fries with that?
So you’ve retired on Social Security and you’re looking for some retirement job opportunities.
Unless we’ve invested wisely, which most of us haven’t, or didn’t have the resources to invest, we might need some extra cash. There are a few points to consider when deciding to take Social Security and a job. According to the Social Security Administration’s website, SSA.GOV, under certain circumstances your benefit could be reduced. These rules are different for disability benefit recipients, so consult the website if you are on disability.
First off, according to the website, if you are over your full retirement age the extra income will not affect your SSA monthly benefit.
What if I’m UNDER my full retirement age?
For 2018, if you are under your full retirement age and will not attain full retirement age in 2018, you can earn an extra $17,040 without a reduction in your benefit amount. Over the $17,040 amount, your benefit will be reduced by $1 for every $2 earned above that limit. So if you made $18,040, your benefit would be reduced by $500.
If, in 2018, you attain full retirement age, there will be a reduction in your benefit for the extra income over $45,360. Over that amount, your benefit will be reduced by $1 for every $3 earned over that amount. These amounts change every year so keep checking the SSA website for new amounts every year. If you made $46,560, your benefit would be reduced by $400. Keep in mind this does not apply if you wait until your full retirement age to retire.
Pensions and annuities are not included under the extra earned income category, but check with the local SSA office for more information. If you have a Railroad Pension, 401K, or a Public Employees Retirement Account benefit, those do not fall under the extra earned income category. One item to note, most of these accounts will still be subject to income taxes.
One more point on the subject, whatever amount reduced from your benefit is added back in when you reach full retirement age.
How much of my benefits can I lose?
For retirees worried about losing some of their benefit, which is worse, trying to live on your base benefit, or earning another $17,000 per year? If I broke the $17,040 amount, by that time, I’d be so happy with the cash in my pocket, I wouldn’t CARE if they had to reduce my benefit because of the extra income from the part-time job. So I recommend GOING FOR IT!
Let’s talk about a little side job for a bit. Number one, the three top skills employers want.
1. Showing up on time. Be there when they ask you to be, if the position isn’t going to allow flexibility in this department, maybe another company would work better.
2. Getting along with other people. If you’ve grown a little short with people as you get older, stay away from positions working with the public. That can be trying on you as well as the customer.
3. Being willing to learn. Sometimes, you’re required to learn a few skills, maybe become familiar with the new surroundings, and learning something new, later in life is good for the ole gray matter!
What level of stress is involved in the position?
If your lifetime stress quota has already been met, McDonalds probably isn’t a good choice.
What level of physical activity is involved? Climbing ladders and hanging heavy racks of clothes up might not be good on an older body, although a little strenuous activity can sometimes help with stiff muscles.
What kind of time constraints are there? You’re retired, you don’t want to commit to the graveyard shift or lots of overtime unless you’re a night owl or a vampire. Plus if you have doc’s appointments and other personal business to attend to, keep that in mind, and certainly let your future employer know your own constraints with regard to time.
Does it involve meeting people?
If you like people, like to socialize, have been the life of the office, maybe a position at the local amusement park would suffice, but if you’ve had it with the human race and would rather retire to the basement with door closed and windows covered, maybe a gig as a stock clerk for a hobby center would be better.
Lastly, is it worth your time, will it pay what you need? If it’s not going to provide you the extra income you need, then you’ll be wasting your time when there are jobs that will pay what you are worth. Remember, you have a lifetime of experience to draw from, you are worth more than you think.
Places to look for a part-time position might be local department stores, local grocery stores, and auto parts houses for stock people, The large chain stores and chain restaurants usually require all kinds of qualifications, strict work hours, availability, and other requirements. Places that would have flexible hours are Mom and Pop shops, and small businesses such as hardware stores, and corner drug stores. Most would actually like an extra part-time person, but aren’t willing to advertise for and hire a new person to train, or don’t have the time to spend on the task of acquiring someone. Go on in and ask to speak to the manager!
How will I get there?
Transportation is always a concern for the elderly citizen, if you don’t have access to a car, maybe you want to look for something along the bus line, or maybe just something close enough for a brisk walk. Personal transportation requires fuel and insurance, as well as upkeep, and if you are on a tight budget, maybe you want to ditch the auto (figure of speech here, keep the rubber on the pavement, please,) Also, check with the local bus district to see if there are deals for elderly riders, special transportation vehicles, or special programs.
Now, so far what we’ve touched base on is the Social Security aspect and working for someone else. There are a number of other options for income for the retiree who would like some extra golf money, or food money. Check with your friends and relatives, are there odd jobs around their house you can do, such as light handyman work, a little babysitting for the grand kids or nieces and nephews. Walking the dog, maybe some yard work,
Maybe you have a hobby you can turn into a little business, such as woodworking or quilt making. What about teaching classes on quilting or woodworking. Go to the local woodworking shop and see if they need teachers.
Head over to the local hobby store and see if they need instructors for basic craft skills. It’s up to your imagination. Some people’s imagination quit working when Santa Claus was a toddler. Pull it out, dust it off, and realize you have the potential to go do what you want to do and make some extra money at it.
How did you solve your financial problems? Leave me some comments, I’ll include them in a future post on the subject. And look for a future post on budgeting, which could be a whole ‘nuther website!
If you are interested in Affiliate Marketing, Here is some information on that subject.
Go here to read about Wealthy Affiliate, a great website for learning the affiliate marketing business!
As always, have a great day!