The old notions about retirement have, well, retired. Rather than leaving work at age 65 and going fishing or focusing on gardening, many retirees are going back to work.
Either by design or out of need, Baby Boomers are working longer, but not all of them want or need to maintain full-time positions. Regardless of the reason, individuals thinking about returning to the workforce after retiring need to learn if and how Social Security benefits, health insurance and taxes will be affected so that they don’t lose benefits or end up in a higher tax bracket. The New Jersey Society of Certified Public Accountants (NJCPA) reminds you to keep the following in mind when considering employment after retirement:
Social Security Benefits
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