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Social Security benefits aren’t the only financial aspect that are affected by a retiree choosing to go back to work. There are other things, like 401(k)s and taxes, that should be considered.
The Motley Fool surveyed retirees about the 2025 Social Security cost-of-living adjustment (COLA) and found 51% are considering reentering the workforce because their benefits aren’t cutting it.
Social Security benefits and 401(k) withdrawals are both impacted by a return to work. Here's what you should know about going back to work after retiring. Key Points
You're probably taxed on all your wages for Social Security -- there's a 6.2% deduction on your paystub and it's matched by another 6.2% coming from your employer. ( Self-employed people have to ...
Image source: Getty Images. 1. The 2025 Social Security COLA. Social Security beneficiaries are getting a 2.5% cost-of-living adjustment, or COLA, starting with the payment they receive in January ...
This means more income of some workers will be subject to Social Security payroll taxes. For example, if you earned $175,000 in 2024, $6,400 would be exempt from Social Security payroll taxes.
Currently, workers have 6.2% of their wages deducted from their paychecks for Social Security taxes. If that percentage increases, the financial impact for non-retirees will be smaller paychecks.
Still, fewer and fewer Americans are as well-versed in the actual procedures and timelines of applying for Social Security benefits or the nuances of the Supplemental Security Income (SSI) Program.