Heading back to work after retiring? That cash may impact the rest of your financial life

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While extra money may allow you to leave more in your retirement account so it can continue to grow, it may negatively affect other financial considerations.

If you earn more than that, your benefits will be reduced by $1 for every $2 you earn over that threshold.

At that point, you also can earn as much as you want from working without it affecting your Social Security benefits. Basically, higher earners pay a premium surcharge for Medicare Part B and Part D . The extra charges start at income above $88,000 for individuals and $176,000 for married couples who file joint returns.

"If someone went back to work making a healthy wage, they might be in for a surprise with their Medicare premiums going up about two years later," Anderson said., age 72 is when you face required minimum distributions, up from age 70½.

 

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