6 Side Gigs That Could Threaten Your Social Security Payments

6 side gigs that could threaten your social security payments

Happy mature manager greeting a worker while visiting industrial facility,

One of the perks of making it to retirement is finally collecting the Social Security benefits you’ve been paying into all of your working life. Depending on what other retirement savings you have at this stage of life, Social Security could either be your main source of income or the gravy on top.

A lot of retirees choose to start or continue a side gig in retirement to supplement their other savings. However, the Social Security Administration (SSA) puts a cap on what you can earn and still receive your benefits. In 2024, the cap on what you can earn from a job or side gig if you are under full retirement age is $22,320. If you are at full retirement age, the cap bumps up significantly to $59,520.

Be Aware: Social Security 2024: 6 Changes That Impact Your Benefits

Try This: 5 Unusual Ways To Make Extra Money (That Actually Work)

If you are at full retirement age and receiving the maximum Social Security benefits, for every $3 you earn above the cap, they will deduct $1 in benefits.

It begs the question: If you have an extremely lucrative side gig, is it still worth it to keep up your side gig? Here are some side gigs that might threaten your Social Security benefits.

Computer Programmer

In the gig economy, more companies are hiring out tasks to freelancers than ever before — so people with computer programming skills can be in high demand. This is also a great gig for a retiree, since it’s often done remotely.

These gigs can bring income anywhere from $50,000 and up, depending on how many hours you work, so it definitely has the potential to threaten your Social Security benefits.

Check Out: 6 Cheap Hobbies To Start in 2024 That Will Make You Extra Money

Project Manager

Project managers can exist in any field or industry — and may or may not involve travel, which is great for a retired person or remote work. These jobs, because they involve a lot of oversight and strong communication and organization skills, often pay very well.

A part-time job in this area can pay as much as $75,000 — definitely more than the SSA limits.

Senior Accountant

Many people with solid job skills will carry on their work in a part-time or independent capacity in retirement, even after retiring from their day job with those same skills.

Senior accountants can earn over $80,000 in their full-time capacity, making it more than possible that even a part-time side gig in the same field can net you enough to interfere with your Social Security benefits.

Online Reseller

Another easy and lucrative side gig a retiree might find themselves picking up is online reselling, where you set up some kind of e-commerce shop and either sell your own products or resell other products. In an age when more people do their shopping online than ever before, this could end up being quite lucrative.

While the average earnings of a person in this field are about $69,000 annually, depending on what you sell and how much of it, these numbers could easily shoot up into Social Security threatening amounts even part time.

Software Developer

People with the skills to design and develop new software are not only often in demand but command top dollar for their skills. As of 2022, the median salary for a full-time person in this job was over $122,000. So even as a part time side gig, one can imagine the earnings would be more than enough to interfere with your Social Security benefits.

Personal and Career Coaches

By the time you reach retirement age, you probably have a lot of wisdom to offer others. If that wisdom translates into the ability to coach others — such as life coaching or career coaching/counseling — in full-time work, these jobs can pay up to $100,000. Even as a side gig, this could net you quite a pretty penny, enough to start reducing your Social Security benefits.

Whatever your side gig in retirement, you’ll have to do a cost/benefit analysis to see if what you earn is worth any reductions in Social Security benefits. If your side gig income is high enough, you may not feel much pain in the loss of those benefits. Consulting with a financial advisor can take the guesswork out of such decisions.

More From GOBankingRates

    This article originally appeared on GOBankingRates.com: 6 Side Gigs That Could Threaten Your Social Security Payments

    OTHER NEWS

    5 hrs ago

    Best Stock to Buy Right Now: Apple vs. Amazon

    5 hrs ago

    Rivian CEO's Recent Move Serves as a Good Reminder for Investors

    5 hrs ago

    Verstappen urges Red Bull to find more pace as F1 rivals catch up

    5 hrs ago

    UK: Travel Chaos At Manchester Airport After Major Power Cut 2

    5 hrs ago

    VIDEO: Gen Zs Enraged Over Finance Bill Chanting Outside Nyahururu Church Where Ruto Attended

    5 hrs ago

    Forget the Stock Split -- These Are the 4 Reasons to Buy Broadcom's Stock Now

    5 hrs ago

    War Gets Bigger As Putin Orders Strikes On Kyiv; Zelensky's Begging Falls on Deaf Ears | Oneindia

    5 hrs ago

    1 Artificial Intelligence (AI) Stock Down 67% That Could Get Slashed In Half Again

    5 hrs ago

    What If You Were Attacked by a Megalodon?

    6 hrs ago

    Maximizing Returns in the AI Boom: Why Nvidia Is a Must-Have in Your Tech Portfolio

    6 hrs ago

    Nvidia Is the Hottest Stock-Split Stock on Wall Street. The Artificial Intelligence (AI) Company Could Be Worth $10 Trillion by 2030

    6 hrs ago

    Will Palantir Technologies Be a Trillion-Dollar Stock by 2030?

    6 hrs ago

    2 No-Brainer Stocks to Buy Right Now for Less Than $1,000

    7 hrs ago

    Transfer: Okejepha set to complete move to Tanzanian club Simba SC

    7 hrs ago

    50 Rep members demand Nnamdi Kanu’s release, write Tinubu

    7 hrs ago

    Euro 2024: Be bold enough to drop Harry Kane – McCoist tells Southgate

    7 hrs ago

    F2 Spain: Crawford victorious as Correa gets podium retribution

    7 hrs ago

    I’m a Mortgage Lender: 5 Red Flags Your Financing Will Fall Through Before Closing

    7 hrs ago

    This Stock Is Down 42% This Year, but Wall Street Sees a 73% Upside

    7 hrs ago

    Where Will Tellurian Be in 5 Years?

    7 hrs ago

    4 Delicious Chicken Burger Recipes

    7 hrs ago

    Fun With Flags #7 - Oddly Shaped Flags (Nepal, Vatican City, Switzerland And More!)

    7 hrs ago

    For the First Time in 65 Years, This Recession Indicator Has Been Wrong -- but Wall Street Isn't Out of the Woods Just Yet

    7 hrs ago

    Albon to start from Spanish GP pitlane after F1 power unit changes

    7 hrs ago

    What If Two Hurricanes Collided?

    8 hrs ago

    3 Artificial Intelligence Stocks to Buy and Hold for Great Long-Term Potential

    8 hrs ago

    Nvidia and Microsoft Will Make Up Over 40% of This Popular ETF. Here's Why This Alternative ETF Could Be a Better Option.

    8 hrs ago

    Lakers mock draft: Zach Edey, Tristan da Silva among best 2024 NBA prospects to pair with LeBron James, Anthony Davis

    8 hrs ago

    Beyond Nvidia: the search for AI's next breakthrough

    8 hrs ago

    Forget NuScale Power: 2 Nuclear Power Stocks to Buy Instead

    8 hrs ago

    Beyond green card: Nigerians find true love abroad amid cultural bias

    8 hrs ago

    Rockefeller Foundation President Holds Productive Meetings in Nigeria to Advance Ambitious 300 Million Project

    8 hrs ago

    Best Stock to Buy Right Now: Amazon vs. Disney

    8 hrs ago

    How to Use Packing Cubes For Travel & 6 Tips for Minimalist Packing

    8 hrs ago

    3 Nasdaq Stocks to Buy Before They Soar as Much as 97% According to Select Wall Street Analysts

    9 hrs ago

    Warren Buffett Doesn't Own Nvidia. Here's How He's Profited From the Artificial Intelligence (AI) Stock's Big Gains Anyway

    9 hrs ago

    Meet 1 of the Market's Latest Stock-Split Stocks. Is It a Buy?

    9 hrs ago

    1 Growth Stock Down 34% to Buy Right Now

    9 hrs ago

    4 Reasons to Buy Enterprise Products Partners Stock Like There's No Tomorrow

    9 hrs ago

    Netizens Oppose Politicians' Presence at Bishop Gachathi's Consecration