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working in retirement

Many retirees are taking to supplementing their incomes by working in retirement for driving companies like Uber and Lyft. Most older Americans opt to do this as a part time income, usually 20-30 hours per week.  As the population ages and more baby boomers challenge traditional retirement norms, the number of older Americans who are working in retirement should continue to rise. One reason is that many people are leaving the full-time work force with less money than they need to support themselves at a comfortable standard of living.

According to Uber, they surveyed their drivers in 2014 and 2015 and found that nearly one-fourth of its drivers were 50 or older. Older drivers are prized! That’s probably because they usually own their own cars, have keep adequate auto insurance and, according to insurance statistics, have fewer crashes. In fact, Uber is offering incentives to older American’s to entice them to work for Uber.

Going Back Into Part Time Work Keep You Feeling Young

Older Americans say that going back into part time works keeps them feeling young and gives them something interesting to do everyday. Uber gives you the flexibility to drive as much or as little as you want to. Also, unlike taxi services, Uber customers are screened before becoming part of the Uber network and there is no money exchanged during the Uber ride. In addition, you meet a wide variety of people. Teenagers, business professionals, and airport travelers are common Uber riders.

What does working in retirement mean for your tax bracket?

Uber and like “self employment” opportunities still require you to be actively available to do work. And, that means income. The income can be used to supplement medical costs and insurances. But it can also be a way to earn money for vacations and extra discretionary spending. Remember to consult a tax professional to determine what your nett income will be when adding income earned from your driving to your income earning tax bracket.

Source: New York Times Jan 23, 2016

Freeman Owen, Jr -Retirement Specialist

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