Get the most from Social Security. Younger retirees face a harsh penalty for working part-time. For every $2 earned over $15,480 in 2014, you lose $1 in Social Security benefits (up from $15,120 in 2013). In the year you reach full retirement age, a higher earnings threshold applies. Your benefits will be reduced by $1 for every $3 of earnings only when earnings exceed $41,400 in 2014 if you reach full retirement age (up from $40,080 in 2013).
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After retiring or leaving a job, your first big tax question might be: What should I do with the money in qualified retirement plan accounts with my former employer? These accounts include 401(k)s, profit-sharing plans and stock bonus plans. The standard advice is to roll everything over into an IRA. That advice generally makes sense, because you can take over management of your retirement funds while continuing to defer taxes on the income generated.