Don’t stop working

For many older Americans, retirement life does not mean calling it quits for good. Some choose to continue collaborating with their current employers even after they start receiving their Social Securities.

According to Silverberg, older adults who are still getting paid by their employers should put off claiming Social Security at least until age 66. Anyone earning more than a certain threshold, who retires before that age, which is the current full retirement age under Social Security Administration rules, will have to pay a penalty fee.

“So, Social Security will withhold $1 of benefits for every $2 earned above that amount if you claim before your 66th birthday,” Silverberg says.