For entertainment expenses like travel and eating out, however, he planned to use income from a part-time job and draw on his Social Security benefits.
But there was one challenge with this plan: If Americans draw on Social Security before their full retirement age, then there's a limit to how high their taxable income can be before their Social Security benefits take a hit.
The Social Security Administration says it will deduce $1 from benefit payments for every $2 one earns above the annual limit, which is $22,320 in 2024.
"Because the driver can deduct his mileage from his side gig income and make below the earnings limit, his Social Security income will not be reduced," she said.
"Many retirees often begin working side gigs, do freelance work, or receive other retirement income without knowing how other streams of income can impact how their Social Security income is taxed," she said.
Persons:
—, Mark McCann, wouldn't, McCann, it's, Uber, — McCann, Lisa Greene, Lewis
Organizations:
Service, Business, Social Security, Social Security Administration
Locations:
Dallas, Lyft