Hello. I was very fortunate to retire in 2008 with 36 years and 55 y/o. I took the level income pension. I am now 61 and will turn 62 in May of 2015. I now work full time driving a transit bus. The question I have is by working full time I will make more than is allowed under IRS rules. That will trigger a large increase in the taxes I will pay. Can I opt not to take Social Security at 62 thus not having to pay so much extra in taxes. I'm fine with that knowing that my monthly pension check will be much lower until I reach the age where I am not restricted on how much money I can make in a given year. Any help with this question would be appreciated.
I'm not sure if you can opt out of SS, but I had a coworker in a similar boat as you. He had retired from another company with a great pension, and only worked at Kroger for something to do. He requested no more hours than he could work to make it right at the income level needed to not be taxed. This worked for him, and I'm wondering if you could do the same as a bus driver. Though, I think it'd probably be more difficult in that profession.
