6 Side Gigs That Could Threaten Your Social Security Payments
Written by
Jordan Rosenfeld
Edited by
Amber Barkley
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One of the perks of making it to retirement is finally collecting the Social Security benefits you’ve been paying into all of your working life. Depending on what other retirement savings you have at this stage of life, Social Security could either be your main source of income or the gravy on top.
A lot of retirees choose to start or continue a side gig in retirement to supplement their other savings. However, the Social Security Administration (SSA) puts a cap on what you can earn and still receive your benefits. In 2024, the cap on what you can earn from a job or side gig if you are under full retirement age is $22,320. If you are at full retirement age, the cap bumps up significantly to $59,520.
If you are at full retirement age and receiving the maximum Social Security benefits, for every $3 you earn above the cap, they will deduct $1 in benefits.
It begs the question: If you have an extremely lucrative side gig, is it still worth it to keep up your side gig? Here are some side gigs that might threaten your Social Security benefits.
Computer Programmer
In the gig economy, more companies are hiring out tasks to freelancers than ever before — so people with computer programming skills can be in high demand. This is also a great gig for a retiree, since it’s often done remotely.
These gigs can bring income anywhere from $50,000 and up, depending on how many hours you work, so it definitely has the potential to threaten your Social Security benefits.
Project Manager
Project managers can exist in any field or industry — and may or may not involve travel, which is great for a retired person or remote work. These jobs, because they involve a lot of oversight and strong communication and organization skills, often pay very well.
A part-time job in this area can pay as much as $75,000 — definitely more than the SSA limits.
Senior Accountant
Many people with solid job skills will carry on their work in a part-time or independent capacity in retirement, even after retiring from their day job with those same skills.
Senior accountants can earn over $80,000 in their full-time capacity, making it more than possible that even a part-time side gig in the same field can net you enough to interfere with your Social Security benefits.
Online Reseller
Another easy and lucrative side gig a retiree might find themselves picking up is online reselling, where you set up some kind of e-commerce shop and either sell your own products or resell other products. In an age when more people do their shopping online than ever before, this could end up being quite lucrative.
While the average earnings of a person in this field are about $69,000 annually, depending on what you sell and how much of it, these numbers could easily shoot up into Social Security threatening amounts even part time.
Software Developer
People with the skills to design and develop new software are not only often in demand but command top dollar for their skills. As of 2022, the median salary for a full-time person in this job was over $122,000. So even as a part time side gig, one can imagine the earnings would be more than enough to interfere with your Social Security benefits.
Personal and Career Coaches
By the time you reach retirement age, you probably have a lot of wisdom to offer others. If that wisdom translates into the ability to coach others — such as life coaching or career coaching/counseling — in full-time work, these jobs can pay up to $100,000. Even as a side gig, this could net you quite a pretty penny, enough to start reducing your Social Security benefits.
Whatever your side gig in retirement, you’ll have to do a cost/benefit analysis to see if what you earn is worth any reductions in Social Security benefits. If your side gig income is high enough, you may not feel much pain in the loss of those benefits. Consulting with a financial advisor can take the guesswork out of such decisions.
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