WASHINGTON (12/2/14)--The thought of working past retirement is financially appealing to boomers who inadequately prepared for the big event. You hope you'll earn extra income, increase your Social Security income, and save money by extending health insurance benefits. But, if you're thinking about working after you retire, watch out for these financial pitfalls (U.S. News Nov. 10).
Although not a penalty, one more tax piece could affect your finances if you're still working after age 70 1/2: Don't count on tax deductions for contributions to a traditional IRA--you're no longer eligible.
For related information, use the calculator "How Long Will Retirement Savings Last?" and read "How to Calculate Your Retirement Needs" in the Home & Family Finance Resource Center.
Ask your financial professional to help you determine if you will face any additional financial effects for working during retirement.