3. Social Security might be reduced if you decide to re-enter the workforce

This might be the major reason a lot of seniors change their mind about re-entering the workforce after retirement. For all those who were born in 1960 or after, the Social Security Administration considers age 67 to be the full retirement age. Your potential Social Security payments may be reduced if you retire before this age.

Your monthly Social Security payout will be lowered by 5/9 of 1% if you retire and then return to work before reaching the required age. Regardless of your full retirement age, you are entitled to start receiving benefits as soon as you turn 62 or as late as age 70; however, the longer you wait to start receiving benefits, the more money you will receive from Social Security.