A key issue for many older workers is how to get the most out of a part-time job, whether it’s extending their health-care coverage or preventing the extra earnings from bumping them into a higher tax bracket.

Several aspects should guide your decisions:

Health benefits

If you retire after age 65, Medicare and a supplemental health plan may meet most of your needs. For early retirees, working part time may be a way to gain access to health benefits at a reasonable cost. Check your options before making decisions.

 Retirement savings

News reports have highlighted the failure or reduction in payments of pension plans in recent years, so it’s wise to have your own retirement savings to help fund your future and insulate you from changes. Workers who already have begun accepting pension payments often can use part-time work to continue to build retirement savings.

 Taxes

If you’re already receiving a pension, part-time earnings can push you into another tax bracket or increase the percentage of Social Security payments subject to income taxes. It’s important to review your estimated tax and set aside funds to reduce the impact at tax time. For example, Kay has her employer withhold an extra amount from every paycheck to minimize her payments at tax time.

Social Security

Workers who reach full retirement age are eligible to receive full Social Security benefit payments even when they continue to work. The Social Security Administration provides information about retirement age and earning limits for workers who have not reached full retirement age on its website.

Pension payments

Most pensions are unaffected if you go back to work for a different employer, but problems can arise if you take early retirement with pension benefits and then continue to work for the same employer. Either way, check the pension impact with your employer or pension plan before accepting a part-time position.

 While some people want to continue working for the same employer or in the same field after retirement, others use part-time work to explore something different.

Balance retirement and health benefits with part-time earnings for maximum gain.