The Social Security tax system is hurting retirees. (Photo: iStock)

It can get terribly expensive for seniors — people in their 60s — to keep working instead of retiring, even if they do so because they fear running out of money when they do retire.

A new study from Alan J. Auerbach, Laurence J. Kotlikoff, Darryl Koehler and Manni Yu found that those working seniors can end up forking over their hard-earned money at a much higher rate than do millionaires and billionaires.

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