Tips for Baby Boomers Reaching Retirement Age in 2012

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If I work half the year earning my normal salary and then apply for and begin receiving Social Security Benefit under age 66, will I be penalized for the half year salary I just earned?

Don of OH 9:12AM April 18, 2013

Boomers born between 1946-1960 will get their full retirement age at 66, while those born 1961 and later, it will go up to age 67 for full retirement.

Richard Fath of PA 10:03PM December 21, 2012

I took my Social Security retirement benefits at 62. At the same time I was receiving my retirement benefits from a private company, my former employer. After I turned 66 in September and reached my full retirement age I received a letter from my former employer notifying me that my retirement benefits from them would be decreased. Why?
How does it depend on each other?
Please answer.
Thank you.

Rachel Lekherzak of FL 8:32PM September 25, 2012

re: WORK WITHOUT PENALTY paragraph
At age 66 it is mentioned that the earnings limit increases to $38,880. But then it says that the earnings limit disappears once you turn age 66.
Isn't that a contradiction? Shouldn't it be age 70 instead of 66 when there is no earnings limit?
I'm currently 64 (will be 66 in 2014). If I exceed the $14,640 limit this year, I know my SS benefits will be reduced, but will it be reduced only for the remainder of this year and then return to the original amount in January?
Thanks for a clarification.

Cliff Reinshagen of CA 11:25AM August 29, 2012

Grammy:
I believe you would have received a lower benefit if you had been a "partner" in your farming business.
For example, if your combined farm net income was $50,000/yr, then your husband's SS benefit is based upon $50K, and you qualify for half his amt.
But if the $50K had been split equally, then both of your benefits would be based upon $25K/yr. I don't know if the algorithm is a straight line calculation (anyone?) but it appears to me that your benefit based upon half of the farm income would have been the same as your benefit based upon half of what was reported as your husband's income.
His benefit (at $25K instead of $50K) would obviously be much less (half???). And since women usually outlive men, then your benefit would not increase upon his death.
So although you may not have any "credits", your benefits should be better than if you had split the income!

Bobbie of TX 5:55PM June 19, 2012

what is the retirement age for 1954?

george d jamison of PA 2:34PM June 19, 2012

I have heard over and ove again that there would be enough social security money past 2050 had the money not been used for supporting wars instead of what it is intended for. Has the government been dipping into what was intended for my retirement. Truth please.

Judy LeMAY of AL 8:11AM June 19, 2012

Spouses of people who are self-employed need to be very careful when considering their business arrangements. If the husband, for example, is in business and the wife is not, she will not earn any points toward Social Security benefits. It would be better from a retirement standpoint, if the wife is a partner in the business, too. That way, even though Social Security taxes will be taken out of her "share" of the company, she will at least be eligible for benefits when she is retirement age. It is no longer practical for the wife to accept half of her husbands earnings, when she can legally earn her own Social Security. I learned this when my ex-husband and I were in a farm business - in his name, for 25 years. There was a "zero" balance on my yearly statement for all those years we were in business, even though I did work and help on the farm. I just never was paid any wages!

Grammy of CA 7:47AM June 19, 2012

Tips for retirement if you dont have a nest egg would be quite helpful for people who live week to week.

Kathyrn of MS 9:07PM June 18, 2012

Keep busy after retirement. Try to move as much as you used to because you can incur serious injuries if your muscles atrophy or your bones fuse - I did, so I know the advice is true.

Tico of GA 3:40PM June 18, 2012