6 tips for baby boomers turning 66 in 2012–part 1
December 16th, 2011|
In 2012 the oldest baby boomers will turn age 66, an important age for Social Security eligibility, according to US News.
Many of the rules for claiming Social Security change when you hit age 66. Here are six planning tips for those turning age 66 next year:
(1) Delay and get more. If you delay claiming your benefit up to the age of 70, you can further increase your monthly Social Security payments. “Financially speaking, it makes more sense to wait until later when you can get more money per year, especially if you are healthy and think you will live a long time,” says Daniel Goldie, president of Dan Goldie Financial Service. “You will get more money per month and that money will continue at that higher level for the rest of your life.”
(2) Claim twice. Those married at least 10 years are eligible for Social Security payments based on their own work record or payments equal to up to 50 percent of the higher earner’s benefit, whichever is higher.
(3) Work without penalty. Once you turn age 66, the earnings limit disappears. “Unlike people who take early Social Security, you can work and earn as much as you want without reducing your Social Security,” says Tim Maurer, vice president at the Financial Consulate.
Do you need to know more about when to collect your Social Security? Then check out our blog on Monday for three more tips.