December 19th, 2011|
At age 66, baby boomers can claim the full amount of Social Security that they have earned, and the penalty for working while claiming Social Security benefits disappears, reports US News.
Let’s continue with those six Social Security planning tips for those turning age 66 in 2012:
(4) Don’t forget about Medicare. Retirees can sign up for Medicare beginning three months before the month that they turn age 65. It’s important to sign up as soon as you are eligible because premiums may increase by 10 percent for each 12-month period that you delay enrollment. People who are still working and are covered by a group health insurance plan must sign up within eight months of leaving the job to avoid penalty.
(5) Protect what you have. It is important to protect the nest egg that you have built for retirement. “Make sure you are continuously tracking and monitoring how you are spending your money and the types of returns you are generating from your portfolio,” says Gordon Tudor, a certified financial planner for Wealth Analytics. “It’s not about return—it’s about reducing your risk and avoiding losing money.”
(6) Plan your new life. Retirement isn’t just about meeting your financial needs. You also need to plan how you will spend your days after you leave the workforce. Perhaps you’ll want to begin that part-time dream job.
Do these tips help you to make a decision about your Social Security benefits?