Grandboomers may not be old enough to enjoy this new Social Security benefit, but great grandparents certainly can, and Grandboomers will...soon enough.
Until now, retirees 65-69 who earned more than $17,000 in the year 2000 had to forfeit $1 in benefits for every $3 they earned over that amount. If you are 62-64 and earn over $10,080, you have to return $1 for every $2 earned over $10,080.
Now, the penalty has been removed for those in the 65-69 category. Unfortunately, it still stands for the "youngsters".
For those who have already lost benefits this year, you will receive a rebate check from the government and your full allowance from now on.
You might want to check with your legislator to see if there are future plans to waive the penalty for the 62 to 64 year olds.
© 2012 Created by Myles Bristowe.
