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In the spring of 2000, Congress passed legislation that made it so your Social Security benefits would no longer be reduced if you were above the normal retirement age and still working. However, if you are under the normal retirement age, an warnings threshold of $10,680 applies. For earnings above that amount, Social Security withholds $1 in benefits for every $2 of earnings. For a quick calculation, go to the Social Security's Website at http://www.ssa.gov/OACT/COLA/RTeffect.html
The retirement age for full Social Security benefits begins to go up this year. To cope with the large amount of baby boomers estimated to receive Social Security, 70 million people by 2010, and longer life expectancies, the Social Security Administration (SSA) has begun to gradually increase the retirement age. For those workers born in 1938 or later, the age limit goes up about 2 months at a time, until you reach age 67 for workers born in 1960 or later. The SSA’s web site at http://www.ssa.gov/pubs/ageincrease.htm has a calculator to determine your retirement age. Workers may still collect social security as early as age 62, however the reduction in benefits will be increased.
