This is not your parents' Social Security! (Just ask Patty Duke)

The way people approach retirement and their Social Security benefits has changed over the years. More and more people are working after their official "retirement."  True, many of my clients are chafing at the bit to stop working completely, and swear they won't ever look back - and they don't. Some must continue working to pay the bills, particularly in view of the drubbing their portfolios have taken over the past few years. And there are those who just like working, adhering to the philosophy that "when you rest, you rust." 

For those who want to or must continue working, the good news is that once you reach full retirement age, Social Security will not  penalize you, regardless of how much you earn. But between age 62 and full retirement age, your benefits will take a hit if you exceed the annual earning limit. For every $2 you earn over the limit, Social Security will reduce your benefits by $1. In 2011, the earning limit is $14, 160; this will increase to $14,640 beginning January 1, 2012.

You can learn more about how continuing to work affects your Social Security benefits at a free program presented by The Karp Law Firm on Wednesday, January 17, 2012. You'll also learn about how spouses can coordinate benefits, and when it is to your advantage to delay taking benefits. Steve Levine, President of Karp Financial Services, will be on hand and there will be question and answer session at the end. No reservations are needed. Click here for the details.

Here's another way today's Social Security has changed from your parents' days: You can apply online! Actress Patty Duke has been doing promotional spots urging online signup, and on Dec. 14, she did it herself. Check out the video: