Baby Boomer Lifeboat   

    Tips for Comfortably Retiring on a Tight Income

Baby Boomers can still retire, even on a tight income, by taking steps to stretch their dollars! 

Tips, ideas and advice for making Baby Boomer retirement income go further!


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Valuable Information for Baby Boomers about

Tapping into your Social Security Benefits

Click here to go to the Social Security Administration to resolve Baby Boomer benefit issues.Baby Boomers become eligible for Social Security benefits at age 62.  The major question you have to answer is "Should I sign up now for my benefits or wait until I'm 66 or older* to get a bigger monthly check?"  The answer is, "It depends."

The reason is because the government penalizes Baby Boomers under the age of 66 who receive social security payments AND also work.  Generally speaking, retiring at age 62 willBaby Boomers must decide when to begin receiving Social Security benefits. yield a monthly check that is about 70-75% of what it would be if you waited until age 66.  Moreover, if you continue to work (even part-time), they will only allow you to earn so much each year before you have to reimburse them at the rate of $2 for every Social Security dollar received!  It's complicated. 

As Baby Boomers ourselves, here are our thoughts:

  • If you're tired of working and need the money to get by when you quit your job, start taking Social Security payments at age 62.

  • If you intend to continue working, but would like to start getting Social Security benefits before age 66, carefully investigate the net earnings limit before you are penalized.  This strategy works best for those who plan to work part-time or start a home business.

  • If you are concerned that Social Security benefits will be reduced in the future, start taking payments at age 62 [Note that if no significant changes are made to the Social Security program, the Trust Funds will be exhausted by 2042 and Social Security will be unable to meet all of its benefit obligations.]

  • If you have health problems, start taking payments at age 62.

  • If you plan to continue working and are pulling in more than $1,000 monthly, delay taking Social Security benefits as long as you can.  This will boost your monthly benefits payment.

  • Generally speaking, the longer you can put off receiving Social Security Benefits, the higher your monthly check will be.

  • Always arrange direct deposit to a bank account to prevent theft of your Social Security check!

  • Here's the Top 25 Social Security Questions.

Click here to read a good article about the pluses and minuses of collecting Social Security benefits while continuing to work.  And finally, here is a good overview article for Baby Boomers (January, 2010).

Baby Boomers are limited in the amount of income they can earn before their Social Security benefits are affected.You should be receiving an annual report for the Social Security Administration detailing your earnings and estimated benefits by year of retirement.  If not, contact the local Social security Administration at 1-800-772-1213 immediately or go to  You can roughly calculate your monthly benefits by using the Social Security calculator.

As a reminder, you need to sign up for Medicare close to your 65th birthday, even if you will not be retired by that time. But if you are getting Social Security benefits when you turn 65, your Medicare Hospital Benefits start automatically.

*In 1983, Congress raised the age at which people qualify for full Social Security benefits. Once pegged to age 65, the threshold is increasing gradually until it hits 67 for workers born in or after 1960.

Helpful Websites

Congressional Budget Office - Report assessing the economic impact of - and prospects for - baby Boomers retiring.  Note especially the last section about the prospects for Social Security.

Social Security Administration - If you are think about (or getting close to) retirement, visit the Social Security site to get educated well in advance.  Then arrange a session with a counselor at your local Social Security Administration office (call to make an appointment).

How 50+ Baby Boomers Can Still Retire.

Worried About Retirement?

If you are over fifty and were hit hard by the Great Recession, you are probably wondering if you can ever retire.

Yes, you can. Despite financial setbacks, older Baby Boomers still have options that allow them to enjoy  comfortable and rewarding retirements.

Expand your thinking with just a few hours of fast reading. Learn how other Boomers in your situation have achieved exciting, active retirements.


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