This article in the SunSentinel.com reports that many baby boomers will include some sort of work as part of their retirement. Baby boomers are described as the post World War II babies who are now ages 47 to 65. This story reports many are getting future career counseling through the Community Foundation of Broward which helps boomers find jobs or volunteer opportunities with a small stipend. Retirees in 2011 could make up to $14,160 a year and still receive Social Security benefits which the article says is driving many to take on part time work. Any earnings above that mark sees $1 deducted from every $2 earned. The retirement age is currently 66, but for some, depending on their birth year, will rise to age 67. The Social Security Administration says retirees earning up to $37,680 a year would have $1 deducted for every $3 earned above the maximum.
Among workers ages 55 and over, just over 40 percent are still on the job, which is the highest rate in 20 years, according to nonprofit group the Employee Benefit Research Institute. And the same group reports because of the harsh recession, 20 percent of older Americans plan to never stop working.
With about one quarter of baby boomers reporting in 2010 that they have no retirement savings, it is especially important that they understand what happens if they are injured on the job. The employer must provide medical treatment if an on-the-job injury occurs which should cover doctor’s visits, prescription drugs, medical tests, hospitalization, and physical therapy. If you are injured on the job, do not delay in reporting the injury to your employer. If you feel the insurance company is not fully compensating you, the workers’ compensation attorneys in Jacksonville of Farah & Farah are just a phone call away at 1(800) 533-3555.
Source: http://articles.sun-sentinel.com/2011-12-29/business/fl-baby-boomers-retirement-20111229_1_baby-boomers-retirement-age-employee-benefit-research-institute; http://www.ebri.org/