Q. I am a retired Marine veteran with 27-plus years of service. I have been employed since in 2004 (the same year I retired from the Marine Corps). I am employed with the Federal Bureau of Prisons.
Am I allowed to draw Social Security benefits since I retired from the military? And can I still work at my present employment while collecting Social Security? I enlisted in the Marine Corps in November 1975 and retired in February 2004. I am 55 years old.
A. While you could apply for a Social Security benefit at age 62 while still working, you would be subject to the Social Security earnings limit.
That limit would reduce your Social Security benefit by $1 for every $2 you earned above the annual limit. In 2012, that limit is $14,640.