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When you reach full retirement age you no longer need to report your earnings to Social Security.

You do, however, need to report earnings for those months in the calendar year before the month you reach full retirement age. For example, if you reach it in May, you would need to report your earnings for the four earlier months.

The law also changed the annual earnings limit for workers who reach full retirement age during the year. During those months before you reach full retirement age, your benefits would be reduced $1 for each $3 you earned over the limit which is $34,440 in 2007 and $36,120 in 2008.