Should You Start Social Security Right as Your FERS Supplement Ends?

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14 Responses

  1. John G. says:

    I can't continue to listen to you. You constantly use gender biased terms and examples – almost always making the assumption that the husband makes more money than the wife and not leaving her money makes her more vulnerable if he passed away rather than vice versa. I suggest that you review some of your videos and take a gender sensitivity training class. I also find that you consistently are biased towards the position of the government rather than the side of the employees. If we want to hear that, we can go to HR. I'm unsubscribing. There are more experienced and professional federal retirement advisers out there.

  2. Chau Thi says:

    April 2022 I turn 67 years old , should I collect S/S benefits and continue to work one more year to April 2023 with 25 years in service ? Or the other way Retirement at 67 with 24 years in service? Which way more benefits for me?

  3. Vincent Lyon says:

    A good friend's mother just passed away from heart failure after retiring a few months ago. My priorities just shifted considerably. New plan is to retire just over my MRA with 30 years of service, collect the FERS supplement, and draw from social security at 62. I hope I even make it that long.

  4. Michael Vadney says:

    Thanks Dallen!
    Question about waiting to full retirement age for SS. I have heard something about a "no harm" clause with Medicare. Where if you take SS early your Medicare premiums stay fixed where as if you wait to or past full retirement age your Medicare premiums can rise quite a bit. Is this true and is this something to worry about?

  5. wildzeke says:

    Another thing to consider is that the gap between 62 and when you take SS is an opportunity to drain some of your TSP balance at a lower tax rate. The reason to do this is to reduce any tax hike that may occur when required minimum distributions kick in. This is extra better if you have the cash available to do Roth conversions.

  6. Osmat Berro says:

    What is meant by the social security will not last forever when you mentioned that in the video
    Thank you

  7. Hambo Investments says:

    Great topic, especially about being married and looking out for your spouse. I want to add the math about taking it at 62 which is rarely talked about as an argument for taking money right at 62. I will use my current actual expected numbers for the math. At 62, i would get $1997 per month, 67 $3010 and 70 $3844. Sure that's a big difference that I will lose, but let's look at taking that lesser amount at 62. $1997 x 60 months equals $119,820 that you would earn between 62 and 67. If you divide the difference of $1127, it will take you 106 months to make that money up, putting you at about 76 years old. Now if you consider waiting until 70, you would make $191,712 between 62 and 70 divided by the difference of $1847 taking 103 months to make up the difference putting you at around 79 years old. Just something to consider as well and maybe using that money to invest in options of getting that 5-8%

  8. John G. says:

    It's a very individual decision. The most important thing is that you can afford to live comfortably when you retire because those are going to be your most active years. Many people work in a second part time career for a while to bridge that gap. You developed valuable skills in government that are in demand. Your knowledge and experience is valuable. But, if you're done with work, then enjoy life. You can't take it with you!

  9. Daniel Just Daniel says:

    Took my ss at 62, got cancer before retirement, have a child that was on ssi for his disability, When i started drawing my ss his ssi switch to DAC benfets base on my pmi which increase his payment by $877.00 which allows him to save more for the future.

  10. David Acosta says:

    What fortuitous timing, I was just talking about this today. Great video.

  11. Huong Pham says:

    Can you tell me ìf I decide to retire on 2/25/2022 is ok or should I take it the last day of Feb

  12. John Kimber says:

    Interesting perspectives to consider. As you mentioned, it all depends on one's situation. I guess planning for the worst usually means I'm rarely disappointed. In my case, I had no plans to tap TSP for income supplement, and should have all my major debts paid off. That should let me get by just on the pension, but i also have a bit more from another stream of income to cover any additional expenses. That also lets me look at holding off on filing for SS until 65, but conditions may change later. Just nice to have options available if needed.

  13. Dennis McDonald says:

    Thanks for the information. I am in the situation where my wife is 10 years older and is already retired and started collecting her SS at 62. I have always been of the mindset of collecting as soon as possible but after thinking about the required minimum distribution issue with the wife's retirement accounts I am thinking it would be better if I wait until I turn 67 to collect my SS. Since we will be required to take money out of her accounts I think that will fill the gap after my supplement ends for those 5 years.

  14. Arleen M says:

    Question – Next year Social Security recipients will be receiving a 5.9% COLA. Every year they also receive (usually smaller) COLAs. It would seem that if you put off taking your SS, you might miss out on those COLA increases. Does your total SS amount track with those COLA increases (continuing to add-in the COLA) over the years until you turn 70, or is it permanently set at an amount when you retire?

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