Start Your Social Security When Your FERS Supplement Ends?
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- เผยแพร่เมื่อ 16 ก.ค. 2024
- Are you trying to figure out if you should start your Social Security when your FERS Supplement ends? Have you thought about how you will be receiving your different sources of income during retirement? In this video, Micah breaks down some of the considerations for when to start your Social Security and how you may replace the income lost from when the FERS Supplement ends.
You can read the full article here: plan-your-federal-retirement....
In the comments below, let us know what your plan is to replace the income you will lose when the FERS Supplement ends?
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Until next time, happy planning!
Micah Shilanski, CFP®
#PlanYourFederalRetirement #FERSSupplement
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Great 👍🏾 information. I plan to retire at 57 with the supplement and take my Social Security at 62. The gamble is how long you will live which know one knows. You would have to live on average 12-15 years past age 62 to reach the break even point meaning if l lived until 75 l disadvantaged myself taking Social Security at 62.
This is so helpful!!! Thank you!
Glad it was helpful!
In addition to the 8% increase for waiting on Social Security , there are also COLA’s to consider. I plan on retiring at 59 (next year), take the supplement until 62, delay Social Security to my FRA at 67 by pulling more from TSP, then stop TSP withdrawals until Required Minimum Distributions at 72 to allow TSP to build back up. Thanks for your insight. I enjoy your videos.
I love your plan! Thanks for sharing. This sounds like it will work best for me, as well!
I believe that if you take the supplemental, you must also take social security at 62
@@deplorabledreg2935that isn’t correct
One thing nobody has considered is that TSP can be left to heirs if that’s important to you. SS cannot.
Wow what great info! Please go over the MRA +10 concept in a future video. Specifically- is there a way to separate from service and not receive any FERS income until 62 to avoid those crazy tax penalties? I will be 57 with 10yrs of service and would be able to live off of other income streams until 62, so I’d rather “bank” my FERS until then. Thank you so much for these videos!
POSTPONE (Not Defer) your FERS retirement until you are 62. Then there is No penalty.
There is one other catch by ss and that is if people have less then 30 yrs paid into ss they are penilized so must have 30 yrs paid inl
Very good information. I'm close to retirement and this video allows me to stop, write things down and consider. are you open for new clients?
We would love to have you schedule with one of our financial planners that specializes in federal benefits. Please contact our office using the form found on our website HERE --- zurl.co/kECr --- and our office will call you to get scheduled!
Great video however, delete the background music, very distracting and adds nothing.
Question for the supplement, as it relates to special category employees (law-enforcement). At what age does the test actually happen? Does it happen at 56 and then reduced at 57 or does it happen at 57 and reduced at 58? I have heard both and can’t seem to find the answer anywhere. Thank you.
As a retiree I receive a supplement from age 57 until age 62 when it cuts off, since at 62 I can elect to receive SS.
Do you do private counseling?
Hi White Cupboard, yes we absolutely do. You can find that information here: plan-your-federal-retirement.com/personal-help/
How can I find you and receive a personal consultation?
Hi Mskita007, you can find the information here: plan-your-federal-retirement.com/personal-help/. Thanks!
Do they automatically stop the suppliment or do u have to tell them u turned 62
Automatically stops
Hi. I am a new subscriber. I have a question. I am a widower and plan on getting my survivor SS benefits at 60 years old instead of getting my own SS benefits. Planning on switching from my late wife survivor SS benefits to my SS in my 70s. My Question is if I take the the FERS Supplement (Special Retirement Supplement or SRS) at age 57 will I be forced to take my own SS at 62? Or would taking this FERS supplement at 57 will not affect my plan on getting my survivor spouse SS benefit and delaying taking my own SS benefits (in order to increase my SS payments)?
Your answer is a part of our Episode 59! Please listen to the podcast where your question was chosen among a few others.
plan-your-federal-retirement.com/ep-59-you-ask-we-answer/
@@planyourfederalretirement oh, great! Thanks for letting me know.
@@planyourfederalretirement are you sure is Episode 59? I listened in it entirety (35 minutes) and no mention of SRS.
I currently receive the FERS Supplement and will be turning age 62 yo in March 2025. When will I receive my last payment for the supplement? March? April?
The FERS Supplement stops the month that you turn 62. So, for you, the last FERS Supplement income you would receive would be in February 2025.
Thank you! It hadn’t dawned on me that the FERS supplement would end the month before my birthday month.
Can i stop my ss benefits?
You could...but you have to pay it back and if I'm not totally mistaken...you must have reversed getting the benefit within 12 months of starting social security.
Its at least 30 percent more at 67 and myself i am collecting 110 percent and a lot more at 67.
How are u supposed to survive?
Tax planning for and in retirement is oftentimes a “make or break” choice for retirement planning. You need to take action today to develop a tax strategy that works for your long-term goals.
If it is in reference to delaying social security...you have to have saved some money to live on while you are delaying. Either a bank account or tapping TSP for example. If you mean...I cannot afford to wait because I need the money...then take the SS at 62. You have a choice. The choice is easy if you are in terrible health and not expected to live beyond 77/78 for example...take it at 62. If you are healthy...you have good long life genes and family history supports it...then you might live into your 80s or 90s. Then it is wise to wait to take social security. It is a gamble but the odds are better by supporting family history. On the bright side, if you are married, then your spouse after you die will get a bigger SS check. That is benefit you should not overlook.