My Plan

[Birchtree]

Social Security is not automatic - you have to apply for it. When you retire is not their concern. If you file the application process at age 67 - that's when benefits will start. My wife is still working and SS income would increase our tax basis - so I'll wait until at least the point when she retires. I wish I could avoid the annuity payments as well.

 

[Zebra]

I don't understand some of the talk about delaying applying for SS. According to my latest SS statement, when I retire in December at age 62 I'll get $1500/mo. At full retirement age 66, $2001/mo and age 70, $2673/mo. Suppose I choose age 62, I'll will have already collected $144,000 in SS benefits by the time I am 70. Unless I'm figuring wrong, it looks to me I'd be about 80 or so when total benefits collected at 62 would be equal to the total collected starting at 70. Hopefully I'll last longer than 80, but nothing is definite, especially factoring in Obamacare care for the elderly. (sorry about that little political comment) To me, a bird in the hand is worth 2 in the bush. So unless somebody can give me a better reason to delay SS, I think I'll grab the gold ring starting at 62 while it is still there and I'm still alive. Oh, one other factor. Can you draw SS while in prison? lol

I hear you!!!!!!!! I am applying next month (Oct) for my SS to start in Jan. Retiring FERS Dec 31, being I will be 63 yrs and 3 months, my SS will be somewhat higher ($1600+). I want some of it before there is none......just saying!

OBTW, you can apply for your SS at www.ssa.gov online!

 

[Handballer]

I was among the working poor conpared to some of you guys. I applied for SS at age 65 and started collecting $1,400 monthly then. I needed the money. Figured if I waited until age 70 I and my family would not enjoy life as much. I retired FERS Nov 2008 with 19 years of service. My TSP account is still growing since I have have not started any withdrawal yet at age 70. But they at TSP tell me to start the withdrawal soon or less!

Good luck to you Gov't workers in the future.