Amount of SSI after FERS Supplement expires at 62.

Managing your TSP and alternate investment options after retirement or separation from service.

Moderator: Aitrus

Post Reply
TSPBuilder
Posts: 254
Joined: Tue Jun 19, 2012 2:14 pm

Amount of SSI after FERS Supplement expires at 62.

Post by TSPBuilder »

Do any retiree’s on here know how much Social Security will fill in when the FERS Supplement stops at 62?

User avatar
Aitrus
Moderator
Posts: 2098
Joined: Mon Aug 06, 2012 5:03 pm

Re: Amount of SSI after FERS Supplement expires at 62.

Post by Aitrus »

It's my understanding that the FERS Supplement is roughly 75% of what you are estimated to get if you were to claim Social Security at 62. Upon reaching 62, the supplement stops entirely, regardless of whether or not you claim Social Security. The normal rules for Social Security apply when you reach 62, meaning that you can claim it at that point, or wait to your full SS retirement age, or postpone claiming it after your full retirement age to get the extra bonus amount.
Seasonal Musings 2021: viewtopic.php?f=14&t=18757
Recommended Reading: http://tspcenter.com/forums/viewtopic.php?f=14&t=13474
"It's not what happens to you, but how you react to it that matters" Epictetus

User avatar
bloobs
Posts: 1067
Joined: Tue May 21, 2019 8:00 pm

Re: Amount of SSI after FERS Supplement expires at 62.

Post by bloobs »

Aitrus wrote:It's my understanding that the FERS Supplement is roughly 75% of what you are estimated to get if you were to claim Social Security at 62. Upon reaching 62, the supplement stops entirely, regardless of whether or not you claim Social Security. The normal rules for Social Security apply when you reach 62, meaning that you can claim it at that point, or wait to your full SS retirement age, or postpone claiming it after your full retirement age to get the extra bonus amount.
the rough formula if one is eligible is

divide the number of years of service by 40 then multiply that with what your SS payments are estimated to be. so the more years of service and the more SS payment amount the higher. technically if you put in 40 years of service you will get the same amount as your SS would be minus taxes etc.
Anger and intolerance are the enemies of correct understanding.
― Mahatma Gandhi

If it's a choice between a difficult truth and a simple lie, people will take the lie every time. Even if it kills them.
― Paul Murray

User avatar
Aitrus
Moderator
Posts: 2098
Joined: Mon Aug 06, 2012 5:03 pm

Re: Amount of SSI after FERS Supplement expires at 62.

Post by Aitrus »

Ah, that's what the formula means in real terms. I'd been wondering about that. Thank you, bloobs.
Seasonal Musings 2021: viewtopic.php?f=14&t=18757
Recommended Reading: http://tspcenter.com/forums/viewtopic.php?f=14&t=13474
"It's not what happens to you, but how you react to it that matters" Epictetus

TSPBuilder
Posts: 254
Joined: Tue Jun 19, 2012 2:14 pm

Re: Amount of SSI after FERS Supplement expires at 62.

Post by TSPBuilder »

Aitrus wrote:Ah, that's what the formula means in real terms. I'd been wondering about that. Thank you, bloobs.
That was the missing information I needed to run my estimates and it looks like I'll get at least as much from Social Security as the FERS Supplement. I know this is the way the system was designed but it's nice to see the numbers.

Thanks Bloobs and Aitrus!

User avatar
evilanne
Posts: 1886
Joined: Thu May 14, 2015 6:52 pm

Re: Amount of SSI after FERS Supplement expires at 62.

Post by evilanne »

TSPBuilder,

I answered your question at http://tspcenter.com/forums/viewtopic.p ... =15#p79147

Post Reply

Fund Prices2021-04-16

FundPriceDayYTD
G $16.56 0.00% 0.34%
F $20.66 -0.21% -2.53%
C $62.57 0.36% 11.92%
S $83.28 -0.04% 12.24%
I $38.19 0.63% 7.92%
L2065 $13.71 0.39% 10.49%
L2060 $13.71 0.39% 10.49%
L2055 $13.71 0.39% 10.49%
L2050 $27.99 0.31% 8.45%
L2045 $12.79 0.29% 7.92%
L2040 $46.72 0.27% 7.42%
L2035 $12.36 0.25% 6.82%
L2030 $41.20 0.23% 6.25%
L2025 $11.71 0.18% 4.93%
Linc $22.82 0.08% 2.45%

Pending Allocations

Under development. For now, you may view Pending Allocations by going to "fantasy TSP" and selecting "Leaderboard sort" of "Pending Allocations".

What else

"Don't ever half-ass two things. Whole-ass one thing."
- Ron Swanson