Amount of SSI after FERS Supplement expires at 62.
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TSPBuilder
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Amount of SSI after FERS Supplement expires at 62.
Do any retiree’s on here know how much Social Security will fill in when the FERS Supplement stops at 62?
Re: Amount of SSI after FERS Supplement expires at 62.
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.
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Re: Amount of SSI after FERS Supplement expires at 62.
the rough formula if one is eligible isAitrus 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.
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.
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― 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
Re: Amount of SSI after FERS Supplement expires at 62.
Ah, that's what the formula means in real terms. I'd been wondering about that. Thank you, bloobs.
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TSPBuilder
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Re: Amount of SSI after FERS Supplement expires at 62.
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.Aitrus wrote:Ah, that's what the formula means in real terms. I'd been wondering about that. Thank you, bloobs.
Thanks Bloobs and Aitrus!
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