While your FERS Pension is your foundational paycheck in retirement, Social Security is the second core pillar of your financial security. It's the benefit you've paid into your entire working life, both inside and outside the federal government.

But unlike your pension, you have a critical choice to make: when to turn it on. This decision can change your lifetime income by hundreds of thousands of dollars.

⏳ Claiming at 62 — Is It Really So Bad?

Yes, 62 is the earliest you can start drawing Social Security.^[SSA] But they penalize you for it — permanently. If your Full Retirement Age (FRAFull Retirement Age - The age at which you can claim your full Social Security benefit without any reduction) is 67 (for anyone born 1960 or later), and your benefit would be $2,000/month at FRA, here's the breakdown:^[SSA]

Claiming Age	Monthly Benefit (Approx.)	Reduction / Increase
62	$1,400	-30% Reduction
67 (FRA)	$2,000	Full Benefit
70	$2,480	+24% Increase

So yes, you're getting less each month — but you're getting 60 extra payments compared to someone who waits until 67. And 96 extra checks if they wait until 70.

The catch? They never talk about opportunity cost.

📊 The Real Math: Claim Early and Invest the Checks

Let's say you take your benefit at 62 and invest each monthly $1,400 check in the S&P 500, which has averaged ~12% annually over the long term.

Now consider this comparison of total money received, ignoring investment growth for a moment:

Scenario	Total Collected by Age 78	Total by Age 85	Invested Value at 70
Claim at 62	$268,800	$403,200	~$195,000 + growth
Claim at 67	$264,000	$432,000	$0
Claim at 70	$248,064	$501,120	$0

Now add real S&P compounding, and the break-even age gets pushed into your late 80s or even 90s, as you'll see in the chart below.

📉 But Wait... What's the Average Lifespan?

Here's where the "wait until 70" argument gets more frustrating for many:

• Average life expectancy in the U.S. is 77.5 years (CDC, 2023 data)^[CDC]
• For men, it's 74.8
• For women, 80.2
• And for federal law enforcement, military, and stressful public safety jobs? Often lower.

So yes — many people will die before ever making up the money they passed up by waiting.

"I want my money while I'm still young enough to enjoy it."

You're not crazy. You're mathematically grounded.

🎯 What About Spousal or Survivor Benefits?

Spousal and survivor benefits are real — and sometimes delaying makes sense to boost your spouse's future check.^[SSA] But it doesn't mean both of you should delay. A common strategy is to have one spouse take benefits early while the other delays to maximize the survivor payout. This is a great scenario to model with a financial planner.

⚠️ The Big GPO & WEP Caveats

Most feds under FERS are fully covered by Social Security and aren't affected by these rules. However, if you have a pension from a "non-covered" job—work where you did not pay Social Security taxes—you need to know about WEPWindfall Elimination Provision - Reduces your Social Security benefit if you receive a pension from non-covered work and GPOGovernment Pension Offset - Reduces Social Security spousal/survivor benefits if you receive a government pension from non-covered work.

💬 But I Paid Into It My Whole Life!

We get it. You want your money back. And you deserve it. But remember: Social Security isn't a savings account. It's a longevity hedge. The longer you live, the better the system rewards you. But it's a gamble.

📈 The Break-Even Chart: Visualizing Your Decision

Talk is cheap. Let's look at the numbers. This chart shows the cumulative amount of money you would have from Social Security based on different claiming strategies. Mouse over the lines to see the exact figures at any age.

🤝 The FERS Supplement (RAS) — Your Bridge to Social Security

The FERS Supplement—officially called the Retiree Annuity Supplement (RASRetiree Annuity Supplement - A temporary payment that bridges the gap between retirement and Social Security eligibility at age 62)—acts as a financial bridge, providing a temporary income stream to certain FERS retirees who are not yet eligible for Social Security.

What It Is & How It Works

The RAS is a monthly payment from OPMOffice of Personnel Management - The federal agency that manages the civil service of the federal government designed to approximate the Social Security benefit you earned during your FERS service. It is paid in addition to your regular FERS pension.^[OPM]

• Purpose: To bridge the income gap between your retirement date and age 62, when you first become eligible to claim Social Security benefits.
• It Ends at 62: The supplement stops permanently on the last day of the month before you turn 62. This is non-negotiable.

Who Is Eligible for the RAS?

To receive the supplement, you must retire with an immediate, unreduced FERS pension and be younger than age 62. This typically includes:

Retirement Type	Eligibility Criteria
Standard (MRA+30)	Retiring at your Minimum Retirement Age (MRA) with 30+ years of service.
Standard (60+20)	Retiring at age 60 or later with 20+ years of service.
Special Category	Retiring at age 50 with 20 years of service, or at any age with 25 years of service.
Early Voluntary	Retiring under special VERA/VSIP offers.

You are NOT eligible if you retire under MRA+10 rules, on disability, or with a deferred or postponed retirement.

The Earnings Test: The #1 Way to Lose Your Supplement

Your RAS is subject to an annual earnings test, just like Social Security benefits for those under Full Retirement Age. If you work a job after retiring from federal service, your earnings can reduce or eliminate your supplement payment.

• The Rule: Your supplement is reduced by $1 for every $2 you earn above the annual limit set by the Social Security Administration.^[OPM]
• 2025 Earnings Limit: The limit for 2025 will be announced in late 2024. (The 2024 limit was $22,320).

Estimating Your RAS Payment

The formula OPM uses is complex, but you can get a solid estimate with a simplified version. This calculation approximates what your Social Security benefit would be based only on your FERS service years.

How to Estimate Step-by-Step:

1. Find Your Social Security Estimate: Log in to your account at SSA.gov. Find your estimated monthly benefit at age 62.
2. Count Your FERS Service Years: Count your total full years of creditable civilian service under FERS. Round to the nearest whole number.
3. Plug in the Numbers: Let's say your age-62 SS estimate is $1,800 and you have 25 years of FERS service.
   • ($1,800 ÷ 40) = $45
   • $45 × 25 years = $1,125 per month (or $13,500 per year)

Frequently Asked Questions (FAQ)