Timing your first date with Social Security

Working for the federal government has its rewards and challenges. The same when you retire — a lot of options, which also means a lot of choices.

Most working feds are under both the Federal Employees Retirement System plan and Social Security. When they retire they are faced with a number of important financial decisions. Among them: When it comes to money would you prefer less sooner or more later? The answer, like so many financial decisions, comes down to: It depends.

Opting to get Social Security at age 62 means you will get the maximum number of monthly payments for life. But delaying getting a Social Security benefit means it will go up dramatically each year you wait. The maximum monthly benefit in 2020 is $2,265 for those retiring at age 62; $3,011 for those retiring at the full retirement age of 66; and $3,790 for those retiring at age 70.

So should you go for it earlier or wait to get the maximum?

The now-or-later decision is just one of many facing both active duty and retired federal civil servants. Knowing the options, and what to do with them can add tens of thousands of dollars to your retirement. And there is no one-size fits all answer. Which is why we’ll spend this morning talking to federal benefits expert Tammy Flanagan. She was a long-time fed, now retired and heading her own company.

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Tammy will be my guest on today’s Your Turn radio show at 10 a.m. EST here on www.federalnewsnetwork.com or in the Washington area on 1500 AM. She’s going to answer some of the most common and complicated questions she gets including: