Retirement and social security


Q. I’m a FERS employee and 60-years-old. If I retire with annuity & TSP, and wait a few years before taking Social Security, the amount will be based on my salary at retirement, correct? However, every year I wait, 2 percent will be added to that salary, correct?

A. It’s not that simple. Your Social Security benefit will be based on up to 35 years of your earnings history, and waiting to claim without working will not add anything to that history. You can obtain information about how your benefit is calculated, the impact of waiting to claim, and download your most recent benefit statement at


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Mike Miles is a Certified Financial Planner licensee and principal adviser for Variplan LLC, an independent fiduciary in Vienna, Virginia. Email your financial questions to and view his blog at

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