CSRS Offset and Social Security


Q. I am enrolled in CSRS Offset. I am 68 years old and still working. My plan was to work until I am 70 and then collect my social security. The reason is to maximize the amount of money I get from Social Security.
I have been told that I should start collecting my Social Security now while I am still working because the amount of money I receive from Social Security toward my retirement will not change from the age of 62. Is that correct?
Will I get more money if I continue to work and not collect Social Security until I am 70? Or is the amount I will receive from CSRS determined at 62? And, if that is the case, is it better for me to start taking my Social Security as soon as possible?

A. Your Social Security benefit will increase by about 8 percent per year just for waiting until age 70 to claim it. Working during the waiting period may also increase your benefit if you earn enough to increase the average earnings used to calculate your benefit.


About Author

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 fedexperts@federaltimes.com and view his blog at money.federaltimes.com.

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