Retirement Talk - Working Past 65 Can Affect Your Social Security Benefits and...

[TommyIV]

Retirement Talk with Tony Kendzior

Working Past 65 Can Affect Your Social Security Benefits and Medicare Premiums (https://www.tsptalk.com/retirement/tony/retirement020320.php)

[uscfanhawaii]

Retirement Talk with Tony Kendzior

Working Past 65 Can Affect Your Social Security Benefits and Medicare Premiums (https://www.tsptalk.com/retirement/tony/retirement020320.php)

Since this is a TSP page, I have to say that most of this article, thankfully, does NOT apply to us.
If you are CRS, you have a full pension. If you are FERS (personally, I switched to FERS when it came out) and you have invested wisely (meaning no G Fund!), you have a tidy sum saved up and a half pension that is not too shabby! We need to be thankful for what we have, as Fed workers!

I really question the idea of working past 65, as a federal worker. Yes, FRA is 67, so I might give you that. But I retired at 65.5 and never looked back! All of my fellow ‘early’ retirees are doing great. Many of them are doing MUCH BETTER now (healthwise). I cannot tell you how many retirees I run into with the biggest smile on their faces. Even the ones that were typically sad sacks at work!

Retire at 65! Improve your health. Live longer, and HAPPIER. Make room for the youngsters that want to move up. It makes me very sad to hear of the many workers who die on the job (or shortly after!). Enjoy life! You deserve it!

[nasa1974]

Since this is a TSP page, I have to say that most of this article, thankfully, does NOT apply to us.
If you are CRS, you have a full pension. If you are FERS (personally, I switched to FERS when it came out) and you have invested wisely (meaning no G Fund!), you have a tidy sum saved up and a half pension that is not too shabby! We need to be thankful for what we have, as Fed workers!

I really question the idea of working past 65, as a federal worker. Yes, FRA is 67, so I might give you that. But I retired at 65.5 and never looked back! All of my fellow ‘early’ retirees are doing great. Many of them are doing MUCH BETTER now (healthwise). I cannot tell you how many retirees I run into with the biggest smile on their faces. Even the ones that were typically sad sacks at work!

Retire at 65! Improve your health. Live longer, and HAPPIER. Make room for the youngsters that want to move up. It makes me very sad to hear of the many workers who die on the job (or shortly after!). Enjoy life! You deserve it!

I agree and disagree with retire at 65. For me max service years for CSRS was 42.5 years and I reached that goal and retired at 60. I know guys that were trying to reach 50 years of service and after the 42.5 their pension money went into a special account but didn't add to their 75-80% monthly pension. I know guys that didn't want to retire because they had no special interests and didn't want to sit at home doing nothing. Then you have those that started government service later in life. These folks need to get 20-25 years of service to receive a decent pension. Now granted that can still relate to retiring by 65. It still will always come down to personal choice. But yeah it was nice retiring at 60.

[evilanne]

I think you should retire even earlier if possible. Since with CSRS & FERS we have a pension, it is better IMO to wait as long as possible before taking SS and using pension & TSP for financial needs if possible. CSRS employees will have very limited SS benefits, if any. Waiting until 70 increases your SS benefits 8% per year between FRA & 70 https://www.fidelity.com/viewpoints/retirement/social-security-at-62 . Of course it depends on your health and family longevity, but with us living longer than when SS was established, I plan on waiting until age 70. Note: IRS life expectancy tables go to 115 :D