Q: I will begin my first federal job soon under FERS. I turned 60 about one month ago. Must I work until age 65 to be eligible to receive Social Security or Thrift Savings Plan payments? I will have approximately four years and nine months of creditable service.
A: To be eligible for a FERS annuity, you would need to have five years of creditable service and be at least age 62. To receive a Social Security benefit, you would need to have 40 credits, which equals 10 years of contributions to Social Security. Because you will have reached your full retirement age at 65, you could begin receiving a Social Security benefit at that time and not be affected by the Social Security earnings limit. That limit would apply if you began receiving a Social Security benefit before reaching your full retirement age and were still working.