Q. I am confused about the supplement. I am 55 with 27 years in. My minimum retirement age is 56; reaching that mark would qualify me for the supplement, but how much will that be? My Social Security statement says $1,400 projected at age 62.
And if I take the supplement, I understand I can only make, in addition to that, some $14,000. What happens at 62? Is my Social Security reduced for taking it at 56, or is this a nonpenalized benefit I am receiving?
A. To be eligible for the special retirement supplement, you would have to retire on an immediate annuity with one of the following combinations of age and service: age 62 with five years of service, 60 with 20 or at your minimum retirement age with 30. If you were offered and accepted early retirement, you’d be eligible to receive the SRS when you reached your MRA.
An individual cannot determine the exact amount of the SRS. However, you can estimate it by taking your Social Security estimate at age 62, multiplying it by your years of FERS service rounded to the nearest whole number and dividing the product by 40.