Q. I will be 62 on Sept. 3 and will still be CSRS for another year or so. Can I collect 100 percent of my Social Security amount for age 62 at that time?
A. Absolutely not! Until you reach your full retirement age, you’ll be subject to the Social Security earnings limit. As a result, any Social Security benefit you are entitled to will be reduced by $1 for every $2 you receive from wages or self-employment that exceed the limit. This year, that limit is $15,120. It will be slightly higher in 2014.
Note: When you retire, your Social Security benefit will be subject to the windfall elimination provision. That’s because you’ll be receiving an annuity from CSRS, a retirement system in which you didn’t pay Social Security taxes. The WEP will reduce but not eliminate that benefit if you have fewer than 30 years of substantial earnings under Social Security.