Q. I am a FERS federal employee and I turn 62 in March. Can I draw my Social Security at 62 (worked in industry for 27 years and have been a federal work for 15 years) and still keep working for the federal government? I would like to work until I am 66 to get a higher amount of retirement from the federal government. I realize I would have to pay taxes on the Social Security since I would be making more than what is allowed and it is considered income and I would get a reduced amount for the rest of my life by taking it at 62.
A. While you could draw your Social Security benefit at age 62, under the Social Security earnings limit, it would be reduced by $1 for every $2 you earn above the annual limit. In 2014, that limit is $15,480.