Q: If I choose to take the Social Security supplement, is it true you get 75 percent of what you are eligible for at the age of 62? At the age of 62, will my benefit be reduced because I drew dollars from there? If so, how much? Example: If my SS statement says $1,000.00 at the age of 62, will I receive $750.00 each month? At the age of 62, will I receive $1,000.00 each month? Thank you.
A: First, you don’t have a choice. If you are eligible for the special retirement supplement, you’ll receive it in your annuity, which will be paid by the U.S. Office of Personnel Management. It’s purpose is to help you bridge the gap between when you retire and age 62, when you first become eligible for a Social Security benefit. At age 62 the SRS will stop. If you apply for the Social Security benefit at that time, the Social Security Administration will pay you around 75 percent of what they would if you waited until your full retirement age of 66. That reduction for being under full retirement age is true for everyone who is eligible for a Social Security benefit. It has nothing to do with the SRS.