For most federal employees covered by the Federal Employees Retirement System (FERS), the answer to when is the best time to start taking Social Security retirement benefits depends on three factors:
- Your need for income
- Your health and life expectancy
- Whether you are trying to maximize lifetime or survivor benefits
There is no single best age for everyone, but there are some guidelines to help you make the decision best for you.
Age 62: Best If You Need the Income
The earliest age most workers can claim Social Security retirement benefits is 62. However, claiming before Full Retirement Age (FRA) permanently reduces your monthly benefit. According to the Social Security Administration (SSA), benefits are reduced for each month claimed before FRA.
This may make sense if:
- You need income immediately after retirement
- You have health concerns that may shorten life expectancy
- You have limited retirement savings
For many FERS retirees who retire before age 62 and receive the FERS Special Retirement Supplement, claiming Social Security immediately at age 62 is often unnecessary because they already had a temporary Social Security-like benefit before age 62.
SEE ALSO: Understanding the FERS Retirement Annuity Supplement
Full Retirement Age (66-67): The Middle Ground
Your Full Retirement Age depends on your birth year. For employees born in 1960 or later, FRA is age 67. At FRA, you receive 100% of your earned Social Security benefit.
This is often a reasonable claiming age if:
- You are retiring and need additional income
- You want to avoid the permanent reduction from claiming at 62
- You are uncertain about delaying to age 70
Age 70: Usually Best for Maximizing Monthly Income
According to the Social Security Administration, your benefit increases for every month you delay claiming Social Security retirement benefits beyond FRA, up to age 70. For people born in 1943 or later, delayed retirement credits increase benefits by 8% per year. The increase stops at age 70.
For many FERS retirees, age 70 produces the largest guaranteed retirement income because:
- The monthly benefit can be about 24% higher than at age 67 (for those with FRA of 67)
- The higher benefit receives future cost-of-living-adjustements (COLAs)
- A surviving spouse may receive the higher benefit amount
If your health is good and you have sufficient income from your FERS annuity and TSP withdrawals, delaying to age 70 often produces the largest lifetime benefit.
Special Consideration for FERS Employees
FERS was designed as a three-part retirement system:
- FERS Basic Annuity
- Social Security
- Thrift Savings Plan (TSP)
Because FERS employees already pension, many have more flexibility to delay Social Security than private-sector workers who rely heavily on Social Security income.
General Rule of Thumb for When to Start Taking Social Security (FERS)
| Situation | Likely Best Claiming Age |
| Need income immediately | 62 |
| Average health and moderate savings | FRA (66-67) |
| Good health, married, adequate pension/TSP income | 70 |
| Want highest survivor benefit for spouse | 70 |
Bottom Line
For many FERS retirees, claiming Social Security at 70 produces the highest guaranteed monthly income because SSA increases benefits by approximately 8% per year after Full Retirement Age until age 70. However, if income is needed sooner, claiming at Full Retirement Age (66-67) is often a reasonable compromise, while claiming at 62 is generally best reserved for those with immediate income needs or shorter life expectancy.