Q: How do you calculate your social security supplement? I have read that simply taking 75% of the amount that you would get at 62 does not work. I will be retiring 12/31/2014.My HR officer told me to apply in November. I thought it was 6 months in advance!
A: The percentage of your age 62 Social Security that is used to compute your supplement is based on the num ber of years of civilian service you have under FERS. Your years of civilian service are divided by 40 (the number of years SS says make up a full career). For example, if you had 30 years it would be 75%; for 20 years it would be 50%, etc.
Sounds like your HR Officer either runs a tight ship or is being optimistic. If you wait until November to submit your papers, send them in on November 1st.