Your Turn with Mike Causey

Working for the federal government has its rewards and challenges. The same when you retire — a lot of options, which also means a lot of choices. Most working feds are under both the Federal Employees Retirement System plan and Social Security. When they retire they are faced with a number of important financial decisions. Among them: When it comes to money would you prefer less sooner or more later? The answer, like so many financial decisions, comes down to: It depends. Opting to get Social Security at age 62 means you will get the maximum number of monthly payments for life. But delaying getting a Social Security benefit means it will go up dramatically each year you wait. The maximum monthly benefit in 2020 is $2,265 for those retiring at age 62; $3,011 for those retiring at the full retirement age of 66; and $3,790 for those retiring at age 70. So should you go for it earlier or wait to get the maximum? The now-or-later decision is just one of many facing both active duty and retired federal civil s