Q. I am planning on retiring in February. At that time, I will be 60 years old and will have 27 years under FERS.
1. Am I entitled to the special retirement supplement?
2. Does receiving the supplement affect my Social Security payment at age 62?
3. How long after retiring can I expect to receive my first payment, and roughly how much will it be?
4. Are state and federal taxes deducted from it?
A. 1. Yes.
2. No. The special retirement ends at age 62 when your Social Security benefits begin.
3. I have no idea. However, the Office of Personnel Management has improved the speed at which it puts retirees into interim pay. Receiving the first full annuity payment takes longer. Since I’m not a psychic, I can’t tell you what your annuity will be. I can only give you the formula and let you take it from there. Here’s the formula: .01 x your high-3 x your years and full months of service.
4. Yes. However, you will be able to adjust the amounts, if you wish to do that.
