Q. I am in CSRS offset, and I am eligible to retire now.
I expect to be working past age 66, when I can collect full Social Security benefits. If I collect the benefits and continue to work, how will my retirement calculation change when I retire? Most, but not all, of the Social Security benefits were earned while I was under CSRS offset.
Also, how would my retirement be affected if I collect the Social Security before age 66?
A. 1) If you reached your full Social Security age and began receiving that benefit, when you retired, your CSRS annuity would be offset by the amount of that annuity you earned while a CSRS offset employee. 2) If you began receiving your Social Security benefit before reaching your full Social Security retirement age and continued working, that benefit would be subject to the Social Security earnings limit. It would reduce it by $1 for every $2 you earned above the limit, which is $15,120 in 2013. In the year you reached your full retirement age, it would be reduced by $1 out of every $3 you earned. After that, there wouldn’t be any reduction.