Q. I work for the federal government and have 31 years in CSRS. I was born in 1959. I am eligible to retire in August 2014 and will be 55. I also worked in the private sector before becoming a federal employee. I am four credits short of receiving Social Security. If I earn four more credits after I retire, how much will I receive and how much will my CSRS retirement be decreased?
If I could receive Social Security, would it be better to keep working under CSRS/ Social Security? Which would be greater? Should I just work longer under Social Security or stay extra years under CSRS?
A. If you became eligible for a Social Security benefit, it wouldn’t affect your CSRS annuity. However, because you’d be receiving an annuity from a retirement system where you didn’t pay Social Security taxes, you’d be subject to the windfall elimination provision. The WEP would your Social Security benefit because you’d have fewer than 30 years of substantial earnings under Social Security. To learn more about the WEP, go to http://ssa.gov/pubs/media/pdf/EN-05-10045.pdf