Q. I retired in 2008 with 33 years credited, of which three were in the military. I never bought back my military time. I am almost 59 now and have 35 quarters of Social Security banked. I understand that if I get over 40 before I turn 62, my pension will be affected. Most of my Social Security quarters earned were either military (in the 1970s; wasn’t much) and part-time work.
So I do not have much money vested in Social Security.
If I get 40 quarters and my pension is offset, how can I figure how much that will be? I may decide it’s to my benefit to continue part-time work.
A. Here are the rules for those CSRS employees who haven’t made a deposit to get credit for their active-duty service:
If you retire before age 62 and are eligible for a Social Security benefit at age 62, those years for which you didn’t make a deposit will be eliminated and your annuity recomputed downward.
If you work until age 62 or later and are eligible for a Social Security benefit when you retire, the reduction will be made then.
In your case, the reduction in your CSRS annuity would be 6 percent (2 percent for each year).
