Q. I am FERS-covered and will retire this year with 20 years at age 62. My annual FERS annuity is about $25,000. After retirement, I plan to work in a private company in a foreign country for an estimated annual $90,000 salary. I will roll over my Thrift Savings Plan savings to a traditional IRA. I will not withdraw my Social Security until I reach my full retirement age at 66 when I will no longer have any wages.
1. Am I allowed to draw FERS annuity while living in a foreign country?
2. How will my salary from the private company affect my FERS annuity? That is, will my FERS annuity be reduced due to an earnings income limit?
A. 1. As a rule, yes. However, payments cannot be made in others, such as North Korea. 2. It won’t. The earnings limit only applies to the special retirement supplement and Social Security benefits.