Q. I’m a 56-year-old federal firefighter under FERS. I’m looking at retiring this month and wanted to know if I get penalized for making another income outside of my retirement? From what I understand, I can only make $14,000 before I get penalized.
A. Working after retirement wouldn’t have any affect on your annuity. However, if you exceeded the annual Social Security earnings limit, it would reduce or eliminate your special retirement supplement. (The SRS approximates the amount of Social Security benefit you earned while a FERS employee.) In 2014, the earnings limit is $15,480.