Q. I am 59 years old have retired from the U.S. Forest Service under mandatory retirement as a firefighter. I currently work in an emergency hire capacity as a Administratively Determined employee. As a CSRS Offset retiree, I will be forced to apply for Social Security at 62 and will have an earning cap of around $15,000. What is the penalty if I exceed this earning limit? I would like to continue to work for a number of years past 62 and could easily surpass this earning limit.
A. Your Social Security benefit will be reduced by $1 for every $2 you earn above the annual limit. In 2015 that limit is $15,720.
