Q. I am a FERS employee and I plan to retire in the near future. As I have a CSRS component, I will be impacted by the Windfall Elimination Provision when I begin to draw Social Security. As my spouse is also a FERS employee, it is possible that my spouse benefit for Social Security may exceed my own benefits. I will turn 62 eight years before my spouse. And we both plan to draw Social Security when we each turn 62, respectively. I understand that I will not be eligible for a spouse Social Security benefit until my wife…
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Q. I am a government DoD CSRS employee of 38 years and plan on working for another couple of years –- I want that 40 years with 80 percent of my salary as retirement. I turn 62 this September and have been told I can draw my ex’s Social Security starting Oct 1. We were married for 28 years. Is this true? Is there a limit on the amount of money I can draw while I am still employed? I know when I retire, it will offset my retirement (which I feel is unfair). A. Because your marriage lasted at…
Q: My wife only worked for 11 years and based on the annual statements she receives from the Social Security Administration, she can only expect to receive about $300 a month at age 62. She is 5 years older than me and I plan on retiring under FERS at age 60 and drawing my Social Security at 62. Recently someone mentioned if her full amount was less than half mine she would get half of mine. This sounds like a better deal, but trying to get the facts on this from the SSA Web site without a background in cryptography…
Q: My wife died last year. She was a retired educator with more than 30 years of service. She turned 60 in December 2009. She also had been receiving Social Security disability for almost two years before she died. I will be turning 61 in 2010; however I am still working with more than 30 years of federal service under CSRS. I am an outset employee because I left the federal government for two years and have been back since Jan. 6, 2009. Can I received her Social Security at age 62 and delay drawing mine until I am 65?…
Q: I am retiring soon under the Federal Employees Retirement System and my spouse is already retired under the Civil Service Retirement System. Should I die before her, will she be able to collect unreduced Social Security survivor’s benefits? A: No, she won’t. Her survivor benefit will be subject to the government pension offset provision of the law, which will reduce that benefit by $2 for every $3 she receives in her CSRS annuity.
Q: Is the $14,160 earning limit on early retirement gross, or net? I am self-employed and have expenses. I do not net more than $14,000. A: The earning limit is the gross amount of your income, not the net.
Q: On www.ssa.gov/retire2/military.htm#2002 it states that between the years 1957 and 2001 Special Extra Earnings can be credited to your Social Security benefit for active-duty military service between the above mentioned years. Will this affect an adjustment to a CSRS annuity? My Post 56 payment was paid in full in 1986 to avoid interest payments. A: No, it won’t.
Q: I am a 65-year-old active CSRS federal employee. My wife is 63 and receives Social Security benefits. Am I eligible for a Social Security spousal benefit while I am still employed and not receiving a CSRS annuity? A: Yes, you are. However, when you retire, you will be subject to the government pension offset provision of law, which will reduce that spousal benefit by $2 for every $3 you receive in your CSRS annuity. In most cases, the GPO eliminates the Social Security spousal benefit.
Q: Can I begin drawing Social Security at age 62 while still being on the payroll? A: Yes, you could. However, because you would be under full retirement age, your Social Security benefit would be reduced by $1 for every $2 you earn above the annual earnings limit, which is $14,160 in 2010. In the year in which you reached your full retirement age, the reduction would be $1 for every $3 you earn above a different limit ($37,680 in 2010). Because you were born in 1948, your full retirement age is 66. In the month in which you reached full retirement…
Q: I just read your comment explaining why some individuals had their Medicare Part B Premium go up. This article begs an additional question. I would like to delay drawing my Social Security until age 70. However, I would like to sign up for Medicare Part B when I turn 65 in order to avoid the penalty for delayed sign-up. I understand the way to do this is to have the Medicare Part B premium benefit taken out of my FERS (with CSRS component) pension, which I will begin to draw at age 58. However, if I do this, I…