Q. I can retire in June 2014 at 60 with 26 years in FERS. As it will be in June, I will have made more than the $15,000-plus earnings limit. If I max out my TSP contribution (approximately $11,000 for six months), my net working income will drop so I can get under the $15,000-plus earnings limit; will my special retirement supplement the following year be unreduced?
Browsing: Earnings test
Q. I am 47 years old with 25 years and two months of service time under FERS. If I accept Voluntary Early Retirement Authority, my understanding is that my monthly annuity will not be eligible for cost-of-living adjustments. Is that correct? Also, once I reach age 56 and four months, the special retirement supplement would then be added until I’m age 62. Is that correct? After age 56 and four months, would COLAs then be applied to the annuity? Finally, if I’m working in the private sector earning a salary above the current $14,000 Social Security limit for earnings, would…
Q. Would a retiree under Voluntary Early Retirement Authority or Voluntary Separation Incentive Pay, who would be eligible for the special retirement supplement, which is subject to an earnings test, and plans to work after retirement, be better to take the SRS and let it be reduced by the earnings test, or elect to forgo the SRS?
Q. I am a 64-year-old FERS employee with 22 years of service, planning on retiring in June. I also planned on having my Social Security start in July. Will the Social Security income cap be considered on my year to date earnings, or does Social Security only consider earnings from the start of your Social Security payments?
Q. I am 47 years old with 25 years and one month of service under FERS. If I accept Voluntary Early Retirement Authority, my understanding is that my monthly annuity will not be eligible for cost-of-living adjustments. Is that correct? Also, once I reach 56 years and four months of age, the special retirement supplement would then be added until I’m age 62. Is that correct? After age 56 years and four months, would COLAs then be applied to the annuity? Finally, if I’m working in the private sector earning a salary above the current $14,000 Social Security limit for…
Q. I am retiring at 57, the mandatory retirement under FERS for law enforcement. I know there is something called the first year rule; will the special retirement supplement I receive for approximately five years be subject to the earnings limit? I heard the supplement is not subject to it, but when I reach age 62 and the supplement ends, any Social Security I receive will be subject to it. Can you clarify if the supplement law enforcement officers receive under FERS if retiring at the mandatory retirement age is subject to earnings test? If so, when?
Q. I have a government pension and will be retiring in the next couple of years. I understand that my pension will be subject to federal and state taxes. I also have 20-21 years full time under Social Security (an additional nine years part time under social Security but under the substantial earnings amount). My Social Security will only be approximately $6,000 per year. Would the Social Security be subject to federal and state taxes?
Q. I am 51 and retired with 22 years with the Federal Bureau of Prisons. In our agency, we could retire at age 50 with 20 years of service or at any age with 25 years of service. Our maximum retirement age is 57. I thought I understood from retirement training that in our special circumstances, earnings rules did not apply until we reached age 57, or when we would have been forced to retire. In other words, after early but full eligibility retirement, we could work and we would not be penalized or limited with new income, in that…
Q. If a Bureau of Prisons retiree takes a job other than a federal job, will he lose any amount of his retirement while he works?
Q. I’m under FERS and worried about a reduction in my Social Security benefits after retirement. My Social Security benefits are not calculated on an assumption of $110,000 a year until I retire. If I elect to retire with 31 years of service at my minimum retirement age of 56, will the years following my retirement without paying (or paying Social Security at a lower income level) reduce my Social Security benefits when I claim them at 62 or older?