Q. My wife and I are both federal employees nearing retirement. What are the pros and cons of deciding not to have a spousal annuity for either one of us since we will have our own benefits, including our own Thrift Savings Plans and Social Security?
Browsing: annuity reduction
Q. I am eligible for a 30-year retirement in July at age 50. If I do not get another job, I am eligible for a special retirement supplement due to the mandatory early retirement that federal law officers must take. If I don’t work for, say, six months and then get a job in the private sector and work two years, or if I get a job immediately upon retirement and only work a couple of years, will I still be eligible for the supplement after leaving the private sector?
Q. Does my wife have to sign up for Medicare? If so, when does she have to sign up? And, if my wife does not sign up for Medicare, will she incur any penalty? Scenario: I am a working FERS employee and my wife still works. She is not a government employee. I have self-and-family Federal Employees Health Benefits coverage. I am not yet age 65. My wife will turn 65 this year.
Q. I’m FERS and will have 28 years and nine months in at my minimum retirement age of 56. I have a sick leave balance of 2,819 hours (I’ve never used any sick leave in my whole career). I’m 54 now and will work at least until 56. My sick leave credit will give me more time toward my FERS annuity (approximately 30 years). Does the sick leave give me 30 toward the special retirement supplement if I go at my MRA, or do I need to work until I have 30 years of service, which is three years from…
Q. I am a retired federal employee under CSRS Offset. My male partner and I are getting married soon. My pension is set up so he has an insured interest. I took a reduction in my monthly annuity, so if he survives me, he will get a portion of my pension. I believe it is 35 percent. As married spouses, how will this change? What percentage would he get? Would my annuity be reduced some more for him to receive the spousal as opposed to insured interest annuity?
Q. I worked under CSRS from 1963 to 1984 and withdrew my contributions when I left. I returned to a term position in 2002 and was informed that I couldn’t elect CSRS, so I selected a FERS pension. I am 72 and still employed. When I retire, I will receive an actuarially reduced CSRS pension. Does the reduction computation continue each year into retirement? What is the reason (law or regulation) that this reduction is itself not reduced or eliminated if I retire at a more advanced age (and will receive the pension for fewer years)?
Q. I am looking at retiring in January 2015. I will be 56 years old Oct. 15. I will have 30 years in as of Dec. 24. Waiting until the end of leave year to cash in all available annual leave. I am looking at cashing out my Thrift Savings Plan in a lump sum to pay off all debts. Will that income be considered part of earned income so that the special retirement supplement is reduced? If so, would it be in my interest to retire at the end of 2014 so that my annual leave hits that year…
Q. I entered federal service under a temporary appointment on March 16, 1981, until being converted to a career-conditional appointment on Jan. 12, 1982. The Office of Personnel Management has calculated that I owe a CSRS pre-10/01/1982 deposit of $878.88 and interest of $1,398.85 for a total of $2,277.73. If I understand it correctly, unless I pay the deposit in full, my annual annuity will be reduced by 10 percent of the amount of the unpaid balance at retirement. In this case, my annual annuity would be reduced approximately $227.77 or $18.98 per month. Does this reduction ever change? Are…
Q. I am 57 with 22+ years of service with the Veterans Affairs Medical Center. I’d like to find out what my FERS balance is and what would be the best time to start an annuity. I served from 1989 to 2010 + two years active military bought back.