Q. I would like to retire at between 56 and 58 with deferment until I reach age 60 and can draw my reserve retirement. I am a gray area reservist with 20 creditable years of total service. This includes four years and two months of active duty that I bought back after I accepted a FERS position. I have been with FERS for 20 years, including buyback. Will I still be able to draw both retirements since my military retirement is a reserve retirement? In 2017, I will have 25 years, and I would like to retire no later than…
Browsing: annuity reduction
Q. When I retire, I will be 59½ and will have 30 years of service at the Postal Service. I will not have any earned income from that point on. I understand federal and state taxes will be taken out of my FERS annuity and any money I take out of my Thrift Savings Plan. Will I also have Social Security deducted from these two sources? Also, will my special retirement supplement and — when I turn 62, my SSI benefit — also be subject to federal and state taxes?
Q. I have 22 years of service under FERS and 10 years under straight CSRS before 1977. I will be 64 this month. The windfall elimination provision chart on the Social Security site estimates the WEP reduction based on age 62 (and the number of years paying into Social Security at that age). Does that mean that no matter how many more years I work, the WEP reduction will remain as it would have been at age 62 and less than 20 years paying into Social Security? Does it also mean the extra years worked will not count toward reducing…
Q. I am 57 and was a civilian firefighter for the Navy in FERS with 13 years of service. I was medically retired in 2001 and have been receiving a disability annuity since. I remember being told or having read that when I turn 62, my disability annuity will revert to a standard retirement, reducing my pension. A couple of years after I left the federal system, I found part-time work to help add to my income, staying well under the 80 percent requirement, but over the last two to three years, my medical issues have worsened, and I am…
Q. I will be retiring from civil service under CSRS with 40 years of service. I will also be drawing my reserve retirement next year when I turn 60. I have three years and nine months of unpaid military service, and it would cost approximately $26,000 to buy back the service. I know when I turn 62, the Social Security windfall elimination provision will reduce my Social Security annuity. I have less than 20 years of significant earnings. I’m wondering if it is worth paying the $26,000 to buy back the three years and nine months.
Q. I am a FERCCA case. I was inadvertently placed in FERS when hired by my agency after eight years in the legislative branch. I have elected CSRS offset coverage. I have 28 years, eight months of creditable service and am eligible to retire now. My annual salary and high-3 are not likely to change in the next few years. Are CSRS offset annuities helped by length of service? Would it benefit me to work two or three more years?
Q. I am a CSRS employee who will be turning 55 in January. I will have 32 years of service. If I retire during the summer of this year, how much will I be penalized?
Q. I was hired by the Department of Defense on a term appointment NTE on Feb. 18, 2011, which was extended beyond that date to my conversion to career conditional June 5, 2011. Does my term appointment count toward my three years to be considered a tenured career employee?
Q. I retired from the FAA in 2003 with 21 years of service, and I receive 50 percent of my base pay. I also am qualified for Social Security. I bought back my military service. I know my Social Security benefits will be lowered as I receive a pension from OPM. I am planning on taking my Social Security benefits when I turn 62. Will I still receive my 50 percent pension from OPM?
Q. I am a 55-year-old city mail carrier with 18-plus years of service. How much of a reduction from my full retirement funds would result if I retired at 57 with 20 years of service?