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?
Browsing: Minimum retirement age
Q. I had 16 years as a FERS employee and bought back my four years of active-duty time (20 years). When I left my federal job, I was told by human resources to apply for my deferred retirement at my minimum retirement age (56 years old) because taking the penalty (2 percent a year for every year under 60) was still better because it would take 18 years to make up the difference if I waited until age 60 to draw the annuity. Does that sound correct to you? I left federal service at age 46.
Q. I am 49 and will shortly leave federal service, temporarily (I hope). I have 19 years of service and have always been an FEHB subscriber. When I return to federal service in my 50s, will I need to have an additional five years of FEHB-covered service before retiring with FEHB benefits? That is, does the consecutive five-year rule refer to (a) five years before retirement or (b) five consecutive years when one is eligible to subscribe to FEHB? For example, could I return to federal service at age 54 (as an FEHB subscriber) and then retire at my MRA…