Q: My husband started receiving his CSRS federal annuity in 2005 at age 55 after 35 years as a federal employee. He now also receives a small military pension. He is 60. He has plenty of quarters of Social Security, and still works and contributes to Social Security. What is meant by 30 quarters of substantial earnings? How do we know if he fits that definition? Also, if he chooses to delay applying for Social Security but instead opts for my Social Security spousal benefit (I will be eligible in seven years with plenty of quarters but no federal service),…
Browsing: RETIREMENT
Q: I have served in the Navy for seven years. Will I be able to carry over my time to the U.S. Postal Service? A: Yes, but only if you make a deposit to the civilian retirement system. The deposit equals 3 percent of your basic military pay while on active duty, excluding allowances or differentials you may have received. Interest charges are added if you delay making the deposit after you are hired.
Q: I retired from the military in 2000 after 20 years of service and started receiving a regular military retirement anunity (with a 30 percent disabled Veterans Administration offset). I didn’t buy back any military time for FERS. I also am approaching age 50 and have just past 10 years FERS service. What are my best options for retiring at age 55? Also, would it still be to my advantage to buy back my military time since I do have a 30 percent disability and that could increase in the future. A: You don’t have any options for retiring at…
Q: I have been approved for Social Security disability and have applied for FERS disability with only 20 months of service. I was just awarded SSD as of April and have not been approved as of yet for FERS. I am aware of the offset from SSD, but my question is, if I received $1,485 from SSD and my FERS is $1,277 gross the first year, then doesn’t this mean I am not going to receive anything monthly from FERS because of the offset? Why did I even bother, and now since I became disabled in October 2009 and permanently…
Q: I am an 1811 under FERS and have hit the pay cap when my AUO is included. I was told by somebody that when my retirement annuity is calculated, that the pay cap will not count against me, and that the high-3 salary will be calculated based on my grade/step/AUO without the pay-cap penalty. Is that true? A: Your annuity will be based on your basic pay, not what you would have received but for the pay cap. Looked at another way, only pay from which retirement contributions were taken will be used in the computation of your annuity.
Q: I will retire under FERS in 2015 at age 56 with 33 years of service. I will continue to carry my Federal Health Insurance. I am told that the government will not pay anything toward it like they currently do as a federal worker. Is that true? A: No. When you retire, you’ll pay the same premiums you would as an employee, unless you work for the Postal Service. Postal Service employees have a higher percentage of their premiums paid by the Postal Service. When they retire, they pay the same premiums as all other federal employees and retirees.
Q: From 1968 through September 1978 I worked in the private sector and paid Social Security. My taxed Social Security earnings for those 11 years were $40,520. According to the Social Security Administration, seven of those years were “substantial earnings years.” Beginning in October 1978, I entered federal civil service as a federal law enforcement officer and paid no Social Security. In June of 1983, I left federal service and re-entered the private sector. From June 1983 through August 1985, I remained in the private sector. My total taxed Social Security earnings for those three years were $74,650. According to…
Q: I worked six years as rural mail-carrier substitute. There is no retirement plan for subs. After that, I have worked 21 years as a regular rural mail carrier. Have you heard of any new deal where those six years as a sub could be included in my retirement plan? A: I haven’t heard of any change being made or even contemplated.
Q: I’m about to receive my pension from the Navy because I’m about to turn 60. I’m also a FERS retiree. Would I be able to receive both annuities? What would happen to my FERS annuity supplement? A: You’ll be able to receive both annuities. Further, your special retirement supplement won’t be affected because it would only be reduced if your earnings from wages or self employment exceeded the annual limit. An annuity, regardless of who pays it, is not considered to be earnings.
Q: I retired from the Army in 1993 with 20 years of service. I retired as warrant officer, no disability, and began collecting retired pay in 1993. In 2000, I began employment has a civilian with the Army Corps of Engineers. I have paid into Social Security since joining the military in 1973, including private-sector jobs. When I stop working, will I be able to receive my full military retirement pay, full Social Security and full civilian retirement pay, or are these connected in some way that means I would receive less. A: Yes, you will be able to recieve…