Browsing: Benefits

Social Security

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Q. My husband is a retired federal employee receiving a CSRS pension. I have been paying Social Security taxes based on my own employment earnings since before we were married. 1. As the wife of a federal employee who is receiving a federal pension, will I receive my full Social Security benefit when I reach retirement age? 2. If I outlive my husband, how much of his federal pension would I receive, and would I also continue to receive my full Social Security? 3. Will he receive Social Security benefits based on employment earnings in nonfederal jobs he held prior…

Social Security and FEHB with FERS annuity

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Q. I will be 70 years old in October 2015. I understand if I wait to collect Social Security benefits until that time, my monthly benefit will approximate $3,030. As of August 2010, I started working for the federal government as a GS-13. I plan on retiring under FERS in September 2015, at which time I will have completed 60 months of continuous civilian service. I understand that my monthly FERS annuity will approximate $500. Is there any offset to either Social Security or FERS monthly annuity benefits based on receiving both of these benefits simultaneously? Assuming continuation of excellent…

Annuity reduction

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Q. I served three years on active duty from 1966 to 1969. I was hired as a federal employee in 1970. I retired in 2009 at age 61 and not eligible at that time for any Social Security benefits. I did not buy back my military service because of the provision under section 22A5.1-3G of the CSRS/FERS Handbook, where it states that “employees who retired prior to age 62; and are not eligible for Social Security at age 62; continue to receive credit for the post-1956 military service even if they become entitled to Social Security at a later date…

WEP and taxes

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Q. I am having half of my Social Security benefit reduced because I have a CSRS retirement and I earned enough Social Security credits separately for a Social Security benefit because of Army Reserve service. Will the amount of my Social Security benefit be reduced because of the windfall elimination provision? Will it can count on my IRS Form 1040 as taxes paid or a deduction?

Retiring now

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Q. I am 64 years old with 28 years in the post office, all FERS. I would like to retire in March. How long will it take for my Social Security checks, my Thrift Savings Plan account and my Postal Service pension checks to begin? I would like to continue my current health plan and apply for Medicare ASAP. I would also like to keep my current life insurance plans.

Earnings limit

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Q. I am FERS-covered and will retire this year with 20 years at age 62. My annual FERS annuity is about $25,000. After retirement, I plan to work in a private company in a foreign country for an estimated annual $90,000 salary. I will roll over my Thrift Savings Plan savings to a traditional IRA. I will not withdraw my Social Security until I reach my full retirement age at 66 when I will no longer have any wages. 1. Am I allowed to draw FERS annuity while living in a foreign country? 2. How will my salary from the…

Military service deposit

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Q. I would like to know if I can get back the money I returned (bought back) for my military time. I served three years (May 1974-May 1977), started federal civil service in November 1977 and retired in November 2009 with a total of 35 years — three military and 32 civil service. I bought back my military time because no one knew for sure at that time how it worked. I will not be eligible for Social Security at 62, or after, so it is my understanding that it will not affect my annuity. Is this correct? They will…

CSRS or FERS?

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Q. I served on active duty in the Air Force from February 1983 to January 1992. I joined California state government in August 1993 and recently retired after 20 years and paid into Social Security the whole time. I am now considering working as a civilian for the federal government. Because military time, if purchased back, qualifies as CSRS time, does this mean that if I become a federal civilian employee now, that I will be under CSRS instead of FERS? Or because I have never been a federal civilian employee in the past, I must go under FERS and…

Disability retirement vs. regular retirement

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Q. I’m a letter carrier with 32 years of federal service under FERS. I have 2½ years to go before I meet my minimum retirement age. I’m considering disability retirement because my health has been keeping me from work. What will I lose or gain (pros and cons) between regular retirement and disability retirement. Which is stronger financially?

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