Browsing: SOCIAL SECURITY

Q. I am a 48-year-old FERS employee with 25 years of civil service. Our organization has offered a Voluntary Early Retirement Authority. If my organization approves my VERA, when would I be eligible to receive an annuity? Immediately or at age 56? What are the near- and long-term pros and cons of accepting VERA? A. Because you have at least 25 years of service, you would be eligible for an immediate annuity. When you reached your minimum retirement age, you would be entitled to the special retirement supplement. However, if you had earnings from wages or self-employment at the time…

Q. I am a letter carrier, age 52, started in 1985 and have 28 years of creditable service. If I understand what I’ve gleaned from the posts here and the Postal Service were to offer me a Voluntary Early Retirement Authority this year, 1.  Would I begin my annuity immediately? 2.  Would I have no reductions in calculations of my annuity? (average high-3 x 1 percent x 28) 3.  Would I receive credit for half of my sick leave and all of my annual leave? (How are these applied?) 4.  Would I receive the special retirement supplement beginning at age…

Q: I know if a FERS employee retires before age 62, he would receive a Social Security offset payment under the same rules as if receiving Social Security. Under this rule, the maximum that could be earned without a payment reduction is a little more than $14,000. If I get a job that is not in the Social Security system, such as many teachers do, will the over-14K income rule still apply? A: Yes, the limit will apply regardless of the source of the earnings from wages or self employment.

Q: I retired under CSRS in 2005 after 23 years with the Secret Service as an 1811 LEO. Private employment has permitted me to acquire enough earned SS credits to qualify for $1,028 per month at 62 years of age. My wife has also been privately employed for 35 years and has earned Social Security credits to qualify for $923 per month at 62. What impact will GPO and WEP have on my Social Security benefits? Does it make a difference if I apply for Social Security benefits before my wife (I’m six months older) with respect to survivor benefits?…

Q: I worked under CSRS for 18 1/2 years, ending in 1987, and withdrew my contributions at the time.I have worked in private industry paying full Social Security for 29-30 years (work totally separate than my CSRS work.) I have recently rejoined the government and was placed in CSRS-Offset retirement.I am 62 and plan to work another three to five years under the CSRS-Offset system (time frame somewhat relative on whether I buy back my previous retirement credit.) I am deciding on redeposit (with interest, of course) to obtain the 18 1/2 years of CSRS retirement credit I formerly had.…

Q: I will have to retire (age 57) in January 2014 as a federal law enforcement officer with 29 1/2 years of service under FERS. If I am correct, the Social Security Supplement will be calculated by multiplying my Social Security estimate of $1,792 per month (obtained from their website) times 29.5 divided by 40 (40 quarters). This will equate to $1,321 per month at retirement or $15,859 per annum. Did I calculate this correctly? A: Close. However, the formula you used needs one minor adjustment. Your FERS-covered years should be rounded up to the next higher whole number, which…

Q: I retired in 2010 from the Defense Department with 40 years, four months and 13 days of service under CSRS. I”am 62 and have 23 Social Security quarters, so I need 17. My wife of 23 years is 59 and getting Social Security Disability. Could I borrow the remaining quarters from her? A: No, you cannot. You’ll have to earn them yourself.

Q: I plan to retire this year. I am under CSRS. I understand the WEP for me but have some doubts about the Social Security benefits of my wife. She has been paying Social Security all her life and never worked for a government with another type of pension. Is her Social Security retirement affected because of me? If I choose a survivor benefit, how is that going to affect her Social Security? A: The fact that you will receive a benefit from a retirement system where you didn’t pay Social Security taxes will have no affect on her own…

Q: My wife, age 66, has retired and is collecting Social Security. When I, age 67, retire under CSRS, will I be able to collect any amount of the normal half of the spousal Social Security? A: Probably not. Because you’ll receive an annuity from a retirement system in which you didn’t pay Social Security taxes, you’ll be subject to the government pension offset. The GPO will reduce your spousal benefit by $2 for every $3 you receive in your annuity.

Q: I’m a retired federal worker with 37.5 years of service under CSRS. I do not expect to ever receive a Social Security check. As a rehire under NDAA, I’m told that I must pay into Social Security (and they’re taking funds out of my check). I can’t seem to get anywhere with HR on this one; it somehow doesn’t seem fair that I’m having to pay into this program knowing I’ll never receive anything in return. Who’s right on this one? A: Of course you’re not getting anywhere with the folks in HR. That’s because they are right. Anyone…

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