Q. Does the WEP start when you sign up for Social Security or when you retire from your non-SS job? A. First things first: Unless you have reached your full Social Security retirement age and are still working, any Social Security benefit you are entitled to would be reduced by $1 for every $2 you earn above the Social Security earning limit. In 2019 that limit is $17,640. Full Social Security retirement ages range from 65 to 67, depending on your year of birth. After you retire, the windfall elimination provision would apply. The amount of Social Security benefit you’d…
Browsing: substantial earnings
Q. I am 58 and have received the Social Security Administration supplement for one year. I have taken a job that will certainly push me over the $17,500 limit. When do I have to notify OPM? When do they reduce the SSA and how soon can they reinstate it if I quit the job causing me to exceed the allowable income limit? A. You’ll find the answer to your question at https://www.opm.gov/retirement-services/publications-forms/csrsfers-handbook/c051.pdf. Just scroll to Sections 51A3.1-1 and 51A4.1-1.
Q. I’m a 62-year-old FERS retiree who is receiving a Social Security benefit. I’m thinking about taking a job in the private sector. How will that affect my Social Security benefit? A. If you are under full retirement age, your Social Security benefit will be reduced by $1 for every $2 in earnings that exceed the annual earnings limit, which is $17,640 in 2019. In the year when you reach your full retirement age, your benefit will be reduce by $1 for every $3 you earn over a different limit, which is $46,920 in 2019. Beginning in the month you…
Q. If I’m approved for FERS disability retirement and I’m also accepted for Social Security Disability Insurance, would I be able to work part-time in the civilian work force, or is there no working allowed at all?
Q. I recently applied for CSRS pension, and currently have 25 years of substantial earnings covered under Social Security. Any idea where I can go to see the substantial earnings threshold numbers for the upcoming years beyond 2017?
Q. I am eligible to receive the special retirement supplement; however, I do receive rental income. Is rental income considered “ordinary income” that would reduce or eliminate the SRS?
Q. My wife worked for the Defense Department for 16 years and was let go as a result of a mission move. She was under the CSRS retirement system, and we never pulled the money out. She has worked in the private sector for 13 years and doesn’t expect to return to government employment. When she reaches 62 she plans to take a deferred retirement. Will her Social Security benefits be reduced based on her receiving a CSRS retirement annuity?
Q. I am 66 years old, which is my full retirement age. I worked from 1966 to 1970 for the federal government. I was in CSRS. My credit was three years and 11 months. I stopped working in 1970 to raise a family. I withdrew the money I had paid into CSRS. Between 1970 and 2001, I held a few non-government, small, part-time or intermittent jobs in which I paid into FICA. I returned to work for the Army in December 2001. I was automatically put into FERS, so began paying into FICA and FERS. I have paid back with…
Q. I have been a FERS employee since 1985 and this year will have 28 years of Social Security substantial earnings. I was born in the U.K., a U.K. citizen, and worked there in the 1970s before marrying and emigrating to the U.S. with my U.S. Navy husband. I am now eligible to receive a U.K. state pension, 10 years of which are based on employment. I am now told that my U.K. pension is subject to the windfall elimination provision, as those 10 years are not covered by Social Security. This seems grossly unfair as, at the time I…
Q. I am retired with 30 years of service. I also have 22 years of substantial earnings in Social Security. I am working as a consultant and plan to until I get to 30 years of substantial earnings. 2013 substantial earnings are $20,175 and above. I earned about $24,000. That is my gross amount. Are substantial earnings based on my gross amount or my net amount (after I deduct my expenses)?