Browsing: cost-of-living adjustment

Q. I retired Aug. 31. I understand I will receive 1.7 percent increase in my Social Security check. Will I receive anything on my FERS annuity with the Postal Service? A. As a retiree who is already age 62, you’ll receive a FERS cost-of-living adjustment that is proportional to your months on the annuity roll before the COLA becomes effective. Since the 2013 COLA is effective in December 2012 and payable in January 2013, your three months on the annuity roll will result in your receiving a 0.4 percent increase in your annuity.

Q. If you retire in an area with a cost-of-living adjustment and then later move to one without COLA, is your retirement reduced? A. Retiree cost-of-living adjustments aren’t locality based. For example, the 2012 COLA for CSRS retirees was 3.6 percent; for eligible FERS retirees, it was 2.6 percent. COLAs are applied uniformly across the board, no matter where you are located.

Q. I am a retired CSRS employee and elected the full survivor benefit for my spouse. Should I die before her, will the 55 percent she receives be based on my annuity with the deduction for the benefit, or will it be 55 percent of what I would be receiving if I had not elected the full survivor benefit? A. It will be 55 percent of the annuity you would have received before it was reduced for a survivor annuity, increased by every cost-of-living adjustment that has been made to CSRS annuities since you retired.

Q. I retired Aug 31. They have my out date as Sept 7. Will I be paid back pay for retirement for the month of September, or not get retirement pay for September? Also, is there a site where I can find out if I get retirement cost-of-living adjustments and how much? I see info on retirement COLA being raised by a percentage but no chart on actual amount. A. Regardless of your retirement system — CSRS or FERS — you wouldn’t be on the annuity roll until October, and your first annuity payment wouldn’t be due until November. The…

Q. I am a CSRS fed, planning on retiring at the end of 2012. Is there any difference in benefits leaving either Dec. 31, 2012, or Jan 2, 2013? I know that if I retire Dec. 31, my cost-of-living adjustment in January 2013 will be 11/12 of the consumer price index. If I retire Jan. 2, 2013, won’t my January 2013 CPI also be 11/12? In both cases, won’t my annuity begin in January 2013? I’m also planning on cashing in my annual leave and wanted the lump sum applied to the 2013 tax year. I believe either date would…

Q. When do cost-of-living adjustments for Foreign Service Pension System annuitants become payable? I will be retiring Dec. 31 at age 57 (voluntary) with an immediate annuity. Will I receive a COLA on Jan 1, 2014? A. Yes, assuming there is one. If there is, you’d receive 11/12ths of the COLA in your January 2014 annuity payment.

Q. I am CSRS, planning on retiring at the end of 2012. I am debating retiring either Dec 31, 2012, or Jan. 4, 2013. What is the effect of each date on my January 2014 cost-of-living adjustment. I know that if I retire on Dec 31, 2012, my COLA in January 2014 will be 11/12 of the Consumer Price Index. If I retire on Jan. 4, 2013, will my Jan. 2014 CPI be 11/12 or 10/12 of the CPI? A. If you retire Dec. 31, you’ll be on the annuity roll in January 2013 and receive 11/12ths of the 2014…

Q. I am a married CSRS retiree. When I retired, I elected a full survivor benefit for my spouse. My spouse is a soon-to-be FERS retiree, and I would like to know what parts of her FERS retirement I am entitled to by law. How can I make it equal to what I am leaving her? A. You can’t make it equal to hers. A full survivor annuity for your wife equals 55 percent of your unreduced annuity, increased by any CSRS cost-of-living adjustments made between the day on which you retired and your date of death. If she leaves a full survivor…

Q. I am retired and receiving Veterans Affairs Department benefits. Since I just retired at age 64, I am not receiving full Social Security benefits. My full retirement age was supposed to be 67. My VA benefits may increase over the next two years. Will my Social Security benefits increase when I reach my full retirement age of 67? My date of birth is Sept. 3, 1947. A. If you are already receiving a Social Security benefit, it will increase only through annual cost-of-living benefits applied to all Social Security benefits.