Q. I will be retiring with 33 years under CSRS on April 3. I am 61 years of age and will be able to collect a small Social Security amount at age 62 (July 14). I have enough quarters in Social Security from working in the private sector before I joined the federal government. I am scheduled to receive $529 at age 62. How much will I receive from Social Security? I am told that I will not receive the full $529. I make about $62,000 a year, since I am a GS-9 Step 10. I understand that there is…
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Q. I have 38 years under CSRS and have not paid back my four years of military service. I am 63 years old and am thinking about retiring this year. I have 40 quarters under Social Security. When I retire, am I eligible for a partial Social Security annuity, along with my federal retirement pension? A. You’ll get full credit for your active-duty service in determining your length of service. However, when you reach age 62, your annuity will be recomputed without those four years, which will reduce your annuity. While you’ll be eligible for a Social Security benefit, it…
Q. My husband is a retired CSRS annuitant. If he is admitted to a nursing home on Medicaid and his monthly check is given to Medicaid, will I still be eligible to receive my share of his annuity upon his death, and will I be able to continue to receive health insurance from FEHB? A. Yes, as long as he elected a survivor benefit for you and you are covered under the self and family option of his Federal Employees Health Benefits plan.
Q. Is Feb. 8, 2014, a good time to retire? I am a CSRS employee. I was looking at Dec. 28, 2013, but I am not sure about my sick leave. If I have 160 hours of sick leave on the books, will this count as an additional month added to my retirement? My goal is to have 33 years. For either date, when would I receive my first retirement check? A. Typically, a good day to retire is one that is at the end of a pay period (to get credit for any annual and sick leave earned during…
Q. I will retire in six months and have joint physical custody of my 8-year-old child. I am not married, nor was I previously married. My retirement counselor said that if I wanted my child to receive my annuity should I die post-retirement (and she is under a certain age and a full-time student), it would be very costly, and not only would my annuity be reduced greatly but she would only get small amount. I recently read somewhere that I could elect a survivor annuity benefit for my child at no cost. So: 1. When retiring, can I elect my…
Q. I am retired under CSRS, and have more than 40 credits of Social Security accrued. I am almost 62, and want to apply for Social Security benefits. How much will the windfall elimination provision hit me for? I spoke to several other CSRS retirees, and only a few said they took a 60 percent reduction, while some took no reduction. I can’t figure why each case appears to take a different amount off due to WEP. A. Anyone who receives an annuity in whole or part from a retirement system where he didn’t pay Social Security taxes is subject…
Q. I am a recently retired CSRS employee. I note a huge inequity concerning my CSRS retirement contributions from the federal retirement benefits booklet the Office of Personnel Management sent me. I am told that I have a retirement contribution credit of $164,836 after-tax dollars. From this amount, I will get 310 equal monthly payments of $531.73 that will be a tax-exempt portion of my total monthly annuity. However, I am told once I receive gross monthly retirement benefits that exceed my contributions (tax exempt and taxed portion), there are no more contribution credits in my account, and no lump-sum…
Q. Are my CSRS retirement annuities subject to Social Security and Medicare tax if I retire at age 58 with 37 years of service? A. No. Social Security and Medicare taxes are only taken from earnings from wages or self-employment, not annuities.
Q. I am under CSRS. If my wife were to begin receiving survivor benefits under my federal retirement, would her own Social Security Benefits (based on her own employment) be affected? A. No. She’ll be entitled to both the survivor annuity and her earned Social Security benefit.
Q. I am a retired Postal Service employee under CSRS. I am 66 and have been collecting Social Security since turning 62. My Social Security benefit was reduced by taking benefits at 62 and by the windfall elimination provision. My CSRS annuity was also reduced because I opted for the CSRS survivor benefit. However, I am nine years older than my wife, who is 57 and intends to work until she can begin her early retirement at 62. 1. If my wife and I continue to file our taxes as “Married – jointly” and I suspend my Social Security benefits…