Browsing: Early retirement

Q. Is there any way to figure out how much would be deducted from a Postal Service annuity check due to an early-out? I live in Jamaica, N.Y. Will they still deduct federal, state, Medicare, Social Security? A. Federal taxes will be deducted, but New York state taxes won’t. Neither will Medicare Part A or Social Security taxes. That’s because those two are only deducted from earnings, not annuities.

Q. I am 56 years old with 27 years of employment at the Postal Service, all FERS years with no military. Contemplating taking the offer but confused about penalties for early retirement. A. Because you would be accepting an offer of retirement, there wouldn’t be any age penalty.

Q. In reviewing many of your comments, it is fairly clear that if one were to take advantage of the Postal Service buyout, one would not receive the Social Security bridge supplement until the minimum retirement age is reached. I thought one had to serve one year following the year in which they reached their MRA to receive the bridge. Am I mistaken? Our specifics are:  A postal worker, age 50, with 25 years of credited service, having been offered the buyout. If she does not take it, will she have to work to age 57 or 56 to retire…

Q. I am a Postal Service FERS employee with 26 years of service, and I will be 60 years old on Feb. 19. The USPS early-out takes effect Jan. 31. I will be 19 days short of reaching 60 when the early-out begins, so will I be eligible for special retirement supplement? Will I get a penalized for leaving early? A. Employees who are offered early retirement may retire at age 50 with 20 years of service or at any age with 25. Therefore, you will be able to retire, not be hit by an age penalty, and be immediately…

Q. I am retiring with 30 years at age 56 as an Air Reserve Technician. I have been told that ARTs can make as much money as they want without affecting the special retirement supplement, because they are retired due to high year tenure. Is that true? Also, if an ART retires early, but is 56 and has 30 years in, can they make more than the $14,160 limit without losing their supplement? A. Whoever told you that was mistaken. Only retiring law enforcement officers, firefighters and air traffic controllers can receive the special retirement supplement before they reach their…

Q. I work for the Postal Service. If my job moves 75 miles away and I only have 15 years of FERS under my belt but will not move, what would be the difference in dollar terms under FERS of resigning with 14½ years at 43 years old vs. putting up with commuting or renting during the workweek for five more years of FERS to make 20 total years at 50 years old. Last high-3 basic pay would be around $56,000 per year. A. If you really want an answer to your question, you’ll have to hire a financial adviser…

Q. If and when the phased retirement takes effect, will it be possible to combine it with an early out, if announced, so that you could go half time earlier than otherwise? I’m 57 with 25 years’ service and am in FERS. A. No. To participate in the program, you must be eligible for immediate retirement. In other words, age 55 with 30 years of service or age 60 with 20 (CSRS) or at your MRA with 30 years of service or age 60 with 20 (FERS).

Q. I am a FERS retiree who retired Sept. 30 on an early-out. I will turn 56 (my minimum retirement age) on Jan. 30. Do I have to apply for the FERS Social Security supplement, or will OPM begin sending it automatically? A. You don’t need to apply for the special retirement supplement. Payment of it will be automatic and included in your annuity payment.

Q. I’ve been given the opportunity for an early retirement at the Postal Service in January, but I probably won’t take it. I’m in FERS. If I retire at my minimum retirement age of 56 in August, will I also be able to get the special retirement supplement without the Postal Service offering a monetary incentive to retire? What I’m trying to determine is whether the supplement is only offered under certain circumstances. A. The special retirement supplement is paid to FERS employees who retire on an immediate, unreduced annuity when they reach their minimum retirement age. The following age…

Q. My agency is going to offer early retirement/buyout. I am 52 and have 31 years federal service including four years military buyback. If I take the buyout, will I be eligible for the special retirement supplement at age 56 with 27 years of FERS covered service? A. Yes.

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