Browsing: quarters

Post-1956 deposit

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Q. The following statement was made in an answer to a question ask about post-1956 deposit: “You can’t get a refund of the deposit you made for your active-duty service. What’s done is done. If you retire at age 62 and aren’t eligible for a Social Security benefit at that time, you’ll never have to worry about losing those years and having your annuity recomputed.” I will retire at age 60 and have paid in a post-1956 deposit. I am in CSRS and will have 41 years and eight months with the post-56 deposit (eight years, six months of military…

Social Security credits

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Q. I am a CSRS employee who has worked for the government for 40 years. I also have 27 credits for Social Security. I work for my husband as an accountant for free. If I start charging him and take payments under a 1099, how many credits do I have to earn to get Social Security payments on top of my CSRS benefit when retire? A. In 2013, you’d need to earn $1,160 to get one Social Security credit, $4,640 to earn four credits. It would take you over three years to collect the 40 credits you’d need to be entitled to a…

WEP

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Q. I paid Social Security tax on my “SS statement earnings record,” from 1963 to 1974, and in 1985. I have 27 out of the 40 credits. My retirement number is 66 (I will turn 66 in August). I am still employed. Will I be eligible for Social Security retirement pay (no windfall elimination provision), even though still employed through this year? A. I’m assuming that you are a CSRS employee. If so, you are subject to the windfall elimination provision. However, since you don’t have 40 credits under Social Security, you won’t be eligible for a Social Security benefit.…

Postal Service work and Social Security

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Q. I am 62 and a U.S. Postal Service retiree. I retired five years ago after 38 years of service. I receive a CSRS pension. During the time I worked at the Post Office, I also worked some part-time jobs, for which I contributed to Social Security. After I retired, I continued to work these part-time jobs, trying to get enough quarters to be able to collect a small Social Security pension when I reached age 62. In April, I turned 62 and applied for Social Security. The Social Security representative told me that I was eligible to collect $184…

Windfall elimination provision

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Q. I am 68 and retired from the federal government. My annuity payment is around $53,000 a year before taxes. I have 37 quarters. The organization in which I worked most of my life didn’t participate in Social Security. We had our own pension plan, thus my 37 quarters. How much would my monthly Social Security payment be had I earned 40 quarters? I am not sure if I fall under the windfall elimination provision. How will I be affected? Will my SS check be based on how much I paid into the system? My first 20 quarters were earned…