Q: I am a 65-year-old active CSRS federal employee. My wife is 63 and receives Social Security benefits. Am I eligible for a Social Security spousal benefit while I am still employed and not receiving a CSRS annuity? A: Yes, you are. However, when you retire, you will be subject to the government pension offset provision of law, which will reduce that spousal benefit by $2 for every $3 you receive in your CSRS annuity. In most cases, the GPO eliminates the Social Security spousal benefit.
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Q: Can I begin drawing Social Security at age 62 while still being on the payroll? A: Yes, you could. However, because you would be under full retirement age, your Social Security benefit would be reduced by $1 for every $2 you earn above the annual earnings limit, which is $14,160 in 2010. In the year in which you reached your full retirement age, the reduction would be $1 for every $3 you earn above a different limit ($37,680 in 2010). Because you were born in 1948, your full retirement age is 66. In the month in which you reached full retirement…
Q: I just read your comment explaining why some individuals had their Medicare Part B Premium go up. This article begs an additional question. I would like to delay drawing my Social Security until age 70. However, I would like to sign up for Medicare Part B when I turn 65 in order to avoid the penalty for delayed sign-up. I understand the way to do this is to have the Medicare Part B premium benefit taken out of my FERS (with CSRS component) pension, which I will begin to draw at age 58. However, if I do this, I…
Q. I am retired under the Civil Service Retirement System Offset. I left the government in 1982 after 10 years of service and withdrew my pension. I returned to work in 1985 under the offset pension and retired in 2000 after a total of 25 years of service. I am now working under Social Security in the private sector, and will have 15 years of Social Security not counting federal work at age 62 when it will be mandatory for me to collect Social Security because of early federal retirement. How will this affect my pension/Social Security? Will it be…