Q. I will retire this year under CSRS. I lack three quarters to qualify for Social Security benefits. Will Social Security taxes be deducted from my lump-sum payment for annual leave? A. If you are a regular CSRS employee, you haven’t had any Social Security taxes deducted from your pay and you won’t have any deducted from your lump-sum payment.
Browsing: Social Security quarters
Q. I worked for the Department of Corrections as an officer for 18 years. I had a private retirement plan, so the department didn’t pay into Social Security. Then I had a medical retirement. Will I still receive any benefits? Prior to working for the department, I had worked and accumulated 38 quarters, which didn’t amount to much money. Do I still also have to get to 40 quarters? A. No, you won’t receive any Social Security benefit unless you have 40 credits. To get the additional two credits you need, you’d have to earn $2,260 in wages or self-employment…
Q. I’m 59 years old and have 38 years government service under CSRS. I have 39 quarters Social Security paid in. Do I only have to work one more quarter to qualify for Social Security by the time I’m 62? Someone told me I had to work so many quarters in the last 10 years. A. You only have to have 40 credits under Social Security to qualify for a Social Security benefit at age 62. Just be aware that if you are still working when you apply for that benefit, it will be affected by the annual earnings limit,…
Q. I am a CSRS employee with 33 years of federal service and I am 54 years old. My agency (the Postal Service) is offering a Voluntary Early Retirement Authority at the end of January. I am a disabled vet with 80 percent rating. Should I take the VERA or apply for medical retirement? I have paid all required quarters for Social Security, and have a daughter still in school. Which method is more beneficial? I plan to apply for 100 percent Veterans Affairs compensation as service-connected injuries are more disabling. A. Based on your years of service, the only…
Q. I worked for an independent federal agency from 1977 to 1989 that had its own retirement system. I had a break in service for one year, then returned to work for the Transportation Department, where I was erroneously placed in FERS by HR. In 2006, following a FERCCA ruling that took more than 2½ years, I chose to be placed in the CSRS Offset program rather than FERS. I paid Social Security as a federal employee (plus through part-time jobs dating back to 1970) until I retired in 2010 with 32 years of service. I was told that I…
Q. I am a 65-year-old federal employee on the CSRS retirement plan. I plan to retire next month after 39 years in the government. I have earned 20 quarters of Social Security credits but need 20 more to qualify for any benefits. Would it be worth my while to work for five more years (20 quarters) in private industry to qualify for these benefits, or will it all be offset by the CSRS retirement? If I choose to work, what is the minimum amount of money I have to make each year or what is the minimum number of hours…
Q. I worked in high school and through college paying into Social Security and earned 28 quarters. From 1974 to 2009, I worked under CSRS and paid no Social Security. Upon retirement, I collected my monthly annuity from CSRS, then started working in private sector and will get my 40 quarters in January. I turned 62 in October. How is the reduction computed for my monthly Social Security payments? My monthly retirement is around $6,500 from CSRS. A. Your Social Security benefit will be affected by the windfall elimination provision. The WEP reduces the benefit of anyone who is receiving…
Q. I retired from civil service March 31 after 45 years and nine months under CSRS. Before that, I served three years in the military (1962-65), and other private industry jobs throughout the years went to Social Security to earn 40 quarters. At age 65, I started drawing a Social Security pension. Now, Social Security says it is reducing that check by half and I have to repay half of what was paid to me since April 1 unless I can prove it was not my fault I received the money. What? This all because I retired and started drawing…
Q. I have 33 years in and am under CSRS. I will be 60 years old in May. I served less than two years in the Army in my 20s. I am a WG-8 making almost $25 an hour. I receive correspondence statements from Social Security that if I retire at age 62, I would be eligible for approximately $300 based on a second job 12 years ago and jobs before joining the government in the 1980s. 1. Should I buy back the time I have in the Army? 2. Will the buyback help increase my Social Security? Or will…
Q. I plan to retire at 32 years of federal service under CSRS. I have six months of military service that have not been paid off. Is that going to affect my 40 quarters of Social Security? A. If you don’t make a deposit for those six months of active-duty service, your CSRS annuity will be actuarially reduced by 10 percent of the amount you owe, plus accrued interest. Because you will be receiving an annuity from a retirement system where you didn’t pay Social Security taxes, you’ll be subject to the windfall elimination provision. The WEP will reduce your…