Q: I’m currently 62 years old with 29 years in federal civil service (Civil Service Retirement System), three years of prior military service and a service computation date of March 28, 1977. I plan to retire in 2010 and may have the opportunity to continue as a part-time employee. If I am re-employed by the federal government (possibly on the same job), would I be in the CSRS or the Federal Employees Retirement System? In addition, I have 25 credit hours with Social Security and need 15 more hours to make up for the 40 credit hours requirement to be…
Browsing: SOCIAL SECURITY
Q: I am 63 and under Federal Employees Retirement System as a 1998 FERS transfer. My wife is 65 and collecting Social Security as of age 62. When I turn 66, my full retirement age, am I allowed to collect a full spousal benefit of half of her monthly benefit without penalty? If this is possible, I could then delay taking my own benefit until age 70 and collect the maximum under my own earnings (less the Windfall Elimination Provision penalty) which is substantially more than my full benefit at age 66. A: Here are the rules. As a spouse,…
Q: If I elect to take Medicare Part B at age 65 and I also elect to defer drawing Social Security until age 70, how will I be able to make the Medicare payments for the five-year gap since an allotment from my Social Security check will not be an option? A: If you are retired, you can have the Part B premiums deducted from your annuity. If you are still employed, you can have them deducted from your salary. Note: If you are still employed and covered by the Federal Employees Health Benefits program, you have the option of…
Q: I plan to retire at age 63. I was in the Civil Service Retirement System for 11 years and did not take out my CSRS retirement contribution. I took a 14-year break. I re-entered the federal government under the Federal Employees Retirement System offset and was told that I should be in FERS. I agreed to be in FERS, as I wanted to be able to retire with a retirement system in place. I transferred to the FERS system and now have been in it for 13 years. I plan to retire in the next few years. Will I…
Q: I plan to retire next year at age 62. I had 10 years of service under the Civil Service Retirement System. I took a 15-year break and returned under the Federal Employees Retirement System. I have 19 years under FERS. I will receive retirement benefits under both systems. I understand my Social Security benefits will be reduced due to the Windfall Elimination Provision. My question is, will the reduction be based on just the CSRS portion of my annuity or on the full annuity (FERS and CSRS)? A: The reduction will be applied to your entire annuity, not just…
Q: My agency is considering offering buyouts. I am over 50 and have 26 years of government service. Typically, government buyouts are extended to those who have at least 25 years of service and are at least 50 years old. If I go to full retirement at 30 years of service, I would retire with a special federal Social Security supplement until I reach the age of 62, at which time the special supplement would end. If I accept a buyout, would I still get the special Social Security supplement with my federal retirement? A: If you accepted the buyout,…
Q: My wife retired at the age of 58 with a Civil Service Retirement System annuity. If she has 40 quarters in the Social Security system before she is 62, will she be able to collect her Social Security at age 62 without a reduction in her CSRS annuity? A: If she was covered by CSRS alone, her CSRS annuity won’t be reduced. However, her Social Security benefit will be reduced through the workings of the Windfall Elimination Provision. The WEP reduces — but doesn’t eliminate — the Social Security benefit of anyone receiving an annuity from a retirement system…