Q. I have 27+ years as a federal firefighter (72-hour weekly shifts) and planning retirement Nov. 30 (at age 54). My date of hire was July 1985, which gives me 27 years and four months. For calculating my estimated Social Security supplement, I was told that 1985 would not count because it wasn’t a full year and 2012 would not count because I am not working a full year also. My credible time for federal Social Security supplement = 26 years even though I have 27 1/3. For example, Social Security estimate $1400 divided by 40 = $35. $35 x…
Browsing: special retirement supplement
Q. I’m a federal employee with 22 years’ service, GS-15, turning 60 this month, in FERS, and deciding whether to retire Dec. 29, 2012, or Jan. 12, 2013. I understand I will be paid a lump sum for my leave over and above 240 hours in either case (I expect to have an additional 200 or so), but I’m concerned about two Social Security issues: Since my lump-sum payment will exceed the earnings limit for the retirement supplemental, will that payment after Jan. 1 reduce my supplemental SS payment in 2013? Will Social Security taxes be taken out of my…
Q. “All eligible employees who want to retire by Sept. 30 are offered at this time.” I’m one of them. I’m 55 and will be 56 on Oct. 7. I want to retire. I have 22 years of federal service at this time (FERS). If I retire, can I draw my FERS annuity supplement as soon as I turn 56, or would I need to wait until they offer the early-out again? My service computation date is Jan. 3, 1990. A. You would receive the special retirement supplement as soon as you reached your minimum retirement age, which is 56.
Q. I am 60, retired from USPS under CSRS. I was told I will receive my Social Security along with my postal pension at age 60. When I reach 62, I then will be dropped from this and can apply for Social Security directly. I have my 40 quarters in Social Security. Is this true? A. Whoever told you that was mistaken. He may have thought you were covered by FERS. FERS retirees receive a special retirement supplement that approximates the amount of Social Security benefit they earned while FERS employees. As a CSRS retiree, you would be eligible for…
Q. I am 58 and will be retiring soon under a VERA with the Postal Service. I have back, foot and knee ailments that have been diagnosed and that give me constant pain. If I take a VERA with the special retirement supplement before age 62 but am unable to find or perform work after retirement, could I apply for Social Security Disability Insurance instead of regular Social Security? I have 27-plus years of service. A. You could apply for SSDI. However, whether you would be approved for it would be up to the Social Security Administration. You can learn…
Q. I retired from the Army after 20 years. I am a GS-13 with 14 years. It will cost me $14,203.39 to buy back 20 years military time. (The calculations have been done.) I plan to retire at 62. If I buy back the 20 years, when will my military retirement check stop: immediately, or when I eventually retire from the government? I am 56 years old. Will I be eligible for 14/40ths of what my Social Security will eventually be for each month until I turn 62? A. You can wait until shortly before you retire to waive your military…
Q. I entered the federal workforce on Dec. 12, 1983. I transferred to the FERS retirement plan on June 1988. My Air Force agency is doing a reduction in force this month. I will have 28½ years time in grade and short of three months of my high-3 grade as a GS-13 (Oct. 10, 2012). Congress is talking about doing away with the supplemental income for everyone (That was one reason I switched from CSRS to FERS). I am short of my 30 years of service, but I turned 50 years old in March. (So I am too young to retire.)…
Q. If a person does 23 years of active-duty (enlisted) Regular Army service and then gets a federal General Schedule job, can he still receive his military retirement pay, military disability check, Social Security and federal retirement check if he retires after 10 years? I was born in 1959. A. Yes, you can receive all three. However, you need to be aware that you would be retiring under the MRA+10 provision (minimum retirement with at least 10 but no more than 29 years of service). As such, your annuity would be reduced by 5 percent for every year you were under age…
Q. I served nine years in the military and bought back that time. When I retire at 56, I will have 33 years in Civil Service. Will I be eligible to receive the FERS annuity until I am 62? Also, does the high-3 consecutive salaries mean for the last three years? My income has remained the same since the pay freeze was implemented. Will my high-3 include these years, or will it be based on the last three pay increases I received? I am close to retirement, and my decision to retire will be based on the answer to this…
Q. To calculate a FERS annuity supplement, do you use the Social Security estimate for age 62, or your full retirement age estimate? A. Age 62.