Browsing: WEP

CSRS offset and not collecting Social Security

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Q. I am under CSRS offset. I am going to retire in three years at age 62. I know my government pension will be reduced by $213 when I turn 62. According to my Social Security statement, I should receive $888 if I collect at age 62. It states: “At your current earnings rate, if you continue working until 66, you will receive $1,366 a month.” What happens if I don’t collect Social Security at age 62 and wait until full retirement age? Will I receive $1,366 a month minus the $213 offset reduction, minus the windfall elimination provision? (I…

CSRS offset and Social Security

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Q. I will avoid the windfall elimination provision if I have 30 years of substantive earnings. Is that still the case if 15 of those earning years for Social Security occurred under CSRS offset? Also, I am 66. Can I receive Social Security, even though I am still working under CSRS? If I can collect Social Security, in a few years, once I retire, how will that affect the Social Security I would collect? Would it be reduced or my CSRS annuity be reduced?

CSRS and military service and Social Security

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Q. I retired from the Department of Veterans Affairs after 42 years of CSRS service. I also retired from the U.S. Army Reserve with 31 years of service. In the Reserve, I paid into the Social Security system. I always understood that I would not receive Social Security payments due to the windfall elimination provision or government pension offset. However while I was visiting a Social Security office on another matter, a rep told me that because I paid in for more than 20 years, I would receive a percentage of my Social Security entitlement. Is this true, and if…

CSRS annuity, self-employment and Social Security taxes

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Q. I receive a generous (approximately $100,000) CSRS annuity. I’m self-employed. Considering that the windfall elimination provision may not allow me to collect Social Security benefits, do I have to pay Social Security taxes I will never collect? A. You are required by law to pay Social Security taxes on earnings from wages or self-employment. Fortunately, the windfall elimination provision won’t eliminate any Social Security benefit you are entitled to. It will only reduce it if you have fewer than 30 years of substantial earnings under Social Security. To see how it might affect you, go to www.ssa.gov/pubs/10045.html.

Social Security and the windfall elimination provision

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Q. I have approximately 25 years of Social Security credit, five years less than the 30-year total, which would exempt me from a WEP-based Social Security reduction. I am now at full retirement age, collecting my Social Security with a WEP deduction, and also working full time in a position for which I am paying Social Security taxes. Is this year, and every additional year that I work and pay Social Security tax, added to my 25-year total; if so, is there a subsequent recalculation of my WEP deduction every year as I inch toward 30 years with no deduction…

CSRS and spousal survivor benefit from Social Security

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Q. I am 58 and will be retiring from the Defense Logistics Agency soon with 30 years of CSRS service. Before my government service, I earned 34 Social Security credits. I plan to work part time after CSRS retirement to earn the six credits needed for a small (windfall elimination provision) SSA pension. While the money won’t be much, is it important to get 40 Social Security credits to become eligible for a spousal survivor benefit from my wife’s SSA benefits? A. Because you’ll be receiving an annuity from CSRS, a retirement system where you didn’t pay Social Security taxes,…

Social Security qualification age

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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…

WEP and retirement options

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Q. I’m a current CSRS employee with 34 years’ federal service and also have 15 years of “substantial earnings” for Social Security. My plan is to continue to work until age 70 under the CSRS retirement system. At age 66, can I apply and draw full Social Security retirement benefits? Is it correct that the WEP reduction will take effect only once the individual retires from federal service? I read that WEP does not affect an individual who continues to work and is drawing Social Security benefits. A. Yes, you can begin receiving your unreduced Social Security benefit when you…

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