Q. I am a Civil Service Retirement System/Federal Employees Retirement System retiree that left the government after 30 years. I switched to FERS in 1987. At age 62, I had 21 years of substantial earnings under social security. I began receiving social security benefits at 65. By age 62, I had 7 years of substantial earnings in the private sector. Most of these years are maximum earnings. Will my social security benefits be increased? In total I now have 27 years of substantial earnings and will be 69 in October.
A. Your original social security benefit would have been reduced because you were receiving part of your annuity from CSRS and had fewer than 30 years of substantial earnings under the social security program. That benefit would be increased both by annual cost-of-living adjustments (COLA) and earnings from wages or self-employment after you retired. COLAs are applied in January of each year. Increases based on wages and self-employment are effective in October of the year after the earnings occur and are retroactive to the beginning of that year.