Q. I am looking at retiring in January 2015. I will be 56 years old Oct. 15. I will have 30 years in as of Dec. 24. Waiting until the end of leave year to cash in all available annual leave. I am looking at cashing out my Thrift Savings Plan in a lump sum to pay off all debts. Will that income be considered part of earned income so that the special retirement supplement is reduced? If so, would it be in my interest to retire at the end of 2014 so that my annual leave hits that year…
Browsing: Earnings test
Q. Does the lump-sum payment for annual leave count against maximum earnings to be eligible for the special retirement supplement? Also, if I choose a retirement date and the application begins processing, can I back out before that date?
Q. I am retiring at age 55. I will have 26 years of 6(c)-covered service and an additional two years of military for a total of 28 years. What is the maximum amount of special retirement supplement I can get as a military veteran?
Q. I am a FERS retired firefighter and wanted to know if and how the post-retirement earning test applies. At age 55, is my special retirement supplement dependent on how much I am making at that age? If so, once the supplement is lost, can you get it back if earnings drop prior to age 62?
Q. I am FERS-covered and will retire this year with 20 years at age 62. My annual FERS annuity is about $25,000. After retirement, I plan to work in a private company in a foreign country for an estimated annual $90,000 salary. I will roll over my Thrift Savings Plan savings to a traditional IRA. I will not withdraw my Social Security until I reach my full retirement age at 66 when I will no longer have any wages. 1. Am I allowed to draw FERS annuity while living in a foreign country? 2. How will my salary from the…
Q. I am a special category employee retiring this month with 30 years of service. I will be 55 in April. My minimum retirement age is 56. I know means testing of the special retirement supplement begins when I am 56, but how, mechanically, does it work? Do I get a letter on or near my 56th birthday asking me what my earned income was during the previous year? Or do I get such a letter on or near my 57th birthday, asking the same question about the previous year (the year I turned 56)? Or does the Office of…
Q. I retired as a federal law enforcement officer and am receiving retirement benefits under FERS. Can you please tell me at what age the earnings test will apply to me? I was born in 1956.
Q. As a FERS employee, when I turn 56, will my special retirement supplement be reduced based on my retirement income? Or is that only reduced based on if you work somewhere else earning wages? My understanding is that, when I retire at 56 I will get the following for my retirement: 1. Years of service percentage based on salary — for example, 30 years of service at a $100,000 salary will get $30,000 a year. 2. Annuity from Thrift Savings Plan if I decide to take annuity. 3. Special retirement supplement until I turn 62. Do the above three…
Q. I retired in 2013 at age 56. I receive the special retirement supplement, and my income from the Postal Service totaled approximately $17,000. Since that is above the maximum Social Security earnings test of $15,120 for 2013, will I need to submit Form RI 92-22 although it was my first year of retirement?
Q. I am trying to understand the special retirement supplement. I am under FERS. I plan on retiring from a position of air traffic controller at my mandatory retirement age of 56 with 33 years and four months of service (I was born in 1962). I have been told by a few people that because I am forced to retire at age 56, the special retirement supplement will not be means tested. Is that correct?