Q. I am a retired CSRS employee, and my wife is a retired FERS employee. I am currently 63 and my wife is 61. We are both covered under my FEHB insurance as part of my annuity. I keep reading about whether or not I should pick up Medicare Part B, but there does not seem to be a clear-cut answer. It seems to depend upon your health, current out-of-pocket expenses for medicine, office visits, etc., compared to the annual cost of Part B. I have seen several articles point out the 10 percent penalty for delaying enrollment. My question is, if…
Q. I have read that the VCP based on my age of 64 could pay as much as 8.8 percent in an annuity. Is that true? Can one elect a survivor benefit? And if so, at what cost/reduction? Who is the company behind the product?
Q. I am a federal employee and have been eligible to retire for a while, but I wasn’t ready until now. Within nine months I will have retired. I am one that converted way back when from CSRS to FERS. I am 67 and a half years old (already drawing my SSA, which I started at 65 when I reached 100 percent) and will be 68 and a half years old when I retire. Within 2 years after retiring, I will be required to start taking my minimum withdrawals. Several things: I am concerned with the recent money market fluctuations and…
Q. I am a CSRS employee, and I plan on retiring in 2016. I currently have 37 years of service. If I elect to contribute money (up to 10 percent of my lifetime earnings) to the Voluntary Contribution Program, I understand one option is to receive an annuity that will pay a yearly amount of approximately 9 percent of my contribution amount. I will be 65 in December of 2016.
Q. I am a CSRS offset employee. I retired from federal service when I reached age 55 with 30 years service. When I reached age 62, my CSRS offset annuity was reduced by the Social Security retirement applicable, even though I was not drawing Social Security. I did not apply for Social Security until I was 65. Is there a way to recover the Social Security payments I lost from age 62 to 65?
Q. Earlier in my career I was employed under the Civil Service Retirement System. When I left the government, I withdrew my retirement contributions. Several years later, I was rehired by the federal government and brought in under the Federal Employees Retirement System. Now I’m contemplating retirement and have the option to deposit my CSRS withdrawal in order to receive a CSRS annuity in addition to a FERS annuity. Can I directly repay CSRS with a portion of my TSP funds?
Q. If I retire under CSRS at 55 years old and 34 years of service, when will I be eligible to get an annuity from my TSP? Will I have to wait until I am 59 or can I start drawing it upon retirement? A. You will be free to buy an annuity or withdraw funds without penalty immediately after you retire.
Q. My wife is looking to retire and back in the late 70’s and early 80’s she worked under CSRS for about 21 months. Her Veterans Affairs retirement adviser said she could buy back these months. She worked for a private hospital and had a “matching” IRA set up in the early 90’s. Can she use this IRA money to buy back the CSRS time? She never added any money to this IRA after she left the hospital and the amount has slowly grown over the years to about $14,000. A. She can only use it for the re-deposit after…
Q. My wife retires in January from federal service. She had CSRS Offset. She is receiving her annuity, but did she contribute to FERS while in CSRS offset? And if she did, does she now have stocks in FERS that she can move into her mutual fund? A. She did not contribute to FERS if she was not covered by FERS. If you’re asking if she contributed to the Thrift Savings Plan, that’s a question she will have to answer. If she did, then she has money that is hers to do with as she pleases, within the rules.