Q. I am a CSRS annuitant, having worked and paid into retirement for 34 years and retired now for six years, drawing pension. My wife is a paid-up Social Security contributor, who just turned 62. Aside from the question of when she would choose to initiate Social Security benefits, we have a question: We have been advised by a financial planner that the Government Pension Offset rules will reduce any Social Security benefits she can claim by two-thirds of our CSRS pension from my career. It seems there would be no reduction of her Social Security, but only of any Social…
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Q. I’m a CSRS retiree, age 66, and I want to withdraw a portion of my TSP savings to pay off a mortgage. Can I do this? If so, what are the tax implications or any future limitations that I may not be aware of?
Q. Does a buyback make sense if you are going to retire in the next approximately three to five years?
Q. I currently work for the Department of the Army. I recently interviewed for a position with the Veterans Administration and was offered the position. When I transfer, will I retain my benefits such as TSP, leave (annual and sick), and others that I believe all fall under OPM?
Q. I am a CSRS retiree from the Department of the Army. My Social Security benefits are set at $40 a month and will not get any higher. My husband retired with New York state benefits. I am told I cannot receive half of his Social Security benefits if he passes away. Is that still true? If so, why?
Q. My wife is under CSRS Offset. She retired at age 61 and had her CSRS Offset benefit reduced last February when she turned 62; she turns 63 this month (January 2017). She has not applied for Social Security benefits. She is currently working at a job that is covered by Social Security. Her annual salary is $45,000. We don’t need the Social Security component of the CSRS Offset right now, approximately $800 per month. Is it to her advantage to apply for Social Security benefits now or should she wait until she turns 65? If she applies now, won’t her…
Q. I resigned from the federal government in 1989 and withdrew my retirement funds ( about $12,000 worth). I was reemployed in 2005 and am in CSRS Offset. I plan to retire in 2022. According the FHR Navigator benefit system, the redeposit I would owe as of Sept. 2, 2022, is $35,512 (withdraw amount plus accrued interest). Can I pay the amount of redeposit I owe (today, presumably less than $35,512) from a rolled over IRA with Vanguard?
Q. I just returned to government employment after a long break in service and am in CSRS Offset. Can I use my IRA (Traditional) to roll over my owed redeposit money into CSRS? My IRA is with Vanguard, and they were unsure about the penalties involved. I called the IRS and no one there knew.
Q. I have approximately $125,000 in contributions plus about $50,000 in earnings in my VCP account. I need about $110,000 from my account. Can I borrow in the form of a loan from my account, or do I have to withdraw? I would still like to keep the account open and would intend to replenish at a later date.
Q. I am 64 years old, retired under CSRS and receive a pension of $3,954 dollars monthly. I paid enough to be eligible for Medicare, but I don’t have enough quarters to receive Social Security benefits on my own. My wife is currently receiving a Social Security pension of $1,359.90 monthly. Am I eligible for a Social Security Spousal benefits?