Browsing: Social Security

Q. I’ve been working and contributing to Social Security since age 13. I turn 62 in December 2016. I have a full military retirement of 20 years with 40 percent disability (soon to be increased), and I’ve got 20 years in the U.S. Postal Service — paying into Social Security the entire time for both government jobs. Does the windfall act apply to me? If it does, how so? If I were to turn down my USPS retirement, how would that affect Social Security if the windfall does apply to me?

Q. My start date with the U.S. Postal Service was December 1986. This is my 30th year. I am now 58 years old. I also worked prior to USPS and have more than 40 quarters in with Social Security. I am under the FERS system and understand that my contribution to TSP will factor into my annuity. I know nothing about USPS retirement and have heard words like “windfall elimination offset” and that I cannot get Social Security that was earned before the USPS. How can I find out when is the best time I should retire for maximum benefit and what would my actual…

Q. I am 69 years old and will be 70 in November. I haven’t received notice that I have to withdraw money — or how much for that matter — from my TSP. I am still working as a military civilian, and I don’t plan to retire anytime soon, as my TSP only has $54,000 — not enough to retire on. When I receive notice after my 70th birthday, will it be before the end of 2016 when I turn 70? Should I plan to begin the withdrawals before the end of 2016? And with my Social Security, I am now in the 25…

Q. I worked for the United States Postal Service from 1978 through 2013. During that time I never paid Social Security. I am almost 58 years old. In 2013, I remarried, and my new wife has paid Social Security her entire life. She is six years younger than me. My only Social Security contributions came as a kid. And if I remember correctly I have about nine quarters earned. When I turn 62, am I eligible to receive dependent Social Security benefits? I did pay Medicare tax.

Q: I  plan to retire at age 73 under FERS when I will have a very small nest egg upwards of $100,000 in TSP.  I would like to leave that in the TSP in the long term. I understand that I have to take a withdrawal upon retirement; otherwise there is a penalty. I have been informed that I can take a withdrawal of $25 per month and still leave my money in TSP to accumulate there. Is this correct? I plan to save money from Social Security in the interim and may want to (if permitted) put that savings from…

Q. I am 62 and plan on retiring in the next few months. My goal is to have $4000 per month after taxes in retirement income. My FERS annuity and Social Security get me to about $4100, pre-tax. I have $350,000 in my TSP. I figure that if I can take out a partial withdrawal of $50,000 for emergency funds and liquidity purposes, stay invested in the G Fund with the remainder, take equal monthly payments of $1300 and meet my post-tax income goal, then my TSP should last at least until I’m 87, when I don’t expect to need it…

Q. I am eligible to retire under FERS in January 2016 — at age 56 with 36 years of continuous federal service — and begin drawing a pension. As such, I am able to withdraw from my TSP without incurring the early withdrawal penalty. I am also eligible for the Social Security supplement. If I retire from federal service, begin drawing my pension, and take a job with a private company or start my own business, I understand that I will lose the Social Security supplement if my gross income exceeds a certain threshold, but will I still be able to…