Q. I am 78, I’ve been with a federal agency for 35 years and have been collecting Social Security for almost five years. Is it beneficial to apply for disability retirement? Will it have any impact on my Social Security? Or any impact my TSP?
Browsing: Social Security
Q. I quit civil service in 1986 after 15 years. I took out my money and put it in an IRA. When I cashed in my IRA, I had to pay taxes to the IRS, which I didn’t think I had to do. I’m now applying for Social Security. Will my Social Security benefit be reduced?
Q. I am having difficulty finding the definition of substantial earnings. My Social Security statement shows “Your Taxed Social Security Earnings.” Is that the same as substantial earnings? If not, how do I find out what my substantial earnings are? I have the chart listing the substantial earnings for each year.
Q. I retired with FERS at age 60 with 31 years at the U.S. Postal Service under the Social Security supplement. Can I delay my Social Security when my supplement ends and earn the 8 percent each year until I pick the year I want it to start? Is there a special day to apply that ensures that 8 percent is included in the year I apply?
Q. I am about 10 years from retiring from the federal government and would like more information on Medicare and Social Security. I was thinking about not taking my Social Security until I am 67 years old. My friend said she is applying for hers as soon as she is eligible (62). How do I determine which age is best for me? Are there comparison charts that will show me approximately what my overall benefit would be if I applied for social security at 62 versus 67?
Q. I will be 59 in October and retired last June from the federal government. I am thinking of starting an S corporation. My income limit is $16,900 under Social Security. If I pay myself less than the income limit, will my retirement benefits stay the same? Also, when I file my annual income tax, the profit from the S corporation will be listed; does this amount affect retirement payments?
Q. If I retire today, Social Security is S1,800 per month ($1,000 from the U.S. Postal Service and monies from my thrift savings account). Will this money from USPS and TSP affect my Social Security amount of $1,800? If so, how much?
Q. I’m going to retire in six months, and I qualify for the special supplement. I understand that that supplement is subject to the Social Security earnings test but that my FERS retirement annuity is not counted toward that test. Is my thrift savings annuity and/or withdrawal subject to the Social Security earnings test? In other words, will my special supplement be lowered if my thrift savings annuity/payments go over the maximum allowed earned income (about $16,000)?
Q. I am affected by Windfall Elimination Provision but am also eligible for Social Security. Is the dollar amount for “substantial earnings” the dollar amount on the W-2 under Social Security wages, or is the dollar amount listed in the section for wages, tips and other compensation? I have looked at the Social Security Administration brochure on WEP, and it never states specifically. It makes a difference.