Browsing: Social Security

Q. I plan to retire in September 2018 at the age of 58. Does it make sense to withdraw the max amount from TSP annually and remain in the 12 percent tax bracket or just take the minimum I need and pay more on taxes when I turn 70 and start drawing Social Security and required minimum distribution? If I choose option 1, I would probably invest the extra somewhere.

Q. I will receive an apportionment from my ex-husband’s U.S. Postal Service CSRS pension in the amount of 50 percent. Since this is his pension, but I will be receiving the apportionment, will Social Security consider my share “pension” for me and subject me to the windfall elimination provision even though the pension was not from my employment but from my husband’s employment/pension?

Q. I am planning to retire in 2021 after 27 years of federal service. If I decide to collect Social Security at the age of 63 1/2 years. is the federal retirement considered earned income? Also, I receive a check from my ex-husband’s military retirement. Is that also considered earned income that could push me over the $16,000 limit per year?

Q. Can I separate the federal service at 45 years of age (firefighter) with 20 years of creditable service (+4 years military by back) totaling 24 years of service. Then later apply to draw my FERS firefighter retirement of 38 percent when I reach the eligible firefighter retirement age of 50? Would I still receive my Social Security supplement and Thrift Savings Plan benefits without penalties?

Q. Let’s suppose you reach your 67th birthday, which happens to be my full retirement age for Social Security, and you begin to draw Social Security while you are still working past your 67th birthday. At the end of the calendar year, will Social Security recalculate your monthly payment for the next calendar year because you continued to work? Or will the Social Security monthly payment be the same forever once you began drawing your Social Security once you turned 67?   If you continued to work until 70 at basically the same wage, would Social Security recalculate your monthly payment each…

Q. My Social Security payment is affected by the windfall elimination provision due to my City of Los Angeles police pension. I am currently receiving SS payments. My wife becomes eligible for SS distributions in one year at age 62. She will also inherit my pension (at a reduced amount) when I die (hopefully not soon). The question is: will her SS amount be affected by WEP while I’m still alive and the beneficiary of the pension or after I’m dead and she is the beneficiary of the pension?

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