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?
Browsing: Social Security
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.
Q. Will I continue to receive my supplement from the Office of Personnel Management until I reach 66½, at which time I would file for full Social Security benefit, rather than 62? Or does it stop automatically at 62? I want to hold off applying. I transferred from CSRS to FERS midway through my career and fall under WEP.
Q. I retired last April 2016 as a FERS U.S. Postal Service employee with 32 years at 56 (my minimum retirement age) years old with the special retirement supplement. Am I subject to the Social Security earnings limit of $16,920 in 2017 until age 62? I will not be working through full retirement age (66) for Social Security purposes. Will my Social Security benefit become less than what it is projected to be now since I am not putting money into Social Security? If a start monthly TSP payments, should I elect fewer than or more than 10 years? I realize there is…
Q. I plan to retire at 62 and claim the (higher) 50 percent on my husband’s Social Security. My husband is 72 and plans to continue working. We file jointly. Since he is older than 72, his earnings are not affected, but because I plan to retire at 62, what is considered the “annual limit” before we are penalized by having $1 deducted for each $2 earned? Should I continue working with a gross income of approximately $50,000; and max out my TSP contributions, including catch-up, plus max out my health savings account (my net salary would be approximately $12,000 after Medicare taxes, etc.)?…
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…
Q. I heard that there is a way to receive a supplement to your federal retirement at age 62 so that you can delay drawing Social Security. I will have 14 years of federal service when I retire at age 62. I am 60 now. Is this the case?
Q. I’m 52 years old with 31 years of U.S. Postal Service time. I am contemplating leaving my federal job early. I know my minimum retirement age is 56. I would like to keep my health insurance and life insurance for my family. What are my options at this point? Deferred or postponed? Will I be able to still receive my Social Security supplement at 56? What about the money in my TSP and FERS accounts?