Browsing: SRS

Q. I will be retiring at age 56 and will be eligible for the special retirement supplement upon retirement. Is my lump-sum payment for annual leave used in an earnings test to reduce my SRS? If I am eligible for a VERA incentive payment, is this used in an earnings test to reduce my SRS?

Q. Theoretical case: If a retiree has a $10,000 per year SRS benefit then works part-time earning $40,000 per year, can the retiree place all or most of post retirement earnings into employers tax-deferred account, therefore not impacting SRS earnings test? The desired result would be to not have any earnings or insignificant earnings, thereby retaining $10,000 per year SRS benefit while also generating $40,000 tax-deferred account. I think the IRS annual deferral limit is approximately $54,000. Thoughts?

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. If I retire at age 56 in January 2017 with 20 years’ federal law enforcement service with the Federal Bureau of Prisons, will there be a cap on the amount of money I can earn in 2017 and each year after while drawing the FERS supplement along with my pension? Also, if I draw out a one-time lump sum from my TSP to build a small cabin, is that considered earned income and will it cause me to lose my FERS supplement? What will be the tax rate for the TSP lump sum withdrawal at age 56? Will I…

Q. I’m planning to retire from federal service at age 59 with 26 of federal service. Will I be eligible for the SRS at this time, or would I have to wait until I’m 60 years old?