Q. A friend told me that her monthly Social Security benefit was reduced by $250 per month because of the profits made from the sale of a house that she inherited from her mother. Can this be true? A. As far as I know, no
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Q. I am currently 60 1/2 years old. I want to start receiving Social Security benefits at 62 years of age. How does the current Debt Commission plan change effect my plans? A. It won’t until and unless it becomes law, which, at this point is not likely. As again after something passes, or at least seems likely to pass.
Q: Will I get full Social Security and a full Federal Employees Retirement System annuity when I retire at 66? And when I invest my Thrift Savings Plan, will that affect how much I receive from Social Security? A: I can’t say whether you’ll get a “full” FERS annuity, but none of these benefits, on their own, will affect the others.
Q: Will I get full Social Security and a “full” Federal Employees Retirement System annuity when I retire at age 66? And when I invest my Thrift Savings Plan money, will that affect how much I receive from Social Security? A: I can’t say whether you’ll get a “full” FERS annuity, but none of these benefits, on their own, will affect the others.
Q: Are monthly distributions from your Thrift Savings Plan account (in lieu of an annuity) considered income for the purpose of determining amount of income versus special retirement supplement or Social Security payments? A: No.
Q: I enlisted in the Marine Corps and signed up for the Thrift Savings Plan in 2004. I was severely injured in Iraq in 2005 and was retired from active service in 2006. I am now receiving Combat Related Special Compensation, Social Security and my compensation from the Veterans Administration. Can I continue to add to my TSP account as a military retiree? I’m only 23 years old and would love to add to it. A: You may only contribute to the TSP through federal payroll deduction or via transfer from an eligible outside retirement plan.
Q. My wife started receiving her own reduced Social Security benefit at age 62, about a year ago. I am younger and plan to start receiving my own benefit at full retirement age (66). Since my benefit will be substantially higher than hers, I know that she is entitled to a spousal benefit equal to one-half of my benefit. However, since she started receiving reduced benefits under an age penalty, would her spousal benefit (i.e., half of mine) also be reduced forever due to the age penalty? A. If your spouse claims her own benefit early and then later claims…