Browsing: Social Security

Q. My husband is a retired CSRS annuitant and I’m a retired FERS annuitant. I turn 66 this year, which is my full retirement age for Social Security. I haven’t yet begun to receive SS payments or withdrawn any funds from my TSP, but would like your opinion as to leaving the TSP funds until I need to make Minimum Required Distributions. My feeling is that if I predecease him, he will not receive any of my SS, but will inherit my TSP. Our accountant thinks I should start drawing down the TSP and invest those funds, since we don’t…

Q. Can CSRS annuitants take Social Security at 62, or do I have to wait until I reach full retirement age? And will my Social Security benefit be impacted by my federal annuity? A. You may claim your benefit at age 62. Your retirement annuity is not counted as earned income. You might be subject to the Windfall Elimination Provision (https://www.ssa.gov/pubs/EN-05-10045.pdf), however.

Q. I am enrolled in CSRS Offset. I am 68 years old and still working. My plan was to work until I am 70 and then collect my social security. The reason is to maximize the amount of money I get from Social Security. I have been told that I should start collecting my Social Security now while I am still working because the amount of money I receive from Social Security toward my retirement will not change from the age of 62. Is that correct? Will I get more money if I continue to work and not collect Social…

Q. I am a CSRS Offset retiree who is now 62 and eligible for Social Security. I am currently employed as a contractor working in a government agency. The Office of Personnel Management is reducing my annuity by the amount SS reported to them that I am eligible to receive. I don’t dispute the amount and understand that this would happen. However, SS told me that I earn too much money and they will not make up the difference. I was told during the retirement seminar that regardless of the amount I earned, I would get the SS portion because…

Q. I am scheduled for full/voluntary retirement in February 2023. I currently have my TSP contribution at 100 percent in the L2030 fund. I am getting a little nervous about the volatility of the market, so I am inclined to do something like reallocate to 50 percent L2030 and 50 percent G Fund just to try and mitigate any potential losses. Of course, I would like to increase my current $253,000 balance, but wouldn’t be averse to it not increasing that much by retirement. Conversely, I would hate to see a loss on what I have and not be able to…

Q. I had 12 years service under CSRS, a break of 13 years in the private sector, and have been a CSRS Offset employee since 2003. I understand that the government pension offset could reduce my wife’s Social Security spousal benefits by $2 for ever $3 I would receive from my CSRS annuity. Does this apply just to the annuity earned while a CSRS employee or the annuity I would receive for my total government service? Since she has earned her own Social Security benefit from non-government service, and I have 30 years of substantial earnings under Social Security, including the years…

Q. I am currently a CSRS Offset employee. Between private sector employment and Offset employment, I will have over 30 years of paying into Social Security. By the time I retire, I will have 30 years of combined CSRS (12 years) and CSRS Offset (18 years) employment. Is there some formula that weighs pure CSRS vs Offset employment. Will the WEP still negatively affect my Social Security payments? A. There is no simple formula for this. You’ll need to calculate your benefits under each system to compare them. The WEP will affect your Social Security benefit unless you have 30…

Q. I will be 62 next year and am a CSRS Offset employee. I would like to know if I can apply at that time for Social Security benefits and retire afterwards (within a few months), and whether a salary is reduced as it is with the pension.  A. You may apply for Social Security benefits while you are still working. Your earned income will not be reduced by the offset provision of your retirement system.

Q. It is my understanding that once you have accumulated 30 years of substantial Social Security contributions your Social Security payments will not be reduced by your GPO. Is this true? A. This is not true. The GPO does not apply to your own Social Security benefit. It applies only to a Social Security survivor benefit, and it is not affected by your years of Substantial Earnings under Social Security. If your Social Security benefit is subject to the Windfall Elimination Provision, or WEP, the effect of the WEP is affected by the number of years of Substantial Earnings you…

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