Q & A
I got a letter from the National Association of Retiring Federal Employees stating, “Federal agencies are now re-employing federal retirees on a limited part-time basis without an offset to their annuity.” Can you explain this a little further? How would I find and apply for one of these positions?
Answer: Section 112 of Public Law 111-84 effective Oct. 28, 2009, allows a federal agency to hire a retiree and waive the offset between a salary and an annuity. These temporary appointments for a year or less can be made if…
If I take early retirement and still work, will my benefits continue to be reduced because I retired at age 62?
Answer: Social Security will review the age 62 reduction factor when a person reaches full retirement age. At that time, we will determine if there is any month a benefit was not paid because of earnings that exceeded the annual earnings test…
My husband and I have owned and operated a business together for many years, but my Social Security statement does not show any earnings for me. We file joint income tax returns every year. What happened to my share of our earnings?
Answer: If you and your husband own and operate a business together and you share in the profits and losses, you may be entitled to receive Social Security credits as a partner. This may be true even if you and your…
Collecting Spousal Benefits – Impact on Future Benefits 2
Full Question: My wife is 67 and started drawing at her Full Retirement Age (FRA) of 66. I am 63 and have not retired yet. If I were to retire before my FRA (66 as well) and she claimed spousal…
Collecting Spousal Benefits – Impact on Future Benefits
Full Question: My wife is 67 years-old and retired after working 43 years as a Respiratory Therapist and started collecting Social Security benefits at age 65. I will be 68 Feb. 22, 2014. I am still working as a Principal Sourcing…
How do IRA distributions affect Social Security?
Full Question: Hi, I am 63 drawing my Social Security and have been working part time as well. I have a retirement IRA that I would like to start withdrawing from in 2014. I am no longer working part time, so…
I will have 25 years under FERS once I complete the buyback of my military time and 15 years of federal time at age 56. Is it true that I have labored under the misconception of the 80 rule all these years? When I was hired, this information was in my package. I can’t believe I have been looking forward to a full retirement just to hear I will lose more than 30 percent.
Answer: The “80 rule” is a bit of folklore that’s been rattling around for decades. It has no basis in fact. No CSRS employee has ever been able to retire on an unreduced annuity when his age and years of service…
I just received my first disability payment. How long will I continue to get them?
Answer: In most cases, you will continue to receive benefits as long as you are disabled. However, there are certain circumstances that may change your continuing eligibility for disability benefits. For example: Your health may improve to the point where you are…
I have a 38-year-old son who has been disabled by cerebral palsy since birth. I plan to apply for retirement benefits. Will he be eligible for benefits as my disabled child?
Answer: Yes. In general, an adult disabled before age 22 may be eligible for child’s benefits if a parent is deceased or starts receiving retirement or disability benefits. We consider this a “child’s” benefit because we pay it on the parent’s…
My wife and I are covered under the Federal Employees Health Benefits plan, but do not have Medicare Part B. She is 77 and I am 83. Consequently, to enroll in Part B now would be cost prohibitive. We are currently enrolled in an HMO, so Part B is not a problem. If we were not in an HMO, how much would we be penalized if we were in a service benefit plan without Part B? For example, if we were in Blue Cross Standard, what additional costs would we incur without Part B?
Answer: You’ll have to go to www.opm.gov/healthcare-insurance/healthcare/plan-information and when the map appears, click on your state, then click on Compare Plans. You can then download individual plan brochures and look for the section on Medicare. Unfortunately, none of the brochures will…