Q & A
When does the earnings test begin for special category retirees? I’ve heard either 56 or 57, depending on birth year. Is this indeed the case?
Answer: Yes. For special category retirees, the Social Security earnings limit applies when they reach their minimum retirement age. Source: http://blogs.federaltimes.com, October 21, 2013 Notice: The links provided above connect readers to the full text of the posted question and its…
What Is a “Trial Work Period” In Social Security Benefits’ Cases?
Answer: When you have been awarded Social Security disability insurance benefits, you are entitled to a 9 month “trial work period.” These months do not have to be consecutive months. You are entitled to a trial work period every 5 years. If you earn less…
Understanding Coordination of Benefits
Federal Employees Health Benefits program carriers are obligated to follow standard coordination of benefit rules established by the National Association of Insurance Commissioners (NAIC) in order to make sure that payments to providers and customers do not duplicate payments of…
I have been on Social Security disability for the past 10 years. I have Medicare Part A now. Part B was dropped because I needed the money. If I add back Part B, how much will it cost me each month? It was about $100 a month back then.
Answer: For most enrollees in 2013, the monthly premium is $104.90. If you re-enroll, your premium would be 10 percent higher than the basic premium for each 12-month period you could have been enrolled but weren’t. Source: http://blogs.federaltimes.com, October 21, 2013 …
I am retired with the Blue Cross/Blue Shield family plan, which also covers my wife. She will have survivor benefits after I die, assuming I go first. Will she be able to continue on BCBS as a “self” subscriber if I die first?
Answer: Yes. Source: http://blogs.federaltimes.com, October 18, 2013 Notice: The links provided above connect readers to the full text of the posted question and its response. The URL (internet address) for these link are valid on the posted date; socialsecurityreport.org cannot guarantee the…
Sandager: The why and how of a health savings account
If you’ve had health insurance through your employer all your working life, a Health Savings Account (HSA) is probably a mystery to you. Here’s a quickie course, because an HSA is the best way to save money when you have…
How Divorce Affects Your Social Security Benefits
Are you receiving Social Security Benefits and getting a divorce? You may be able to claim benefits based on your former spouse’s work record. If you had been married to someone for ten (10) years or more and then divorced, you…
My sister and I are both in our 60s. A financial adviser told her that she should stop funding her pretax health savings account because Social Security benefits are based on your taxable income. Is that true? If it is, then should I stop putting 10 percent of my income into my 401(k)? Will that pretax amount affect my ultimate Social Security benefit?
Answer: First, don’t stop funding your 401(k). You pay FICA taxes on deferred income that is contributed to these workplace accounts (even though income taxes are deferred). So that income is counting toward the ultimate calculation of your monthly Social Security benefit. As…
I will be a FERS retiree with more than 30 years and my spouse will also be eligible for a deferred FERS retirement but will probably wait seven years until he’s 62. He left federal employment more than 10 years ago, and I have always carried him on my Federal Employees Health Benefits family plan. I understand he will be covered by my FEHB family plan after I retire as long as I’m living. If I don’t select a survivor annuity for him, will he be eligible to get his own FEHB plan if I die before him?
Answer: If you don’t elect a survivor annuity for him and you die before he is receiving his deferred annuity, his FEHB coverage would end. Source: http://blogs.federaltimes.com, October 17, 2013
My husband passed away two years ago and, because I retired with a California Public Employees’ Retirement System pension, I am not eligible to receive his Social Security benefit because of the government pension offset. When I reach full retirement age (66), does the GPO still apply?
Answer: Yes. Source: http://blogs.federaltimes.com, October 17, 2013