Q & A
What is the difference financially between discontinued service retirement and disability retirement? I am 55 with 25 years of service under FERS. My high-3 is as a GS11-07.
Answer: As a discontinued service retiree, you’d receive 25 percent of your high-3. As a disability annuitant, you’d receive 60 percent of your high-3, minus 100 percent of any Social Security disability benefit for which you qualified. Source: Reg Jones, FederalTimes.com…
I retired under CSRS at age 57, 1½ years ago, with 32 years service. Before I worked for the federal government, I had other jobs that I paid Social Security payments. I am now told that since I retired under CSRS, I can’t collect my Social Security when I reach the correct age. Why can’t I collect that money since it was paid in before I worked for the feds? Also, If I can’t collect Social Security, where does all that money go that I paid in. Shouldn’t I get that back? Also, if I get a part-time job away from the government, would I have to pay Social Security taxes? If so, why?
Answer: Because you are receiving an annuity from a retirement system where you didn’t pay Social Security taxes, you’ll be subject to the windfall elimination provision, which will reduce your Social Security benefit. To find out why and by how much,…
The cost for the full spousal annuity is 10 percent of the retirement income. As the retirement income increases with cost-of-living adjustments, does the spousal annuity cost increase? Example: Year 1 retirement income: $50,000; spousal annuity cost: $5,000 Year 20 retirement income: $65,000; spousal annuity cost: $6,500
Answer: It’s a permanent one-time reduction in your annuity. Using your example, if your unreduced annuity was $50,000, electing a full spousal benefit would cost 10 percent or $5,000. Your new annuity would be $45,000, which would be increased over time…
After I retire, I am planning to withdraw $4,000 per month from the Thrift Savings Plan and I am not claiming Social Security. How will Social Security taxes be paid for the TSP I withdraw?
Answer: Social Security taxes can’t be paid from your TSP withdrawals since they are not considered earned income. Source: Mike Miles, Federaltimes.com – December 9, 2013
I worked in CSRS from 1972 to 1988 and returned in May 1990 as a CSRS Offset. I was a reservist on active duty from March 1991 to March 1992 during Desert Storm. I also have been drawing Social Security since May 2006. My husband passed away in September 2008, and I am receiving the survivor benefit. I want to retire this year, and I have no idea what I will receive. I think my total Social Security is about 27 or 28 years for paying.
Answer: As a CSRS Offset employee who is already receiving a Social Security benefit, when you retire, your CSRS annuity will be offset by the amount of Social Security benefit you earned while you were covered by CSRS Offset. While…
My wife and I plan on visiting the grandchildren over the winter, during which time my wife will turn 62. Can she apply for retirement benefits in another state, or do we have to wait until we get back home to apply for retirement at our local Social Security office?
Answer: These days, you don’t have to be near a Social Security office to apply for benefits. Regardless of where you and your wife are living or traveling, you can apply for retirement benefits online at www.socialsecurity.gov/applyonline. It’s so easy to…
What are the benefit amounts for which a spouse may be entitled?
Answer: A spouse receives half of the retired worker’s full benefit if the spouse retires at full retirement age. If the spouse begins collecting benefits before full retirement age, we reduce those benefits by a percentage based on how much earlier…
I had a serious leg injury three years ago and received disability benefits for about 19 months until I could return to work. Unfortunately, my leg problems have returned and I may not be able to continue working much longer. When I first applied for benefits, I waited five full months before I was eligible to receive my first check. If I reapply for benefits, will I again be subject to this waiting period?
Answer: No. If you become disabled a second time within five years after your previous disability benefits stopped, there is no five-month waiting period before benefits start. If your claim is approved, you can receive benefits for the first full month…
I’m thinking about getting a disability insurance policy from a private company. If I become disabled and have a private policy, would it reduce my Social Security disability benefit?
Answer: No. Your eligibility for Social Security disability benefits is not affected by any insurance you may have. However, workers’ compensation and certain other public disability payments may affect your Social Security benefit. For more information go to www.socialsecurity.gov or…
Three years ago, I took a disability retirement from a motor vehicle accident. In the past three years, I rehabilitated myself to go back into the federal workforce to repay monies I had received from the Office of Personnel Management for the disability retirement. I was a GS-05 at the Veterans Affairs Department. Am I eligible to apply for the Career Transition Assistance Program, as well as my Schedule A Hiring Authority when applying for new, open GS-06 positions?
Answer: Yes. Source: Reg Jones, FederalTimes.com – Decemober 8, 2013