Q & A
Long-term disability insurance vs using retirement savings in the event of permanent disability?
Full Question: My husband is 54 and is looking at purchasing long-term dbl ins. His financial advisor said it would be wiser to invest the money elsewhere and to rely on retirement savings that don’t have a tax/penalty consequence in the…
I am in CSRS offset, and I am eligible to retire now. I turned 66 on April 8. I started collecting Social Security benefits as of Jan. 1 and continue to work. How will my retirement calculation change when I retire? Most, but not all, of the Social Security benefits were earned while I was under CSRS offset. I copied the following excerpt from “Ask the Experts”: “In the year you reached your full retirement age, it would be reduced by $1 out of every $3 you earned. After that, there wouldn’t be any reduction.” I don’t understand what will be reduced from my Social Security or my retirement when I retire?
Answer: The quote applies to the Social Security earnings test. Once Social Security recipients reach their full retirement age, they can earn as much as they want from wages or self-employment without it affecting that benefit. On the other hand, when…
Refund on Medicare?
Full Question: I am a retired disabled military member who works in the federal government. Since I am retired, I did not opt for any of the Federal Employees Health Benefits, as I am covered through Tricare as well as the…
How did the new budget agreement affect the special retirement supplement? I am a letter carrier and am planning on retiring in 18 months with 27 years of service at age 60.
Answer: The special retirement supplement avoided the budget ax and will continue to be payable to eligible FERS retirees. Source: Reg Jones, FederalTimes.com – January 2, 2014
My husband will turn 65 next year and go on Medicare and Tricare for Life. Will my Tricare coverage continue until I turn 65 a year later, or should I enroll in my company’s health insurance program for 2014?
Answer: As the spouse of a military retiree, you will never lose Tricare eligibility as long as you remain married. You may stay on whatever Tricare plan you currently use (most likely Tricare Prime or Standard) until you also reach age…
Is it true that my child can receive Social Security benefits based on my earnings record?
Answer: Your child–whether he or she is your biological child, adopted child, or stepchild–may be able to receive Social Security monthly benefits based on your earnings record if you’re receiving disability or retirement benefits from Social Security, or in the event…
Does Social Security provide special services or information for people who are blind or visually impaired?
Answer: Yes. Social Security offers a number of services and products specifically designed for people who are blind or visually impaired. Special Notice Option: If you are blind or visually impaired, you can choose to receive notices and other information from…
Do disabled children qualify for benefits?
Answer: Yes. There are two disability programs run by Social Security that include benefits for disabled children. Under the Supplemental Security Income (SSI) program, a child from birth to age 18 may receive monthly payments based on disability or blindness if:…
I run a small business and I am hiring a few employees. How can I recognize a valid Social Security card?
Answer: There are more than 50 different versions of the Social Security card, all of which are valid. Although there are several current versions of the card in circulation, all prior versions of the card are valid. The number is what…
I got an email that says it’s from Social Security, but I’m not so sure. They want me to reply with my Social Security number, date of birth, and mother’s maiden name for “verification.” Did it really come from Social Security?
Answer: No. Social Security will not send you an email asking you to share your personal information, such as your Social Security number, date of birth, or other private information. Beware of such scams — they’re after your information so they…