Q & A
I recently got my Defense Department ID card and enrolled in DEERS. If I go to a doctor, do I need a Tricare card, too? Also, my daughter is six months old and has to have her shots renewed at nine months, but because of her age, she doesn’t have an ID card yet. Would I show my card for that? I’m new to all of this, and nothing seems clear. I’m not even sure what Tricare plan we have.
Answer: There is no such thing as a “Tricare ID card.” Your DoD ID card, with the notation on the back that says you are eligible for medical benefits, is all you need. Your child does not need a DoD ID…
I am 53 on disability retirement under CSRS. I have 29 years and six months. When I turn 55, can I convert to regular retirement? Also if the Postal Service offers an early-out, am I eligible?
Answer: No on both counts. Let me explain. To end your disability retirement, you’d have to be found to have recovered from your disability. Then a year later, because of your age and service, you’d be eligible for discontinued service…
If my agency offers me a buyout, what does it mean to me? I am 54 years old. I will reach my minimum retirement age on Jan. 19, 2016. I have 23½ years of service under FERS. My agency is going through a big reorganization. Would you explain to me what it means to my retirement if I’m offered either of them? Will I be able to retire with no penalty?
Answer: Because you already meet the age and service requirements — age 50 with 20 years of service — you could accept an early retirement offer and retire, and if you were offered a buyout, you could accept it and retire…
Did Social Security always have a COLA?
Answer: With the 1.5 percent cost-of-living adjustment (COLA) about to begin, it is worth noting that many pensions do not have any cost-of-living adjustment (COLA) provision. Unlike the inflation protection provided by Social Security retirement, survivors and disability benefits, for pensions…
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…