If you're referring to FERS, I believe they augment your pension with the amount you would receive from SS.. When you reach SS full retirement age it stops.. This will not last in it's current form.. There is already rumblings on reducing the current stipend.. I am retired CSRS..works?? Especially when one turns 62 is drawing a Civil Service pension, and is currently employed by a private company.
Thks. What I need to know is will they off set at 62. And where to find this infoIf you're referring to FERS, I believe they augment your pension with the amount you would receive from SS.. When you reach SS full retirement age it stops.. This will not last in it's current form.. There is already rumblings on reducing the current stipend.. I am retired CSRS..
If you are referring to FERS(Federal Employees Retirement System), if you retire before age 62 your FERS annuity will be 1% of your average high three for every year of service. Example: at age 58 you have say 30 years of service and wish to retire, you will receive an annuity that is 30% of your high three (averaged). In addition to that you will receive a supplemental that will be the same as what Social Security will pay you at age 62 and you will receive that supplemental until you turn 62 at which point SS will take over. Note, SS at 62 is a reduced benefit from what you would receive if you waited until full retirement age to receive your SS benefits. Full retirement age depends upon when you were born but is probably somewhere between 66 and 68.You would have to check with SS to see what your benefit is at age 62 because it will be based upon whatever you payed into the system over the years you worked. One other thing, if you wait until age 62 to retire, instead of getting 1% for every year of service, you will get 1.1% for every year of service. Using my previous example above, now at age 62 you will have 34 years (30+4) of service, so your FERS annuity will be 34 x 1.1 or 37.4% of your high three averaged. So just for simplicity sake, say your average high three income is $100,000, then your FERS annuity with 34 years of service will be $37,400 (100,000 x 0.374). You would have to run the numbers to see if it makes more sense to retire early and take the supplemental or to wait until age 62 and get the 1.1% for every year of service. By the way a few years ago congress removed the supplemental for new federal employees hired after the point in time when they passed the legislation that removed the supplemental. So new federal hires no longer will receive the supplemental when they retire down the road.Thks. What I need to know is will they off set at 62. And where to find this info
Outstanding post.. I did not realize they already changed the ret.. As a CSRS retiree this does not affect me in the slightest..If you are referring to FERS(Federal Employees Retirement System), if you retire before age 62 your FERS annuity will be 1% of your average high three for every year of service. Example: at age 58 you have say 30 years of service and wish to retire, you will receive an annuity that is 30% of your high three (averaged). In addition to that you will receive a supplemental that will be the same as what Social Security will pay you at age 62 and you will receive that supplemental until you turn 62 at which point SS will take over. Note, SS at 62 is a reduced benefit from what you would receive if you waited until full retirement age to receive your SS benefits. Full retirement age depends upon when you were born but is probably somewhere between 66 and 68.You would have to check with SS to see what your benefit is at age 62 because it will be based upon whatever you payed into the system over the years you worked. One other thing, if you wait until age 62 to retire, instead of getting 1% for every year of service, you will get 1.1% for every year of service. Using my previous example above, now at age 62 you will have 34 years (30+4) of service, so your FERS annuity will be 34 x 1.1 or 37.4% of your high three averaged. So just for simplicity sake, say your average high three income is $100,000, then your FERS annuity with 34 years of service will be $37,400 (100,000 x 0.374). You would have to run the numbers to see if it makes more sense to retire early and take the supplemental or to wait until age 62 and get the 1.1% for every year of service. By the way a few years ago congress removed the supplemental for new federal employees hired after the point in time when they passed the legislation that removed the supplemental. So new federal hires no longer will receive the supplemental when they retire down the road.
You lost me on the "screwed".. CSRS folks did not pay into SS and expect no return..We are fully funded by our own investment into the system.if you are CSRS I think you are pretty much screwed There is a way to get the offset waived/reduced but that is a complex action beyond my Pay Grade (GS or NH) good luck I will join you next year I hope
That's right, as a CSRS retiree this does not affect you at all. If you are CSRS you did not pay into SS over the years you were a federal employee. Therefore, you will not collect Social Security. The only way you would collect SS is if you paid into SS (either before or after your years of service as a federal employee). Some people do that. Under CSRS you can retire at age 55 with 30 years of service and under the old CSRS you receive an annuity that is something on the order of about 60-66% of your high three. Some guys I know have retired from federal service at 55 with 30 years of service and then go out and work for a private contractor for 10 years (you have to have at least 40 quarters paid into SS to collect SS benefits) all the while collecting their CSRS annuity. Then at 65 they retire for good and also receive SS benefits. These guys are usually referred to as double dippers.Outstanding post.. I did not realize they already changed the ret.. As a CSRS retiree this does not affect me in the slightest..
I am a retired ATCS and did in fact retire at age 50..I paid into SS during my Military service 11 years active duty, and as such, I lose 40 or 60 %, I forget which of my entitled SS benefits.. It is called a no wind fall profit..I also was able to pay 6% of my Military total income into the CSRS and that gave me 11 additional years toward retirement..And yet, there are double dippers..That's right, as a CSRS retiree this does not affect you at all. If you are CSRS you did not pay into SS over the years you were a federal employee. Therefore, you will not collect Social Security. The only way you would collect SS is if you paid into SS (either before or after your years of service as a federal employee). Some people do that. Under CSRS you can retire at age 55 with 30 years of service and under the old CSRS you receive an annuity that is something on the order of about 60-66% of your high three. Some guys I know have retired from federal service at 55 with 30 years of service and then go out and work for a private contractor for 10 years (you have to have at least 40 quarters paid into SS to collect SS benefits) all the while collecting their CSRS annuity. Then at 65 they retire for good and also receive SS benefits. These guys are usually referred to as double dippers.
Yeah, I don't know anything about ATCS (I actually have not heard of it) so I don't know how that works. I do know of guys in CSRS that have bought back their years of military service to add to their years of civilian service.I am a retired ATCS and did in fact retire at age 50..I paid into SS during my Military service 11 years active duty, and as such, I lose 40 or 60 %, I forget which of my entitled SS benefits.. It is called a no wind fall profit..I also was able to pay 6% of my Military total income into the CSRS and that gave me 11 additional years toward retirement..And yet, there are double dippers..
Yeah, I don't know anything about ATCS (I actually have not heard of it) so I don't know how that works. I do know of guys in CSRS that have bought back their years of military service to add to their years of civilian service.
I don't think you understand.. I simply paid 6% into the CSRS and in return received an additional 11 years seniority towards retirement..I was in the Military in the 50's and 60's.. My total outlay of cash was $2k for 11 years credit.. If that is getting screwed, I accept it and love it..And yes as to Lion8286's post above I am a retired Air Traffic Controller and did retire at age 50..I think the mandatory retirement age was 60 but, not certain..so you are a no windfall guy but you earned and paid in that money see what I mean now "pretty much screwed"
when they changed that, I knew guys that had to pay back thousands.....
Gotcha now.. Absolutely correct.. In my case I made so little money in the Military the amount I lose is minimal..Just for hahas I grossed some where around $30k for my entire 11 years..Sad huh ??sorry to be unclear. I am talking about people who have paid a lot of money into SS early in life and then another full career under CSRS. The no windfall rules essentially reduce your SS pay out by a significant factor based on the amount of your monthly CSRS retirement. Again, the federal govt won't pay you both as you have earned them, they "offset" the SS amount (reduce it) based on your CSRS retirement payment.
When does the off set begin??? At age 62 or normal retirement??? It seems if one keeps working at 62 he has like a triple penalty. You hVe your ss offset taken from you plus ss penalizes you for earning too much money. If the off set begins at normal retirement age One could keep working!!sorry to be unclear. I am talking about people who have paid a lot of money into SS early in life and then another full career under CSRS. The no windfall rules essentially reduce your SS pay out by a significant factor based on the amount of your monthly CSRS retirement. Again, the federal govt won't pay you both as you have earned them, they "offset" the SS amount (reduce it) based on your CSRS retirement payment.
I know exactly what you are refering to if you are a csrs retireeworks?? Especially when one turns 62 is drawing a Civil Service pension, and is currently employed by a private company.
Thsorry to be unclear. I am talking about people who have paid a lot of money into SS early in life and then another full career under CSRS. The no windfall rules essentially reduce your SS pay out by a significant factor based on the amount of your monthly CSRS retirement. Again, the federal govt won't pay you both as you have earned them, they "offset" the SS amount (reduce it) based on your CSRS retirement payment.
CSRS retirement is age 55 with 30 years service, for which you receive 56% of your high 3 consecutive years. If you choose to stay to 41 years 11 months, you will receive 80% of your high 3. I had 42 years 11 months when I retired. I receive no Social Security, because I didn't pay into it. I also had a Thrift Saving Account, which is akin to a 401-K. I contributed to this alone, no matching funds involved.That's right, as a CSRS retiree this does not affect you at all. If you are CSRS you did not pay into SS over the years you were a federal employee. Therefore, you will not collect Social Security. The only way you would collect SS is if you paid into SS (either before or after your years of service as a federal employee). Some people do that. Under CSRS you can retire at age 55 with 30 years of service and under the old CSRS you receive an annuity that is something on the order of about 60-66% of your high three. Some guys I know have retired from federal service at 55 with 30 years of service and then go out and work for a private contractor for 10 years (you have to have at least 40 quarters paid into SS to collect SS benefits) all the while collecting their CSRS annuity. Then at 65 they retire for good and also receive SS benefits. These guys are usually referred to as double dippers.
EPC, you and I, we have a LOT in common. I'm at 33 years now. It's rough out there nowadays, we're two of the lucky ones.CSRS retirement is age 55 with 30 years service, for which you receive 56% of your high 3 consecutive years. If you choose to stay to 41 years 11 months, you will receive 80% of your high 3. I had 42 years 11 months when I retired. I receive no Social Security, because I didn't pay into it. I also had a Thrift Saving Account, which is akin to a 401-K. I contributed to this alone, no matching funds involved.
I had a supervisor for 29 years. He took an early out. I decided to stay to see what would happen. I lasted two months. When I had a meeting with the new guy, he told me my job. He was clueless about it. I knew things could get ugly quickly between us, so I applied for retirement and retiredEPC, you and I, we have a LOT in common. I'm at 33 years now. It's rough out there nowadays, we're two of the lucky ones.