Thread: FERs Retirees, anyone?

C051 — Retiree Annuity Supplement (PDF file) [1.2 MB]

https://www.opm.gov/retirement-servi...fers-handbook/

Originally Posted by Maricar19

If you think you won't have at least 35 years of earnings, here is a quick calculator to see how much less you will be receiving for your SS benefits at 62.

Quick Calculator

Do you take that amount from the calculator and multiply it by # years federal service/40 yrs to get a rough estimate of your FERS supplement?

Yes, to get your approximate supplement, you divide your number of federal service years by 40. The quotient or the result is then multiplied by the estimated ss benefits from the quick calculator.

Originally Posted by Skorcher

Do you take that amount from the calculator and multiply it by # years federal service/40 yrs to get a rough estimate of your FERS supplement?

Originally Posted by Maricar19

If you think you won't have at least 35 years of earnings, here is a quick calculator to see how much less you will be receiving for your SS benefits at 62.

Quick Calculator

I officially retired on April 30, 2016. I submitted my paperwork on April 25.
I advise future retirees to submit their paperwork at least 2 weeks before retiring.

Originally Posted by Maricar19

Yes, to get your approximate supplement, you divide your number of federal service years by 40. The quotient or the result is then multiplied by the estimated ss benefits from the quick calculator.

Originally Posted by uscfanhawaii

MC, see https://www.opm.gov/retirement-servi...dbook/c051.pdf .
To quote page 15, "D. When Reduction is Assessed
A reduction in the retiree annuity supplement in a given year is based on excess earnings in the previous year.
The reduction is assessed beginning with the year immediately after the first year during which a retiree became entitled to the annuity supplement (or reached the MRA if already receiving the annuity supplement before the MRA).
EXAMPLE 1: Tom retired in June 1993 at age 57 with 30 years of service. He is eligible for an annuity supplement. His earnings in 1993 are subject to the earnings test. If his post-retirement earnings exceed the 1993 exempt amount of $7,680, his annuity supplement for 1994 will be reduced."

So if I read this section correctly, you will get your full Supplement through 2016. If you get wages AFTER you retire in '16, those wages go against the reduction rules and affect your Supplement in 2017.

To be sure, of course, it would be best to contact a benefits counselor.

Thanks for the answer. The way I am reading your quote is that in 2017, my suplemental will be affected by my earnings this year (Jan-April).
Example: If my earnings is $29720 for Jan-April, it exceeds the earnings test of $15720.00 by $14000.00.
$14000/2 =$7200. I lose $1.00for every $2.00), therefore I lose $7200 for year 2017?

Originally Posted by Maricar19

Thanks for the answer. The way I am reading your quote is that in 2017, my suplemental will be affected by my earnings this year (Jan-April).
Example: If my earnings is $29720 for Jan-April, it exceeds the earnings test of $15720.00 by $14000.00.
$14000/2 =$7200. I lose $1.00for every $2.00), therefore I lose $7200 for year 2017?

This is right the way i understand it. One reason i don't work now that I'm retired ATC. I understand they don't want you to double dip but it has unintended consequences.

(Deleted)

But as a retired ATC, aren't you allowed to work unlimited without affecting your supplemental?

Originally Posted by Maricar19

But as a retired ATC, aren't you allowed to work unlimited without affecting your supplemental?

No. Just until age 55 or maybe 56. Anyway same rule as everyone else.

Originally Posted by Maricar19

I officially retired on April 30, 2016. I submitted my paperwork on April 25.
I advise future retirees to submit their paperwork at least 2 weeks before retiring.

Congratulations! You and I retired the same day.

Frank

Congratulations Frank!! In the immortal words of Razorback:"Congrats on retirement. I remember alarm clocks. Nasty little devices."

FS