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Thread: FERs Retirees, anyone?

  1. #205

    Default Re: FERs Retirees, anyone?

    its called annuity supplement and according to below u are not eligible, although I do not know your full situation, so u might be right.
    "If you receive a deferred benefit, a disability benefit or an immediate MRA+10 benefit, you will not be eligible for the annuity supplement."
    https://www.opm.gov/retirement-services/fers-information/types-of-retirement/#url=Annuity-Supplement

    https://www.opm.gov/retirement-servi...red-Retirement
    "Our Constitution was made only for a Moral and Religious people. It is wholly inadequate to the goverment of any other." John Adams 10/11/1798

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  3. #206

    Default Re: FERs Retirees, anyone?

    I plan on retiring 31 Dec 2015 -- 56 (MRA) +36 years (bought military time back) -- The projected amounts that I received from personnel do include the annuity supplement, however I've learned they are normally a good bit lower than your projected SS at 62; and in my case, a whole lot lower, because the supplement formula only takes into account my civil service time, not any military time that I bought back (16 years). But hey, it's free money until SS rolls around. Also, if you work after retirement and make more than the allowed amount (14K sticks in my mind) -- for every dollar you make over the allowed amount, they take away from your supplement until it's at zero, but they stop there and don't touch your annuity.

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  5. #207

    Default Re: FERs Retirees, anyone?

    Quote Originally Posted by BamaAF View Post
    I plan on retiring 31 Dec 2015 -- 56 (MRA) +36 years (bought military time back) -- The projected amounts that I received from personnel do include the annuity supplement, however I've learned they are normally a good bit lower than your projected SS at 62; and in my case, a whole lot lower, because the supplement formula only takes into account my civil service time, not any military time that I bought back (16 years). But hey, it's free money until SS rolls around. Also, if you work after retirement and make more than the allowed amount (14K sticks in my mind) -- for every dollar you make over the allowed amount, they take away from your supplement until it's at zero, but they stop there and don't touch your annuity.
    Hi, my spouse is in the same boat. If he retires at the end of the year, He will only have 22 postal years, although for annuity computation, He will have 32 years. So I estimate that He will only get 55% (25/40) of supplemental. It might be a lot lower because He will not have the 35 SS years at 56. He will only have 32 SS years.
    Emotions should never play a role in one's investing strategy!
    No to Greed...No to Fear!
    http://share.robinhood.com/mariloc1


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  7. #208

    Default Re: FERs Retirees, anyone?

    Quote Originally Posted by BamaAF View Post
    . Also, if you work after retirement and make more than the allowed amount (14K sticks in my mind) -- for every dollar you make over the allowed amount, they take away from your supplement until it's at zero, but they stop there and don't touch your annuity.
    its the same as the SS earnings test limit, which I think this yr 2015 is 15,700. it goes up each yr. go to ss site to see exact #. I think opm deducts $1 for every $2 over the limit??
    "Our Constitution was made only for a Moral and Religious people. It is wholly inadequate to the goverment of any other." John Adams 10/11/1798

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  9. #209

    Default Re: FERs Retirees, anyone?

    Quote Originally Posted by Valkyrie View Post
    its the same as the SS earnings test limit, which I think this yr 2015 is 15,700. it goes up each yr. go to ss site to see exact #. I think opm deducts $1 for every $2 over the limit??
    Correct they take $1 for every $2 over the limit until there is nothing left. It will also add more years for your SS when you finally collect it.

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  11. #210

    Default Re: FERs Retirees, anyone?

    I think that is correct - limit is over 15K now (shows how long ago I went to retirement class)


    Quote Originally Posted by Valkyrie View Post
    its the same as the SS earnings test limit, which I think this yr 2015 is 15,700. it goes up each yr. go to ss site to see exact #. I think opm deducts $1 for every $2 over the limit??

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  13. #211

    Default Re: FERs Retirees, anyone?

    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
    Emotions should never play a role in one's investing strategy!
    No to Greed...No to Fear!
    http://share.robinhood.com/mariloc1

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  15. Default Re: FERs Retirees, anyone?

    Quote Originally Posted by Maricar19 View Post
    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

    Sent from my SAMSUNG-SM-N910A using Tapatalk

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  17. #213

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    Default Re: FERs Retirees, anyone?

    Quote Originally Posted by bikeefe67 View Post
    Sent from my SAMSUNG-SM-N910A using Tapatalk

    What happened?? There is no mssg.
    There are 10 types of people in the world. Those who know binary, and those that don't!!
    Retired on December 31, 2018!!

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  19. #214

    Default Re: FERs Retirees, anyone?

    I am a FERS employee and have 30 years of service as of December2015 and I have reached my MRA.
    I plan to retire on March 31 2016.
    Will my earnings ($20,000) from January-March 2016 affect mysupplemental annuity?
    Does it mean that I won’tbe receiving supplemental annuity for 2016 and have to wait for 2017
    Emotions should never play a role in one's investing strategy!
    No to Greed...No to Fear!
    http://share.robinhood.com/mariloc1

  20.  
  21. #215

    Join Date
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    Default Re: FERs Retirees, anyone?

    Quote Originally Posted by Maricar19 View Post
    I am a FERS employee and have 30 years of service as of December2015 and I have reached my MRA.
    I plan to retire on March 31 2016.
    Will my earnings ($20,000) from January-March 2016 affect mysupplemental annuity?
    Does it mean that I won’tbe receiving supplemental annuity for 2016 and have to wait for 2017
    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.
    There are 10 types of people in the world. Those who know binary, and those that don't!!
    Retired on December 31, 2018!!

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  23. #216

    Default Re: FERs Retirees, anyone?

    Quote Originally Posted by uscfanhawaii View Post
    MC, see https://www.opm.gov/retirement-servi...dbook/c051.pdf .

    If you get wages AFTER you retire in '16, those wages go against the reduction rules and affect your Supplement in 2017.
    I don't intend to work in 2016 after retirement. But will my spouse's wages be included in the mix since he will still be working?
    Emotions should never play a role in one's investing strategy!
    No to Greed...No to Fear!
    http://share.robinhood.com/mariloc1


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