By Reg Jones
July 19th, 2012 | Uncategorized
Q. I’m a Defense Department employee under FERS. I have about five years before I can retire. I would like to apply for special pay or Social Security when I retire. Would that affect my being able to work part time, or would I have a limit placed on my income?
A. If by special pay you mean the special retirement supplement, you don’t have to apply for it. It will automatically be added to your annuity when it is finalized. Moving on, both the SRS and the Social Security benefit are subject to the Social Security earnings limit. If you have earnings from wages or self-employment that exceed the limit, your benefit will be reduced or suspended. In 2012, that limit is $14,160 for anyone under the year in which they reach full Social Security retirement age.
Comments are closed.