By Reg Jones
October 3rd, 2014 | Early retirement
Q. I’m a FERS postal carrier with 26 years of service. I am about to turn 49. What penalty will I face if I leave the post office at age 54 with 31 years of service? Read the rest of this entry »
October 2nd, 2014 | Early retirement
Q. I retired last year under FERS at age 56 with 28 years and seven months service. I took an early out. I would have had my full 30 years in January 2015. I applied as a rehired annuitant this month with the same agency and everything looked like I was going to be hired, but the manager called and said I didn’t qualify for the annuity offset waiver because I had taken an early out, and they were only allowed to hire those people who qualified for the waiver at this time. Is it true that if you take an early out, you do not qualify for the waiver?
August 21st, 2014 | Early retirement
Q. I have 18 years of service and I am 51 years old. Can I do an early retirement and receive Social Security and pension?
A. No. If your agency was offering early retirement, you would have to meet one of the following age and service requirements: age 50 with 20 years of service or at any age with 25. You don’t meet either requirement.
July 29th, 2014 | Early retirement
Q. If I accept a VERA with just over 30 years of service under FERS at age 54 and with just under 18 months to go before I reach 56 or my MRA, would I still be immediately eligible at early separation for the special retirement supplement under a VERA, or do I have to wait until I turn 56?
A. The special retirement supplement will begin when you reach your MRA.
Q. I retired in January with 38.4 years of Postal Service EAS service, too early. In February, my doctor changed my blood pressure medication, and it was like the fog had lifted. I realized I made the biggest mistake of my life. I’ve called Shared Services, OPM, our human resources department multiple times for reinstatement with the same response of no, except one person from OPM indicating I could return and suspend my retirement. I am desperate. Using the medication sounds like a poor excuse except for the fact that my actions were so out of character for me. Read the rest of this entry »
Q. I have 27 years in the Postal Service; my age is 56, and I am looking to retire soon. Am I eligible to retire with my full annuity? If not, how much would I be eligible for? Would I be eligible for early-out retirement if offered? Read the rest of this entry »
March 31st, 2014 | Early retirement
Q. My husband may be transferred resulting in my need to leave federal government employment. I have 21 years of service with the federal government and was born in 1959. For clarification:
1. Do I need to be 56-years-old before I can leave and qualify for deferred retirement?
2. If I leave, and am eligible for a deferred retirement, at what age can I begin my retirement without a penalty?
3. Will my accumulated sick leave apply toward my time?
4. If I take a deferred retirement, will I still qualify for FEHB and, if so, at what age?
Q. When is creditable service NOT creditable? As an Air National Guard Federal Technician, my local human resources office insists that three-plus years of Title 10 Active Duty military service (which I’ve paid my deposit for) cannot be used to satisfy the 20-year minimum service criteria for early/involuntary (loss of military membership) retirements in IAW 5 USC 8414 (c)(2). Is this correct?
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Q. I am 51 years old and have suffered a stroke. I realize I could probably apply for FERS disability retirement, but I have a dilemma. I am buying back my military service time, but I have about five years to buy it all back. Which is better to apply for disability retirement or regular early retirement? Read the rest of this entry »
Q. I retired on Jan. 31, 2014, under an offer of early retirement and will not reach my minimum retirement age until August 2014. Can I apply for special supplement income prior to my MRA knowing it takes time to process or do I have to actually wait until I reach 56 years of age?
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Q. I am currently employed with the Bureau of Prisons,and in three years, I will have 20 years law enforcement time. But I will only be 48 years old. Can I just retire from the BOP in three years with total of 20 years law enforcement at age 48? I’d wait until I am 50 years old and start collecting my retirement. From age 48 – 50 I plan just to work at Wal-mart or a grocery store. I also bought back 6 years of my military. Read the rest of this entry »
Q. I have 25 years of service in the federal government, and I’m 48 years old.
If I leave government service now, when would I receive my pension if I take a deferred annuity. If I start at the minimum retirement age, would there be a reduction for every year I’m under age of 62? What if I wait and leave federal service at age 53 with 30 years of service? Would there still be a reduction in pension if I began receiving my pension at the minimum retirement age, even with 30 years of service?
Also, at what age can I do a one time withdrawal from my Thrift Savings Plan without paying a penalty, and if I want monthly TSP payments, what age can I start without paying a penalty if I left government service before the MRA?
I know there are repercussions to leaving government service before the MRA, and would like to know what they are, since I am really slowing down with health related issues. Read the rest of this entry »
Q. I am 50 years old. I did six years active duty which I have not paid back to get credit, and I have 24 years civil service. I had a heart attack two years ago. I have a stint and defibrillator, but I am able to work. There is no way my boss would give me a positive disability letter. I have a little different outlook on life now. I’d like to travel, etc. Luckily, I have a few hundred thousand in my Thrift Savings Plan. What are my retirement options, if any, right now? I know I have no leave and need to somehow buy back my military time. Is it even possible to retire? If I could even get disability, would buying back my military time add to my retirement? Read the rest of this entry »
Q. Can I retire with 26 years of service if I’m 56 years old? I am under FERS. If so, is there any penalty? Read the rest of this entry »
Q. My wife is thinking of early retirement at age 50 with 22 years in. Is there any Voluntary Early Retirement Authority (VERA) for 2014?
Q. I am a 48-year-old Army Reserve retiree (Gray Area). I was mobilized in support of Operation Enduring Freedom and was medically flagged during mobilization as being asthmatic and ultimately unfit for duty. After a Medical Evaluation Board, the Physical Evaluation Board offered for me to accept an early retirement in lieu of a disability separation.
Unfortunately, I was retired as an E-4 with 16 years, 2 months, 7 days of combined service and a total of 2,524 points . The breakdown is 4 years active duty Marine Corps 1983-1987, and Army Reserve 1992-2003 with one additional year of active duty from those eleven years for a total of 5 years active duty. I cannot collect my USAR pension until age 60. Since my reserve retired pension will only be about $425 a month in today’s dollars ($585 in 2025), would it possible (or beneficial) to pursue federal employment and buy back my Reserve retirement rather than let it stay as is for 12 more years and collect the small reserve retirement pension at age 60 and then Social Security at age 65-70? I have more than 20 years private-sector civilian experience but with no retirement accounts to fall back on.
Q. I will be 52 years old March 9. I am covered under FERS, and I have 31 years of federal service. If my base offers an early-out this year, I plan to take it.
I have a substantial balance in the Thrift Savings Plan and would like to withdraw it in its entirety when I take the early-out so I can invest it in my daughter’s business.
1. Will I be penalized for withdrawing my TSP funds early? If so, how much? I know I will be taxed, and I am OK with that. My husband plans to keep working. He is a GS-12, retired military and we have no bills, so we will be fine.
2. I know I cannot draw Social Security, and I don’t plan to do so until I reach the required age. In the meantime, will I be eligible for the special retirement supplement if I retire now? If not, at what age will I be eligible, if at all?
Q. I am completely out of annual leave and sick leave and have recently received a cancer diagnosis. My local human resources department has informed me of two options: voluntary leave transfer program and advance leave request. However, I don’t want to have to worry about losing my job, etc., and may not feel good enough to come back to my old job. What are my options? Are there any disability benefits available to me? What is early retirement for someone like me who is only 48 years old and has eight years of service with the Veterans Affairs Department?
Q. I am 57 years and two months old. I have 21 years of federal service (FERS), including two years and 11 months of military buyback time. I am considering early retirement. I have maintained Federal Employees Health Benefits since I started 18 or so years ago. The human resources experts here are telling me that if I defer my retirement to age 60 (which I am eligible) that I can never again receive FEHB. I cannot find that statement anywhere. I have seen a local in-service slide presentation that you can defer retirement until age 60 or 62 and pick up health insurance at that time. Can you tell me what is correct in this scenario?
Q. I received an “early-out/buyout” in 2006 with 22½ years of service prior to my minimum retirement age. I was age 46 at the time. Will I be eligible to receive any FERS annuity once I reach my minimum retirement age?