By Reg Jones
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?
February 10th, 2014 | Coverage after retirement Creditable service: FERS Deferred retirement Early retirement FEHBP HEALTH INSURANCE Minimum retirement age MRA + 10 Postponed retirement Re-enrollment RETIREMENT
Q. Do I have any options for early retirement that will allow me to keep Federal Employees Health Benefits if I retire at age 52-55 with 20-23 years of service with a minimum retirement age of 57? I know I can take postponed, but then I lose FEHB. So I was wondering if there was any other way.
Q. I was offered and took an early FERS retirement. I wasn’t in any special occupational group. I was an IT specialist. Will I receive the 1.5 percent cost-of-living adjustment, or do I have to wait until I’m 62.
January 22nd, 2014 | annuity reduction Benefits Creditable service: FERS Early retirement FEHBP HEALTH INSURANCE Minimum retirement age PAY RETIREMENT SOCIAL SECURITY Special retirement supplement spouse benefits
Q. My husband is 66 years old and retired last year with full Social Security benefits. My daughter is receiving Social Security benefits until she graduates from high school at age 18. I was told that had my salary not exceeded the maximum amount allowed, I would also receive some benefits until my daughter turns 18.
I am 54 years old, a federal worker under FERS with 23 years of service. My office is going through a major reorganization. I understand that if I am offered an early retirement, I will have immediate annuities without the 5 percent reduction each year under 62), will have Federal Employees Health Benefits and have the special retirement supplement when I am at my minimum retirement age.
1. I assume that since I won’t have a job, I will be able to receive Social Security benefits until my daughter turns 18 and graduates from high school in June 2016. I will be at my MRA in January 2015. At my MRA, will I be able to continue receiving my Social Security benefits and the special retirement supplement simultaneously?
2. When I turn 62 and the special retirement supplement stops, should I apply for Social Security benefits from my husband’s retirement until I am at my full retirement age (66 and 10 months)? This way, I would have my own full Social Security retirement benefits without reduction. Am I correct?
Q. I was a CSRS clerk who got injured off the job. I have 29½ years and am 53 years old. When I turn 55, can I convert to regular retirement? (I am currently on disability retirement.) And can I take an early-out if one is offered?
Q. I retired a year ago with 28 years of civil service. I took an early-out, so I was 48 years old at retirement. My minimum retirement age would have been 56. Do I have to wait until I am 56 to receive the special retirement supplement? Is there any Social Security supplement I can receive now?
Q. My husband retired from the federal government a year and a half ago with 40 years of service. I am age 59 and employed by the commonwealth of Virginia. If I take early retirement through Virginia Retirement Service, can I draw on his retirement since I am not 62 and cannot draw Social Security?
Q. I am 53 on disability retirement under CSRS. I have 29 years and six months. When I turn 55, can I convert to regular retirement? Also if the Postal Service offers an early-out, am I eligible?
Q. I am 60 years old with 33 years of federal service. I would like to retire next year, but under FERS, I would have to stay until I am 62 years old to get the additional 0.1 percent annuity incentive. Is there another way to achieve my goal?
Q. I am in CSRS Offset and I will be eligible to retire with an annuity and possible early buyout at age 50. I received my benefit estimate report, which has a monthly Social Security offset amount. Is this amount what I will get in addition to my annuity when I am 62? I also see that if an employee decides to delay receiving Social Security benefits until after he or she turns 62, the CSRS benefit would be reduced even though the employee might not be receiving the Social Security benefit? Is that correct?
Q. If my agency offers me a buyout, what does it mean to me? I am 54 years old. I will reach my minimum retirement age on Jan. 19, 2016. I have 23½ years of service under FERS. My agency is going through a big reorganization. Would you explain to me what it means to my retirement if I’m offered either of them? Will I be able to retire with no penalty?
Q. I have 21 years in with the Postal Service and will be eligible to retire in four years at age 60 with no penalty. If an early-out is offered, how much money would I be losing in my pension either monthly or yearly by taking it rather than waiting out the four years?
Q. I have worked under a term appointment for more than 20 years. Will it be possible for me to qualify for Voluntary Early Retirement Authority once I have 25 years of service?