Rustynutt
Member
Woke up this morning, and instead of putting on my sweats like I have since mom taught me how, standing and putting one leg in at a time, decided to sit on the bed and pull them up on two legs. Is this a sign of old age?
That got me thinking of the amount of an annuity a spouse receives for the 10% reduction.
I'm FERS, going out on a VERA end of this month with 29 years and 10 months service. (That in itself shouldn't make any difference in the question).
The Human Resource person that will be handling my paperwork did an annuity estimate, which included both my FERS annuity, and FERS supplemental pay, which last until I turn 62 for the cost of the survivor benefit.
For an example, a FERS annuity calculates $30k annually, and after OPM does their social security calculation, the FERS supplemental pay is $15k annually paid until the annuitant reaches age 62.
Here's the question: When the annuitant reaches at 62, and the FERS supplement pay ends, does OPM readjust the 10% being withheld from the annuity to the actual annuity calculated by the high 3 x 1% x number of years calculation of the annuity?
This is something I thought of this morning, kind of out of the blue. I know the question will draw a blank look at the local HR office, and hoping someone here has made the transition at age 62 and knows for sure if the amount withheld is recalculated at that age and time.
That's a huge decision to make in this short of time. I'm thinking that a substantial life insurance policy to supplement the reduction could be purchased for the 5% withholding as opposed to opting for 10% of a lifespan if it is not recalculated to the received annuity at age 62%
Nut?
That got me thinking of the amount of an annuity a spouse receives for the 10% reduction.
I'm FERS, going out on a VERA end of this month with 29 years and 10 months service. (That in itself shouldn't make any difference in the question).
The Human Resource person that will be handling my paperwork did an annuity estimate, which included both my FERS annuity, and FERS supplemental pay, which last until I turn 62 for the cost of the survivor benefit.
For an example, a FERS annuity calculates $30k annually, and after OPM does their social security calculation, the FERS supplemental pay is $15k annually paid until the annuitant reaches age 62.
Here's the question: When the annuitant reaches at 62, and the FERS supplement pay ends, does OPM readjust the 10% being withheld from the annuity to the actual annuity calculated by the high 3 x 1% x number of years calculation of the annuity?
This is something I thought of this morning, kind of out of the blue. I know the question will draw a blank look at the local HR office, and hoping someone here has made the transition at age 62 and knows for sure if the amount withheld is recalculated at that age and time.
That's a huge decision to make in this short of time. I'm thinking that a substantial life insurance policy to supplement the reduction could be purchased for the 5% withholding as opposed to opting for 10% of a lifespan if it is not recalculated to the received annuity at age 62%
Nut?