FERs Retirees, anyone?

[Maricar19]

I officially retired on April 30, 2016. I submitted my paperwork on April 25.
I advise future retirees to submit their paperwork at least 2 weeks before retiring.

 

[Maricar19]

Yes, to get your approximate supplement, you divide your number of federal service years by 40. The quotient or the result is then multiplied by the estimated ss benefits from the quick calculator.

MC, see https://www.opm.gov/retirement-services/publications-forms/csrsfers-handbook/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. :cool2:

Thanks for the answer. The way I am reading your quote is that in 2017, my suplemental will be affected by my earnings this year (Jan-April).
Example: If my earnings is $29720 for Jan-April, it exceeds the earnings test of $15720.00 by $14000.00.
$14000/2 =$7200. I lose $1.00for every $2.00), therefore I lose $7200 for year 2017?

 

[clester]

Thanks for the answer. The way I am reading your quote is that in 2017, my suplemental will be affected by my earnings this year (Jan-April).
Example: If my earnings is $29720 for Jan-April, it exceeds the earnings test of $15720.00 by $14000.00.
$14000/2 =$7200. I lose $1.00for every $2.00), therefore I lose $7200 for year 2017?

This is right the way i understand it. One reason i don't work now that I'm retired ATC. I understand they don't want you to double dip but it has unintended consequences.

 

[clester]

(Deleted)

 

[Maricar19]

But as a retired ATC, aren't you allowed to work unlimited without affecting your supplemental?

 

[clester]

But as a retired ATC, aren't you allowed to work unlimited without affecting your supplemental?

No. Just until age 55 or maybe 56. Anyway same rule as everyone else.

 

[Lakebound]

I officially retired on April 30, 2016. I submitted my paperwork on April 25.
I advise future retirees to submit their paperwork at least 2 weeks before retiring.

Congratulations! You and I retired the same day.

Frank

 

[FogSailing]

Congratulations Frank!! In the immortal words of Razorback:"Congrats on retirement. I remember alarm clocks. Nasty little devices."

FS

 

[burrocrat]

congratulations to anybody who has served enough time and effort to get to retirement. i will be working until my minimum ssn retirement age i'm sure due to a late start, unless i hit the lotto. so another 15 years or so, maybe there is time yet to pull this thing off with a little style and grace.

on the bright side, my department is offering a 3-day retirement seminar here in the next few months. they don't do that very often, so this will be my first chance to sit in on one. and by now maybe i am aware enough to get something out of it. i hope i can get my workload caught up to a point where i can be comfortable to go. admin leave covered for travel and time in session, mileage and mie and accomodations on my dime. seems like it could be valuable info.

 

[gegor1957]

Thanks for the answer. The way I am reading your quote is that in 2017, my suplemental will be affected by my earnings this year (Jan-April).
Example: If my earnings is $29720 for Jan-April, it exceeds the earnings test of $15720.00 by $14000.00.
$14000/2 =$7200. I lose $1.00for every $2.00), therefore I lose $7200 for year 2017?[/QU

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).
I retired from the P.O. in July 2012 and the earnings from Jan.-July did not affect the supplement. My spouses income also has no effect on the supplement. Best to you in your retirement.

 

[Lakebound]

Congratulations Frank!! In the immortal words of Razorback:"Congrats on retirement. I remember alarm clocks. Nasty little devices."

FS

Thank you. It feels for now, like I am just on scheduled leave/vacation. Reality really hasn't set in yet as I am still getting up at around the same time each day. I'll always be an early riser I guess.

Frank

 

[ravensfan]

Thank you. It feels for now, like I am just on scheduled leave/vacation. Reality really hasn't set in yet as I am still getting up at around the same time each day. I'll always be an early riser I guess.

Frank

Nah...eventually that feeling will go away...patience grasshopper. :dance:

 

[Scout333]

congratulations to anybody who has served enough time and effort to get to retirement. i will be working until my minimum ssn retirement age i'm sure due to a late start, unless i hit the lotto. so another 15 years or so, maybe there is time yet to pull this thing off with a little style and grace.

on the bright side, my department is offering a 3-day retirement seminar here in the next few months. they don't do that very often, so this will be my first chance to sit in on one. and by now maybe i am aware enough to get something out of it. i hope i can get my workload caught up to a point where i can be comfortable to go. admin leave covered for travel and time in session, mileage and mie and accomodations on my dime. seems like it could be valuable info.

Absolutely Burro go every chance you get!! You will be amazed what you can pick up even the second or third time around! Well worth it!!!

 

[Maricar19]

Thanks for the answer. The way I am reading your quote is that in 2017, my suplemental will be affected by my earnings this year (Jan-April).
Example: If my earnings is $29720 for Jan-April, it exceeds the earnings test of $15720.00 by $14000.00.
$14000/2 =$7200. I lose $1.00for every $2.00), therefore I lose $7200 for year 2017?[/QU

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).
I retired from the P.O. in July 2012 and the earnings from Jan.-July did not affect the supplement. My spouses income also has no effect on the supplement. Best to you in your retirement.

Thanks Gregor. I was worried because I was offered a job as a part time consultant. And I don't want to lose my supplemental.

 

[FogSailing]

The retirement seminars are really good tools Burro. I think you'll enjoy it and get a lot of great info from it. Frank, apologize for hijacking your thread....but CONGRATS AGAIN!!!

FS

 

[uscfanhawaii]

Thanks for the answer. The way I am reading your quote is that in 2017, my suplemental will be affected by my earnings this year (Jan-April).
Example: If my earnings is $29720 for Jan-April, it exceeds the earnings test of $15720.00 by $14000.00.
$14000/2 =$7200. I lose $1.00for every $2.00), therefore I lose $7200 for year 2017?

But you said you did not intend to work after retiring in April. (ie, you are not working now, nor do you intend to work the rest of the year.)
The quote specifically says POST-RETIREMENT earnings. Yours will be zero. No reduction in '17.

(can I split the $7200 dollars I just saved you?!? Just kidding of course, but you should STILL ask a benefits counselor.) :scratchchin:

 

[burrocrat]

what??? you mean i can't have my cake and eat it too? by the ocean?

 

[Maricar19]

But you said you did not intend to work after retiring in April. (ie, you are not working now, nor do you intend to work the rest of the year.)
The quote specifically says POST-RETIREMENT earnings. Yours will be zero. No reduction in '17.

(can I split the $7200 dollars I just saved you?!? Just kidding of course, but you should STILL ask a benefits counselor.) :scratchchin:

Hi, I was referring to my 2016 earnings before I retired. I might work part time as a cosultant, but I will make sure that I don't exceed $15720.

 

[Maricar19]

Calling all FERS retirees:

1. What did you do with your TSP?
2. Was your supplemental retirement income correctly computed?

 

[clester]

Calling all FERS retirees:

1. What did you do with your TSP?
2. Was your supplemental retirement income correctly computed?

I Left mine in TSP and I'm taking monthly payments based on life expectancy (72t amortization rules). I am free from that at age 59.5 and can go to monthly payments of any amount that I can change once a year in January.

Supplement was correct but it took a few months to start getting it. But it was caught up when it started. TSP payments were much more timely. Also, retirement check started as an estimated amount which was low but it was also caught up once it started.