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Retirement Planning


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fedupfedup  
#1 Posted : Friday, January 24, 2020 10:35:31 AM(UTC)

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What are the benefits if any of working past 41 years and 11 months because I may work a year and three months longer past that how much would this increase my pension or is it a waste of time? A lot of people tell me when they retire that they make the same salary or close to it when they retire because of the deductions they no longer pay, please be honest with me I would like to hear your honest opinions, it’s not about the job I am I’m asking about how it would change my pension, I owe about three years retirement from 1978 that I took out so I assume by working 15 months longer but I will be paying some of that back and it may increase my pension let me know if I am correctOr not, I have about six months sickleave for retirement thank you
Raoul  
#2 Posted : Friday, January 24, 2020 11:14:16 AM(UTC)

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How many Social Security credits do you have?
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fedupfedup  
#3 Posted : Friday, January 24, 2020 11:16:56 AM(UTC)

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25 quarters myself I can’t file on my x husband bec of WEP
fedupfedup  
#4 Posted : Friday, January 24, 2020 11:17:50 AM(UTC)

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25 quarters myself I can’t file on my x husband bec of WEP I’m CSRS
Raoul  
#5 Posted : Friday, January 24, 2020 11:37:47 AM(UTC)

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25 is quite a bit short.
32 or better would have been a no brainer to go for the 40 minimum with a job outside the govt.




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fedupfedup  
#6 Posted : Friday, January 24, 2020 6:36:38 PM(UTC)

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I don’t need SS, I’m CSRS, and have TSP, I already have 41 years and 7 mos, please read my question
Raoul  
#7 Posted : Friday, January 24, 2020 7:06:53 PM(UTC)

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I thought SS might be a bridge to the additonal funds you seek rather than lesser return of working past 42 years.

Just work as long as it makes you happy.
You can't put a price on happiness.
You'll know when it's time to go.
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fedupfedup  
#8 Posted : Friday, January 24, 2020 7:13:06 PM(UTC)

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Raoul thank you. Is it true that with 80% you actually get almost 100% of your salary bec of no more TSP. Ded and no tax on my pension bec I live in NY? I heard retirees from my job said they are making more retired then when they worked,
Raoul  
#9 Posted : Friday, January 24, 2020 7:48:12 PM(UTC)

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I don't know what the NY income tax rate is but, it could be possible your retirement check would be greater than your current net pay check.

Really not fair to include TSP contributions in the calculation because that is your money either way.

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GoHuskers  
#10 Posted : Friday, January 24, 2020 8:18:44 PM(UTC)

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The only real financial advantages to working an additional 15 months past 41/11 is that you can build up your high-3 a little more and might possibly earn enough additional sick leave to add a month to your total time for pension comp purposes. Not sure if it is worth it.

In addition to not having TSP contributions taken out of you check you will also not be having 7% for retirement and 1.45% for Medicare taken out of your pension, so it is certainly possible the net take home from your pension will be close to what you netted while working, especially if you aren't taking a reduced pension to provide a spouse with a survivor benefit.

Not sure what WEP has to do with anything. I think you're thinking of GPO, Government Pension Offset, which would apply to any divorced spouse benefit once you start receiving your CSRS pension. If you are already over SSA's full retirement age (66 if you were born in the years 1943 through 1954, slightly higher if born after 1954)and your ex-spouse is over age 62 you could possibly be entitled to divorced spouse benefits for months prior to the month you start receiving your pension. There is an earnings test for months you are under full retirement age which would probably preclude payment for those months, but no earnings test once you reach full retirement age.
thanks 1 user thanked for this useful post.
SD Analyst on 2/27/2020(UTC)
fedupfedup  
#11 Posted : Monday, January 27, 2020 3:23:16 PM(UTC)

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Thank you immensely for that wealth of knowledge!! What is an earnings test? I was married 11 yrs I got div and my x died in an auto accident. I was born 1956, are u saying if I check in at retirement age that I could possibly then be eligible for my x spouses SS? I have 25 quarters of my own , I’ll be 64 in February. Thank you finally some great knowledge.
fedupfedup  
#12 Posted : Monday, January 27, 2020 3:26:00 PM(UTC)

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Thanks Huskers and Raoul
postalvet  
#13 Posted : Monday, January 27, 2020 6:39:46 PM(UTC)
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Originally Posted by: fedupfedup Go to Quoted Post
Thank you immensely for that wealth of knowledge!! What is an earnings test? I was married 11 yrs I got div and my x died in an auto accident. I was born 1956, are u saying if I check in at retirement age that I could possibly then be eligible for my x spouses SS? I have 25 quarters of my own , I’ll be 64 in February. Thank you finally some great knowledge.


read here
https://www.ssa.gov/pubs/EN-05-10069.pdf
Postal employee (retired) 38 yrs who helps even if some do not believe me! I was a Steward, officer & trouble maker. Just Sayin'
GoHuskers  
#14 Posted : Monday, January 27, 2020 7:50:16 PM(UTC)

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If you're only 64 it probably would not be worth filing for benefits as a divorced widow. The earnings test would probably preclude payment of any benefits while you work and once you do retire and start drawing the CSRS pension the Government Pension Offset would not allow any payment if 2/3 of the pension amount exceeds the amount of the Social Security Benefit. Here is the link to SSA's brochure about GPO.

https://www.ssa.gov/pubs/EN-05-10007.pdf
thanks 1 user thanked for this useful post.
SD Analyst on 2/27/2020(UTC)
fedupfedup  
#15 Posted : Tuesday, January 28, 2020 4:46:48 AM(UTC)

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Thanks I’ll check at 66 and 4 mos just incase
fedupfedup  
#16 Posted : Tuesday, January 28, 2020 4:50:11 AM(UTC)

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I owe 3 years of retirement I took out in 1978 so if I work
15 more months the retirement taken out goes to pay part of the debt, does thst then increase my retirement bec I’m paying some back? IT won’t go to me bec I owe 3 years , back then I made 11,000 a year
st2288  
#17 Posted : Wednesday, February 12, 2020 8:20:29 AM(UTC)
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CSRS with over 41 yrs. You are almost getting the max at 82%.
Goto your employee express and click on employee benefit statement. It will tell you approx. how much you'll get.
FYI, NY has no income tax for retireee. I can bet you, you are working for free and taking home less.
fedupfedup  
#18 Posted : Wednesday, February 12, 2020 8:36:51 AM(UTC)

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Thanks I’ll check
Tanker1497  
#19 Posted : Saturday, February 22, 2020 4:53:07 AM(UTC)

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Working passed 41 years 11 months you still pay into your retirerment but that money is held in a escrow acount and giving back to you in the form of a check. They only thing that can boosed your 41 and 11 is that of SL if you carry 2080 hours of SL you would be up to 42 y 11 months or I think in csrs it's a flat 2% more!
You should check this out.
fedupfedup  
#20 Posted : Saturday, February 22, 2020 5:08:08 PM(UTC)

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Hi thanks , I have a question. I won’t get a check because I owe money from retirement I took out when I left the govt , in 1974, so I won’t get a check. So my question is I’m still going to pay Into it so by paying Into is it going to increase my retirement? By paying back soMe of my debt .. how does it affect my retirement by paying back some of my debt?
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