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Federal Retirees


For those approaching retirement as well as the currently already retired, here is a forum to share ideas and thoughts and exchange questions and answers.


To read today's top news stories on federal employee pay, benefits, retirement, job rights and other workplace issues visit FederalDaily.com.

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bluesbrother  
#1 Posted : Friday, August 20, 2010 6:41:14 AM(UTC)
bluesbrother

Rank: Newbie

Groups: Registered
Joined: 1/25/2008(UTC)
Posts: 18

i was a federal employee from the 80"s and am in csrs offset right now for the us army. i was a previous navy civilian with career status. on my pay stub it says my cumulative retirement is $1400.00 it seems to go up about 30.00 every payday. is this the amount i would receive monthly for my csrs offset pension? i also owe about 15,000 to buy back 8 years of military service. if i can't afford to pay it back how will it affect my csrs offset pension. i have 18 years now ( 8 years active duty, 7years csrs and 3 years as a csrs offset employee. could i retire in 3 years when i turn 62 and have a decent government pension. i current make 47,000 per year. i also paid into social security for more than 30 years. thank you

postalvet  
#2 Posted : Friday, August 20, 2010 11:50:33 PM(UTC)
postalvet

Rank: Senior Member

Groups: Registered
Joined: 9/29/2009(UTC)
Posts: 5,366
Location: southern calif

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"$1400.00 it seems to go up about 30.00 every payday. is this the amount i would receive monthly for my csrs offset pension?"
 
don't believe so that amount is what you have in your account.
 
use this web site to find out what you will receive when you retire.
Retired postal worker of 38 years who is willing to help even though some do not want to hear the truth.
Hobson  
#3 Posted : Sunday, August 22, 2010 6:33:28 AM(UTC)
Hobson

Rank: Advisor

Groups: Registered
Joined: 6/14/2004(UTC)
Posts: 135

The cumulative retirement on your pay stub is not what you will get at retirement.  There are too many variables for that.  What it shows (at least if your pay stub is like mine was) is how much you have contributed.  I don't know how CSRS offset works, since I'm in FERS only.

The amount will become important once you start receiving your pension.  The IRS has a formula that allocates your pension payments to income vs. the amount that you are getting back from what you paid in.  You get to pay taxes on the income, but not on what you get back from your own money.  The 1099 form that you will get from OPM for your pension will show your total pension payments for the year and the taxable amount.


bluesbrother  
#4 Posted : Tuesday, August 24, 2010 11:52:20 AM(UTC)
bluesbrother

Rank: Newbie

Groups: Registered
Joined: 1/25/2008(UTC)
Posts: 18

thank you for the info
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