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Retirement Planning


Whether you are close to federal employee retirement or just starting out in your career, this is the place to share ideas with your federal colleagues on creating a secure financial foundation.


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pnwnative  
#1 Posted : Friday, April 19, 2019 12:44:36 PM(UTC)
pnwnative

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Joined: 3/29/2013(UTC)
Posts: 5

Here is my situation:
1. FERS Retirement @ 62yo with 27ys of federal service on 5/31/19
2. Filing for SS benefits to be effective 7/1/19
3. Leaving federal service with 300h of A/L
4. Drawing monthly from TSP
5. I will not be working for the remainder of the year.

My question: Is there any issues that I would have with the SSA in terms of being liable for any overpayments?

Thanks!
GoHuskers  
#2 Posted : Friday, April 19, 2019 6:45:12 PM(UTC)

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There shouldn't be any issues as long as you do not go back to work at another job after retiring from your FERS position. For your initial year of retirement, SSA employs both a yearly and monthly earnings test, which applies only to wages and self employment income (TSP distributions are not counted). As long as you don't earn over $1470 per month from July through December you will be due all your SS benefits.
NeutronBoy  
#3 Posted : Monday, June 17, 2019 5:27:46 PM(UTC)
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Funny, but your retirement is almost EXACTLY like mine was, only 1 year later. I retired with 29 yrs of service on May 31, 2018 and drew SS immediately. Had max A/L hrs + Jan - May A/L, and drew from the TSP at about 4%.

No problems experienced at all, in fact it was great. Since I retired in May, I assume there were few other retirements and I did not have to use my A/L to tide me over until FERS payments came in. My interim amount was high enough to keep us floating, so I got to bank my A/L pay.

Retired life is good.
thanks 2 users thanked NeutronBoy for this useful post.
GWPDA on 6/17/2019(UTC), JDSIII on 6/17/2019(UTC)
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