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On Apr 15, 2016, at 8:52 PM, Don Libes don@libes.com [TSP_Strategy] <TSP_Strategy@yahoogroups.com> wrote:
Your math is correct but your English may mislead readers. To clarify, "service years" in your explanation means "years in FERS". So don't count years in CSRS or private employment in the computation. (I'm hit by both of these, sigh.) I understand the rationale not to count CSRS but omitting years of private employment, not so much. It seems odd that a benefit offered as a stopgap for SS may only provide a fraction of it.
To make this even clearer, anyone now considering the SS supplement will have worked less than 30 years under FERS (since the program is only 29 years old). So you can get at most 30/40ths (i.e., 75%) of age 62 SS payments at present.
In ten years (when the fraction goes to 40/40), they'll probably have reduced the benefit in some other way (such as by raising the retirement age) or cutting it entirely.
Don
> On Apr 15, 2016, at 11:14 PM, Gary tweet_pa@yahoo.com wrote:
> The supplement is calculated based on what your SS says you will get when you turn 62 times your service years actually worked divided by 40. As an example say you worked prior to civil service 4 years military and 2 years private than 20 years under FERS. Your SS statement shows $1500 at 62. Your supplement would be 1500*20/40 = $750 as your monthly supplement before taxes. This supplement will stop when you turn 62/because you are then eligible for SS. For some this could well be the difference between retiring at 57 or working till they turning 62. FYI FERS retiree get no cost of living until they reach age 62. Make sure you know your benefits are so you get what you earned.
>
> On Apr 15, 2016 9:14 PM, Richard Adams pianoman3131@yahoo.com wrote:
> I am not sure exactly how much one gets in their supplement? Is the same monthly stipend they would make when they draw SS? If so, it's not just a drop in the bucket. What is the max SS monthly stipend paid nowadays for regular retirees? $2000? I could see where one would be forced to work longer until SS arrived if so.
>
> From: "Scotty Cox sjcx@cableone.net [TSP_Strategy]" <TSP_Strategy@yahoogroups.com>
> Why would eliminating the Social Security supplement for FERS retirees, make it financially impossible to retire until at least age 62? I wouldn't think that would be that big a deal
>
> From: "sarah_oz@yahoo.com [TSP_Strategy]" <TSP_Strategy@yahoogroups.com>
>
> Summer warning: Protect your skin, especially cover your assets
> By Mike Causey | @mcauseyWFED
> April 15, 2016 1:00 am
>
> It will soon be summertime in an election year. That's a red zone for members of the federal family. Long-time feds know that some of the catch-up exercises that Congress plays in presidential years are a time of maximum danger for active and retired G-men and women. Everything from federal pay and pensions to new work rules and investment options may be on the table. And ready to be sliced and diced. So what's on the chopping block?
> • Two proposed MAJOR changes in the FERS retirement program.
> • A cut in the interest rate of G-fund where about half of all federal-postal-retiree Thrift Savings Plan investors have their retirement nest egg parked.
> • Eliminating the Social Security supplement for FERS retirees, making it financially impossible for them to retire until at least age 62. For many much later.
Posted by: Shane <shanetheall@yahoo.com>
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