The FERS Supplement (2024 Update)
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- เผยแพร่เมื่อ 7 พ.ค. 2024
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I’m special provision who retired in 2021. I have been “working” and getting paid way over the limit of $22,320 with no test as I was not 57 yet. I just turned 57 yesterday, but I think that getting free $1,275 a month is not worth losing the potential for earning over $4,000 a month doing my gig. That’s fine…they can keep my supplement.
You taught me more than anyone about Fers your video's are very informative .
Great info! I have 4 years to go with USPS and will be 57. Looking forward to my retirement. Started not long out of highschool all postal years 36 total 32 career.😊
It's more like a quasi bridge, the 85 percent rule of taxation on SS, as well as the COLA rules don't apply.
Love your videos. They are always very informative. Thank you for all you do!
So nice of you
Another great informative video.
Very helpful! I was wondering when it would end, and now I know!
Great to hear!
Thank you so much for sharing this info Mr. Haws. This video really helped me better understand the FERS suppliment
Glad it helped!
Excellent info again, good verifications for sure. Thanks! 😊✨️💰📃
I’m not getting the FERS supplement because I spent 20 years in Army so I have that retirement and got into government late BUT I appreciate this great information. Keep it coming.
According to my 2024 Benefits Statement I'll have 24.58yrs at age 60...so I guess I'll be in luck. Before I saw this video figured my military would get me the 30 (but no)
Thank you. This video is very helpful.
As expensive as things are today, it's a shame that your supplement is reduced if you make over $22,320 in a retirement job.
Thank your congresspeople
Same as Social Security
More like social insecurity
Nice overview! Thank you!
Glad it was helpful!
Great video thank you!
My pleasure!
Great video. Thank you
You bet
So many Feds don’t know this exists. If you understand the supplement early enough, you can plan so that you don’t have to forfeit the supplement by working after retirement.
I retired at age 60 with 26yrs in service and gave Opm all my SS information which stated I should have gotten 300.00 more than what they gave me they went back into my SS information and figured my fers supplement from the year I started working full time with the government even though the OPM specialist stated I would get the 300.00 more than what the government gives me I wrote the OPM department five times and all they tell me is that it goes back to when you started working full time with the government so in other words they have been for over a year pocketing my 300.00 somewhere or someone’s pocket
Your video covers taxes twice lol. I think you missed it during your edit. Thank you for the information!
Haha, taxes are important
Downside to Pension & Supplement is no COLA
Special category employees get retirement "Diet COLA" but zero Supplement COLA.
great explanation... thanks
Glad it was helpful!
You stated that military service years do not count towards the FERS Supplement. I attended an OPM retirement seminar, and the facilitators commented that military service does count IF the military deposit was made. Do you agree?
What do you mean by “ if the military deposit was made “?
As in, you bought your time back?
Military Buy-Back is another term used for Military Deposit.
I served 5 years active duty, and when I started civil service, DFAS computed my military deposit (buy-back) amount to have that time count towards retirement. I then paid xx amount over 2-3 years.
@@jeffreyfourier8434I’m going through this confusion right now with the Postal Service HR Department. My MRA of 56 years 8 months will occur on December 10 2024. I will have 29 years 8.5 months of Postal Service time.
I bought back my 4 years of Marine Corps time so I’m well over 34 years with sick time come December. Am I going to get the Fers supplement only having 29 years and 8.5 months of postal service time? The retirement articles on this Fers supplement are very straightforward sounding by saying “ military time does not count and you MUST have your MRA and 30 Postoffice years of service??? I don’t want to wait till April 1 2025 to get my 30 years of postal service time!! I want out this December 2024 but want to make absolutely sure I’m taking my supplement with!!
I too want this answer. I’ve watched his videos for awhile now and it irritates me when he throws out statements and when you question him on what he meant, he never responds back.
Thanks for the question. We wrote an article that answers this question. "In most cases bought back military time will not count when calculating your FERS Supplement".
Article Link: hawsfederaladvisors.com/buying-back-military-time-the-ultimate-guide/#:~:text=No%2C%20you%20can%20not%20buy,when%20calculating%20your%20FERS%20Supplement.
Was really looking forward to the FERS supplement after retiring from ATC, unfortunately looking at disability retirement after 15 years of federal service. Special provision FERS employes taking disability retirement do not qualify for the FERS supplement (pretty sure I learned that from one of your other videos, so thank you).
Yeah it's ridiculous they penalize us for wanting to work another gig. Just retired from usps at 56 and 6 with the supplement. 34 yrs with usps
How does this affect federal employees who were retired by disability? I have a friend who retired this way around 6 months ago. He is also a Veteran. I recall him saying his federal service years continue to accumulate even in disability retirement, so he'll have at least 30 years by the time he's 57.
Great video. Question: Is there a reason I have never seen a video by you or other fed retirement advisosr TH-cam channels covering the topic of Duel Status, T-32 retirees? They are different then Special provisions or regular T-5 employees.
Here's a great video about that:
th-cam.com/video/wS-Pn7W9PM8/w-d-xo.html&ab_channel=HawsFederalAdvisors
Military conversion time does not count toward the supplement years.
You also do not get any COLAs when collecting the FERS supplement.
Yep, I know someone who went the 60/40 route because of that
Oh no!
😢
You get a COLA on your pension (LEO, ATC, FIRE) , not the supplement since that is a fixed amount
@@acap5399 You do not get a COLA until you are 62.
Great video and explanation. Retiring mailman next year at age 57. I meet the MRA+30. Do I need to apply for the supplement separately, or is it automatic?
automaticcccccc
I'm retiring from being a mailman in june2024. FERS supplement is automatic .
Great info, thanks. What happens to my FERS contribution if I don't retire from federal government or if I only work 2 or 3 years for federal government.
You can get what you paid in back.
I work for postal. Who do i contact to get started?
So if you’re retired a Fed Govy receiving the FERS Supplement and living in Maryland where the minimum wage is $15.00 per hour you could only work about 31 hours per week and GRO$$ (pre tax) every two weeks about $930.00
I called OPM, being special provision, and was told didn't matter if I was special provisions still penalized
😮
I would double check that. I am special provision and we were all told you wouldn't be penalized until after age 57.
Since your pension is taxed and your FERS Pension is taxed. Does this add to years of . paying social security taxes to potentially raise your social security payment.
No it does not. You pay income tax but no FICA tax because it is not earned income.
If you get survivors benefits, before your spouse retires. Do you still pay the insurance premiums that you would have paid if the spouse did retire? Do those payments ever stop?
Great question. Here is a great video about that:
th-cam.com/video/BhfXx9LE-T0/w-d-xo.html&ab_channel=HawsFederalAdvisors
@@PlanYourFederalBenefits It was a simple yes or no. Which should take about a 10 second video. You don't have any 10 second videos.
Hello Sir, question is that $22,320 a gross income or net. Asking for a friend thank you appreciate all your videos.
Here is a great article that explains that:
hawsfederaladvisors.com/the-fers-supplement-the-ultimate-guide/
Is a special category retiree who just retired this December, do I have to request the FERS supplement or is it automatic?
Once you have applied for retirement, the FERS supplement should come automatically.
Does the fers supplement have COLA? Or it stays the same from the time you retire to age 62?
No. It does not get COLA😔
Do T$P withdrawals affect your FERS supplement.
no. its not "earned income"
So...this is entirely free money? There is no future reduction to your fers pension? No penalty for taking this money?
It's a benefit for being a federal employee (as long as you qualify)
You talk about civilian time served in integers. What about if actual time served is 37.5 years?? What does the half year of extra work time get you, if anything?
Great question. OPM would not round the year up or down. They consider it by months of service.
If you work as an insurance agent (or other agent positions) and you open a corporation and your income is not consistent-would your FERS supplement be reduced? @HawsFederalAdvisors
Great question. It could be reduced if you pass the earnings limit of $22,320 (in 2024).