csrs retiring !!

Message Share Topic Printable Version Google Delicious Digg StumbleUpon Windows Live Yahoo Bookmarks reddit Facebook MySpace Newsvine Furl Topic Search Topic Options Post Reply Create New Topic

   Boy, I was in for the shock of my life, AFTER I filed my retirement papers. Sad part is that most CSRS offsets cannot find info or figures to base their retirement target date. I retired on June 30th,,, figuring I would get approximately 1500 to 1700 for my annuity and 1650 from SSA. Over 3000 to retire on, fantastic, it was more more than I was making working full time. Then reality set in, I started getting letters from OPM, stating that my csrs offset would be 630, deducted from my annuity. As of today, I still don't understand how this figure is determined. Had I known what all the figures would be before I submitted my retirement, I don't think I would've retired then. Also, if anyone can tell this... is my offset deductable when I file for my taxes? There has to be something out there, or somebody knows how to get around this offset ****.

Author	Message Share Topic Printable Version Google Delicious Digg StumbleUpon Windows Live Yahoo Bookmarks reddit Facebook MySpace Newsvine Furl Topic Search Topic Options Post Reply Create New Topic
nikemikee Members Profile Send Private Message Find Members Posts Add to Buddy List Newbie Joined: 01 Nov 2009 Posts: 1	Post Options Post Reply Quote nikemikee Report Post Quote Reply Topic: csrs retiring !! Posted: 01 Nov 2009 at 7:44am
	Boy, I was in for the shock of my life, AFTER I filed my retirement papers. Sad part is that most CSRS offsets cannot find info or figures to base their retirement target date. I retired on June 30th,,, figuring I would get approximately 1500 to 1700 for my annuity and 1650 from SSA. Over 3000 to retire on, fantastic, it was more more than I was making working full time. Then reality set in, I started getting letters from OPM, stating that my csrs offset would be 630, deducted from my annuity. As of today, I still don't understand how this figure is determined. Had I known what all the figures would be before I submitted my retirement, I don't think I would've retired then. Also, if anyone can tell this... is my offset deductable when I file for my taxes? There has to be something out there, or somebody knows how to get around this offset ****.

postalvet Members Profile Send Private Message Find Members Posts Add to Buddy List Rookie Joined: 29 Sep 2009 Posts: 36	Post Options Post Reply Quote postalvet Report Post Quote Reply Posted: 01 Nov 2009 at 2:30pm
	how did you get the off set? when you answer that you will have your answer for you question.

junkmail Members Profile Send Private Message Find Members Posts Add to Buddy List Senior Member Joined: 16 Jan 2007 Posts: 222	Post Options Post Reply Quote junkmail Report Post Quote Reply Posted: 02 Nov 2009 at 3:37am
	How the offset is computed is explained in the CSRS and FERS Handbook, Chapter 50, Computation of Annuity Under the General Formula, pgs 27-28. It is available at http://www.opm.gov/retire/pubs/handbook/C050.pdf Your offset is not deductible on your income tax. [This message was edited by junkmail on November 02, 2009 at 07:52 AM.]

gh1 Members Profile Send Private Message Find Members Posts Add to Buddy List Groupie Joined: 02 Nov 2009 Posts: 117	Post Options Post Reply Quote gh1 Report Post Quote Reply Posted: 07 Nov 2009 at 12:09am
	nikemikee- CSRS-Offset is a great deal because everyone I know who gets it (including myself) makes out far better than if they had straight CSRS retirement. However, it's called Offset for a good reason. Everyone of us gets full Social Security, but has a smaller amount subtracted from our CSRS annuity, and this is determined by a pretty straightforward formula that takes into account how much of our Social security time was as a Fed and how much wasn't. Were you totally unaware that the term Offset meant a reduction? In any case, I am shocked that this would not have been clearly described to you by HR at retirement time. And the information is out there in a number of OPM booklets. I calculated my annuity Offset before retirement, and had it confirmed by my HR department as correct; the actual Offset was within a dollar/month of what we computed. And you can't subtract the Offset from your taxes...there's nothing to subtract, and there is nothing to "get around." When you turn 62, you go from getting a certain amount of annuity to a larger total amount that is your (reduced) annuity plus Social Security. And it's all treated as income. I understand that the combined amount is less than you expected, but it's also much more than anyone with the same amount of service time would get who retired as straight CSRS. You're a lucky man...even if you don't feel quite as lucky as you thought you were. Edited by gh1 - 07 Nov 2009 at 12:19am