Can I Collect FERS and Social Security?

Can I Collect FERS and Social Security?

 

As you plan for your federal employee retirement, you may be wondering if it is possible to collect both FERS and Social Security. It’s true that participating in a pension plan while employed by the federal government may have affected your benefits but it depends on when you worked for the federal government. Federal Educators explain what this may mean for your retirement. 

 

Before 1983, federal employees were covered under the Civil Service Retirement System (CSRS). Because they were provided retirement benefits through the CSRS program, federal employees did not pay Social Security taxes or participate in the Social Security program. Therefore, if you are still participating in the CSRS program, you are not eligible for Social Security benefits but you do qualify for the Medicare program. However, your CSRS pension could affect your Social Security benefit if you qualify for a Government Pension Offset (GPO) as a spouse or had less than 30 years of substantial earnings under Social Security.

 

If you began working for the federal government in 1984 and on, you were automatically enrolled in a new retirement system called the Federal Employees Retirement System (FERS). Employees under FERS are covered by Social Security because they pay into the system through payroll taxes. Upon retirement, they will receive both a federal pension and Social Security benefit. This is also true for CSRS employees that converted to the FERS system. As mentioned above, both of these programs also offer Medicare eligibility.

 

If you want more comprehensive retirement planning, the Federal Educators team can provide your family with resources and tools tailored to your journey. Call us at (813) 755-7037 or request a free benefits analysis today.