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Federal Benefits Q&A

Question: I'm almost done buying back my military time and I understand the benefits for retirement obviously but just in case I were to leave the government I would like to know if the cumulative retirement total on MyPay would increase after the time is bought. Meaning, would I would get more if I cash in the FERS since I bought back my military time?

Question: I am a 69-year-old CSRS retiree and have 18 years of "substantial earnings" (i.e., according to the Windfall Elimination Provision tables). I do not yet draw a Social Security retirement benefit. If I start taking my SS retirement at age 70, and then continue working outside the federal service so that I accumulate over 20 years of "substantial earnings," will my SS retirement benefit increase (due to a reduced impact from the Windfall Elimination Provision)?

Answer: The answer to your question is yes. Even when an individual affected by the Windfall Elimination Provision (WEP) is receiving his or her monthly Social Security benefit, any employment resulting in additional future "substantial" Social Security earnings will result in a reduction in the WEP.

 

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