www.govexec.com
SS does it that way.... but it seems to me they also ask about monthly amounts as well.... SS doesn't let you earn more than so much per month without docking you.... I figure OPM likely follows the SS rules, since it is about SS basically.... jmho....
can't argue, but tax forms and w - 2's is only legit proof to opm, total honor system? isn't it? the little research i did, points to opm using annual.. they could do a certain number of audits?SS does it that way.... but it seems to me they also ask about monthly amounts as well.... SS doesn't let you earn more than so much per month without docking you.... I figure OPM likely follows the SS rules, since it is about SS basically.... jmho....
The annuity supplement portion of your monthly payment is subject to an annual earnings test. If you earn more than the exempt amount ($19,560 for 2022), you must complete and return the survey. The amount of the exempt amount (or limitation) is set by the Social Security Administration (Exempt Amounts Under the Earnings Test). If you made more than the earnings limit, your supplement will be reduced $1 for every $2 you go over the limit. Your basic FERS annuity is not affected.SS does it that way.... but it seems to me they also ask about monthly amounts as well.... SS doesn't let you earn more than so much per month without docking you.... I figure OPM likely follows the SS rules, since it is about SS basically.... jmho....
The other thing is.... if you have another gig and are earning income.... SS would likely know those amounts as well, as that employer is likely reporting the earnings to SS....
Just your 1/4 year earnings with USPS likely put you over the annual limit for 2024.... making all of the remaining months subject to the $1.860.00 monthly limit.... again, jmho....
This is your 1st year, correct??? So, if you retire in the year, you can go over the annual limit, and then still draw, but you cannot go over $1860 in any month after retiring, or you'll be docked... that's my understanding...
it'll still be around... but, if you have any savings or/and assets,,,, you be expected/demanded/penalized to use those first... i have self employment taxes of 15% in there, i have my 7% and employer's 7% in there, been paying those in for 47 years of work,, gonna go get a drink now
Just make sure you keep on payin' in the meantime, so old guys like me can keep on rollin' in the dough....
I do wonder what is in store for peeps like you.... you get to pay jacked up rates for things like FERS and SS.... for something that will either not be there or be reduced by the time you get to easy street... it will be interesting to see what will happen....
Hoping they allow us to put it in our tsp, and none for freeloaders. DOGE.I do wonder what is in store for peeps like you.... you get to pay jacked up rates for things like FERS and SS.... for something that will either not be there or be reduced by the time you get to easy street... it will be interesting to see what will happen....
Sheezy Louisy.... I've been paying in to it for nearly 50 years.... hardly a freeloader I'd say.... would have been nice if they'd have put it all in a S&P 500 index fund for the past 50 years and just give me that.... that'd be a LOT more than what I'll ever see from SS.... there are a lot of freeloaders on SS and other Gov't doles tho....
Just your 1/4 year earnings with USPS likely put you over the annual limit for 2024.... making all of the remaining months subject to the $1.860.00 monthly limit.... again, jmho....
Pretty sure I had to report total annual income, and then which months I made over $1860.00....
The real problem is that no one has anything 'in there.' Every penny collected in FICA taxes are spent in the self-same year they are collected. Your taxes were used to pay for someone else's SS and someone else's taxes will pay for yours - assuming the program still exists. The SS Trust Fund is really just an accounting of money collected for SS that was spent on something else.it'll still be around... but, if you have any savings or/and assets,,,, you be expected/demanded/penalized to use those first... i have self employment taxes of 15% in there, i have my 7% and employer's 7% in there, been paying those in for 47 years of work,, gonna go get a drink now
