Have questions about the CSRS Retirement Increase for 2022 in Norwalk CT? In October 2021 the Social Security Administration announced a 5.9% increase for the COLA adjustment in 2022. The Civil Service Retirement System (CSRS) is the federal government's retirement system. CSRS members' annual annuity has also been increased by 5.9%. We are the Federal Retirement Benefits Center (FRBC) and our goal is to help Federal Employees plan for retirement. We provide workshops and calculators which determine if you can afford your upcoming retirement based on your federal pension and benefits.

If you are a federal employee, the retirement system you were enrolled in will determine your benefits coverage. There are two federal government retirement programs in effect right now: The Civil Service Retirement System (CSRS) and the Federal Employees Retirement System (FERS).

The CSRS is a defined benefit plan and provides retirement, disability and survivor benefits for most civilian employees hired between 1920 and 1984. CSRS employees pay 7 percent of their salary into the federal retirement fund. As they have not paid into Social Security, they do not pay Social Security payroll taxes, nor are they eligible for Social Security benefits.

CSRS and Social Security

The cost of living for Social Security beneficiaries has increased by 5.9%. The payroll tax on Social Security is at 6.2% for earnings up to $147,000. Federal Employees Retirement System employees only pay the civil service retirement contribution. CSRS Offset employees will continue to pay the 7% they have been, which is 6.2% for Social Security and .8% to the federal retirement fund. Full CSRS employees don’t pay tax for Social Security.

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The Federal Retirement Benefits Center offers retirement workshops for federal employees that have questions about their benefits. Request a FREE Fiduciary Retirement Assessment Report.

CSRS Retirement Increase - Norwalk CT - Federal Retirement Benefits Center