Sunday, July 15, 2018

Can a debt collector take my social security benefits?

Title: Savvy Senior: Can a debt collector take my social security benefits?

Article Snip: "...Whether your Social Security benefits are garnishable or not depends on whom you owe. Banks and other financial creditors, for example..."

Reference: www.heraldextra.com
Is Social Security garnishable?

Tuesday, July 10, 2018

37 States That Don't Tax Social Security Benefits

Title: 37 States That Don't Tax Social Security Benefits

Article Snip: "...Some retirees are surprised to learn that Social Security is taxable. The federal government taxes up to 85% of your benefits, depending on your income. Most states, however, exempt Social Security from state taxes. The list of 37 states that don’t tax Social Security..."

Reference: www.kiplinger.com
States That Don't Tax Social Security Benefits

Monday, July 2, 2018

How To Sign Up For Medicare: Who Should, Why, When

Title: How To Sign Up For Medicare: Who Should, Why, When

Article Snip: "...the biggest mistake that individuals can make under Medicare is not signing up for Parts A and B on a timely basis... The key date is four months before your 65th birthday. Here's how..."

Reference: www.investors.com
Medicare, Medicare part B,

Thursday, June 28, 2018

The $1,800-a-year Medicare cost that surprises many retirees

Title: The $1,800-a-year Medicare cost that surprises many retirees

Article Snip: "...While Medicare Part B premiums are higher for folks with higher incomes, they will still cost the typical person $1,608 in 2018. Add in the deductible, and it’s $1,791 — before any out-of-pocket costs..."

Reference: www.aol.com

Tuesday, June 12, 2018

FERS Retirement with 10% Bonus: Higher Pension for Age 62 & 20 Years

Title: FERS Retirement with 10% Bonus: Higher Pension for Age 62 & 20 Years

Article Snip: "...if you retire at age 62 or older with 20 or more years of creditable service, your pension multiplier is 1.1% [instead of 1%]...In order to get the bonus, you must be at least 62 years old at retirement with at least 20 years of creditable service. You must also be going out on an immediate FERS Retirement...For more details about the bonus, you can check out Chapter 50 of OPM's CSRS / FERS Handbook This bonus is mentioned in Section 50B3.1-1 Subsection B..."

Reference: plan-your-federal-retirement.com

Thursday, May 24, 2018

10 states with the highest average Social Security retirement benefit

Title: 10 states with the highest average Social Security retirement benefit

Article Snip: "...the only three states with an average retirement benefit in excess of $1,500 a month. The average New Jersey retiree is taking home $1,725 extra per year over the national average, and just over $2,900 more a year than the average retired worker in Louisiana, which ranked dead last among the 50 states ($1,311.72 a month). This is probably why retirement benefits are higher in these states..."

Reference: www.usatoday.com

As of March 2018, SSA data shows that the average retirement benefit was $1,409.91 a month, or about $16,919 a year.

Wednesday, May 23, 2018

Average Retirement Debt

Title: Average Retirement Debt

Article Snip: "...According to the survey, 8 in 10 middle-income Boomers currently have some debt. Three in 10 devote more than 40% of their monthly income to debt and a quarter have a mortgage with more than 20 years remaining on it. More than half say they intend to enter retirement debt free, but only one-quarter of retired Boomers actually are debt free..."

Reference: www.newretirement.com
Retirement Debt, Retirement,

See how your retirement savings compares to other workers earning a similar salary

Title: See how your retirement savings compares to other workers earning a similar salary

Article Snip: "...Employees earning between $40,000 and $60,000 are likely to have a little more room in their budget to save for retirement. The median 401(k) balance ranges from $16,502 among 20-somethings to $113,504 for workers in their 50s, according to the EBRI analysis. People in their 40s ($79,786) have saved a median of over twice as much as those in their 30s ($35,602). "A moderate earner now is likely in a lower tax bracket, so paying taxes on income and contributing to a Roth now makes sense..."

Reference: money.usnews.com
401k, Retirement,

Friday, April 27, 2018

Social Security 'is under attack'

Title: Social Security 'is under attack,' say these congressional Democrats

Article Snip: "...Cuts to Social Security are not a credible solution to pay for the $1.9 trillion that Congressional Republicans have recently added to the deficit in passing their tax legislation," Sen. Martin Heinrich of New Mexico, the committee's ranking Democrat, said in a statement to CNBC. "We must ensure that our seniors are able to retire with dignity..."

Reference: www.cnbc.com

Wednesday, April 18, 2018

Paul Ryan's decision to wait until January to retire includes an under-the-radar benefit

Title: Paul Ryan's decision to wait until January to retire includes an under-the-radar benefit

Article Snip: "...Ryan, 48, would be able to draw his pension at age 50, since his time as a representative and as a staffer would combine to be roughly 24 years of federal service...Based on the FERS payments formula, Ryan could receive an annual pension payment of $84,930 if he remains on the job until January..."

Reference: www.businessinsider.com

Tuesday, March 20, 2018

How Much is the Maximum Annuity Supplement?

Title: How Much is the Maximum Annuity Supplement?

Article Snip: "...the maximum annuity supplement for retirements in 2018 has been electronically computed for twelve levels of ages and years of service – see..."

Reference: www.fedsmith.com
FERS Annuity Supplement, Social Security special retirement supplement (SRS),

Monday, March 19, 2018

Are my Social Security benefits taxable?

Title: Are my Social Security benefits taxable?

Article Snip: "...Social Security is generally considered a tax-free benefit, but that is not always the case. Depending on the amount of alternate income that you have in retirement and your filing status, you could owe taxes on up to 85% of your Social Security benefits..."

Reference: www.nbc-2.com
social security, Taxes on Social Security,

Friday, February 23, 2018

FERS hit list: The usual suspects plus a new twist…

Title: FERS hit list: The usual suspects plus a new twist…

Article Snip: "...If Congress approves, current and future employees under Federal Employees Retirement System (FERS) would get smaller starting annuities when they retire and those pensions would lose all the protection they now enjoy from inflation. Cost-of-living adjustments (COLAs) would be eliminated for FERS retirees and reduced for..."

Reference: federalnewsradio.com

Sunday, February 4, 2018

FERS and CSRS COLAS

Title: COLAS Now and Maybe Then

Article Snip: "...There’s one big difference between CSRS and FERS when it comes to the payment of COLAs. CSRS retirees receive COLAs regardless of the age at which they retire. With one exception, FERS retirees only begin receiving them when they reach age 62..."

Reference: www.fedweek.com
COLA, Federal Employees Retirement System (FERS), CSRS,

Sunday, January 21, 2018

What You Don't Know (But Should) About Your Thrift Savings Plan

Title: What You Don't Know (But Should) About Your Thrift Savings Plan

Article Snip: "...You can have both a traditional and Roth TSP at the same time, and there’s an interesting caveat: the government’s matching contributions can only be made into a traditional TSP, so even if you only contribute to a Roth TSP, you will still have both types of accounts (and the added benefit of some tax diversification)..."

Reference: www.forbes.com

Tuesday, January 9, 2018

Gotcha, Sorry, We Need Your Social Security to Pay for Medicare

Title: January surprise of vanishing Social Security COLA

Article Snip: "...most Medicare beneficiaries will pay $134 per month for Part B, which pays for doctors' fees and outpatient services. That's a $25-per-month increase over the 2017, nearly wiping out the Social Security COLA for many retirees..."

Reference: www.investmentnews.com
Medicare, Medicare Part B premiums, Social Security COLA 2018, What does Medicare Part B cover?, Destruction of Retirees, Medicare Advantage Plan,

More Reading: (From Medicare.gov) If you're in a Medicare Advantage Plan or other Medicare plan, you may have different rules, but your plan must give you at least the same coverage as Original Medicare. Some services may only be covered in certain settings or for patients with certain conditions.

After Huge Corporate Tax Cuts, GOP to Attack Medicare, Social Security

Title: After Tax Cuts, GOP Leaders Turn Buzz Saw to Medicare, Social Security

Article Snip: "...Top officials in the Republican Party have suggested in recent days that they will pursue major entitlement reform following the likely passage of massive tax cuts in the near future. Those officials, House Speaker Paul Ryan (R-WI) and Sen. Marco Rubio (R-FL)..."

Reference: www.thedailybeast.com
Destruction of Retirees, destruction of the American working class, Corporate Greed, Marco Rubio, Paul Ryan,

Monday, January 8, 2018

USPS Announces Voluntary Early Out Retirement (VERA)

Title: USPS Announces Voluntary Early Out Retirement (VERA)

Article Snip: "...This letter was received with no advance notification to the union or negotiations with the APWU over who the VERA applied to and under what conditions. The APWU immediately initiated information requests to USPS management regarding this VERA and demands for bargaining over its scope and impact..."

Reference: www.apwu.org
Voluntary Early Retirement (2018),

Tuesday, December 19, 2017

The Social Security cost-of-living increase is a cruel fraud

Title: The Social Security cost-of-living increase is a cruel fraud

Article Snip: "...Today, it’s not so great. The tiny Social Security increase that will be bestowed on retirees and the elderly in January is a cruel fraud perpetrated by the government. That's because increases in Medicare Part B and Part D insurance premiums will negate all of the Social Security 2% cost of living increase for many recipients. Instead of staying even, we’ll fall behind..."

Reference: www.latimes.com

The 4 Least Tax-Friendly States for Social Security Recipients

Title: The 4 Least Tax-Friendly States for Social Security Recipients

Article Snip: "...A second tier was added in 1993 under the Clinton administration that exposed 85% of Social Security benefits to federal taxation for individual earnings above $34,000, and couples filing jointly in excess of $44,000. When first introduced, this tax affected around one out of 10 households. As of 2015, it affected 56%, according to The Senior Citizens League..."

Reference: www.fool.com

Monday, December 4, 2017

Navigating federal retirement paperwork

Title: Tammy Flanagan: Navigating federal retirement paperwork

Article Snip: "...In the federal government, nothing happens until you fill out a form. That's certainly true of retirement, a topic on quite a few federal minds these days. With a rundown on the paperwork you need to keep in mind, federal retirement expert Tammy Flanagan..."

Reference: www.podcastone.com

Sunday, November 26, 2017

50-something feds dodge TSP tax bullet

Title: 50-something feds dodge TSP tax bullet

Article Snip: "...Federal workers who are 50 and older (and those who aspire to someday reach that it’s-not-as-bad-as-it-sounds age bracket), dodged a big bullet last week in the pending tax bill worked up by the Senate. Sen. Orrin Hatch (R-Utah) proposed, then withdrew language that would have eliminated the..."

Reference: federalnewsradio.com

Saturday, November 18, 2017

2018 Medicare changes will erase Social Security COLAs for many

Title: 2018 Medicare changes will erase Social Security COLAs for many

Article Snip: "...Average Social Security benefits for retired workers will increase $27 per month to $1,404 per month in 2018, up from $1,377 this year. As a result, higher Medicare premiums will virtually wipe out any increase in Social Security benefits for many retirees next year..."

Reference: www.investmentnews.com
Medicare, Social Security COLA 2018,

Monday, November 13, 2017

Open Season Changes and the Five Year Rule

Title: Open Season Changes and the Five Year Rule

Article Snip: "...If you have not been covered under FEHB for most of your career, but want to be able to carry it into retirement, you might be planning on enrolling in FEHB five years before the year in which you plan to retire. The coverage must be for a full five years, so you need to be aware of when your FEHB enrollment becomes effective. Many people choose to retire on December 31st, but FEHB coverage is rarely effective on that date..."

Reference: www.fedsmith.com
Five Year Rule

Get A Bigger Monthly Social Security Check

Title: Get A Bigger Monthly Social Security Check

Article Snip: "...Should you take benefits early at 62? At normal retirement age? Or delay until 70? Here’s how to decide..."

Reference: www.forbes.com

Monday, November 6, 2017

The Advantages of Advance Funeral Planning

Title: The Advantages of Advance Funeral Planning

Article Snip: "...What you can do to help your heirs? Specify what final arrangements you’d like and make sure your family knows your wishes. Pre-paying for a burial plot may save money in the long run, as you’ll avoid future price increases..."

Reference: www.fedweek.com
Funeral Expenses,

Monday, October 16, 2017

2% COLA for Federal Retirees in 2018

Title: 2% COLA for Federal Retirees in 2018

Article Snip: "...COLA for federal annuities is determined in reference to the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which is calculated by economists and statisticians with the Bureau of Labor Statistics (BLS). The CPI-W is the current index used for measuring increases in the prices of consumer goods such as food and beverages, housing, clothing, and gasoline..."

Reference: www.fedsmith.com
2018 Federal Retiree COLA, COLA,

Tuesday, October 10, 2017

Worried about possible retirement changes? 3 pieces of advice from a federal financial planner

Title: Worried about possible retirement changes? 3 pieces of advice from a federal financial planner

Article Snip: "...Yet with roughly 45 percent of current TSP investments in the low-return, low-risk G fund, many federal employees are missing an opportunity to invest more heavily in higher-risk funds that may offer a higher return, Klingler said. “In most cases, investing 100 percent of your money in the G fund is not the best choice,” he said. “When you hear the word ‘risk,’ a lot of people think zero risk is the best. That’s not the case. In most cases, you want to have risk, because with risk, comes reward. You want to have the appropriate level of risk that matches your risk tolerance and your investment time horizon..."

Reference: federalnewsradio.com
TSP, Federal Employees Retirement System (FERS), G Fund, Risk and retirement,

Tuesday, August 22, 2017

80 Percent Rule for Retirement

Title: 80 Percent Rule for Retirement

Article Snip: "...The “80% Rule” is a good guideline for those a long way from retiring who want to, at a minimum, retain the standard of living they had before retirement. Many financial planners suggest that 80% of your pre-retirement income will give you a retirement standard of living that is substantially similar to your pre-retirement standard of living. This is based on three assumptions: First, you will not be paying payroll taxes (Social Security and Medicare) or making pension contributions (CSRS or FERS). For most federal employees, these mandatory taxes and contributions take 8.45% ..."

Reference: www.fedweek.com
TSP, Retirement, CSRS vs FERS, Social Security,

Tuesday, August 15, 2017

A website for retired or retiring USPS employees

Title: A website for retired or retiring USPS employees

A site for retired USPS employees or those about to retire.

Reference: www.keepingposted.org

Monday, August 7, 2017

One Of The Longest-Serving Postal Workers Retires After 60 Years

Title: One Of The Longest-Serving Postal Workers Retires After 60 Years

Article Snip: "... after 60 years on the job – one of the longest-serving postal workers in history. 83-year-old Garland Gralow remembers the day he was hired. “Could you start tomorrow? – just like that – yeah okay,” Gralow remembered..."

Reference: chicago.cbslocal.com
CSRS,

Monday, May 22, 2017

Republicans offer a big slap in the face to future and present federal retirees, FERS to take biggest hit

Title: Trump’s budget calls for hits on federal employee retirement programs

Article Snip: "...Increase Federal Employee Retirement System (FERS) contributions from workers by 1 percentage point each year until they equal the government’s contribution. This would take five to six years and would result in increased out-of-pocket payments of about 6 percent over that period...Eliminate supplement payments for FERS employees who retire beginning in 2018. The supplement approximates the value of Social Security benefits for those who retire before age 62..."

Reference: www.washingtonpost.com

Tuesday, May 9, 2017

Presidential Pensions and Other Income: Obama’s Speaking Fees Call Presidential Pension into Question

Title: Obama’s Speaking Fees Call Presidential Pension into Question

Article Snip: "...The House Oversight and Government Reform Committee chairman says he will re-introduce legislation to limit how much former presidents receive from the federal government..."

Reference: www.snopes.com
Presidential Pension

Friday, May 5, 2017

How to Cut Your Tax Bill on Your Federal Retirement Income

Title: How to Cut Your Tax Bill on Your Federal Retirement Income

Article Snip: "...This article will be of more interest to retirees than it will to current federal employees, however, if you’re close to retirement, you will pick up some helpful information if you read it..."

Reference:www.fedsmith.com

Almost 33% of American Workers Have Saved Nothing for Retirement

Title: The Top 7 Reasons Almost 33% of American Workers Have Saved Nothing for Retirement

Article Snip: "...There are many reasons people do (or don’t do) the things they should. According to GoBankingRates.com, almost 33% of American workers have saved nothing for retirement. That is an astounding statistic and spells trouble for the entire economy down the road..."

Reference: forextv.com

Friday, March 10, 2017

A federal employee retirement plan is a good model for better retirement saving

Title: A federal employee retirement plan is a good model for better retirement saving

Article Snip: "...The TSP offers a “target date” investing approach in which the plan automatically shifts federal employees’ savings from stock to bond funds as they approach retirement. And at retirement, the TSP offers annuities that let workers convert their lump sum savings into a monthly benefit that last for life. What’s not to like? A lot, according to Joanne Butler, a former House Ways and Means Committee staff ..."

Reference: www.aei.org

Wednesday, March 8, 2017

Social Security: Get your special extra earnings for periods of military active duty from 1957 through 2001

Title: Military Service and Social Security

Article Snip: "...Under certain circumstances, special extra earnings for periods of active duty from 1957 through 2001 can also be credited to your Social Security earnings record.
• From 1957 through 1967, we will add the extra credits to your record when you apply for Social Security benefits.
• From 1968 through 2001, you don’t need to do anything to receive these extra credits. The credits were automatically added to your record.
• After 2001, there are no special extra earnings credits for military service.
The information that follows explains how you can get credit for special extra earnings and applies only to active duty military service earnings from 1957 through 2001...
"

Reference: www.ssa.gov
extra earnings for periods of military active duty (Social Security),

Saturday, February 25, 2017

Warren Buffett says investors should stick with index funds

Title: Warren Buffett says investors should stick with index funds

Article Snip: "...Buffett, widely considered one of the world's best investors, said in his annual letter to shareholders. 'Both large and small investors should stick with low-cost index funds.'..."

Reference: www.reuters.com
Warren Buffett

More Reading: Warren Buffett says The Intelligent Investor: The Definitive Book on Value Investing, is “By far the best book on investing ever written.”. Get your copy from Amazon by clicking the link.

Friday, February 24, 2017

15 Social Security Stats That Will Blow You Away

Title: 15 Social Security Stats That Will Blow You Away

Article Snip: "...Social Security pays close to 61 million Americans about $918 billion in benefits annually. If that sounds like a heck of a lot, it is. But it's only about $15,000, on average, per person. 10: In order to qualify for Social Security benefits based on your earnings, you need to collect 40 credits, where a credit is represented by your earning of at least $1,260 (as of 2016) within a year, with up to four credits that can be earned per year. Thus, most of us can qualify simply by working for a decade. Even if you only worked half of each year, 20 years of working could qualify you..."

Reference: www.fool.com
social security,

Saturday, February 18, 2017

Planning for a Delayed Retirement

Title: Planning for a Delayed Retirement

Article Snip: "...According to the Office of Personnel Management, the average retirement age for a federal employee between 2005 and 2014 was 60.2 years and average length of service was 27.8 years; 54 percent of those were age 60 or older; and half of retirees had 30 or more years of service..."

Reference: www.govexec.com
Data Sources, Retirement Data, Retirement, Average Retirement Age, Delayed Retirement,