Friday, December 7, 2018

For first time ever, military's Tricare will have open enrollment similiar to civilian health insurance

Title: For first time ever, military's Tricare will have open enrollment similiar to civilian health insurance

Article Snip: "...For the first time, those using Tricare can take part in an open enrollment season akin to civilian healthcare, allowing users to change or keep their current plan. In addition, military retirees will no longer receive dental benefits through Tricare, but will be able to obtain..."

Reference: www.tampabay.com
Tricare, dental benefits through Tricare, Tricare Prime, dental and vision policy,

Tuesday, December 4, 2018

The Social Security Retirement Age Increases to 66.5 in 2019

Title: The Social Security Retirement Age Increases to 66.5 in 2019

Article Snip: "...Here's a look at how the retirement age is changing, and what this means for your retirement payments. An older Social Security full retirement age. The full retirement age used to be 65 for those born in 1937 or earlier. Those born between..."

Reference: usnews.com



More Reading: How the federal government makes sure you wont get much in Social Security. For example, the U.S. life expectancy for a white male in Alabama is 73.36 and the new Social Security age is 66.5. So if you are lucky enough to live until your are 73.36 you will collect Social Security for approximately 7 years. Now that's a real ponzi scheme!

Thursday, November 29, 2018

What is 'Provisional Income'

Title: What is 'Provisional Income'

Article Snip: "...Provisional income is an IRS threshold above which social security income is taxable. The base, from §86 of the Internal Revenue Code (IRC), triggers taxability social security benefits requiring its inclusion in gross income tax payment on excess amounts..."

Reference: www.investopedia.com
Provisional Income,

What is considered "earned income" relative to social security benefits?

Title: What is considered income relative to social security benefits?

Article Snip: "...In general, the Social Security Administration defines “earned income” as “income from wages or net earnings from self-employment.” For example, earnings may include bonuses, commissions, and severance pay. Investment income, pensions, capital gains, and inheritances are not considered wages. Other types of payment made by an employer may be considered earnings under certain conditions..."

Reference: www.aarp.org
Social Security Earnings Limit, earned income,

Are Social Security Benefits Taxed?

Title: Are Social Security Benefits Taxed?

Article Snip: "...Some of you have to pay federal income taxes on your Social Security benefits. This usually happens only if you..."

Reference: www.ssa.gov
Taxes on Social Security,

New legislation would improve retiree cost-of-living adjustments

Title: New legislation would improve retiree cost-of-living adjustments

Article Snip: "...Retired federal employees under the Federal Employees Retirement System currently can end up receiving a lower cost-of-living adjustment than retirees under the older Civil Service Retirement System, due to the legislation that created the FERS in 1986. Rep. Gerry Connolly, D-Va., introduced legislation Nov. 20 that would amend Title 5 of U.S. Code to ensure that COLAs for all retirees are equal..."

Reference: www.federaltimes.com
cost-of-living adjustments, Federal Employees Retirement System (FERS),

Wednesday, November 28, 2018

It Might Be Worse To Take Social Security At 66, Here's Why

Title: It Might Be Worse To Take Social Security At 66, Here's Why

Article Snip: "...it's extremely unlikely that benefit cuts would be visited on those already collecting benefits or on those about to start collecting in, say, the next decade. Roughly one fifth of the elderly subsists on Social Security and it's the main source of financial support for roughly half..."

Reference: www.forbes.com

Monday, November 12, 2018

Will LWOP usage harm my retirment compensation?

Title: Retirement benefits and LWOP

Excerpt Quoted from OPM.GOV: "An aggregate nonpay status of 6 months in any calendar year is creditable service. Coverage continues at no cost to the employee while in a nonpay status. When employees are in a nonpay status for only a portion of a pay period, their retirement deductions are adjusted in proportion to their basic pay (5 U.S.C. 8332 and 8411).

High-3 average salary computations are based on periods of creditable service. Thus, periods of nonpay status of 6 months or less in a calendar year that fall within an employee’s average salary period are included in the calculation of the average salary using the rate of basic pay in effect during the period of nonpay status. For example, if a full-time employee whose annual rate of basic pay is $85,000 per year is placed in nonpay status for 3 months, that 3-month period would be credited in the average salary calculation using the $85,000 basic pay rate. (If the rate of basic pay changed to $86,500 per year after 2 months of the nonpay period, the first 2 months of the nonpay period would be credited in the average salary calculation using the $85,000 basic pay rate and the last month of the nonpay period would be credited in the average salary calculation using the $86,500 basic pay rate.)
"

Reference: www.opm.gov

NOTE: This information is accurate as of the date of this post: 11-12-2018. Bolding added for emphasis.

What It's Like to Live in Key West

Title: What It's Like to Live in Key West

Article Snip: "...On the southernmost point of the U.S., discover what it's like living on island time..."

Reference: www.greatamericancountry.com
Places to live or visit in retirement, travel,

Monday, November 5, 2018

Now You Can Save More for Retirement

Title: Now You Can Save More for Retirement

Article Snip: "...Good news for retirement savers: Starting in 2019, the IRS just raised the annual contribution for IRAs, the first increase since 2013. Those who participate in 401(k), 403(b), most 457 plans and the Thrift Savings Plan for federal workers can now put aside more, too. It's also become easier to qualify for a Roth IRA, to have your contributions to a traditional IRA be tax-deductible and to claim the Saver's Credit. Here's a summary..."

Reference: www.investopedia.com
retirement savings,

Should I start drawing down my savings or claim Social Security early?

Title: Should I start drawing down my savings or claim Social Security early?

Article Snip: "...There are solid arguments to be made for both options. The argument in favor of claiming Social Security is that your retirement savings..."

Reference: www.usatoday.com

Friday, November 2, 2018

Were you called by a Social Security scammer? Feds issue warning

Title: Were you called by a Social Security scammer? Feds issue warning

Article Snip: "...The Feds issued a warning that scammers are spoofing a real, actual number used by the Social Security Administration (SSA) to try to get personal information from people across the country. “Scammers are spoofing SSA’s 1-800 customer service number to try to get your personal information..."

Reference: wtop.com
Scams,

Saturday, October 27, 2018

High-3 Average Salary

Title: High-3 Average Salary

Article Snip: "...Your “high-3” average pay is the highest average basic pay you earned during any 3 consecutive years of service. These three years are usually your final three years of service, but can be an earlier period, if your basic pay was higher during that period. Your basic pay is the basic salary you earn for your position. It includes increases to your salary for which retirement deductions are withheld, such as shift rates. It does not include payments for overtime, bonuses, etc. (If your total service was less than 3 years, your average salary was figured by averaging your basic pay during all of your periods of creditable Federal service)..."

Reference: www.opm.gov
High-3 Average Salary,

This information is correct as stated on 10/27/2018. Bold Face added.

Thursday, October 25, 2018

Postponed or Deferred Federal Retirement

Title: Postponed or deferred

Article Snip: "...Most employees retire when they’ve reached the standard age and service requirements to receive an immediate unreduced annuity. If you are a CSRS employee, those are age 62 with 5 years of service, 60 with 20 or 55 with 30. If you are a FERS employee, they are..."

Reference: www.federaltimes.com
Deferred Federal Retirement, Postponed Federal Retirement, CSRS, FERS,

Wednesday, October 17, 2018

COLA Shortchanges FERS Retirees

Title: COLA, Largest Since 2012 for CSRS Retirees and Social Security Recipients, Shortchanges FERS Retirees

Article Snip: "...Unfortunately, hundreds of thousands of FERS retirees will be wondering why they are only receiving a 2 percent COLA when the relevant measure of consumer prices increased by 2.8 percent. That’s due to the bargain struck in Congress in the 1980s when FERS was created, which limits COLAs to 2 percent when consumer prices increase between 2 and 3 percent. But that was the wrong policy then, as it is now. It prevents FERS annuities from keeping up with inflation, which is the whole point of a COLA. It is past time for Congress to ensure FERS retirees receive a full COLA each year. “Retirees already receive COLAs that fail to represent how seniors spend their money. COLAs are currently based on the CPI-W..."

Reference: www.narfe.org
CSRS vs FERS, COLA,

Thursday, October 11, 2018

Social Security COLA for 2019 will be 2.8 percent

Title: Social Security COLA for 2019 will be 2.8 percent

Article Snip: "...Social Security Administration announced Thursday that 63 million beneficiaries, including retirees, disabled workers and their eligible dependents and surviving family members, will receive a 2.8% increase in benefits next year, the largest annual cost-of-living adjustment since 2012..."

Reference: www.investmentnews.com
2019 Social Security COLA,

Tuesday, October 2, 2018

The "Worn Out Worker" Rule in Social Security Disability Claims

Title: The "Worn Out Worker" Rule in Social Security Disability Claims

Article Snip: "...The worn out worker rule makes it easier for those who've done many years of hard labor to get disability benefits..."

Reference: www.disabilitysecrets.com
'Worn Out Worker' Rule, social security, Disability,

Wednesday, September 5, 2018

Looking for an early retirement? Post videos on YouTube

Title: Looking for an early retirement? Post videos on YouTube

Article Snip: "...Inorder to earn money it is important that they attract a certain number of viewers or subscribers and then they must be approved for monitisation. Monitisation allows YouTube to display advertisements on or around your video and shares a portion of the revenue with the creator through Google's AdSense, the report said..."

Reference: bhaskar.com
Making money in retirement,

Tuesday, August 28, 2018

4 Things to Know About Your FERS Annuity

Title: 4 Things to Know About Your FERS Annuity

Article Snip: "...if you work until age 62 and retire with 20 or more years of service, the formula changes. Instead of getting 1% per year worked you will receive 1.1% per year worked. An extra 0.1% on 20 years of service will add an additional 2% to your high 3..."

Reference: www.fedsmith.com

Social Security recipients could see their biggest raise in years


Title: Social Security recipients could see their biggest raise in years: A Foolish Take

Article Snip: "...Over the past decade, Social Security has been pretty stingy in the COLAs it gives to retirees. But 2019 could be different. Early indications suggest Social Security benefits could go up by a greater amount than retirees and other participants have seen since 2012..."
Reference: www.usatoday.com
2019 Social Security COLA,

Thursday, August 23, 2018

Increase Your FERS Retirement Percentage Computation With This Simple Trick

Title: What’s the Difference in the 1% and 1.1% FERS Annuity Computations?

Article Snip: "...there are two different computation factors that are used in computing the FERS annuity; 1% and 1.1%. What’s the difference between them..."

Reference: www.fedsmith.com
FERS,

Wednesday, August 22, 2018

Here's How Much Social Security Benefits Are by Age and Income Level

Title: Here's How Much Social Security Benefits Are by Age and Income Level

Article Snip: "...While there's no way for sure to know what your future Social Security benefit will be, this guide can help you get a ballpark idea..."

Reference: www.fool.com

Tuesday, August 14, 2018

What Is Ahead for the Nation's Aging Workforce?

Title: What Is Ahead for the Nation's Aging Workforce?

Article Snip: "...not only are older persons working more, but these older workers are also earning more than in previous years” said James Spletzer, Principal Economist at the Center for Economic Studies. “Inflation-adjusted average monthly earnings of persons aged 65 and older were $4,092 in 2015, which is substantially higher than the $2,276 statistic in 1994..."

Reference: www.census.gov
Aging Workforce and Employment,

Thursday, August 9, 2018

A snapshot of the average Social Security beneficiary

Title: A snapshot of the average Social Security beneficiary

Article Snip: "...But what you may not know, given the program's broad reach, is what the average Social Security beneficiary looks like. Here are three metrics that'll help define the typical recipient. 1. Who is primarily receiving benefits?"

Reference: journaltimes.com

Monday, August 6, 2018

Warren Buffett’s favorite metric suggests some serious pain awaits investors

Title: Warren Buffett’s favorite metric suggests some serious pain awaits investors

Article Snip: "...One of those measures, in particular, has popped up on investor radars lately, and that’s the “Buffett indicator.” The Berkshire BRK.A, +3.02% boss called it “the best single measure of where valuations stand at any given moment.” If historical patterns hold true, a thrashing could be in store for complacent investors..."

Reference: www.marketwatch.com
Berkshire BRK.A

Sunday, July 29, 2018

This Is Great News for Social Security's 2019 COLA

Title: This Is Great News for Social Security's 2019 COLA

Article Snip: "...while there are still a good two and a half months to go before definitively knowing what magnitude of raise to expect, signs are pointing to beneficiaries receiving their highest COLA since 2012..."

Reference: www.fool.com
2019 Social Security COLA,

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,