...providing retirement news snippets from various sources for federal employees, postal employees, seniors, veterans, and people with disabilities who receive Social Security . Your resource for retirement living, investment, employment, health care, and retirement leisure. - Stay Informed!
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.comTitle: 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.comTitle: 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.comTitle: 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.comTitle: 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.comTitle: 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.comTitle: 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.comTitle: 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.comTitle: 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.comAs of March 2018, SSA data shows that the average retirement benefit was $1,409.91 a month, or about $16,919 a year.
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.comTitle: 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.comTitle: 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.comTitle: 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.comTitle: 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.comTitle: 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.comTitle: 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.comTitle: 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.comTitle: 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.comTitle: 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.comMore 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.
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.comeverify Social Security Lock | Protect Yourself From The Foreign Invasion Snippet of Article: "...Self Lock is the unique feature...