...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: 7 Things to Know About the Military's New Retirement Plan
Article Snip: "...Generally, you need to serve for 20 years to retire, and when you retire with 20 years of service you’ll receive 50% of your base pay. If you choose the new plan, that multiplier of 2.5 reduces to 2.0, so you’ll only receive 40% of your base pay at 20 years..."
Reference: www.doughroller.netTitle: How Much Debt do Baby Boomers Have?
Article Snip: "...Baby boomers have an average of $25,812 of debt, not including mortgages—here’s how they compare to other generations.New Experian data finds that ..."
Reference: www.cnbc.comTitle: Average Retirement Income 2020: How Do You Compare?
Article Snip: "...Average Retirement Income from Pensions: A mere 31 percent of today’s retirees have retirement income from a pension, a 6% drop over recent years. This number is trending further downward. Consider yourself extremely lucky if you have this income..."
Reference: www.newretirement.comTitle: For Feds, Net Worth Is More Important Than Income
Article Snip: "...Here are three big reasons why you should focus on your net worth more than your income..."
Reference: www.govexec.comTitle: Special Government Help for Your Retirement
Article Snip: "...government programs are also available, but many older citizens do not participate for a variety of reasons, including lack of knowledge about available programs and the complexity of the application process.3 Read on to learn about what's available, who qualifies, and how to obtain help along with information..."
Reference: www.investopedia.comTitle: When retirement is more valuable than disability compensation
Article Snip: "...Payments under the Federal Employees' Compensation Act are generally higher, but some disability recipients may get more out of switching to the retirement benefit program..."
Reference: www.federaltimes.comArticle Snip: "...Meanwhile, an estimated 88% of nonretirees polled by Gallup believe they'll need their Social Security income to help make ends meet in retirement. This 88% figure marks an all-time high since this annual poll began in 2001..."
Reference: www.usatoday.comTitle: How a Roth IRA Could Help You Keep More of Your Social Security Benefits
Article Snip: "...One significant advantage of investing in a Roth IRA is that your withdrawals in retirement are tax-free. But Roth IRAs offer another tax perk that could help you keep more of your Social Security benefits..."
Reference: starherald.comTitle: Biden vs. Trump: Where the Presidential Candidates Stand on Social Security
Article Snip: "...Biden's overall plan includes some provisions that would boost Social Security benefits in many cases, but it would come at the cost of additional taxes. Meanwhile, Trump hasn't taken Social Security head-on as an issue..."
Reference: www.msn.comArticle Snip: "...As a result, seniors who turn 60 in 2020 will be in line for a much lower benefit during retirement than those who turned 60 just a year ago. That is, unless lawmakers intervene. Will today's 60-year-olds be spared a reduction in benefits? A couple of bills have been introduced to adjust the formula used to calculate Social Security benefits, thereby saving today's 60-year-olds from a lower monthly benefit for life. The Social Security COVID Correction and Equity Act..."
Reference: www.fool.comTitle: When might the IRS be sending the second stimulus check?
Article Snip: "...After Senate Republicans present CARES 2 on Monday, members will begin the work of finding common ground with Congressional Democrats on who will be eligible for the second payment, how big the next stimulus check should be, and when the IRS would start sending out the money once approved. Treasury Secretary Steven Mnuchin offered a clue..."
Reference:Title: 5 Tips For The Millions Of Singles Heading Into Retirement Solo
Article Snip: "...Retiring single or without children has its advantages and disadvantages. With a little extra planning, you can have a fun and fabulous retirement. With some proactive advice, your retirement can be even happier, healthier and wealthier..."
Reference: www.forbes.comTitle: Can creditors take your Social Security?
Article Snip: "...Unfortunately, defaulted debts can lead to a host of problems, including credit damage, lawsuits and sometimes even wage garnishment. But can a creditor take your Social Security if they’re collecting on past-due debts?..."
Reference: www.msn.comTitle: Should I Stop Funding My Retirement Savings Because of COVID-19?
Article Snip: "...Tempting as it may be to scale back on contributions, you should try your best to continue funding your 401(k) or IRA..."
Reference: www.fool.comTitle: These are the 13 states that might tax your Social Security benefit
Article Snip: "...the tax buck doesn't stop with Uncle Sam. Believe it or not, 13 states also tax Social Security benefits to some varied degree. Listed in alphabetical order, these states may take an additional bite out of your Social Security income, if given the opportunity..."
Reference: www.usatoday.comTitle: Retirees: How to Protect Your Portfolio in a Market Crash
Article Snip: "...futures were down again at the time of this writing. The coronavirus outbreak still poses a major risk to global growth that is almost impossible to adequately prepare for...ways in which retirees and those nearing retirement can protect themselves in these turbulent times..."
Reference: www.msn.comTitle: A look at what happens when stocks enter a bear market
Article Snip: "...All told, the Dow fell 1,464.94 points Wednesday to 23,553.22. That's 20.3% below its record close of 29,551.42 on Feb. 12. The S&P 500 index slid 140.85 points to 2,741.38. It's now down 19% from its high of 3,386.15 on Feb. 19..."
Reference: www.daytondailynews.comTitle: Coronavirus fears shouldn't stop you from investing in stocks and adding to your 401(k)
Article Snip: "...deadly coronavirus in China shape your 401(k) in 2020? A significant rise in virus cases on Monday renewed concerns about an economic fallout from the outbreak, sending the Dow Jones industrial average tumbling nearly 900 points. Wall Street professionals who manage money have advised clients to stay the course..."
Reference: www.usatoday.comTitle: Trump suggests he may be open to entitlement cuts in future
Article Snip: "... Asked if entitlement cuts would ever be on his agenda, Trump responded, “At some point they will be.” As a candidate for the White House, Trump stood apart from much of the GOP primary field as he vowed to oppose cuts to Social Security and Medicare..."
Reference: abcnews.go.comTitle: If you don't know these 3 things about your 401(k), you're losing out
Article Snip: "...If you fund a traditional 401(k), the money you contribute is made with pre-tax dollars, which means you immediately shield income from the IRS. That could translate to some huge savings. For example, if you're under 50 and max out your 401(k) this year at $19,000, and you're in the 24% tax bracket, that means you effectively shave $4,5..."
Reference: www.usatoday.comeverify Social Security Lock | Protect Yourself From The Foreign Invasion Snippet of Article: "...Self Lock is the unique feature...