Title: Pandemic prompts some feds to delay or reconsider retirement plans
Article Snip: "...A total of 92,008 federal employees retired in 2020, the fewest in nearly 10 years, according to a Federal News Network analysis of monthly data from the Office of Personnel Management. By contrast, OPM processed 101,580 retirements in 2019 and 107,612 in 2018..."
Reference:Title: Cash flexibility in retirement: Pros and cons of the TSP
Article Snip: "...many federal and postal workers pull their retirement nest egg money out of the Thrift Savings Plan. So is that wise? Short answer..."
Reference: federalnewsnetwork.comTitle: Special Military Social Security Rate
Article Snip: "...Under certain circumstances, veterans who served between 1940 and 2001 can be credited for special extra earnings for Social Security purposes. These extra earnings may help you qualify for Social Security or increase...Social Security doesn't add these extra earnings to your record until you file for benefits..."
Reference: www.military.comTitle: Didn't Retire from Active Duty? You Can Still Use Your Service Toward a Pension
Article Snip: "...your active duty military service puts you in a better position to earn a pension, even if you count yourself among the 83% (roughly five out of six) of active duty veterans who didn't remain on active duty long enough to retire from the military to earn military retirement pay..."
Reference: www.military.comTitle: What is Social Security’s 'special earnings limit rule'?
Article Snip: "...The special earnings limit rule is an exception to Social Security’s earnings limit...The reason for the rule is that Social Security bases the earnings limit on a full year’s income, but it recognizes that most people retire at some point mid-year and by then may have already earned more than the limit. Rather than count that income and reduce your benefits accordingly, Social Security applies a “monthly earnings test”: Once you claim your benefits, you’ll get your full payment for any month that Social Security considers you to be “retired” (doing limited or no paid work), regardless of your total earnings for the year. Here’s how it works..."
Reference: www.aarp.orgTitle: Bill Would Standardize Federal Retiree Annual Increases, and More
Article Snip: "...The Equal COLA Act (H.R. 304), introduced by Rep. Gerry Connolly, D-Va., would ensure that federal retirees in the Federal Employee Retirement System and the Civil Service Retirement System both receive the same annual percentage cost of living increase each year..."
Reference:Title: 4 Critical Federal Retirement Decisions
Article Snip: "...Retirement planning is a series of decisions. Some have minor consequences and some can have a lifelong impact on your financial security. Here are a few examples of critical retirement decisions that can lead to very different outcomes..."
Reference: www.govexec.comTitle: Retirement Planning: How To Get Out Of Debt Before Retirement
Title: Social Security and You
"Some 'real world' questions and answers relating to Social Security"
Reference: www.poncacitynews.comTitle: Is Social Security Income Taxable?
Article Snip: "...About 35 percent of Social Security recipients have total incomes high enough to trigger federal income tax on their benefits. To figure out if your benefits will be taxable, you’ll need to add up all of your “provisional income,” which includes..."
Reference: www.theintelligencer.netTitle: Social Security, Medicare and Retirement Plan Changes for 2021
Article Snip: "...From the pandemic to politics and the economy, it’s been a wild year, especially for those near or in retirement. While some uncertainty remains in the outlook for 2021, here’s what you need to know about Social Security, Medicare premiums and retirement plan contributions..."
Reference: www.thestreet.comTitle: 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.com