...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: Interested in retiring early? 3 lessons from people who retired in their 30s
Article Snip: "...For many, the prospect of working a 9 to 5 job for the next 30+ years seems monotonous and disheartening. FIRE or ‘financial independence, retire early’ is a solution to that issue. People who follow FIRE save and invest more than 50% of their annual income in the hopes that their investments will yield enough money to retire in their 30s or 40s. ..."
Reference: www.cnbc.comTitle: Don’t Get Surprised by Taxes in Retirement
Published: December 6, 2021
Article Snip: "...The taxation of retirement income is somewhat different than the taxation of income derived from working. These changes are primarily due to how taxes are withheld on retirement income. Not only will we look at the taxation of TSP income, we’ll also take a look at how your federal annuity and Social Security are taxed. ..."
Reference: www.fedweek.comTitle: Unusual PostalEase Activity Triggers Precautionary Measures
Article Snip: "...The NPMHU was advised that CISO and Postal Service management investigated and took precautionary measures to prevent further activity as soon as it became aware of the unusual log-in issue. CISO monitors daily for suspicious activity to protect employee accounts and information. The USPS will contact affected employees directly. Impacted employees will receive the following message from the USPS: Your PostalEase account has been placed in a hold status, pending a password reset. To initiate a password reset, you will need contact 1-877-477-3273, Option 5. ..."
Reference: www.npmhu.orgTitle: Should I Take Medicare or Just Keep FEHB?
Article Snip: "Are federal employees better off with Medicare or FEHB in retirement? These are some considerations..."
Reference: www.fedsmith.comTitle: Social Security Announces 5.9 Percent Benefit Increase for 2022
Article Snip: "...The 5.9 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2022..."
Reference: www.ssa.govTitle: When Do I Begin Receiving the FERS Annuity Supplement?
Article Snip: "...so when will I see the supplement? You will only begin receiving the Annuity Supplement when your..."
Reference: www.fedsmith.comTitle: Four Rules for Picking a Retirement Date
Article Snip: "...there are some rules for picking a date that are handy to know. Rule No. 1: Look at the..."
Reference: www.govexec.comTitle: How COVID-19 Has Impacted Retirement Savings
Article Snip: "...About one-third of Americans who planned to retire say it will now happen later because of the pandemic, CNBC reported last week, citing a study from Age Wave and Edward Jones. Roughly 14 million stopped contributing to their monthly retirement accounts, with many struggling Americans needing to use that money for essentials instead. The situation has gotten even murkier in recent months..."
Reference: yahoo.comTitle: Life Insurance Premiums Are Changing
Article Snip: "...Rates are going up for Basic, and in some cases for the optional forms of insurance too. In other cases, they’re staying the same or being reduced. These changes reflect updated mortality and claims rates in each FEGLI category. The legislative structure of FEGLI assumes that premium rates are set for each age band independently of the other bands so that each band is financially self-supporting. The government pays one third of the premium cost for Basic and the employee pays two thirds. The employee or retiree pays the full cost of optional insurance..."
Reference: www.govexec.comTitle: The Benefits of Serving Your Country Working for Uncle Sam
Article Snip: "...Want to make sure retirement treats you well? Work for Uncle Sam, and those golden years could have a little added shine. Not only are federal retirement benefits portable, but being the largest employer provides the government excellent leverage in securing benefits for its employees. Take the example of..."
Title: The Benefits of Serving Your Country Working for Uncle Sam
Reference: www.military.com
Title: How COLA affects Social Security benefits
Article Snip: "...“You are eligible for annual cost-of-living benefits increases starting with the year you turn 62,” according to the Social Security Administration publication Your Retirement Benefit: How It’s Figured. “This is true even if you don’t file for benefits until your full retirement age or even age 70.” SSA increases your benefit beginning with the year you reach 62, and benefits are increased yearly to reflect the increase..."
Reference: www.investmentnews.comTitle: The SSA Has an Online Portal for Social Security — Here’s Why You Should Use It
Article Snip: "...The Social Security Administration”my Social Security” portal allows you to apply for and manage all of your Social Security benefits online..."
Reference: yahoo.comTitle: Government to pilot online retirement application
Article Snip: "...Office of Personnel Management Director Kiran Ahuja told reporters on an Aug. 4 call that the agency will pilot an online retirement application system to address some short-term problems with the federal retirement system, namely slow processing times..."
Reference: www.armytimes.comTitle: Veterns can get special extra earnings for Social Security: Are you getting yours?
Article Snip: "...Social Security doesn't add these extra earnings to your record until you file for benefits. Here's How It Works The information that follows applies only to active duty military service earnings from 1940 through 2001. This program adds to your overall income factor and may have little effect on your actual monthly Social Security benefit, because the increased earnings do not automatically mean an equal increase in monthly benefits. Here's how the special extra earnings are credited..."
Reference: www.military.comTitle: Veterans Who Join the Civil Service Are Eligible for Valuable Service Credits
Article Snip: "...Let's take a look at how you can apply your military service toward FERS, see how the military service credit buyback program works, and discuss why this makes sense for many veterans..."
Reference: www.military.comTitle: How much does Social Security increase each year after 62?
Article Snip: "...If you claim Social Security at age 62, rather than wait until your full retirement age (FRA), you can expect up to a 30% reduction in monthly benefits. For every year you delay claiming Social Security past your FRA up to age 70, you get an 8% increase in your benefit..."
Reference: www.fidelity.comTitle: What taxes can federal employees expect to pay after they retire from federal service?
Article Snip: "...The only taxes that do not follow federal employees into retirement are payroll taxes. Payroll taxes are taxes you pay out of earnings in order to fund future benefits. Social Security tax (6.2%) and Medicare tax (1.45%) are only taken out of gross wages and net self-employment income (with a few exceptions, most notably for farmers). In addition, a retiree will not be making contributions for their pension. FERS pension contributions are 0.8%..."
Reference: www.fedsmith.comTitle: Avoiding A Tax Bite When Receiving A Pension Distribution
Article Snip: "...Employers of most pension plans are required to withhold a mandatory 20% of your lump sum retirement distribution when you leave their company. However, you can avoid this tax hit if you make a direct rollover of those funds to an IRA rollover account or another similar qualified plan. Failure to rollover the entire amount of your lump sum distribution may result in your paying unnecessary taxes on all or a portion of your retirement payout. The 20% withheld from your lump sum retirement distribution is a federal income tax prepayment similar to the federal income taxes withheld from your pay check..."
Reference: benefitslink.comTitle: Qualified Longevity Annuity Contract (QLAC)
Article Snip: "... What Is a Qualified Longevity Annuity Contract (QLAC)? A qualified longevity annuity contract (QLAC) is a type of deferred annuity funded with an investment from a qualified retirement plan or an individual retirement account (IRA)..."
Reference: www.investopedia.comTitle: Social Security and Taxes
Article Snip: "...Most retirees do not have to pay federal income taxes on their Social Security benefits, but for those who receive substantial income in addition to Social Security, up to 85 percent of the benefits may be taxable. According to the Social Security Administration, about one third of benefit recipients pay federal taxes on their Social Security benefits. The Social Security benefits may become taxable when retirees’ “provisional income” exceeds certain limits...combined income is greater than $44,000, then up to 85 percent of your benefit may be taxable...U.S. citizens who live in Canada and certain other countries (Egypt, Germany, Ireland, Israel, Italy, Romania or the United Kingdom) are exempt from U.S. tax on Social Security benefits regardless of their income. A lump sum death benefit is not subject to tax either..."
Reference: www.aarp.orgeverify Social Security Lock | Protect Yourself From The Foreign Invasion Snippet of Article: "...Self Lock is the unique feature...