‘I was very scared': OPM backlog has some federal retirees, survivors waiting months for benefits

Title: ‘I was very scared': OPM backlog has some federal retirees, survivors waiting months for benefits

Article Snip: "After her husband passed away last October, Diana Kimberlin says she knew it would take some time for her to receive the survivor benefits he signed up for while working for the federal government. But Kimberlin said she never imagined the process through the Office of Personnel Management (OPM) would take longer than four months, forcing her to delay paying many bills and wrecking her credit score. “I always paid my bills on time. I couldn't even pay anything,” she said, adding, “I didn't know how far I was going to have to wait. It didn't take me too long to figure out it was going to be awhile.“...“They have to put in place new systems,” Van Hollen said. “We’ve been after them to do that. They’re not doing it fast enough, in my mind." In a congressional hearing earlier this year, the head of OPM blamed the backlog on historic underfunding of the agency, staffing and technology, noting OPM is still transitioning from a paper-based system to the digital era. ..."

Reference: www.nbcwashington.com
OPM retirement backlog,

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8 Things Boomers Should Never Buy in Retirement

Title: 8 Things Boomers Should Never Buy in Retirement

Article Snip: "...Once they retire, many seniors change their spending patterns quite a bit. There’s nothing inherently wrong with this, as long as they remain within their retirement budget. However, there are some things that boomers tend to splurge on in retirement that can wreak havoc on their long-term financial plans. Whether it’s because they feel like “they’ve earned the right” or they simply don’t understand how problematic it can be, overspending is a sure way to put their long-term retirement lifestyle at risk. ..."

Reference: www.gobankingrates.com

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Best CD Rates for August 2023—Up to 5.75%

Title: Best CD Rates for August 2023—Up to 5.75%

Article Snip: "Guide to the Highest CD Rates Available to Anyone in the U.S. ...When you have cash you want to save for a while and you want to earn more than you would with a standard savings account, certificates of deposit (CDs) can be a good option. CDs offer fixed interest rates that guarantee you earnings, which can help you reach your financial goals. To help you earn as much as possible, here are the top CD rates available from our partners, followed by our rankings on the best-paying CDs that are available to U.S. customers everywhere. Right now, the best CD rates are over 5.00% APY, with the best CD rate across all terms sitting at 5.75% APY for a 12-month CD from MapleMark Bank. ..."

Reference: www.investopedia.com

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Bidenomics | U.S. Mortgage Rates Jump to Highest Level Since 2002

Title: Bidenomics | U.S. Mortgage Rates Jump to Highest Level Since 2002

Article Snip: "The average 30-year fixed-rate mortgage has climbed above 7 percent, making it harder for buyers to afford homes, which are already in short supply. ...mortgage rates began abruptly rising last year, when the Federal Reserve started lifting interest rates to rein in rapid inflation, the housing market has stagnated, as owners with low mortgage rates have been unwilling to put their homes up for sale. In June, sales of existing homes fell nearly 19 percent from the year before, according to the National Association of Realtors. ..."

Reference: www.nytimes.com

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The Fed Is Losing the Battle Against Inflation

Title: The Fed Is Losing the Battle Against Inflation

Article Snip: "...uptick in the U.S. inflation rate in July, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), a 3.2% rate of inflation is far and away a major improvement from the 9.1% inflation rate reported in June 2022. ...However, a report issued in June from technology-driven real estate company Redfin found that 91.8% of all homeowners have a mortgage rate that's below 6%. Approximately 62% are locked in at a rate below 4%. There's absolutely no financial incentive for these homeowners to give up their historically low mortgage rate for a new home with a 7% 30-year fixed-rate loan. This is why there's a major shortage of new listings for existing homes. "

Reference: www.fool.com
Inflation Destroying FERS Retirees,Biden/Harris Inflation,Inflation is destroying Social Security recipients,

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OPM’s retirement backlog back up in July after months of it shrinking

Title: OPM’s retirement backlog back up in July after months of it shrinking

Article Snip: "...For the first time since January, the Office of Personnel Management’s backlog of retirement claims increased in July. At 17,047 claims, the backlog is over 4,000 claims higher than its steady state goal of 13,000. ..."

Reference: federalnewsnetwork.com
OPM retirement backlog

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On this day in history, August 14, 1935, Social Security is signed into law by FDR

Title: On this day in history, August 14, 1935, Social Security is signed into law by FDR

Article Snip: "President Franklin D. Roosevelt signed the Social Security bill into law on this day in history, Aug. 14, 1935, creating a federal safety net for older, ..."

Reference: www.foxnews.com

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Huntsville Alabama | A City Council That Is Attempting to Increase Water Rates by 35%

Title: Huntsville Utilities proposes 35% water rate increase

Article Snip: "Huntsville city council members held a first reading for a proposal allowing Huntsville Utilities to raise water rates by 35%..."

Reference:WAFF
Huntsville Alabama,Cities With High Utility Costs,Destruction of the Working Class,Huntsville City Council, Water Rates in Huntsville Alabama, High Cost Cities,Inflation 2023,Bidenomics,

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Is It Smarter For Me to Use Retirement Savings to Pay Off Debt?

Title: Is It Smarter For Me to Use Retirement Savings to Pay Off Debt?

Article Snip: "Generally, it’s best to leave your retirement savings untouched because you want as much uninhibited growth as possible. That said, paying off debt with your retirement savings in specific situations can make sense. ...Weigh Debts Against Investments Not every debt demands immediate repayment. For instance, mortgages are generally low-interest loans you pay gradually. As your equity grows, your home becomes an asset instead of a liability. On the other hand, credit card debt usually has astronomical interest rates that can ruin your finances quickly. Therefore, repaying a credit card debt of $5,000 is immensely beneficial, whereas allocating an extra $5,000 toward your mortgage may not be as advantageous."

Reference: finance.yahoo.com

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What is the average pension of a retired postal worker in 2023?

Title: What is the average pension of a retired postal worker in 2023?

Article Snip: "The amount of money a postal worker makes in retirement depends on their age and how long they worked as a postal worker or government employee. A postal worker who retired in 2023 with 25 years of service would make a monthly basic annuity between $1,..."

Reference: Postal NewsGroup

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Why a federal retiree might consider a reverse mortgage ...or might not

Title: Why a federal retiree might consider a reverse mortgage

Article Snip: "...However, there are also potential drawbacks to consider that most reverse mortgage professionals immediately recognize as applicable to all potential borrowers. These include “the possibility of losing the house to foreclosure if the homeowner cannot afford to pay the property taxes; the homeowner will likely leave less inheritance to his or her heirs; at least one individual has to be living in the home (such as the co-borrower or spouse) if the funds from a HECM mortgage are used to pay for the homeowner’s move to an assisted living or nursing home facility.” Potential borrowers also need to understand that there are a lot of potential expenses the reverse mortgage customer is and could be subject to, including a loan origination fee, mortgage insurance premiums, counseling and other fees. ..."

Reference: reversemortgagedaily.com
Reverse Mortgage, HECM mortgage,

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What retirees should do right now to prepare for a recession

Title: What retirees should do right now to prepare for a recession

Article Snip: "Retirees often underestimate the potential impact of recessions on their financial well-being ...There are several essential strategies and preparations that retirees should employ to prepare for and navigate recessions successfully. ..."

Reference: www.marketwatch.com
Recession 2023,Biden Economy 2023,

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The FERSGUIDE 2023 Upated on Amazon

Title: The FERSGUIDE 2023 Upated on Amazon

Article Snip: "This book is designed for both employees and annuitants, with 40 pages dedicated just to Social Security and Medicare. Those 40 pages alone are one of the best Social Security and Medicare guides out there. ..."

Reference: Amazon
Reading,Federal Employees Retirement System (FERS),

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Federal Employee Benefits Training For Retirement Planning Announced By Public Sector Retirement Educators (PSRE)

Title: Federal Employee Benefits Training For Retirement Planning Announced By PSRE

Article Snip: "... PSRE's courses include a range of training modules covering FEGLI, FERS, CSRS, and TSP benefits. With the online retirement training program, employees can learn using any device, and a complimentary demo is available to provide access to one training module for a full 60 days. ..."

Reference: www.benzinga.com
Public Sector Retirement Educators (PSRE),retirement planning,Federal Employee Benefits Training,

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Veterans have less than 6 months to make this change to their pension | Survivor Benefit Plan (SBP)

Article Title: Veterans have less than 6 months to make this change to their pension

Article Excerpt: "Qualifying service members are offered a chance to enroll in the Survivor Benefit Plan, which offers spouses (and sometimes their children) a pension of up to 55% of the veterans’ retirement pay. The inflation-adjusted payment is provided through the surviving spouse’s lifetime, or until the child reaches a maximum age. Prior to 2023, veterans’ decisions were permanent, but this year, they will have an opportunity to opt in or opt out. “The Survivor Benefit Plan is a good benefit..."

Reference Source: www.marketwatch.com

FDA fully approves 'novel' Alzheimer’s disease drug Leqembi, will be covered by Medicare

Title: FDA fully approves 'novel' Alzheimer’s disease drug Leqembi, will be covered by Medicare

Article Snip: "Leqembi has shown clinical benefit in fighting Alzheimer's disease. ...The Food and Drug Administration (FDA) has fully approved a "novel" drug used to treat adult patients with Alzheimer’s, the agency announced. Leqembi, which is produced by Japanese drugmaker Eisai and American-based drugmaker Biogen..."

Reference: www.foxnews.com
Leqembi,Medicare,Alzheimer's, Health,Alzheimer’s Drugs,Food and Drug Administration (FDA),amyloid beta-directed antibody, Biogen, Eisai, Lecanemab,

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Retired Long Island postal worker collects big lottery prize a year after drawing

Title: Retired Long Island postal worker collects big lottery prize a year after drawing

Article Snip: "...Retired postal worker Genine Plummer took nearly a year to claim a $1,000 A Week For Life prize she won playing New York Lottery’s CASH4LIFE. The Islip woman purchased her winning ticket back in May 2022. But she didn’t realize she had..."

Reference: greaterlongisland.com
Lottery in Retirement

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Tom Brady sticks to strict diet regimen even after retirement

Title: Tom Brady sticks to strict diet regimen even after retirement

Article Snip: "The legendary quarterback, who doesn’t include white sugar, white flour, iodized salt, caffeine, nightshade vegetable and even strawberries in his diet, is continuing the TB12 method. ..."

Reference: www.foxnews.com

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IRS quietly changes rule on how your children's inheritance is taxed - here's what you need to know to avoid a shock bill

Title: IRS quietly changes rule on how your children's inheritance is taxed - here's what you need to know to avoid a shock bill

Article Snip: "Americans have turned to irrevocable trusts to protect their assets from spend-down in order to qualify for Medicaid...In the last decade, more families have begun utilizing 'irrevocable' trusts and the ruling will impact estate planning...Most families will not find themselves subject to estate tax when the value of their home is included because the current federal estate tax is only applicable to estates valued at $12.92 million or more. ... "

Reference: www.dailymail.co.uk

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Remain wary of mail following white powder reports

Title: Remain wary of mail following white powder reports

Article Snip: "On Monday, June 19, Kansas Republican leaders say that while there has been a small amount of good news to come out of the investigation into more than 100 letters that contained white powder mailed to elected officials in the Sunflower State, the week has certainly been stressful. “At this point, it appears over 100 elected state and legislative officials have received threatening letters filled with a suspicious powdery substance,” said the legislators. “Thankfully, the KDHE is saying the substance is presumptively negative for any biologicals.” Kansans have been urged to remain vigilant and cautious as they open their mail..."

Reference: www.msn.com
Attacks on Republicans,

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