Title: Two Social Security Provisions that Can Impact CSRS Retirees
Article Snip: "...While they won’t affect your CSRS annuity, they may cut into – or even eliminate – any Social Security benefit you may otherwise be entitled to. They are the Windfall Elimination Provision and the Government Pension Offset. ..."
Reference: www.fedweek.comTitle: Retirement Gifts | Cards for Retirement
Title: Buffett Says Build Passive Income, 2 Dividends For Your Retirement
Article Snip: "...Here are two proven dividend stewards with much juice left to keep producing those paychecks...."
Reference: seekingalpha.comArticle Snip: "“A major storm impacting the Gulf Coast and nearby refineries will likely lead to a spike in gas prices for a few weeks,” AAA spokesperson Andrew Gross told CNBC. Such circumstances could affect the 2024 COLA. “The COLA estimate will go up if the price of gasoline jumps considerably,” Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League (TSCL), told the news outlet. “The COLA estimate might go down if gas and oil prices drop.”..."
Reference: yahoo.comTitle: USPS retirees can now submit leads
Article Snip: "...The website for Postal Service retirees now includes access to LEADing Together, the organization’s employee sales lead program. LEADing Together combines the Business Connect, Clerks Care, Customer Connect, Mail Handlers, Rural Reach and Submit a Lead programs into one, using a common portal for employees — and now retirees — to enter customer information. ...Employees who do not have an ACE ID can access the lead entry site through LiteBlue by selecting “Submit a Lead” under the “Resource Index” tab."
Reference: usps.comTitle: ‘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.comTitle: 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.comTitle: 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.comTitle: 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.comTitle: 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.comTitle: 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.comTitle: 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.comTitle: 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:WAFFTitle: 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.comTitle: 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 NewsGroupTitle: 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.comTitle: 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.comTitle: The FERSGUIDE 2023 Upated on Amazon
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