Thursday, November 29, 2018

Are Social Security Benefits Taxed?

Title: Are Social Security Benefits Taxed?

Article Snip: "...Some of you have to pay federal income taxes on your Social Security benefits. This usually happens only if you..."

Reference: www.ssa.gov
Taxes on Social Security,

New legislation would improve retiree cost-of-living adjustments

Title: New legislation would improve retiree cost-of-living adjustments

Article Snip: "...Retired federal employees under the Federal Employees Retirement System currently can end up receiving a lower cost-of-living adjustment than retirees under the older Civil Service Retirement System, due to the legislation that created the FERS in 1986. Rep. Gerry Connolly, D-Va., introduced legislation Nov. 20 that would amend Title 5 of U.S. Code to ensure that COLAs for all retirees are equal..."

Reference: www.federaltimes.com
cost-of-living adjustments, Federal Employees Retirement System (FERS),

Wednesday, November 28, 2018

It Might Be Worse To Take Social Security At 66, Here's Why

Title: It Might Be Worse To Take Social Security At 66, Here's Why

Article Snip: "...it's extremely unlikely that benefit cuts would be visited on those already collecting benefits or on those about to start collecting in, say, the next decade. Roughly one fifth of the elderly subsists on Social Security and it's the main source of financial support for roughly half..."

Reference: www.forbes.com

Monday, November 12, 2018

Will LWOP usage harm my retirment compensation?

Title: Retirement benefits and LWOP

Excerpt Quoted from OPM.GOV: "An aggregate nonpay status of 6 months in any calendar year is creditable service. Coverage continues at no cost to the employee while in a nonpay status. When employees are in a nonpay status for only a portion of a pay period, their retirement deductions are adjusted in proportion to their basic pay (5 U.S.C. 8332 and 8411).

High-3 average salary computations are based on periods of creditable service. Thus, periods of nonpay status of 6 months or less in a calendar year that fall within an employee’s average salary period are included in the calculation of the average salary using the rate of basic pay in effect during the period of nonpay status. For example, if a full-time employee whose annual rate of basic pay is $85,000 per year is placed in nonpay status for 3 months, that 3-month period would be credited in the average salary calculation using the $85,000 basic pay rate. (If the rate of basic pay changed to $86,500 per year after 2 months of the nonpay period, the first 2 months of the nonpay period would be credited in the average salary calculation using the $85,000 basic pay rate and the last month of the nonpay period would be credited in the average salary calculation using the $86,500 basic pay rate.)
"

Reference: www.opm.gov

NOTE: This information is accurate as of the date of this post: 11-12-2018. Bolding added for emphasis.

What It's Like to Live in Key West

Title: What It's Like to Live in Key West

Article Snip: "...On the southernmost point of the U.S., discover what it's like living on island time..."

Reference: www.greatamericancountry.com
Places to live or visit in retirement, travel,