Federal Retirement News

Wednesday, April 8, 2015

Military Service (Bought) and the FERS Special Retirement Supplement (SRS)

Am I Eligible for the Special Retirement Supplement?

Article Excerpt: "... is designed to replace the portion of an age 62 Social Security benefit that is due to civilian employment under the FERS system (military time that has been bought for FERS retirement..."

Resource: fedsmith.com

Tuesday, April 7, 2015

What's the average Social Security benefit?

What's the Maximum Social Security Benefit?

Article Excerpt: "...The maximum benefit depends on the age at which a worker retires. For a worker retiring this year at age ..."

Resource: aarp.org

Maximum Social Security Benefit, Average Social Security benefit,

Thursday, April 2, 2015

Will your Social Security benefit be taxed?

Are Your Social Security Benefits Taxable?

Article Excerpt: "...Instead of making Social Security benefits taxable or not taxable, they’ve created a system in which a portion of your benefits may be taxable if you earn a certain amount of money. It’s a bit convoluted, but try to follow along. To determine if any of your benefits are taxable, you need to add..."

Resource: www.moneytalksnews.com

Monday, March 23, 2015

Ted Cruz wants to cut Social Security benefits, raise the Social Security retirement age and privatize

Ted Cruz Is About To Announce For President. Here’s What You Need To Know About Him

Article Excerpt: "... he also proposed a three-part plan to raise the Social Security retirement age, cut future benefits, and privatize much of the program. A similar privatization proposal ..."

Resource: thinkprogress.org

Destruction of America's working class, Ted Cruz,

Friday, March 20, 2015

Thursday, March 5, 2015

TSP February Gains

The S Fund Led TSP's February Gains

Article Excerpt: "...The S Fund, invested in small and midsize companies, had the best month of the 10 funds, increasing 6.05 percent. The ..."

Resource: www.govexec.com

S Fund, TSP,

Wednesday, March 4, 2015

10 Cheapest Places Where You'll Want to Retire

10 Cheapest Places Where You'll Want to Retire

Article Excerpt: "...Using data on 223 metropolitan areas across the U.S., we identified the places with the cheapest living costs specifically for retirees. We placed particular emphasis on reasonable price tags for the two biggest retirement budget-busters, health care and housing, and we also looked at states' tax burdens on retirees. ..."

Resource: www.dailyfinance.com

Monday, March 2, 2015

How much did Social Security benefits increase in 2015

Social Security Q&A: How much did benefits increase in 2015?

Article Excerpt: "... The average monthly Social Security benefit for a retired worker in 2015 is $1,328 (up from $1,306 in 2014). The average monthly Social Security benefit for a disabled worker in 2015 is $1,165 (up from $1,146 in 2014). As a reminder, eligibility for retirement benefits still requires 40 credits (usually about 10 years of work). ..."

Resource: www.myrtlebeachonline.com

Wednesday, February 4, 2015

Panel will propose new military retirement system

Panel will propose new military retirement system

Article Excerpt: "...Specifically, the proposal calls for automatically enrolling each service member in the federal government's Thrift Savings Plan, or TSP, an investment account that accrues savings. Individual troops will be responsible for managing their accounts, and the money is typically not available for withdrawal without penalty until age 59.5. ..."

Resource: www.usatoday.com

Tuesday, January 27, 2015

Republicans trying to ensure Social Security Disability Insurance (SSDI) runs short of money in less than two years

Republicans want you to think Social Security has a funding problem. Don't believe them.

Article Excerpt: "...What he doesn't mention is that the regular Social Security fund won't come up short until 2034. Plugging the holes in SSDI would advance that date by only about one year, since SSDI is only a small fraction of the overall program...."

Resource: theweek.com

Monday, January 26, 2015

Retiree info exposed in OPM website glitch: Allowed users access to other retirees' personal information

Retiree info exposed in OPM website glitch

Article Excerpt: "...A glitch in the system allowed retirees logging in to the portal Monday morning to gain access to the personal accounts of other users...."

Resource: www.federaltimes.com

Friday, January 23, 2015

You need to understand FERS – inside and out

Maximizing Retirement Benefits and Perks for Federal Employees

Article Excerpt: "...Whether you just retired or are planning on doing so in the near future, you need to understand FERS – inside and out. Overlooking details can cause you to miss out on some of the great benefits afforded to you. ..."

Resource: www.fedsmith.com

Wednesday, January 14, 2015

Federal Employee Taxes: What will you face in retirement?

Taxes Federal Employees Will Face in Retirement

Article Excerpt: "...When a federal employee has retired, income taxes do not go away, they just change somewhat. Federal pensions, Social Security and distributions from the Thrift Savings Plan are all taxable to some extent. - See more at: http://www.fedsmith.com/2015/01/13/taxes-federal-employees-will-face-in-retirement/#sthash.fYBwQsCU.dpuf..."

Resource: www.fedsmith.com

Taxes in retirement

Saturday, January 10, 2015

Social Security Q&A: Would Either Widow's or Retirement Benefits Be Greater than Child-in-Care Spousal?

Social Security Q&A: Would Either Widow's or Retirement Benefits Be Greater than Child-in-Care Spousal?

Article Excerpt: "...There are three benefits involved here: your mother’s benefit (the survivor’s benefit you are now collecting based on having a disabled child in your care), your widows benefit, which exceeds your mother’s benefit, but will be reduced if you take it before full retirement age (66 in your case), and your own retirement benefit..."

Resource: www.forbes.com

Monday, December 29, 2014

Social Security and FERS Supplement

Social Security and FERS Supplement

Article Excerpt: "...When his FERS suppplement stopped at age 62, he filed for early Social Security benefits. As a FERS employee, I plan to retire with 30 years at age 59. I will receive the FERS supplement until age 62. I plan to wait until ..."

Resource: fedsmith.com

Social Security and FERS Supplement, FERS annuity supplement, Social Security,

Tuesday, December 2, 2014

Windfall Elimination Provision (WEP): Are you affected?

Windfall Elimination Provision (WEP): Are you affected?

Article Excerpt: "...A pension based on earnings not covered by Social Security can affect the amount of your Social Security benefit. ...WEP Calculator..."

Resource: www.ssa.gov

Windfall Elimination Provision (WEP)

Wednesday, November 26, 2014

Social Security Survivors Benefits

Social Security Survivors Benefits

Social Security Survivors Benefits
Social Security Survivors Benefits
Article Excerpt: "...This booklet gives you an overview of Social Security survivors benefits paid to the spouse and children of a worker who dies. This booklet is not intended to answer all the questions you may have. For more information about Social Security’s survivors program, visit our website or call our toll-free numbers...."

Resource: www.ssa.gov

Social Security’s survivors program

Obama executive action would have illegals paying payroll taxes

Illegal immigrants could receive Social Security, Medicare under Obama action

Article Excerpt: "...For those who work, that includes payroll taxes, also known as FICA taxes, because they are collected under the Federal Insurance Contributions Act. The tax payments are usually split between employer and employee and include 12.4 percent collected to pay for Social Security, as well as 2.9 percent to pay for Medicare...."

Resource: www.washingtonpost.com

Tuesday, November 25, 2014

Retiring? Here’s how to get an extra month of Social Security benefits for free

Retiring? Here’s how to get an extra month of Social Security benefits for free

Article Excerpt: "...In this scenario, Joe would receive one month’s extra benefit, less $5, at the expense of having all his benefits from August through the month he reaches full retirement age reduced by one extra month’s reduction. This expense would..."

Resource: www.pbs.org

Sunday, November 16, 2014

Income Taxes And Your Social Security Benefits

Income Taxes And Your Social Security Benefits

Article Excerpt: "...Some people have to pay federal income taxes on their Social Security benefits. This usually happens only if you have other substantial income (such as wages, self-employment, interest, dividends and other taxable income that must be reported on your tax return) in addition to your benefits...."

Resource: www.ssa.gov


The impact of the Social Security increase

How Social Security raise impacts retirees

Article Excerpt: "...Many retirees and preretirees are unaware of their Social Security claiming options, a recent survey showed...."

Resource: www.usatoday.com

Tuesday, November 4, 2014

A 1.7% Social Security Bump; A 3.6% Rise in Medicare Deductibles

Federal-Benefit Changes for 2015

Article Excerpt: "...When you do the math on the increases in Social Security benefits and Medicare part A and B payments, then lump them with the changing costs of food, gas and health care, senior and disabled Americans still face tight budgets in 2015—and some could find themselves in a hole...."

Resource: wsj.com

Saturday, November 1, 2014

FERS Annuity Supplement

FERS Annuity Supplement

Article Excerpt: "...If you retire voluntarily on an immediate annuity which is not reduced for age, you may be eligible for the annuity supplement, in addition to your regular monthly FERS benefit. You may also receive the supplement if you retired involuntarily before attaining your Minimum Retirement Age (MRA) or voluntarily because of a major reorganization, reduction in force, or an early retirement for Members of Congress. However, in these three instances, you will not be eligible for the annuity supplement until you reach your Minimum Retirement Age (MRA). If you receive a deferred benefit, a disability benefit or an immediate MRA+10 benefit, you will not be eligible for the annuity supplement...."

Resource: www.opm.gov

FERS Annuity Supplement

Required minimum distribution (RMD) from traditional IRAs and employer-sponsored retirement plans

Required minimum distribution (RMD) from traditional IRAs and employer-sponsored retirement plans

Article Excerpt: "...Individuals with IRAs are required to begin lifetime RMDs from their IRAs no later than April 1 of the year following the year in which they reach age 70½. (This is in contrast to RMDs from employer-sponsored plans which, in most cases, may be postponed until after the employee retires or reaches age 70½, whichever is later). ..."

Resource: en.wikipedia.org

required minimum distribution (RMD),

Sunday, August 24, 2014

Final Rule: Phased Retirement

Final Rule: Phased Retirement

Article Excerpt: "...The Office of Personnel Management (OPM) is adopting its proposed phased retirement regulations with four minor changes. Phased retirement is a human resources tool that will allow full-time employees to work a part-time schedule and draw partial retirement benefits during employment. The “Moving Ahead for Progress in the 21st Century Act,” or “MAP-21,” requires OPM to publish regulations implementing phased retirement under the Civil Service Retirement System (CSRS) and the Federal Employees' Retirement System (FERS). The final rule informs agencies and employees about who may elect phased retirement, what benefits are provided during phased retirement, how OPM intends to compute the annuity payable during and after phased retirement, and how employees may fully retire after a period of phased retirement. The final rule does not address every administrative detail of the phased retirement process. OPM will be issuing separate guidance to assist agencies and employees..."

Resource: www.federalregister.gov

Friday, August 22, 2014

Widow gets advice on when to collect social security of her deceased spouse

Social Security Q&A: My Deceased Spouse Earned More, Should I Collect Survivor Benefits Early?

Article Excerpt: "...Question: My husband died when he was 58. Should I start collecting his death benefits at age 60 or wait until 66? He made a lot more money than I have or ever will.

Answer: Your best strategy is probably to wait until..."

Resource: www.forbes.com

Monday, August 18, 2014

Will My Federal Retirement Wipe Out My Social Security?

Will My Federal Retirement Wipe Out My Social Security?

Article Excerpt: "...how the Windfall Elimination Provision may — or may not — affect your benefits if you receive or will receive a government pension...."

Resource: www.forbes.com

Monday, June 16, 2014

The RAISE Act is a proposal to expand Social Security

Leaders in Washington Pushing to Strengthen and Expand Social Security

Article Excerpt: "...The RAISE Act is not the only proposal to expand Social Security. Last year, Sen. Tom Harkin (D-IA) introduced the Strengthening Social Security Act (S. 567) in the Senate, with Rep. Linda Sanchez (D-CA) introducing a companion bill in the House (H.R. 3118). The Strengthening Social Security Act proposes adjusting the benefits formula to provide an increase in benefits for most beneficiaries and improving the program’s finances by lifting the earnings cap on Social Security contributions. ..."

Resource: www.apwu.org

Wednesday, June 11, 2014

Does Social Security intentionally produce low-ball benefit estimates?

Why You Shouldn't Trust Social Security's Lowball Estimate

Article Excerpt: "...“It’s intentionally used to produce low-ball benefit estimates so people will save more on their own and they won’t be so hurt if the system’s benefits are cut in the future, which seems likely. ..."

Resource: www.forbes.com

Thursday, May 15, 2014

Social Security by the numbers (your age)

Social Security at 62? Let’s Run the Numbers

Article Excerpt: "...This period includes when you reach what Social Security calls your “full retirement age” — 66 for those born between 1943 and 1954, as old as 67 for later arrivals — and what might be called a bonus period after that, ending at age 70...."

Resource: www.nytimes.com

Social Security

Wednesday, April 23, 2014

Social Security’s 20 worst inequities

Calling out Social Security for its awful inequities

Article Excerpt: "...You can contribute to Social Security your entire life and get back less in benefits than someone who never worked and never contributed a penny to the system...."

Resource: www.pbs.org

Social Security, inequities within Social Security,

Monday, April 7, 2014

Are Social Security benefits taxable?

Are your Social Security benefits taxable?

Article Excerpt: "...If you’ve recently begun receiving Social Security benefits or plan to apply in the near future, you may be wondering this tax season: are Social Security benefits taxable?..."

Resource: www.oanow.com

Monday, March 24, 2014

Federal employee retirement backlog continues in an actual undergroud limestone cave

Deep underground, federal employees process paperwork by hand in a long-outdated, inefficient system

Article Excerpt: "...Here, inside the caverns of an old Pennsylvania limestone mine, there are 600 employees of the Office of Personnel Management. Their task is nothing top-secret. It is to process the retirement papers of the government’s own workers. But that system has a spectacular flaw..."

Resource: www.washingtonpost.com

Tuesday, March 18, 2014

Supporting entitlement cuts will cost you an election

Did Social Security Cost Democrats a Seat In Florida?

Article Excerpt: "...But Jolly had an easy comeback: He denied wanting to privatize Social Security, and fired back by noting that Sink voiced some support for the Simpson-Bowles debt-reduction plan, which included cuts to Social Security...."

Resource: www.nationaljournal.com

Social Security

Friday, March 7, 2014

Will politicians again attack retirees with a chained CPI threat?

Door left open for chained CPI comeback

Article Excerpt: "...Critics countered that the chained CPI doesn’t account for medical costs which make up a larger share of expenses for older people than for the population as a whole and would over time cost federal retirees thousands of dollars...."

Resource: www.federaltimes.com

chained CPI

Wednesday, March 5, 2014

How to maximize your Social Security

How to maximize your most valuable retirement asset

Article Excerpt: "...Most people aren't careless with the things they value the most. Surprisingly, one exception is how most people treat their most valuable retirement asset -- Social Security...."

Resource: www.cbsnews.com

Social Security,

Monday, March 3, 2014

Social Security rules to become familiar with

Don't Fall Into These Social Security Traps

Article Excerpt: "...Some of the Social Security rules can be frighteningly complex. Because it will likely represent a large portion of your retirement income, it's important to understand how the government program works...."

Resource: www.nasdaq.com

Social Security

Sunday, January 26, 2014

Ridiculously low social security pay and Medicare expenses

Seniors struggle with Social Security adjustments

Article Excerpt: "...the Medicare Part D "doughnut hole" -- the no-man's land in which beneficiaries pay the full cost for prescriptions after they have used up their basic benefit and before they reach an upper "catastrophic" mark when coverage resumes...."

Resource: www.post-gazette.com

Wednesday, January 22, 2014

Health care costs are well on their way to eating up half of the average Social Security check

Health Care Consumes Over a Third of Social Security Checks

Article Excerpt: "... Social Security benefits were never intended to go mostly toward medical bills. Yet today, even with Medicare (including the prescription drug coverage - Medicare Part D - which took effect in 2006), out-of-pocket health care costs are well on their way to eating up half of the average Social Security check of seniors and their surviving spouses. ..."

Resource: www.huffingtonpost.com

Thursday, January 2, 2014

Federal Employee and Postal Employee Buyouts Update 2014

Will a buyout be in your stocking?

Article Excerpt: "..."We keep hearing rumors of buyout ... but without any confirmation," a federal HR official said earlier this week. "It's almost like [the situation] with the SES bonuses, as if [the administration] doesn't want to talk about it." ..."

Resource: www.federalnewsradio.com

2014 Buyouts, 2014 USPS Buyouts, 2014 Federal Employee Buyouts,