A news and educational resource pooling excerpts from various news and information sources from the web for the Federal Retiree.
Article Excerpt: "...Social Security payments can be boosted by early withdrawals from workplace automatic individual accounts (auto-IRAs) early, says a new study..."
Article Excerpt: "... going to retire in a few years and I’m in a long-term relationship, but I’m not married. What are the pros and cons of marrying before or after retirement..."
Article Excerpt: "...For example, a person who claims Social Security after full retirement age is eligible for up to six months of retroactive benefits, payable in a lump sum. If you accept that lump sum, your monthly benefit is smaller. For the cyber crooks, the payout is huge if they use the ID of someone in that age range who isn't already collecting benefits..."
Article Excerpt: "...here are some of the top retirement-planning books, according to expert sources and staffers at MONEY. This roundup ranges the gamut from big-picture economic questions to the nitty-gritty of your personal assets..."
Article Excerpt: "...What can you do if you claimed Social Security benefits too early? If you've decided you claimed Social Security benefits before you were ready, you have three primary options..."
Article Excerpt: "...The complexities of Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) benefits leave many people wondering not only if they can buy a home, but if buying a home will, in turn, affect their benefits in the future. The short answer is many people who receive SSDI and SSI benefits can and do qualify to buy a home, but will also likely face some additional hurdles unique to receiving these benefits..."
Article Excerpt: "...Deposits to capture military service credit are made to your employing agency and generally must be received by your employing agency before retirement. Because of the processing time involved, it is wise to make the needed arrangements well before retirement. Allow at least three months to receive your military earnings records and the calculation of the needed deposit from the Defense Department; check with your agency regarding how long it needs record a payment as received—it could be several more months. Extensions of time are allowed only in limited cases of administrative error by the employing agency..."
Article Excerpt: "...Kane, 90, had heard that Social Security recipients were a getting a 2 percent raise, so he had to chuckle when he saw his statement of benefits for 2018. “I couldn’t believe my eyes,” said Kane, a Scotsman living in Scotland, Pennsylvania. “I’ve never seen an increase of $1..."
If you receive a TSP withdrawal payment before you reach age 59½, in addition to the regular income tax, you may have to pay an early withdrawal penalty tax equal to 10% of any taxable portion of the payment that is not transferred or rolled over. However, if you separate from service during or after the year you reach age 55 (or the year you reach age 50 if you are a public safety employee as defined by section 72(t)(10)(B)(ii) of the Internal Revenue Code), then the 10% early withdrawal penalty tax does not apply. There are other circumstances in which the 10% early withdrawal penalty does not apply that are not associated with your age at retirement. For more information, read the TSP tax notice "Important Tax Information About Payments from Your TSP Account."
Article Excerpt: "...When you hit retirement age, you won’t have to pay taxes on withdrawals. That can give your savings a powerful boost if your tax rate is higher in retirement. For example, a person who saves the maximum $5,500 for 30 years in a Roth could end up with an account worth $555,902, compared with a traditional IRA worth $472,835..."
Article Excerpt: "...The House had included those instructions in its version of the budget resolution that cleared the chamber earlier this month. The original House proposals were vague, but potential changes would likely include higher employee contributions to the federal defined benefit pension plan, an elimination of supplemental payments to employees who retire before age 62 and a move to a defined contribution pension plan for new federal employees..."
Article Excerpt: "... the House version ordered its counterpart committee to produce $32 billion in savings over 10 years through steps such as raising the required retirement contribution and eliminating the “special retirement supplement” paid to those who retire under FERS before age 62 until they reach that age and become eligible for Social Security..."
Article Excerpt: "...A paycheck can temporarily reduce Social Security payments if you're drawing benefits before your full retirement age..."
Article Excerpt: "...With Congress and the White House proposing major changes in the federal retirement program, many retirement-eligible workers are considering retiring soon (like this month or next) in order to beat the changes. The problem is that nobody knows the effective dates of the proposals and which of them, if any, might be approved in what’s left of the legislative year..."
Article Excerpt: "...those same unscrupulous individuals might also attempt to steal countless amounts of Social Security income from otherwise unsuspecting workers and seniors. Let's talk about those seniors who are currently receiving benefits. If criminals get hold of their personal information, there's nothing to stop them from redirecting payments toward a new bank account..."