President Biden Inflation Could Create Social Security Increase for Seniors in 2022

Article Excerpt: "...Each year, Social Security recipients are eligible for a cost-of-living adjustment, or COLA. COLAs are calculated based on data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which measures fluctuations in the cost of common goods and services. When inflation strikes and the CPI-W rises, seniors on Social Security are given a raise. But when the CPI-W drops or stays flat, seniors can be denied a COLA..."

Resource: www.msn.com

CPI-W,2022 COLA,

How to Boost Your Retirement Income When Social Security Only Covers 40%

Article Excerpt: "...These tips on retirement saving and investing can help retirees get more income than Social Security provides...."

Resource: www.fool.com

Retirement Tips

Your Residence Is Your Retirement

Article Excerpt: "...For many contemplating retirement, one’s future living arrangements is the most thought about – yet least acted upon – aspect of retirement planning. According to the U.S. Bureau of Labor Statistics even though housing is the largest average cost in retirement, older Americans move far less often than the general population..."

Resource: www.forbes.com

How to fight off boredom in retirement

Article Excerpt: "...There are other ways to stoke your curiosity. Start a “Things To Learn About” list and keep it in a visible place. For instance, ask neighbors how they’ve planted such a lush garden or read about a foreign country to get to know it better..."

Resource: www.marketwatch.com

Mistakes to Avoid When You Retire from a Federal Job ...or Postal Service Job

Article Excerpt: "...While some of them may come a little late in the year for those of you who have already decided to leave around the end of this year, they will really help any of you who are planning to retire in 2021 and beyond..."

Resource: www.fedweek.com

Retirement Tips

What it Takes to Be an Average Retiree

Article Excerpt: "...What is “average” of course depends on what is being measured, but it’s instructive to see how federal retirees fit in a recent study by the Employee Benefit Research Institute which concluded that there are five broad categories of retirees. In the middle, of course, are what it called average retirees. They are characterized, for example, by having “intermediate” levels annual income—for three-fourths of them, between $40,000..."

Resource: www.fedweek.com

Average Retiree

The ins and outs of the FERS supplement

Article Excerpt: "...The supplement represents what you would receive for your FERS civilian service from Social Security. It is calculated as if you were eligible to receive Social Security benefits on the day you retired. The supplement is paid by the Office of Personnel Management as part of your FERS retirement. Here are five things to know if you’re thinking about retiring with a FERS supplement—or are already receiving one..."

Resource: www.govexec.com

If I stop working before I claim Social Security, will my monthly benefit amount be reduced?

Article Excerpt: "...Not necessarily. Your benefit will not fall — you are due a certain benefit based on your work up until now. Quitting work before you're old enough to claim benefits won't reduce that amount when you do claim it. But if you stop work now, your benefit won't get any larger. Social Security benefits are based on your highest 35 years of earnings. If you have fewer than 35 years..."

Resource: www.aarp.org

Changing Your Mind on Key Retirement Decisions

Article Excerpt: "...In some cases, they realized that they weren’t ready to retire emotionally or mentally. In others, they figured out that their annuity actually wouldn’t be enough to get by on. Others had made a snap decision to retire because of some conflict or development in the workplace..."

Resource: www.fedweek.com

What Should Federal Employees Do With the TSP After Retirement?

Article Excerpt: "...Federal employees have several options with respect to what they can do with their TSP accounts after they retire from federal service..."

Resource: www.fedsmith.com

Retiring and Changing Health Insurance at the Same Time? Good Luck.

Article Excerpt: "...Workers and spouses covered by a worker’s current employment health plan also have a special enrollment period to sign up for Medicare after retirement. If you miss the initial or special periods, you’re left with an annual general enrollment period that runs from January through March. If you don’t sign up for Medicare Part B when you're first eligible, your monthly premium may go up 10% for each 12-month period you could've had the insurance but didn't sign up. In most cases, you'll have to pay this penalty each time you pay your premiums, for as long as you have Part B. And the penalty increases the longer you go without Part B coverage..."

Resource: www.govexec.com

TSP’s skyrocketing million dollar accounts

Article Excerpt: "...The number of active and retired feds with $1 million or more in their Thrift Savings Plan accounts has jumped to a record 84,808 as of March 31 of this year. That’s up from 27,212 TSP millionaires in March 2020. The vast majority of TSP millionaires got there by investing steadily in the C, S and I funds — even when the markets tanked..."

Resource: federalnewsnetwork.com

States That Won’t Tax Your Federal Retirement Income

Article Excerpt: "...reducing your tax bill can be a great way to stretch every dollar. One of the biggest factors that will determine your tax bill in retirement is where you live. There are significant tax differences depending on which state you retire in. States levy three main types of taxes: income tax, sales tax, and property tax. You will want to pay attention to all 3 before you make a decision on where to live..."

Resource: www.govexec.com

Federal Soup: A Forum for Federal Retirement

Article Excerpt: "...For those approaching retirement as well as the currently already retired, here is a forum to share ideas and thoughts and exchange questions and answers..."

Resource: federalsoup.com

Federal Soup: A Forum for Federal Retirement,

Social Security has an unpleasant surprise for you if you turned 60 last year (2020)?

Article Excerpt: "...beneficiary who claimed in 2022 was projected to have a benefit that was 3.5% higher than the prior year, or a monthly check of $2,070. Instead, because of the decline in the average wage index in the year she turned 60, she would receive $1,881 a month, Goss said in his statement..."

Resource:

Biden Legacy, Social Security,Social Security COVID Correction and Equity Act,