A news and educational resource pooling excerpts from various news and information sources from the web for the Federal Retiree.
Article Excerpt: "...We won't know exactly how much Social Security will increase next year until October, but based on June's inflation data, the cost of living adjustment (COLA) in 2022 could top 6% for the first time since 1982..."
Article Excerpt: "...The average retired worker should receive $1,479 in December from Social Security. But the typical retiree in these states nets an even beefier average benefit..."
Article Excerpt: "...Social Security taxes are based on what's known as your provisional income -- your adjusted gross income (including pension payouts and retirement-account withdrawals but not counting Social Security benefits)..."
Article Excerpt: "...future retirement benefits of the vast majority of feds who are under the Federal Employees Retirement System (FERS). Unlike the earlier Civil Service Retirement System (CSRS), which gives retirees full inflation protection for life, FERS has a diet cost of living adjustment (COLA) feature that over periods when inflation is 2% or higher can and will dramatically reduce their benefits, even as living costs rise dramatically..."
Article Excerpt: "...You might have read the common rule of thumb is that you should have “80% of your pre-retirement income in retirement to maintain the same lifestyle”. How much money should you really have, and how does this “rule” pertain to federal employees? The “80% rule” is what many financial professionals ..."
Article Excerpt: "...There are two application forms for immediate retirement. You’ll find the one for CSRS employees at www.opm.gov/forms/pdf_fill/sf2801.pdf and the one for FERS employees at www.opm.gov/forms/pdf_fill/sf3107.pdf. While the explication and direction for the CSRS one takes up 11 pages, the one for FERS takes only four. Both do a pretty good job of leading you through the boxes but I thought it might be useful to walk you through the forms and highlight what you’ll need to have at hand when you do fill one out..."
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..."
Article Excerpt: "...These tips on retirement saving and investing can help retirees get more income than Social Security provides...."
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..."
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..."
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..."
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..."
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..."
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..."
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..."