Thursday, January 20, 2022

Everything You Want to Know About CSRS Federal Retirement (OPM.gov)

Everything You Want to Know About CSRS Federal Retirement (OPM.gov)

Article Excerpt: "...The Civil Service Retirement System (CSRS) is a defined benefit, contributory retirement system. Employees share in the expense of the annuities to which they become entitled. CSRS covered employees contribute 7, 7 1/2 or 8 percent of pay to CSRS and, while they generally pay no Social Security retirement, survivor and disability (OASDI) tax, they must pay the Medicare tax (currently 1.45 percent of pay). The employing agency matches the employee's CSRS contributions...."



Resource: www.opm.gov



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Everything You Want to Know About FERS Federal Retirement (OPM.gov)

Everything You Want to Know About FERS Federal Retirement (OPM.gov)

Article Excerpt: "...FERS is a retirement plan that provides benefits from three different sources: a Basic Benefit Plan, Social Security and the Thrift Savings Plan (TSP). Two of the three parts of FERS (Social Security and the TSP) can go with you to your next job if you leave the Federal Government before retirement. The Basic Benefit and Social Security parts of FERS require you to pay your share each pay period. Your agency withholds the cost of the Basic Benefit and Social Security from your pay as payroll deductions. Your agency pays its part too. Then, after you retire, you receive annuity payments each month for the rest of your life...."



Resource: www.opm.gov



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Wednesday, January 19, 2022

How do i get a passport ?

Now that i am retired, how do i get a passport for the first-time in my life?

I am retired and ready to get my passport for the first-time; How do i go about doing so? The first step in getting your passport is to get a passport photo. There are many ways to do this. You can simply take your own photo or have a friend do so. If you take your own photo the U.S. State Department says you need to meet the following basic requirements in doing so:
  1. Submit a color photo, taken in last 6 months
  2. Use a clear image of your face. Do not use filters commonly used on social media.
  3. Have someone else take your photo. No selfies.
  4. Take off your eyeglasses for your photo.
  5. Use a plain white or off-white background.
  6. Use the Department of State Photo Tool to upload your photo and crop it so it's the right size. Note: this tool is intended for cropping your photo only. After you apply, a U.S. Department of State employee will review your photo and decide if they will accept your photo. Compare your photo with examples of good photos. Submit a high resolution photo that is not blurry, grainy, or pixelated. The correct size of a passport photo is: 2 x 2 inches (51 x 51 mm), Head must be between 1 -1 3/8 inches (25 - 35 mm) from the bottom of the chin to the top of the head, Printed on matte or glossy photo quality paper, Do not digitally change the photo, You cannot submit a damaged photo with holes, creases, or smudges, Have a neutral facial expression or a natural smile, with both eyes open, Face the camera directly with full face in view, You cannot wear glasses, If you cannot remove your glasses for medical reasons, please include a signed note from your doctor with application, Taken in clothing normally worn on a daily basis, You cannot wear a uniform, clothing that looks like a uniform, or camouflage attire, You cannot wear a hat or head covering, If you wear a hat or head covering for religious purposes, submit a signed statement that verifies that the hat or head covering in your photo is part of traditional religious attire worn continuously in public. If you wear a hat or head covering for medical purposes, submit a signed doctor's statement verifying the hat or head covering in your photo is used daily for medical purposes. Your full face must be visible and your hat or head covering cannot cast shadows or cover up part of your face. You cannot wear headphones or wireless hands-free devices. Permanent tattoos are acceptable for passport purposes as well.
  7. ...and we suggest if you have a beard or mustache that you either have the picture taken with it or if you plan on being clean-shaved on your trip that you do so prior to your photo being taken. Specifically you should do your best to look like you will look like while going through customs, etc.

As an alternative to taking your own photo many acceptance facilities such as posts offices, libraries, and local government offices will take your photo. Check the Acceptance Facility Search page to see if your local facility offers photo services.

Another alternative, in example, are places like your local CVS.

Equal to the first step mentioned above (photo), we suggest you get fully vaccinated and carry your official and original vaccination card with you. When we say fully vaccinated we mean that to include boosters and any other current requirements.

To get your passport, use the U.S. Postal Service. Call to determine where your local USPS passport location is. Not every post office provides this service. Schedule an appointment with your local post office HERE. Read about all the details about the passport process at www.usps.com/international/passports.htm and travel.state.gov/content/travel/en/passports/need-passport.html
Can i apply for both a passport book and passport card at the same time?



Resource: federalretiree.blogspot.com

How do I get a passport?, Can i apply for both a passport book and passport card at the same time?,

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What do retirees spend the most money on in retirement?

Typical Retirement Expenses to Prepare For

Article Excerpt: "...Housing and living expenses, such mortgage payments, insurance, and maintenance costs, are typically among the highest costs retirees will face. In 2021, Americans aged 65 and older spent an average of $4,847 annually on housing-related costs, including property tax, maintenance, repairs, insurance and other expenses...."



Resource: www.sofi.com



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Retirement Spending: How Much Do Americans Plan to Spend Annually?

Retirement Spending: How Much Do Americans Plan to Spend Annually?

Article Excerpt: "...the general population? According to the Bureau of Labor Statistics, Americans age 65 and older spend about $48,000 per year on average. Chances of Retirement Success Once you’ve determined how much you’ll spend in retirement, your next step may be to wonder if your savings are on track. Based on an assessment of Personal Capital retirement planner users, here is the breakdown of people’s chance of success...."



Resource: www.visualcapitalist.com



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Monday, January 17, 2022

Is “Retirement” Obsolete?

Is “Retirement” Obsolete?

Article Excerpt: "...Even if we aren’t planning on retiring early, we would like to do just that. Approximately two-thirds (62 percent) of respondents who planned on working past the age of 60 said they would retire earlier if they were financially able to do so. Only 35 percent of respondents cited a lack of financial resources as the reason they would not retire earlier. The largest proportion (55 percent) of respondents who said they would choose to retire earlier said they would need a clear vision for life in retirement before deciding to retire...."



Resource: www.thestreet.com



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The Average Retirement Age in Every State

The Average Retirement Age in Every State

Article Excerpt: "...Alabama Average retirement age: 62 Annual cost of a comfortable retirement: $49,099 Retirement savings needed: $883,790..."



Resource: yahoo.com



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How to Budget Effectively When in Retirement

How to Budget Effectively When in Retirement

Article Excerpt: "...budgeting during retirement is based on the same principles as before. Nevertheless, there are new things to look out for that make it extra important to plan ahead, so you don’t find yourself old and broke during your final years on this earth. This is why, in this post, I’ll cover the most important steps to budget effectively during retirement...."



Resource: www.business2community.com



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This Social Security Move Could Save You if You're Lacking Retirement Savings

This Social Security Move Could Save You if You're Lacking Retirement Savings

Article Excerpt: "... delaying your filing past FRA will result in a significant boost to your benefits -- one that you'll get to enjoy for the rest of your life. And so if you're short on retirement savings, waiting as long as possible to claim Social Security is a good bet. Specifically, that means waiting until your 70th birthday to sign up for benefits. ..."



Resource: www.fool.com



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A Boomer's ultimate guide to retirement income

A Boomer's ultimate guide to retirement income

Article Excerpt: "...The average retirement income is around $73,000, but the median retirement salary is $47,000. ..."



Resource: www.msn.com



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Senior Living: Secrets to a happy retirement

Senior Living: Secrets to a happy retirement

Article Excerpt: "...When we think about it — why aren’t all retired people happy? They don’t work or commute any more. They have no deadlines, commitments, angry bosses, or backstabbing coworkers to deal with, and they can sleep in every day. ..."



Resource: www.msn.com

Secrets to a happy retirement

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Turning full retirement age in 2022? Consider filing for benefits this month

Turning full retirement age in 2022? Consider filing for benefits this month

Article Excerpt: "...January is a critical month for the hundreds of thousands of potential Social Security beneficiaries who are reaching 66 and 4 months, their so-called full retirement age (FRA), in 2022. ..."



Resource: www.dallasnews.com



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The 30 Greatest Threats to Your Retirement

The 30 Greatest Threats to Your Retirement

Article Excerpt: "...Grown Kids Siphoning Off Your Retirement Money Most people want to help their children succeed in life. Experts caution against sharing too much of your retirement money with adult kids, however. "You won't be around forever, and [children] need to stand on their own..."



Resource: yahoo.com



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3 Reasons Your Retirement Savings Aren't Growing as Fast as You'd Like

3 Reasons Your Retirement Savings Aren't Growing as Fast as You'd Like

Article Excerpt: "...There can be many causes for a stagnant retirement balance, but here are three of the most common and what you can do to solve them. ..."



Resource: www.nasdaq.com



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Friday, January 14, 2022

No More Surprise Medical Bills: 5 Things To Know about the No Surprises Act Taking Effect in 2022

  No More Surprise Medical Bills: 5 Things To Know about the No Surprises Act Taking Effect in 2022

New Year. New Law. Beginning January 1, 2022, new federal protections will shield millions of consumers from surprise medical bills. Surprise medical bills – unexpected bills from an out-of-network provider, out-of-network facility or out-of-network air ambulance provider – is common among those with private insurance. Nearly one in five patients who go to the emergency room, have an elective surgery, or give birth in a hospital receive surprise bills, with average costs ranging from $750 to $2,600 per episode. Learn about how the No Surprises Act can protect you from surprise medical billing. U.S. Department of Health and Human Services

Reference: https://www.hhs.gov/