A news and educational resource pooling excerpts from various news and information sources from the web for the Federal Retiree.
Article Excerpt: "...there are also ways to improve your retirement finances if you implement some cost cutting strategies. Here are some simple ways to save money during the coronavirus outbreak..."
Article Excerpt: "...While the drop into a bear market over the past month is the fastest on record, the Standard & Poor’s 500 still hasn't fallen nearly as much as it did at its bottom in 2009, when it had plummeted 57% during the Great Recession. The index is off nearly 30% from its Feb. 19 high..."
Article Excerpt: "...we have approximations like the 70-80 percent guideline. They give people an estimate to work towards, which is a step in the right direction..."
Article Excerpt: "...Elizabeth Warren: Sanders’ main rival on the left also supports the expansion of Social Security. Her plan calls for a $200 monthly increase for all beneficiaries, with the roughly $150 billion cost in the first year to be paid for by higher taxes on the rich. The taxes include a 14.8% payroll tax on incomes over $250,000 and a 14.8% tax on investment income for the top 2% of earners. The taxes would reduce the deficit by $1 trillion over 10 years and extend the life of the Social Security trust fund ..."
Article Excerpt: "...Many survey respondents said they planned to retire at age 62, because the Federal Employee Retirement System (FERS) incentivizes participants to keep working until that specific age...For the purposes of calculating their annuities, 62-year-old employees receive 1.1% of their average highest three years of salary for each year of service, instead of 1%..."
Article Excerpt: "...Military retirees, those who receive disability or other benefits from the Department of Veterans Affairs, federal retirees and social security recipients will see a 1.6% increase in their monthly checks for 2020..."
Article Excerpt: "...the news on the COLA front isn't so encouraging going into 2020: Seniors will only be getting a 1.6% boost in their benefits, which pales in comparison to the 2.8% COLA they received going into 2019..."
Article Excerpt: "...There are a lot of factors to consider for a great retirement strategy -- such as your expected healthcare costs, living expenses in retirement, life expectancy, savings, investments, and retirement accounts such as a Roth IRA. The list of questions below can help you approach them all, as you aim for maximum retirement income..."
Article Excerpt: "...If you're going to be depending on your benefits to make ends meet in your golden years, it's crucial to do your best to maximize those checks. And there are a few Social Security rules you need to understand to truly make the most of your benefits..."
Article Excerpt: All TSP participants must have validated contact information and use two-step authentication to log into My Account before the end of 2019. You can avoid interruption to your account access by adding these security features in your My Account Profile Settings now. Download instructions (pdf)PDF file. Two-step authentication helps protect your account against fraud. This login process is more secure because it means that online access to your account requires something you know (your account number or username and password) and something you have (the one-time code you receive in your email or on your phone). Someone who tries to log into your account fraudulently won’t be able to gain access without the code. We recommend that you include at least one contact method on your account that will stay with you through career, such as a personal email.
Article Excerpt: "...These days, more retirees are carrying mortgage debt into retirement. About half of all retirees ages 65 to 69 were mortgage-free in 2015, down from nearly 60% in 2000, according to mortgage giant Fannie Mae..."
Article Excerpt: "...Since we don't know what the reading for July through September will be, 2020's COLA remains undetermined at this point. However, most forecasts have called for a COLA of perhaps 1.7% to 1.8% next year, which would lead to an increase pay for the average retired worker of about $25 a month, based on the average payout of $1,471 a month, as of June 2019..."
Article Excerpt: "...Social Security isn't meant to sustain seniors by itself. Those benefits will replace about 40% of an average earner's pre-retirement income. For higher earners, it'll replace an even smaller percentage...The average Social Security recipient today collects $17,532 a year in benefits..."
Article Excerpt: "...A stock-laden portfolio designed for growth may be too risky when there's less time to wait out downturns and no fresh money going in. And the safe-looking alternative of switching to short-term bonds and cash could backfire if inflation takes a toll in a long retirement..."
Article Excerpt: "...the Chained index would result in a six percent income decrease over 30 years for COLA recipients..."