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,

Are You Prepared for Health Care Costs While in Retirement?

Article Excerpt: "...Yes, health care can be expensive in retirement, but there are some things you can do now to get your ducks in a row...."

Resource: www.kiplinger.com

People Born In 1960 Face Huge Permanent Social Security Benefit Reductions

Article Excerpt: "...feature in the Social Security benefit formula that makes the critical calculation of an individual's initial Social Security retirement benefit (which is linked to the year that workers turn age 60) is sensitive to economic recessions. Known as the average wage index (AWI) Read more at: https://www.lelezard.com/en/news-19640181.html...The Social Security COVID Correction and Equity Act," introduced by Representative John Larson (CT-1), and the "Protecting Benefits for Retirees Act", introduced by Senators Tim Kaine (VA) and Bill Cassidy (LA). The Senior Citizens League strongly endorses legislation that would fix not only this potential notch but also provide permanent protection from this sort of recessionary reduction for future retirees as well..."

Resource: www.lelezard.com

average wage index (AWI),Social Security,Protecting Benefits for Retirees Act, Social Security COVID Correction and Equity Act,

Raided Your Retirement Plan During Coronavirus? You Have Some Tax Decisions to Make

Article Excerpt: "...The 2021 tax-filing season is getting off to a delayed start. The IRS recently announced it would first begin accepting tax returns on Feb. 12, whereas the agency normally starts taking returns at the end of January. If you're expecting a refund on this year's tax return, you may be eager to start gathering your paperwork and getting your taxes together. But if you took a CARES Act withdrawal from your retirement plan last year, you'll also have some big decisions to make..."

Resource: www.fool.com

10 questions all soon-to-be-retirees ask

Article Excerpt: "...When federal employees begin exploring their retirement options, they realize they have more questions than answers. Federal Times Retirement Columnist Reg Jones, former head of retirement and insurance programs at the Office of Personnel and Management, has heard them all...."

Resource: www.federaltimes.com

The Importance of Budget Planning in Retirement

Article Excerpt: "...Drawing up a detailed budget can be the difference between a carefree retirement and years of penny-pinching and worrying. Here are some tips..."

Resource: www.kiplinger.com

20 Steps to Take When Preparing for Retirement

Article Excerpt: "...retirement doesn't have to be difficult or complex. Even if you don't have a detailed plan for retirement in place, taking small steps now can make a big difference as you approach retirement. Here is how to prepare for retirement..."

Resource: usnews.com

Saving an extra $100 a month in your retirement plan could leave you this much richer

Article Excerpt: "...If you're already contributing money to an IRA or 401(k) plan, you're doing your part to secure your retirement. But are you saving enough? If you're years away from leaving the workforce, it's hard to know..."

Resource: www.usatoday.com

No savings at 40? I’d use the Warren Buffett method to retire on a growing passive income

Article Excerpt: "...following a value investing strategy such as that used by Warren Buffett could produce even greater returns. Through buying high-quality companies when they trade at low prices, an investor can generate market-beating returns that have a positive impact on their financial future..."

Resource: www.fool.co.uk

Warren Buffett, passive income,

Should You Save for Retirement or Pay Down Debt First?

Article Excerpt: "...If you have some extra cash at the end of the month, you may choose to put it toward one of your financial goals. There are advantages and disadvantages to both saving for retirement and paying down debt, but in some cases, it pays to choose one goal over the other..."

Resource: journalnow.com

What Makes the Federal Employees Retirement System So Good?

Article Excerpt: "...For starters, not everybody can sign up for the Federal Employees Retirement System. It – as the name implies – is for federal employees. More specifically, it’s for civil servants. They are the non-military civilian workforce that forms government departments and agencies. There are millions of such workers across the country. They system includes Federal Reserve employees and covers the congressional pension program. Those working for the National Security Agency, staff members of the White House, CIA agents and nearly 500,000 postal service workers qualify for the Federal Employees Retirement System..."

Resource: investmentu.com

Federal Employees Retirement System (FERS),

Will Federal Employees Really Have Lower Taxes in Retirement?

Article Excerpt: "...even though you’ve stopped working and are no longer being paid a salary by your agency, once you retire and start receiving your pension retirement, it’s as if you’re still receiving a salary from a tax perspective. This is because the money that you’re receiving from your pension is considered fully taxable..."

Resource: www.fedsmith.com

Here's the Average Social Security Benefit by Age

Article Excerpt: "...let's examine the average payout by age. Below you'll find a payment breakdown provided by the SSA as of June 2020 (rounded to the nearest whole dollar)..."

Resource: www.fool.com

6 Considerations For Retirees To Pay Off Your Mortgage Early

Article Excerpt: "...If you plan to pay off your loan by taking a withdrawal from a 401(k) or IRA, you may want to reconsider for tax purposes. For example, if your current income puts you in the 12% tax bracket and taking a large distribution puts you in the next tax bracket (22%)..."

Resource: www.forbes.com