The latest twist in the ‘Great Resignation’: Retiring but delaying Social Security

The latest twist in the ‘Great Resignation’: Retiring but delaying Social Security

Article Excerpt: "...Social Security allows most people to enroll as early as age 62, but steadily increases monthly payments to those who enroll later, up to age 70. Someone who turned 65 this year and last earned $60,000 could see their monthly payment jump from $1,418 to $1,550, a 9 percent increase, by delaying their retirement by a year, according to Social Security’s calculations. ..."

Resource: www.washingtonpost.com

How far in advance can I apply for Social Security retirement benefits?

How far in advance can I apply for Social Security retirement benefits?

Article Excerpt: "...You can apply up to four months before you want your retirement benefits to start. For example, if you turn 62 on December 2, you can start your benefits as early as December, and apply in August...."

Resource: faq.ssa.gov

Windfall Elimination Provision Update: Equal Treatment of Public Servants Act (H.R. 5834)

Windfall Elimination Provision Update

Article Excerpt: "...The Equal Treatment of Public Servants Act (H.R. 5834), introduced by Rep. Kevin Brady, R-Texas, would replace the windfall elimination provision with a new formula that would more accurately reflect the proportion of a retiree’s career spent in government compared to their time in the private sector, and it would provide a $100 monthly rebate for retirees—and a $50 rebate each month for surviving spouses—ages 60 and older currently impacted by the windfall elimination provision...."

Resource: www.govexec.com

Equal Treatment of Public Servants Act (H.R. 5834)

This Is the Average Social Security Benefit for 2022 With Added COLA

This Is the Average Social Security Benefit for 2022 With Added COLA

Article Excerpt: "...According to the SSA, the estimated average monthly benefits for all retired workers will be $1..."

Resource: yahoo.com

Retired Postal Worker and Vietnam War Vet Wins Almost $1 Million in North Carolina Lottery

Retired Postal Worker and Vietnam War Vet Wins Almost $1 Million in North Carolina Lottery

Article Excerpt: "...Retired postal worker and Vietnam War veteran Truman Caddell is several hundred-thousand dollars richer after a lucky scratch-off led him to an even luckier spin on North Carolina Education Lottery's Bigger Spin lottery game. Caddell's luck started when he purchased a $10 Bigger Spin scratch-off..."

Resource: www.southernliving.com

What is the average FERS retirement?

What is the average FERS retirement?

Article Excerpt: "...The average federal civil servant who retired in fiscal year 2016 was 61.5 years old and had served 26.8 years of federal service. The average monthly payment to workers who retired from..."

Resource: www.roadlesstraveledstore.com

How to Estimate a FERS Special Retirement Supplement

How to Estimate a FERS Special Retirement Supplement

Article Excerpt: "... smoothed the transition from employment to retirement for those employees who retire before age 62. It’s called the special retirement supplement (SRS). The FERS annuity If you are like most FERS employees, you can figure out your retirement annuity by using a simple formula: 0.01 x..."

Resource: www.fedweek.com

January Retirement COLA Set: 5.9 Percent for CSRS, 4.9 for FERS

January Retirement COLA Set: 5.9 Percent for CSRS, 4.9 for FERS

Article Excerpt: "...Those retired under CSRS or CSRS Offset receive a COLA regardless of their age. However, those retired under FERS don’t receive COLAs until age 62...A 5.9 increase also will be paid on Social Security benefits. That’s primarily of interest to FERS retirees, for whom Social Security is a basic part of the retirement benefit..."

Resource: www.fedweek.com

Inflation alert: Are you on the Titanic or the iceberg?

Inflation alert: Are you on the Titanic or the iceberg?

Article Excerpt: "...The fly in the ointment for FERS employees is their diet-COLA system. Under it, FERS retirees get the same COLA as CSRS retirees UNTIL it exceeds 2%. So for example if a CSRS Social Security COLA is 6%, FERS retirees would get 5%. Imagine the impact on a FERS annuity of a period of extended inflation in which the FERS folks would get less than CSRS retirees during periods of inflation...."

Resource: federalnewsnetwork.com

Are You Willing and Able to Retire at Age 55? Let’s Run the Numbers

Are You Willing and Able to Retire at Age 55? Let’s Run the Numbers

Article Excerpt: "...If you are looking to retire early from the workforce, this is a question you may be asking. The traditional retirement age is 65 for most people. However, early retirement can give you more time to pursue hobbies and explore new interests...."

Resource: due.com

7 simple retirement tax secrets that can potentially save you thousands

7 simple retirement tax secrets that can potentially save you thousands

Article Excerpt: "...Even retirees who are not self-employed may be able to include Part B premiums as an itemized deduction on your Schedule A...."

Resource: www.ksl.com

You're Running Out of Time to Make the Most of This $2,000 Credit for Investing

You're Running Out of Time to Make the Most of This $2,000 Credit for Investing

Article Excerpt: "...Saver's Credit is one of the most valuable tax credits for eligible investors. Eligible Americans can claim this credit, valued at up to $2,000, if they invest in certain retirement accounts...."

Resource: www.msn.com

How Much You Should Have in Your Retirement Fund at Ages 30, 40, 50 and 60?

How Much You Should Have in Your Retirement Fund at Ages 30, 40, 50 and 60

Article Excerpt: "...By age 30, you should have saved an amount equal to your annual salary for retirement, as both Fidelity and Ally Bank recommend. If your salary is $75,000, you should have $75,000 put away. How do you..."

Resource: yahoo.com

Federal Employees: Don't Panic About Changes

Federal Employees: Don't Panic About Changes

Article Excerpt: "From a hiring freeze to possibly shrinking retirement and health care benefits, the future holds some uncertainty. However, most of these changes are manageable. ..."

Resource: www.kiplinger.com

Yearly processing times for federal retirement climb to record high

Yearly processing times for federal retirement climb to record high

Article Excerpt: "...The fiscal-year-to-date average processing time increased from 79 days to 95 days between September and October, which is the highest it’s been for at least a year, according to newly released numbers from OPM...."

Resource: federalnewsnetwork.com