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Posted on Saturday, 18th May 2019 by Dennis Damp

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Those approaching age 70 ½ and older are often perplexed about their Thrift Savings Plan RMD withdrawal options and how to efficiently manage the transaction’s proceeds. Some of the concerns are your TSP balance decreases with each withdrawal, annual income and taxes increase, and the earned income potential vanishes for the cash you now have […]

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Posted on Saturday, 27th April 2019 by Dennis Damp

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Most sign up long before age 70 for a myriad of reasons. I decided long ago that I would defer my benefit until I absolutely had to apply. Next month I start collecting Social Security at age 70 and can’t believe the time has come so quickly, yet I look forward to reaching this milestone. […]

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Posted on Thursday, 11th April 2019 by Dennis Damp

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Anyone that plans on traveling in the future, applying for a passport or needs access to a government building will require a REAL ID. Without this document travel by plane or anywhere out of country will be impossible. According to the Department of Homeland Security (DHS), the REAL ID program was passed by Congress in […]

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Posted on Monday, 4th March 2019 by Dennis Damp

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The TSP currently requires that you make a full withdrawal election after you turn 70½ if you haven’t initiated any of the withdrawal options and have separated from federal service. If you fail to do that, the TSP initiates an account “abandonment” process. Fortunately, the new law passed in late 2017 establishes more flexible withdrawal […]

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Posted on Friday, 8th February 2019 by Dennis Damp

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I received my TSP 2018 Annual Statement this week and there was a short announcement about the Lifecycle (L) Fund changes on the backside of the Highlights sheet. The statement includes your total contributions, projected lifetime monthly annuity amount, fund and account performance statistics and more. The TSP has begun adjusting the L Fund allocations […]

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Posted on Tuesday, 5th February 2019 by Dennis Damp

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I received several emails from federal workers that quit because of the shutdown! They asked how to cash in their FERS retirement. Recently, the Washington Post published an article about federal employee’s facing the decision to “Stay or Quit.“ Certainly, new hires and those with only a few years federal employment were struggling, and I […]

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Posted on Saturday, 19th January 2019 by Dennis Damp

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Normally, federal annuitants don’t received their 1099R Tax Forms by regular mail until the end of January or the beginning of February. If you are registered to use OPM’s Retirement Services Website your 1099R is now available for download. I visited the site on January 16, 2019 and was able to download my copy that […]

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Posted on Friday, 11th January 2019 by Dennis Damp

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OPM sent out a notice of annuity adjustment in late December to all annuitants and survivor annuitants. I received mine on December 22. This document, the first for 2019, includes your new monthly payment resulting from our recent 2.8% COLA Adjustment. There’s a lot of important information included on this form and I keep them […]

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