Posted on Friday, 13th December 2024 by Dennis Damp

I close out each year with a few last-minute updates and observations. My next article won’t be published until early January. It’s time to celebrate the holidays and just sit back and relax. At the age of 75, soon to be 76, I realize just how fortunate we are, and much of that is thanks […]

Tags: CSRS, CSRS Offset, FERS, Open Season Follow-up, The FERS Advantage
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Posted on Friday, 29th November 2024 by Dennis Damp

More FEHB and PSHB plans are offering Medicare Prescription Drug Plans (MPDPs) this open season. I reviewed several plan brochures, and you must opt-out if you have Original Medicare and want to remain in your provider’s prescription drug plan. Blue Cross and Blue Shield started offering MPDPs last year. Once enrolled in an MPDP, you […]

Tags: FEHB / PSHB, FEHB MPDPs, GEHA Medicare Advantage Plan, MPD Plans
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Posted on Friday, 22nd November 2024 by Dennis Damp

The healthcare open season can be overwhelming. There are many choices to consider, and you must use Login.gov to sign in to OPM’s Open Season Online. Once you enter the site, retirees and survivors can change plans, print out a copy of your Open Season Health Care Guide, or request hard copies of plan brochures […]

Tags: FEHB Open Season, FEHB Open Season Online, Login.gov Sign-up, PSHB Open Season
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Posted on Friday, 15th November 2024 by Dennis Damp

If your income has or will increase due to Required Minimum Distributions (RMDs) or accrued interest, dividends, and capital gains from your cash and investments, review the Part B and D IRMAA premiums listed below. Income Required Monthly Adjustment Amounts (IRMAAs) make Medicare Advantage Plans less attractive despite providing Part B subsidies. The Centers for […]

Tags: 2025 Medicare IRMMAs, 2025 Medicare Premiums, Income Required Monthly Adjustment Amount, IRMMA, Medicare Premiums
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Posted on Friday, 8th November 2024 by Dennis Damp

Please forward this article to others who can use this “Open Season” information. Open season starts on the 11th of November, this coming Monday. Tools are available to evaluate provider options, select your 2025 plan, and submit changes to OPM. Use this guide to walk you through the process and follow the links for additional […]

Tags: Federal Healthcare Benefits, FEHB, FEHB & PSHB Plan Selection Guide, FEHB Open Season, FEHB Plan Selection Guide, Postal Employee Healthcare Benefits, PSHB, PSHB Open Season, PSHB Plan Selection Guide
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Posted on Saturday, 2nd November 2024 by Dennis Damp

I receive many questions about MA options; few know what to expect or who pays for what. Hopefully, this article will answer many of your questions and provide insight into coverage issues that may arise in certain areas. Follow the links to learn more about subjects of interest. Click on this banner to sign up […]

Tags: FEHB MA Plans, FEHB Open Season, FEP Medicare Advantage Plans, FEP Open Season, MPDP, Opt Out of MPDP, PSHB MA Plans, PSHB Open Season
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Posted on Friday, 25th October 2024 by Dennis Damp

It makes sense to look for a lower-cost Federal Employee Health Benefit (FEHB) plan, especially when signing up for Medicare. This is particularly true if you pay Part B premiums and possibly an Income Required Monthly Adjusted Amount (IRMAA). Get started with a complimentary retirement planning session and a FREE retirement planning report When you […]

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Posted on Friday, 11th October 2024 by Dennis Damp

More than 71 million Americans will see a Cost-of-Living Adjustment (COLA) of 2.5% in their Social Security benefits and Supplemental Security Income (SSI) payments in 2025. Social Security retirement benefits will increase on average $49 per month starting in January. Federal retiree annuities under the Civil Service Retirement System (CSRS) receive the full 2.5% increase […]

Tags: 2025 COLAs, Medicare, Medicare & You Handbook, Social Security
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Posted on Friday, 4th October 2024 by Dennis Damp

The Federal Reserve lowered its benchmark interest rate September 18th by .5 percent (50 basis points), the first rate cut in four years! This rate cut lowers the Fed’s benchmark short-term rate to 4.75% to 5% from a 23-year high of 5.25% to 5.5%. The cut slightly eased borrowing costs for consumers across the board. […]

Tags: CD Rates, Fed Rate Cuts, Fixed Income Options, Treasury Bill Yields, Treasury Note Yields
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Posted on Friday, 27th September 2024 by Dennis Damp

Federal employees and annuitants enrolled in the Federal Employee Health Benefit’s (FEHB) program will pay 13.5% more, on average, for their health care premiums.   Get started with a complimentary retirement planning session and a FREE retirement planning report. Adding this huge increase to the 7.7% premium rise for 2024, and 2023’s 8.7% increase we are all […]

Tags: 2025 FEHB Premiums, FEHB Premiums, Medicare 2025 Premiums, PSHB Premiums
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Posted on Friday, 6th September 2024 by Dennis Damp

The 2025 Federal Employee’s Health Benefit (FEHB) Open Season will run from November 11 through December 9, 2024. Open Season starts every year on the Monday of the second full work week in November and ends on the Monday of the second full work week in December.   Get started with a complimentary retirement planning […]

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Posted on Friday, 23rd August 2024 by Dennis Damp

At Federal Retirement Planning, we understand the importance of preparing for retirement holistically: financially, emotionally, and physically. One without the other could derail your retirement. One crucial aspect often overlooked is the incorporation of an exercise routine long before retiring in preparation for an active life after retirement. Many, defer this to post retirement. After […]

Tags: Emotionally Prepared for Retirement, Federal Employee's Retirement Planning Guide, Financially Prepared for Retirement, Physically Prepared for Retirement, Retirement Planning
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Posted on Thursday, 8th August 2024 by Dennis Damp

Share this Excell Leave Record Chart with everyone in your organization. Each year we publish a comprehensive leave record that federal employees can use to track their annual and sick leave, comp, and credit hours used. Our updated 2025 Excel Leave Chart is designed for active federal employees that are planning their retirement and need […]

Tags: 2025 Excel Leave Record, Annual Leave Tracking, Federal Employee's 2025 Leave Chart, Federal Work Sshedule Tracker
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Posted on Friday, 26th July 2024 by Dennis Damp

I visited a recently listed custom-built ranch home in our neighborhood and couldn’t find the controls to operate the kitchen appliances including the electric stove top. Everything was monitored and remotely controlled; as we moved one room to another, music emanated from recessed ceiling speakers. This home has an EV charging station in the three-car […]

Tags: AI, Automation, Cable Costs, Housing costs, Hunter Douglass custom blinds, Live Streaming options, Savant Security Systems
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Posted on Friday, 12th July 2024 by Dennis Damp

Either you’ve been retired for some time and realize life’s challenges have taken center stage or you are an astute employee planning your retirement well in advance, a smart move. What seemed insignificant health issues in our 40s, 50s and 60s now tests our physical and at times mental abilities as time marches on. Most […]

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Posted on Friday, 28th June 2024 by Dennis Damp

Last year’s 3.2% COLA for Social Security and the Civil Service Retirement System (CSRS), and 2.4% for Federal Employees Retirement System (FERS) dropped considerably from the 2023 COLA of 8.7% CSRS and 7.7% FERS. The highest in over 40 years. Costs continue to increase for most essentials. The costs of all items have increased around […]

Tags: 2025 COLA, COLA Projections, CSRS Retiremenyt, FERS Retirement, Retirement Processing Delays
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Posted on Saturday, 15th June 2024 by Dennis Damp

Your vote matters, annuitants, and those working with busy schedules or traveling may wish to vote remotely. You can request an absentee ballot or in many states like Pennsylvania vote-by-mail.   Applying for a Mail-in Ballot The general election will be held on Tuesday, November 5 but voting begins early in many states. Visit www.vote.gov […]

Tags: absentee ballots, Mail-in Ballots, Presidential election, Voting
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Posted on Sunday, 26th May 2024 by Dennis Damp

I modified the lyrics from Nancy Sinatra’s 1966 song to emphasize a point. Walk don’t run to maintain and improve your health. Especially for the aged, a group that I am fully intrenched in at the time. Walking on A Cloud – Asics Cumulus 25 Walking is an integral part of all we do, pre- […]

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Posted on Friday, 17th May 2024 by Dennis Damp

The Office of Personnel Management (OPM) announced a centralized enrollment platform for the postal service last year and they requested funds for FY 2025 to extend this central enrollment system to all Federal Employee Health Benefits (FEHB) enrollments. This would allow OPM to manage and make consistent all FEHB enrollments and remove individuals who cease […]

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Posted on Friday, 3rd May 2024 by Dennis Damp

OPM Released a list of conditionally approved Postal Service Health Benefit (PSHB) Program carriers for their new centralized health care system. The new PSHB program will cover almost two million USPS employee’s and their family members starting in 2025. Postal Reform Act The Postal Service Reform Act (PSRA) of 2022 requires that OPM establish this […]

Tags: 2024 PSHB Open Season, Postal Annuitants, Postal Employees, Postal Service Health Benefits, PSHB
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Posted on Friday, 12th April 2024 by Dennis Damp

Please forward this to others that may find this information helpful. They can sign-up to receive my free Retirement Planning Newsletter Our national debt was $15.5 trillion in 2012 when I first addressed this issue, today it has more than doubled and exceeds $34 trillion! Federal budget deficits will continue this year, according to CNBC, […]

Tags: 2023 Government Spending Analysis, Federal Reserve, National Debt, Out of Control Spending
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Posted on Friday, 5th April 2024 by Dennis Damp

Considering today’s high cost of living, it’s no wonder why many retirees are looking for jobs to make ends meet. A visit to your local grocery store brings this home when we walk out with two small bags of groceries for $100. Meat, coffee, and just about everything is simply off the charts. We picked […]

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Posted on Friday, 15th March 2024 by Dennis Damp

I felt liberated from the day-to-day work schedule of the past 40 plus years when I first retired, and I see this excitement in new retirees that I encounter.  Most, with some reservations, feel such a sense of elation when they walk out the door for the last time and realize their new life begins […]

Tags: CSRS, estate planning, FERS, FERS Retirement, Financial PLanning, Retirement
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Posted on Friday, 8th March 2024 by Dennis Damp

Much to my surprise, most banks and credit unions continue to offer paltry yields on their savings and money market accounts. It’s disappointing considering they are using our money to fund customer’s mortgages at 7 percent and higher or new car loans up to the high single digits. Fixed income continues to hold its allure […]

Tags: CDs, Fixed Income Update, Higher CD Rates, I Bonds, Retirement Savings, T-Bills
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Posted on Friday, 23rd February 2024 by Dennis Damp

I’ve written hundreds of articles for our newsletters and blogs and updated our Federal Employee’s Retirement Planning Guide frequently over the past 20 years. Even though we update our sites as needed, our blogs, newsletters, and at times our websites are time sensitive. Due to federal regulations, benefits, and financial planning guidance changes, over time, […]

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Posted on Friday, 9th February 2024 by Dennis Damp

Shanaz, one of newsletter subscribers, wrote, “I have been trying to read the ‘Estate Planning Guide’ from the link you have provided in your newsletter. Is it possible for you to email the document so I can read it without distraction from all the ads.” The guide is only available online and I removed the […]

Tags: estate planning, Estate Planning Guide, Federal Benefits Blueprint, Power of Attorney, Trusts, Wills
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Posted on Friday, 2nd February 2024 by Dennis Damp

A Federal Employee’s Dilemma Is the grass greener on the other side? Humm, maybe, depending on the circumstances, yes and no!  If you’re referring to Ireland, yes, their grass is literally greener than most. When it comes to a career change proceed with caution, especially when considering federal employment’s exceptional pay and benefits. In my […]

Tags: Changing jobs, Deferred Annuities, Federal Civil Service, FERS, FERS Retirement, Leaving Federal Service
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Posted on Friday, 26th January 2024 by Dennis Damp

The Social Security Administration was the first to send out forms again this year.  Our 1099 R Tax Forms typically aren’t available until the end of January to early February by regular mail. Registered users of OPM’s Retirement Services Website can download their Annuity Statement and 1099 R forms now. 1099 Forms I received my […]

Tags: 1099 R Forms, 1099-DIV, 1099-INT, 1099-S, Federal Employee's Annuity Statements, Free Tax Filing Services, SSA 1099
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Posted on Friday, 19th January 2024 by Dennis Damp

I was required to take my first RMD at age 70 ½ several years ago before the laws were changed. Under the SECURE 2.0 Act in 2023 the required withdrawal age increased to 73. Several newsletter subscribers asked for an update on TSP annuities, RMDs, and withdrawals in general. Rachel stated, “While the new TSP […]

Tags: TSP Annuities, TSP RMDs, TSP Site Search Tip, TSP Withdrawals
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Posted on Friday, 5th January 2024 by Dennis Damp

It’s the beginning of a new year and a good time for those planning their retirement to assess where they are financially, long before filing their retirement paperwork. Federal employees received a significant pay increase this year, 5.2% on average after factoring in locality pay. The 2024 pay charts are available for your review. COLA […]

Tags: 2024 COLA, Annuity, Medicare Premiums, Retirement Account Limits, TSP 1099-Rs
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Posted on Friday, 15th December 2023 by Dennis Damp

I like to close out each year with a few last-minute updates and observations. My next article won’t be published until early January. Time to celebrate the holidays and just sit back and relax awhile. The Clock Keeps Ticking – Thankfully The older I get, the faster time flies by. In our youth most couldn’t […]

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Posted on Friday, 8th December 2023 by Dennis Damp

I started purchasing Treasury Bills in early 2022 to increase our returns due to the extremely low interest rates banks, credit unions, and CDs were offering at the time. The Federal Reserve kept interest rates artificially low far too long. After a decade of near zero interest rates, those on fixed incomes were losing money […]

Tags: CDs, Certificate of Deposits, I Bonds, Savings Bonds, T-Bills, Treasury Bills
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Posted on Friday, 1st December 2023 by Dennis Damp

I’ve spent most of my time evaluating our health care options this past two months. This year’s focus was on the new Medicare Advantage (MA) plans offered by GEHA and the Medicare Prescription Drug Plan (MPDP) offered by Blue Cross and Blue Shield and 16 other providers. So much to consider and research before staying […]

Tags: BCBS PDP, FRHB MA Plans, MA, Medicare Advantage, Medicare Prescription Drug Program, MPDP, PDP
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Posted on Friday, 24th November 2023 by Dennis Damp

This article compares the Government Employees Health Association (GEHA) Standard Plan to their new MA Option. You will have to review the specific plan of interest to ensure it covers the services you need for the upcoming year.   Open season closes December 11, we have less than two weeks to decide whether to stay […]

Tags: FEHB, FEHB MA, FEHB Open Season, MA and Part B, Medicare Advantage Plans
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Posted on Friday, 17th November 2023 by Dennis Damp

  Open season runs from November 13th through December 11th.  There are tools available to evaluate provider options, select your 2024 plan, and submit changes to OPM. Use the following resources to make an informed decision for you and your family’s health care needs. Forward this article to others that can use this “Open Season” […]

Tags: 2024 FEHB Open Season, 2024 FEHB Plan Selection Ground, Medicare Advantage FEHB Plans, New FEHB MA Plans
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Posted on Friday, 10th November 2023 by Dennis Damp

The Inflation Reduction Act’s Part D reforms will impact FEHB plans in 2024. Historically, most federal annuitants didn’t need to consider Part D because FEHB prescription drug benefits were as good or better and didn’t have an additional premium. However, OPM has allowed FEHB plans to offer Part D prescription drug plans (PDP) in 2024, […]

Tags: MA Plan Questions, MA Plans, Medicare, Medicare Advantage Plans, MPDP, Prescription Drug Plans, Social Security
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Posted on Thursday, 2nd November 2023 by Dennis Damp

I received several emails from Blue Cross and Blue Shield (BCBS) plan members about this new offering. Federal employees and annuitants enrolled in Medicare and one of the BCBS plans will automatically be enrolled in the new MPDP plan unless they opt out. Sign up for a complimentary retirement planning session and a FREE retirement […]

Tags: BCBS MPDP, Medicare Prescription Drug Program, MPDP, MPDP Part D
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Posted on Friday, 20th October 2023 by Dennis Damp

Throughout the year I occasionally stray from retirement planning and discuss issues that impact everyone. Some readers appreciate my commentary, while others wish I would keep my observations and opinions to myself. This is one of those subjects that everyone should be concerned about. A recent poll found that “Seventy-one percent of registered voters surveyed […]

Tags: Illegal Immigrants, Open Borders, Southern Border Invasion
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Posted on Friday, 13th October 2023 by Dennis Damp

More than 71 million Americans will see a 3.2% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2024. Social Security retirement benefits will increase on average more than $50 per month starting in January. Federal retiree’s annuities under the Civil Service Retirement System (CSRS) receive the full 3.2% increase while […]

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Posted on Friday, 6th October 2023 by Dennis Damp

Each year OPM announces changes to the Federal Employee’s Health Benefit (FEHB) plans. This year is no exception, and there are a number of significant improvements to our health benefits program coming next year. These changes include expanded coverage for fertility, including broader coverage of in-vitro fertilization (IVF) related services, gender affirming care, prevention and […]

Tags: 2023 FEHB Open Season, FEHB, FEHB Medicare advantage Plans
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Posted on Friday, 29th September 2023 by Dennis Damp

Long Term Partners, LLC sent their 2023 enrollee decision period offer letter on September 11. We have until November 9, 2023 to either accept the offer listed under Option 1 or submit a selection form changing coverage to option 2, 3 or 4. If Long Term partners doesn’t receive an election from by this date, […]

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Posted on Thursday, 28th September 2023 by Dennis Damp

The annual Federal Benefits Open Season 2023 starts on November 13 and is open through December 11, 2023. FEHB participants can review all available plans and change their health, vision and dental enrollments for the 2024 benefit year. The overall average FEHB premium is increasing 7.7% for plan year 2024 and the new rates were […]

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Posted on Friday, 22nd September 2023 by Dennis Damp

Good news for those planning their retirement and annuitants. OPM’s retirement center has improved considerably over the past few years. When I retired 18 years ago, their online support was a shadow of what it is today, this is why I developed and published the Federal Employee’s Retirement Planning website in 2004. When I was […]

Tags: Benefits, CSRS, FERS, OPM Retirement Center, Survivor Benefits
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Posted on Friday, 15th September 2023 by Dennis Damp

According to Wilbert J Morell III, a retired Navy Engineering Project manager, “based on the September economic outlook, the CPI-W is expected to increase above 0.6%, Wilbert predicts the Social Security & CSRS COLA will be 3.4% and the FERS COLA 2.4%.” The estimates increased about a half of a percent since our first article […]

Tags: 2024 COLA, COLA, Inflation, T-Bills, Treasury Bill Yields
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Posted on Friday, 8th September 2023 by Dennis Damp

The Postal Service Health Benefits (PSHB) Program will replace Federal Employees Health Benefit (FEHB) Program coverage for eligible Postal Service employees, Postal Service annuitants, and their eligible family members starting in 2025. Click on this banner to sign up for a complimentary retirement planning session and a FREE retirement planning report This new separate program, […]

Tags: FEHB, Health Care, Medicare Part B, New Health Care System for Postal Employees, PSHB
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Posted on Friday, 1st September 2023 by Dennis Damp

How did I ever find time to work before retiring? A lament expressed by many retirees, including myself. Life was much simpler, slower paced, with fewer technological advancements when I was young and full of vim and vigor. That ship has long since sailed. Frustration Times 10 A friend forwarded me Steeler Tickets via email […]

Tags: Climate Change, Inflation, iPhone Upgrade
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Posted on Friday, 18th August 2023 by Dennis Damp

The Office of Personnel Management (OPM) released three videos recently to help federal retirees navigate their online retirement services accounts. Those planning their retirement should be aware of the process; when you leave sign up to access your annuity and benefits information online. This initiative is designed to assist federal employees transition from active service […]

Tags: Federal Retiremnet, OPM Services Online, Retirment Services
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Posted on Friday, 11th August 2023 by Dennis Damp

Please forward this to others needing retirement planning assistance. Those planning their retirement and annuitants require accessible resources to find answers to their retirement questions. The new year is fast approaching and many feds are now determining their best date to retire. Retirement planning is of and in itself a complicated process with many avenues to […]

Tags: Federal Employee Counseling Services, Federal Retirement, Retirement Planning Assistance
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Posted on Friday, 21st July 2023 by Dennis Damp

The 2023 FEHB Open Season will run from November 13 through December 11, 2023. Open Season starts every year on the Monday of the second full work week in November and ends on the Monday of the second full work week in December. OPM sent a FEHB Program Carrier Letter to all FEHB providers on […]

Tags: Federal Retirement, FEHB Premiums, Medicare Premiums
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Posted on Friday, 14th July 2023 by Dennis Damp

Social Security recipients are required to pay taxes on their combined income if it exceeds the following limits according to the Social Security Administration. You will pay tax on 50 to 85 percent of your Social Security benefits, depending on your income and based on Internal Revenue Service (IRS) rules. If you: file a federal […]

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Posted on Friday, 7th July 2023 by Dennis Damp

Retirees continue to suffer the brunt of inflation’s wrath with little relief on the horizon. Yes, the feds continue to say inflation is waning but few of us feel a sense of relief from the high cost of everything today, especially big-ticket items: housing, rent, gas at the pump, utilities, travel in general, and visits […]

Tags: CD Rates, Fixed Income, I Bonds, T-Bills, The Good Old Day, Treasuries
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Posted on Friday, 23rd June 2023 by Dennis Damp

Recently updated, and at times contradictory TSP guidance concerning this subject, was presented in my previous article. I would like to thank Tammy Flanagan, a former federal employee, professional federal benefits specialist, and friend for contacted me about this issue. The Beneficiary Conundrum How assets of TSP accounts are distributed to beneficiaries, upon the owner’s […]

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Posted on Friday, 16th June 2023 by Dennis Damp

I discussed the spousal and non-spousal beneficiary issues with a TSP representative last week to substantiate the following inherited account guidelines. When an annuitant or surviving spouse dies the TSP sends out a determination package to beneficiaries. They set up a survivor account for spouses or a temporary account for non-spousal beneficiaries that can be […]

Tags: Inherited IRA, Non-Spouse Beneficiary, Spouse Beneficiary, TSP beneficiaries, TSP Spousal Accounts, TSP Temporary Accounts
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Posted on Friday, 2nd June 2023 by Dennis Damp

Please forward this to others that may find this information helpful. They can sign-up to receive my free Retirement Planning Newsletter. The first part of this article discussed the delays survivors can expect before receiving their first annuity check, electing a survivor’s annuity, survivor’s annuity cost, reporting a death, and submitting the application for death […]

Tags: OPM Death Benefit Processing, Reporting a Death to OPM, Survivor Benefits, Survivor's Annuity
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Posted on Friday, 19th May 2023 by Dennis Damp

Please forward this to others that may find this information helpful. They can sign-up to receive my free Retirement Planning Newsletter. Few are prepared for the delays a spouse and heirs will experience after applying for an annuitant’s death benefits. I recently reviewed and updated our estate plans and contacted the Office of Personnel Management […]

Tags: Completing the Application for Death Benefits, Reporting a Death, Survivor Benefits, Survivor's Annuity
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Posted on Friday, 5th May 2023 by Dennis Damp

Please forward this to others that may find this information helpful. They can sign-up to receive my free Retirement Planning Newsletter. Fixed income investments continue to provide a safe haven for our cash as long as we are Vigilant. With the failure of First Republic Bank last week, the third so far this year, all […]

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Posted on Friday, 28th April 2023 by Dennis Damp

Last week’s article titled “Hiring A Financial Planning – How & Why (Part 1)” covered the state of the economy, why it’s essential to manage our retirement savings prudently, and discussed the first steps for finding a creditable financial advisor. This segment outlines the level of support financial planners can provide, how to substantiate their […]

Tags: Financial Advisors, Financial PLanning
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Posted on Friday, 21st April 2023 by Dennis Damp

Forward this to others that may find this information helpful. They can sign-up to receive my free Retirement Planning Newsletter. The Federal Reserve intentionally kept interest rates artificially near ZERO for many years. Now that interest rates and inflation are soaring in 2023, do we ladder CDs, buy short term Treasuries and corporate bonds, and/or […]

Tags: CFPs, Financial Advisors, TSP Considerations, Wealth Management
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Posted on Saturday, 15th April 2023 by Dennis Damp

Last year’s 8.7% COLA increase was the highest in over 40 years. Civil Service Retirement System (CSRS) annuitants received the full 8.7% while Federal Employees Retirement System (FERS) annuitants received 7.7%. Next year’s COLA may be disappointingly low even when it seems our costs for just about everything continue to skyrocket. I just returned from […]

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Posted on Friday, 31st March 2023 by Dennis Damp

The economy continues to heat up. Employers added 311,000 workers in February, a sign that the pace of hiring continues to rise, economists predicted 225,000 new jobs! The Federal Reserve continues to raise interest rates to fight inflation. Their intent is to slow down the economy and raise the unemployment rate that is currently sitting […]

Tags: Federal Annuitants, FERS Retirees, Retiree Jobs, Security Jobs, Writing Jobs
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Posted on Friday, 17th March 2023 by Dennis Damp

Savings bonds as featured in my article titled, “I and EE Savings Bonds – Safe, Simple, and Affordable” can be used to finance children’s education, supplement future retirement income, or save for a rainy day, all are backed by the full faith and credit of the United States. Many are unaware of the tax-free components […]

Tags: EE Bonds, I Bonds, Lost Savings Bonds, Savings Bonds, Tax Free Interest
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Posted on Friday, 10th March 2023 by Dennis Damp

Savings bonds received a boost in popularity last year due to their inflation indexed I-Bond’s exceptional interest rates, currently 6.89%. Far exceeding what most investments are paying today. Their previous six-month yield was 9.62%! A former associate reviewed savings bond interest rates for his payroll deduction purchases from 2001 to 2007.  His 2001 bonds are […]

Tags: EE Bonds, I Bonds, Savings Bond Purchasing Limits, Savings Bonds
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Posted on Friday, 24th February 2023 by Dennis Damp

Forward this to others that may find this information helpful. Sign-up to receive my free Retirement Planning Newsletter. I receive many FEGLI insurance coverage questions throughout the year. Especially from those working on their retirement paperwork and require coverage clarifications. One subscriber recently asked if FEGLI is considered term insurance, if so, does the term […]

Tags: Federal Employee Benefits, FEGLI, Insurance
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Posted on Friday, 17th February 2023 by Dennis Damp

Forward this to others that may find this information helpful. They can sign-up to receive my free Retirement Planning Newsletter. On December 29, 2022, the Retirement Enhancement (SECURE) 2.0 Act of 2022 was signed into law. This second installation of the 2019 SECURE Act introduces several changes affecting the Thrift Savings Plan. This legislation will directly […]

Tags: Catch-Up Contributions, I Bonds, Secure Act 2.0, TSP, TSP RMDs
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Posted on Friday, 10th February 2023 by Dennis Damp

Forward this to others that may find this information helpful. They can sign-up to receive my free Retirement Planning Newsletter. According to Janet Yellen’s memorandum to congress the U.S. Treasury will be unable to fully invest the portion of the Civil Service Retirement and Disability Fund (CSRDF) not immediately required to pay beneficiaries beginning January 19, […]

Tags: Debt Ceiling, Debt Crisis, Government Spending, TSP Investments
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Posted on Friday, 3rd February 2023 by Dennis Damp

Forward this to others that may find this information helpful. They can sign-up to receive my free Retirement Planning Newsletter. It’s the beginning of a new year! A good time for those planning their retirement to assess where they are financially, and take the necessary steps to secure their future. Federal employees received a significant pay […]

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Posted on Friday, 20th January 2023 by Dennis Damp

Federal annuitants typically receive their updated Annuity Statement, with the COLA increase added, early January. OPM’s 1099 R Tax Forms aren’t available until the end of January by regular mail while my Social Security’s SSA 1099 from was received January 10th! Download Your Forms Now Registered users of OPM’s Retirement Services Website can download their Annual Annuity […]

Tags: 1099 R Forms, Annuity Statements, OID Forms
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Posted on Saturday, 14th January 2023 by Dennis Damp

The December 2022 Consumer Price Index (CPI) dropped .1%, the first drop in the CPI since December of 2020. A sign that inflation may be improving slightly. However, year over year inflation was 6.5%, still high by any standard. Wages, consumer goods, food, and housing remain high. The Federal Reserve is expected to continue increasing […]

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Posted on Friday, 6th January 2023 by Dennis Damp

Forward this to others that may find this information helpful. They can sign-up to receive my free Retirement Planning Newsletter. According to Gallup, three-quarters of Americans, including majorities of all party groups, are dissatisfied with the nation’s direction. The Current State of Affairs Many reading my column are seniors or those fast approaching that milestone. Everyone, […]

Tags: 2022 Reflections, Reasonable Expectations, Retire Early, The rest of the story
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Posted on Thursday, 5th January 2023 by Dennis Damp

It’s the beginning of a new year and a good time for those planning their retirement to assess where they are financially, long before filing their retirement paperwork. Federal employees received a significant pay increase this year, 5.2% on average after factoring in locality pay. The 2024 pay charts are available for your review. COLA […]

Tags: 1099R, Medicare Part B Premiums, Social Security 1099 Rs, TSP, TSP 1099s
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Posted on Friday, 16th December 2022 by Dennis Damp

Yes Virginia, there is a Santa Clause. This time of year, the Thrift Savings Plan (TSP) sends out participant’s Required Minimum Distributions (RMDs), and in early January our annuity statements will arrive reflecting an 8.7% for CSRS and 7.7% FERS COLA increase. RMDs The first year you are 72 or older and separated from service […]

Tags: 1099R, Annuity Statements, CSRS, FERS, RMDs, TSP
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Posted on Friday, 2nd December 2022 by Dennis Damp

For most federal annuitants, FEHB Medicare Advantage (MA) plans will be the cheapest option next year. They combine low out-of-pocket healthcare expenses—sometimes $0 besides prescription drugs— with a Part B premium reduction. We’ll cover how they work, how much money you can save switching from popular FEHB plans, and who shouldn’t join an FEHB MA […]

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Posted on Friday, 25th November 2022 by Dennis Damp

Please forward this to all federal employees, annuitants, and survivors Each year we publish numerous articles about the current open season’s (FEHBs) available plans, and we send out an updated “Open Season Selection Guide.” We also publish various FEHB plan comparisons, point out coverage concerns, new plan features, and relay the concerns of our readers […]

Tags: 2023 FEHB Plans, FEHB Plan Comparison Tools
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Posted on Thursday, 17th November 2022 by Dennis Damp

Please forward this article to others that may find this information useful. This summary compares the 2023 Self + One Blue Cross Blue Shield (BCBS) Basic plan to the GEHA Standard plan for those who are 65 or older. BCBS has the most subscribers and GEHA has one of the lowest premiums for their standard […]

Tags: Dental & Vision Plan Selection, FEHB, FEHB Open Season, Health Care Plan Comparisons
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Posted on Friday, 11th November 2022 by Dennis Damp

Forward this article to others that can use this “Open Season” information. Open season runs from November 14th through December 12th.  Our Federal Employee’s Health Benefit (FEHB) plan premiums increased an average of 7.2%! There are tools available to evaluate provider options, compare costs, select your 2023 plan, and submit changes to OPM. Use the […]

Tags: 2023 FEHB Plans, 2023 FEHB Selection Guide, Federal Employee's Health Benefits Plans, FEHB
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Posted on Friday, 4th November 2022 by Dennis Damp

Please forward this to other retirees and those planning their retirement. Murielle, one of our newsletter subscribers, suggested we update our Federal Retiree’s Master Contact List. The last update was in 2019; we made a number of changes and additions to enhance its usefulness. You will find key contacts for OPM, Medicare, Social Security, the […]

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Posted on Tuesday, 1st November 2022 by Dennis Damp

This is a challenging time for investors with the country bordering on a recession with extreme market volatility. The Treasury still offers a safe haven for our cash with decent yields. Unfortunately, with the exception of the TSP G-Fund, private sector bonds funds were a disappointment this past year, falling anywhere from 5 to 20% […]

Tags: Financial PLanning, I Bonds, Retirement Planning, T-Bills
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Posted on Friday, 21st October 2022 by Dennis Damp

Each year we publish a comprehensive leave record that federal employees can use to track their annual and sick leave, comp, and credit hours used. Our updated 2023 Excel Leave Chart is designed for active federal employees that are planning their retirement and need to establish realistic target retirement dates. This spreadsheet also helps federal […]

Tags: 2023 Leave Chart, Leave Tracker, Retirement Planning
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Posted on Friday, 14th October 2022 by Dennis Damp

Please forward this alert to others that may need to review their beneficiary designations. A site visitor contacted us about her husband’s untimely death. He died the day before he was scheduled to retire from federal service. His wife was notified by a HR specialist that she might not receive any of her husband’s retirement […]

Tags: Beneficiary Election Forms, estate planning, Order of, Survivor Benefits
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Posted on Thursday, 13th October 2022 by Dennis Damp

I reported in mid-September that the 2023 COLA was projected to be as high as 8.8%. The Social Security Administration announced an 8.7% COLA increase on October 13th. CSRS annuitants will receive the full 8.7% next year while FERS annuitants will receive 7.7%, a hefty increase from last year’s 5.9%. View the table of all […]

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Posted on Friday, 7th October 2022 by Dennis Damp

Medicare sent out their Medicare and You 2023 handbook last month to current recipients. The initial enrollment period remains the same. Those approaching 65 can sign up for Part A and/or Part B during the 7-month period that begins 3 months before the month you turn 65, includes the month you turn 65, and ends […]

Tags: Financial PLanning, Medicare, Medicare Signup, RMDs, TSP Withdrawals
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Posted on Wednesday, 5th October 2022 by Dennis Damp

The annual Federal Benefits Open Season 2022 starts on November 14 and is open through December 12, 2022. Employees and annuitants can assess the various plans to ensure they are cost-efficient and best address the care and services needed. The average FEHB premium increase is 7.2 percent for plan year 2023. The new rates were […]

Tags: 2023 FEHB Plans, FEHB Premiums, Inflation
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Posted on Friday, 23rd September 2022 by Dennis Damp

According to estimates by the Administration, this country’s debt to Gross Domestic Product (GDP) soared to 137.2% in 2021, the highest in history! Skyrocketing Inflation is the end result of reckless spending and will disrupt the world economies for years to come.  All administrations have contributed to this travesty.     Retirees are first to […]

Tags: Border Crisis, Government Spending, Illegal Immigration, Out of Control Spending, Ukraine War, Wars on Steriods
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Posted on Friday, 16th September 2022 by Dennis Damp

We provided our first 2023 COLA projection update last July. Costs continue to rise and mortgage rates are now up to 6%, almost double from where they were at the beginning of the year. Our COLA will be considerably higher than last year’s 5.9% for CSRS and 4.9% for FERS.   2023 COLA PROJECTIONS According […]

Tags: 2023 COLA, Savings Options, Treasury Bill Yields
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Posted on Friday, 9th September 2022 by Dennis Damp

The past eight days were certainly different than expected. By all reports, COVID for those vaccinated would have been mild to moderate. We received our first two shots early on and a booster about 8 months later. During a recent visit to our PCP, we were advised to hold off on another booster. I lost […]

Tags: COVID, COVID SYmptoms, Paxlovid Antiviral, Surviving COVID
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Posted on Friday, 2nd September 2022 by Dennis Damp

I discussed the Medicare Advantage Plans associated with our Federal Employees Health Benefits (FEHB) last year during open season. These are relatively new and low-cost options that retirees can change to if they have a FEHB plan and Medicare A and B. Many are attracted to them because they are lower cost and offer partial […]

Tags: FEHB Health Care Plans, MA Plans, Medicare Advantage Plan Caution
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Posted on Friday, 26th August 2022 by Dennis Damp

Forward this to others that may find this information helpful. They can sign-up to receive my free Retirement Lifestyle Newsletter. Our updated excel annuity calculator spreadsheet projects your annuity and maximum survivor benefit growth through 2061 using an estimated average annual Cost of Living Adjustment (COLA). This calculator was developed by Frank Cullen, an old friend. […]

Tags: Annuity Calculator, Annuity Projections, CSRS Annuity Projections, FERS Annuity Projections
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Posted on Friday, 12th August 2022 by Dennis Damp

Please forward this to others needing retirement planning assistance. Those planning their retirement and annuitants require accessible resources for answers to their individual and unique questions. OPM does a good job managing our retirement system overall. However, there are limits to what they can provide. It’s often frustrating and difficult finding competent help and the […]

Tags: CSRS, FERS, Retirement Counseling, Retirement Planning, Retirement Planning Assistance
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Posted on Saturday, 6th August 2022 by Dennis Damp

Please forward this article to others that may find it informative. This past winter our gas and electric bills doubled from the previous year. Both companies confirmed that my usage was about the same year to year. Inflation has taken its toll and we simply can’t escape the spiraling costs of everything these days. Why […]

Tags: Electric Vehicle Concerns, EV Battery Costs, EV Issues, Power GXrid, Power GXrid Problems
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Posted on Friday, 22nd July 2022 by Dennis Damp

No matter where we look today, costs are rising as fast as the early 1980s. I remember those days well; mortgage rates were double digit and inflation followed suit. We are fast approaching those lofty levels, a record we don’t want to breach. 2023 COLA PROJECTIONS According to Wilbert J Morell III, a retired Navy […]

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Posted on Saturday, 16th July 2022 by Dennis Damp

The 2022 FEHB Open Season will run from November 14, 2022 through December 12, 2022. Open Season starts every year on the Monday of the second full work week in November and ends on the Monday of the second full work week in December. OPM sent a FEHB Program Carrier Letter to all FEHB providers […]

Tags: 2023 FEHB Plans, FEHB Open Season
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Posted on Friday, 1st July 2022 by Dennis Damp

Retirement account access is critical for those who need to change fund allocations, withdraw funds, add or change beneficiaries, or process other actions such as requesting an RMD. Many Thrift Savings Plan (TSP) account holders encountered major problems when trying to login to the new site. Some spent days working to regain access and were […]

Tags: The Mutual Fund Window, TSP Site Access, TSP Site Launch
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Posted on Friday, 17th June 2022 by Dennis Damp

I described the advantages of Treasury bills in “Ditch your Bank’s Low Savings Rates” last March. They provide higher yields for savers; if you ladder your investments a portion of your savings will be available at set intervals throughout the year. I’ve gone through several reinvestment cycles since starting treasury bill ladders earlier this year. […]

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Posted on Friday, 3rd June 2022 by Dennis Damp

The Thrift Savings Plan (TSP) has updated their site and requires all account holders to establish a new login to regain access to their account. I was able to sign into my new TSP account on Thursday June 2nd without incident. Their updated site is now up and running. However, you may have problems accessing […]

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Posted on Friday, 27th May 2022 by Dennis Damp

Retirees use OPM Services Online to start, change or stop federal or state income tax withholdings; download 1099-R forms, change your mailing address, start or change direct deposits and view annuity payments. This system is available to those under the Civil Service Retirement System (CSRS), Federal Employees Retirement System (FERS), FERS Special, or the Organization […]

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Posted on Friday, 13th May 2022 by Dennis Damp

The TSP is updating their website and adding new investment choices. A short summary follows along with steps to take now that will familiarize you with the pending changes. If you were planning to initiate a new withdrawal or any changes to your investments from May 26th through the first week of June, you won’t […]

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Posted on Friday, 6th May 2022 by Dennis Damp

Wild stock market swings and volatility in all sectors is causing investors to pause. Our retirement accounts are on the block and as inflation continues on its rampage, investors seek safe harbors to wait out the storm. Unfortunately, we are in for quite a ride. Our recent trip down south was an eyeopener every time […]

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Posted on Friday, 29th April 2022 by Dennis Damp

We can expect another significant COLA increase in 2023 if inflation continues on its current path or if we move to what economists call stagflation. According to the Senior Citizens League, the 2023 COLA could be as high as 8.9%; the largest increase since 1981 when it was 11.2%; in 1980 it was 14.3%! There […]

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Posted on Friday, 8th April 2022 by Dennis Damp

It’s impossible to time the market. One of the financial advisers I talked with years ago asked me this question: “Who are you investing for?” He suggested being more aggressive if you don’t require your investments to live on in retirement or investing primarily for your heirs. The market ultimately increases over time. The S&P […]

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Posted on Friday, 25th March 2022 by Dennis Damp

Investment Rates Updated 5/22/2022 Currently, even after the recent Federal Reserve’s interest rate hike, my bank reduced their savings rate from .05% to .04%!  Makes no sense except for the banks, they loan our money out at much higher rates and we fund their huge profits. Bank CEOs brag about their astronomical client deposits and […]

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Posted on Friday, 11th March 2022 by Dennis Damp

My previous article titled “Skyrocketing Inflation” had a broken link, the most clicked on link in the article. Here is the corrected link: How to Keep What You Worked a Lifetime Accumulating (Updated)   Typically, I focus on issues that impact those planning retirement and annuitants alike. The common thread reflects my personal experiences and […]

Tags: Border problem, emergency food supplies, Inflation
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Posted on Friday, 4th March 2022 by Dennis Damp

Everyone must prepare to maintain their standard of living in retirement.  Retirees from all sectors and those still working feel the wrath of this unrelenting force that constantly impacts our day to day lives. The progression of this financial endemic (inflation) is always upon us. At times, and when the economy is on a sound […]

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Posted on Friday, 18th February 2022 by Dennis Damp

If you are in the market for a new car, it may be challenging to find the one you want at an affordable price. Most dealers have few new cars available; it has been that way for more than a year now. Honestly, I don’t know how the dealerships are staying in business. Some have […]

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Posted on Thursday, 3rd February 2022 by Dennis Damp

Good news for those wanting more investment options. The TSP plans to add a mutual fund window as early as this summer. A welcomed addition from my perspective. The proposed rule was posted on the Federal Register January 26, 2022. Comments must be received on or before March 28, 2022.   Congress passed legislation in […]

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Posted on Sunday, 23rd January 2022 by Dennis Damp

I’ve received a number of questions ranging from COLAs and I Savings Bond interest, to the impact on a federal employee’s annuity if they retire early or take a deferred retirement.  You may find this information helpful. COLAs and the FERS Supplement FERS employees retiring with a Special Supplement should be aware of their limitations. […]

Tags: COLAs, Federal Retirement, I Bonds, Leaving Federal Service
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Posted on Friday, 14th January 2022 by Dennis Damp

Federal annuitants receive their updated Annuity Statement, with the COLA increase added, early January. Our 1099R Tax Forms typically aren’t available until the end of January by regular mail. Registered users of OPM’s Retirement Services Website can download their Annuity Statement and 1099R forms NOW! CIVIL SERVICE ANNUITY STATEMENTS OPM sends out updated annuity statements […]

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Posted on Friday, 7th January 2022 by Dennis Damp

It’s been quite a year, COVID, life disrupted across the board, and so much more to distract us day to day. Thankfully, we are surviving and life is getting back to the new normal; whatever that might be. I’m still trying to figure that out. All Americans are impacted by the Covid epidemic, lawlessness and […]

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Posted on Friday, 10th December 2021 by Dennis Damp

(Updated 1-12-2024) The Internal Revenue Code (IRC) requires that you begin receiving distributions from your account in the calendar year you become age 73 and are separated from federal service. Your  traditional account is subject to these required minimum distributions (RMDs). The TSP calculates RMDs using your age, your prior year-end account balance, and the […]

Tags: RMD, TSP
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Posted on Friday, 3rd December 2021 by Dennis Damp

I’ve written a number of articles over the years on conservative investment strategies and often mentioned just how attractive I Savings Bonds are. A great overall investment; anyone purchasing I bonds between last November though next April will earn an astonishing 7.12% on their investment the first 6 months they own them. The rate changes […]

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Posted on Saturday, 27th November 2021 by Dennis Damp

“Yes, Virginia, there is a Santa Clause.” Prescription drug copays under Aetna’s Medicare Plans remain the same regardless of whether or not you enter the Part D prescription drug gap. This includes all three of their plans: Self Only (Z24), Self + 1 (Z26), Self and Family (Z25). I talked to a number of Aetna […]

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Posted on Saturday, 20th November 2021 by Dennis Damp

Updated 11/23/2022 My recent article titled “GEHA Standard to BCBS Basic Plan Comparison – 2023” stated that Federal Employees Health Benefits (FEHB) Medicare Advantage (MA) plans could possibly save you even more. These plans were introduced as new options in the FEHB program over the past several years. Many federal employees and annuitants are curious […]

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Posted on Friday, 19th November 2021 by Dennis Damp

Transitory inflation is a myth that is unsustainable. Yes, the COLA this year was 5.9%; since it was announced, the Bureau of Labor Statistics reported prices climbed 6.2% year-over-year, the largest increase since November 1990. Everything we buy or the services we use with few exceptions are increasing at an alarming rate. Medicare premiums were […]

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Posted on Saturday, 13th November 2021 by Dennis Damp

This summary compares the 2022 GEHA Standard and Blue Cross Blue Shield (BCBS) Basic plans. There are many other plans to consider. I used these two nationwide providers because BCBS has the most subscribers and GEHA has one of the lowest premiums for their standard plan. Many annuitants change to a lower cost FEHB plan […]

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Posted on Friday, 5th November 2021 by Dennis Damp

Open season runs from November 8th through December 13th.  There are tools available to evaluate provider options, select your 2022 plan, and submit changes to OPM. Use the following resources to make an informed decision for you and your family’s health care needs. Forward this article to others that can use this “Open Season” information. […]

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Posted on Friday, 29th October 2021 by Dennis Damp

There are many things to consider when reviewing your FEHB health care plans during open season.  Plan premiums and benefits change year to year. Without a thorough review and comparison between plans you could unintentionally pass up a better deal.  I know this firsthand, as a federal employee for 36 years and a retiree these […]

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Posted on Friday, 22nd October 2021 by Dennis Damp

First, let me start off with a correction for the COLA article sent out last week. Here is the correct link to the table of all COLAs from 1999 to the present. I generally release timely articles the day they are announced; in the rush I neglected to check the original link. There are many […]

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Posted on Wednesday, 13th October 2021 by Dennis Damp

I reported in mid-September that the 2022 COLA was projected to be close to 6% or more. The Social Security Administration announced a 5.9% COLA increase on October 13th for 2022. CSRS annuitants will receive the full 5.9% this year while FERS annuitants will receive 4.9%, still a hefty increase from last year’s 1.3%. View […]

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Posted on Friday, 8th October 2021 by Dennis Damp

We are used to paying more for everything these days so it shouldn’t be a surprise again this year that the majority of our Federal Employee’s Health Benefits (FEHB) premiums are going up. The average total premiums for current non-Postal employees and annuitants enrolled in plans under the FEHB Program will increase 2.4 percent for […]

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Posted on Friday, 1st October 2021 by Dennis Damp

The Federal Employees Health Benefits open season is just around the corner, running from November 8th through December 13th of this year. It will not be delayed due to COVID. Federal employees and annuitants can enroll in the program, change enrollments, change to another FEHB plan or plan option or cancel an existing enrollment. New […]

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Posted on Saturday, 18th September 2021 by Dennis Damp

The older generations, including retirees and those still working and planning their exit, have a vast collective voice that is often ignored or relegated to background noise by the news media, big tech, political parties, and others. The older generations have ways to effect change to a greater degree than most realize. Only a small […]

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Posted on Sunday, 12th September 2021 by Dennis Damp

The Office of Personnel Management (OPM) announced changes in FEGLI premium rates effective the first pay period beginning on or after October 1, 2021.

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Posted on Friday, 3rd September 2021 by Dennis Damp

Updated 12/15/2024 When can I retire? A question asked often by those approaching retirement age and by those early in their career who have the foresight to think ahead. It isn’t as simple a decision as reaching your eligibility date, especially if you haven’t prepared early in your career to have the assets necessary to […]

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Posted on Wednesday, 18th August 2021 by Dennis Damp

Our 2022 Leave Chart & Schedule Tracker is now available for federal employees to track their schedule, annual and sick leave, comp, and credit hours used. Our updated 2022 Excel Leave Chart is designed for active federal employees that are planning their retirement and need to establish realistic target retirement dates. This spreadsheet also helps […]

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Posted on Friday, 6th August 2021 by Dennis Damp

Your annuity, a defined benefit retirement plan, is determined by the retirement system that you are in, either the Federal Employees Retirement System (FERS) or the Civil Service Retirement System (CSRS). Approximately 2 percent of current federal employees are under the old CSRS / CSRS Offset system, the FERS program was established in the 1980s. […]

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Posted on Thursday, 22nd July 2021 by Dennis Damp

A number of our newsletter subscribers commented on my article titled, “Unexpected Medical Expenses.”  Several stand out and need further clarifications. One of particular interest was from Richard, he will turn 65 later this year and wanted to know if the drug manufacturer’s “savings card” that he now uses would be accepted after signing up […]

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Posted on Friday, 9th July 2021 by Dennis Damp

One of our subscribers was blindsided by an unexpected FEHB plan copayment after reaching age 65.  His copayment for a wellness visit increased from $30 previously to $170 and his FEHB provider stated that they only pay after 65 for what Medicare would pay even if you aren’t enrolled in Medicare. Under the FEHB law, […]

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Posted on Friday, 25th June 2021 by Dennis Damp

Earlier this year the Thrift Savings Plan (TSP) launched a redesigned website. Concurrently, they announced significant account access and security changes, additional L Fund options, and the ability to submit certain TSP forms online after logging into your account. They sent out a message from the executive director to all participants last February announcing these […]

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Posted on Friday, 11th June 2021 by Dennis Damp

Retirement is a life changing event that requires considerable research and due diligence. The elections made are often irreversible and can compromise a retiree’s finances and the benefits carried into retirement.  I retired from federal service in 2005 and my articles focus on current events that can and often do affect those planning their retirement […]

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Posted on Saturday, 29th May 2021 by Dennis Damp

We all must become a patient advocate when a family member is undergoing treatment for serious illness. There are times when you have to be your own advocate, and perform the due diligence needed to receive the best treatment possible. Physicians have a lot on their plate and out of necessity often rely on a […]

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Posted on Sunday, 16th May 2021 by Dennis Damp

Would you like a secure government backed investment that currently yields 3.54%?  If so, consider buying U.S. Series I Bonds. They are paying this rate from May of this year through November. The previous six-month rate was 1.6%, well above what banks were offering for CDs at the time. With inflation on the horizon, due […]

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Posted on Friday, 7th May 2021 by Dennis Damp

IRMAA stands for Income Related Monthly Adjustment Amounts. A federal retiree’s total income includes their pension, social security benefits, income from investments (dividends and capital gains), and required minimum distributions from their TSP and other retirement accounts. Many also work part time or own small businesses. All income combined can often increase a retiree’s Medicare […]

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Posted on Wednesday, 21st April 2021 by Dennis Damp

We can expect a higher COLA increase for 2022. According to Kiplinger’s Magazine the 2022 COLA will Likely increase to 3%, the largest increase since 2012. The final number will be released this October.  There are many variables in the annual COLA calculation and these can change dramatically before the final numbers are tabulated. Request […]

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Posted on Friday, 2nd April 2021 by Dennis Damp

I’ve been writing my retirement planning column for close to two decades and during this time received numerous candid queries from friends and subscribers concerning their retirement fears. These concerns often cause federal employees to delay their departure until they resolve the conflict or simply throw the dice and leave. The concerns range from financial, […]

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Posted on Thursday, 18th March 2021 by Dennis Damp

This tune keeps playing in my head after listening to XM radio’s sixties on six yesterday. A Sonny and Cher hit that topped the charts in 1967! After 54 years the words are still relevant, especially the last stanza. Grandmas sit in chairs and reminisce Boys keep chasing girls to get a kiss The cars […]

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Posted on Saturday, 13th March 2021 by Dennis Damp

Major laws are often passed without our representatives actually knowing what’s in them. Recall, the speaker of the house’s comment when Obama Care Passed. She stated, “We have to pass the bill so that you can find out what is in it.”  This isn’t a one-sided issue, both parties suffer from this irrational behavior. Most […]

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Posted on Saturday, 6th March 2021 by Dennis Damp

Planning for retirement and life in general requires organization and much thought. Long before we retire our significant others require our assistance and this goes both ways. In most relationships, one person takes responsibility for certain aspects of the couple’s life.  Whoever pays the bills and manages financial affairs must have clear and concise instructions […]

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Posted on Sunday, 28th February 2021 by Dennis Damp

I’m often astonished after performing a due diligence update on my family’s state of affairs. You too will find reason to pause after putting pen to paper and discovering where you and your family stand financially. Not only your current status, but what a surviving spouse and heirs will have to live on when the […]

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Posted on Saturday, 20th February 2021 by Dennis Damp

Mary and I are scheduled for our first COVID 19 vaccinations on March 4th. Our local health care provider set up an online registration process this month and we were able to schedule both shots. We are still apprehensive about the potential side effects considering the rumors circulating online. However, many have already received their […]

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Posted on Sunday, 14th February 2021 by Dennis Damp

Michael is a fulltime employee with the National Parks Service (NPS) that is subject to between 2 weeks and 6 months furlough each year.  He wanted to know if the time he is furloughed counts towards his FERS service?  For instance, if he is furloughed for 6 months would he have one year or 6 […]

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Posted on Friday, 5th February 2021 by Dennis Damp

The CARES Act allowed us to waive year-2020 required minimum distributions (RMDs) for all TSP participants who would otherwise have been subject to them. This included participants for whom 2020 would have been their first RMD year, even though that distribution would not have been due until April 1, 2021. RMDs have not been waived […]

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Posted on Thursday, 28th January 2021 by Dennis Damp

Those approaching retirement and retirees are the most susceptible to COVID-19 infection. According to the Centers for Disease Control and Prevention, COVID-19 is deadliest among older populations. In fact, through January 21, 93 percent of COVID-19 deaths nationwide have occurred among those ages 55 or older. Request a 27 page Federal Retirement Report™ today. A one […]

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Posted on Friday, 22nd January 2021 by Dennis Damp

The national debt consists of public and intragovernmental debt owed by Uncle Sam. Public debt is what the government owes to bond holders including American citizens, international investors, and foreign governments that buy our bonds. Actually, U.S. citizens own the majority of the national debt!   Currently, the national debt is just under $28 trillion […]

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Posted on Tuesday, 19th January 2021 by Dennis Damp

Our 1099R Tax Forms typically aren’t available until the end of January by regular mail. Registered users of OPM’s Retirement Services Website can download their 1099R NOW! I visited the site on January 19, 2021 and downloaded my copy early to use for my 2020 tax return. You must be registered to use their site. […]

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Posted on Thursday, 14th January 2021 by Dennis Damp

OPM is currently experiencing high call volumes and longer than normal wait times on the Retirement Information Office Toll Free number (888-767-6738). Their highest call volume is on Monday and Tuesday mornings. Request a 27 page Federal Retirement Report™ today. A one hour session with a Certified Financial Planner is incuded. To minimize wait times, […]

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Posted on Thursday, 7th January 2021 by Dennis Damp

Corrections:  I misquoted the 2021 COLA in last week’s article titled “1% Pay Raise Approved for 2021 – GS Pay Charts Available;” it is 1.3% not 1.6%  The blog article was corrected. Generally, in late December federal retirees receive a Notice of Annuity Adjustment that provides abundant information for annuitants and their survivors. The mailed statements […]

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Posted on Friday, 1st January 2021 by Dennis Damp

Those planning to retire soon will benefit somewhat from the small 1% federal employee’s pay raise this year. Primarily, your annual leave buy back will be at the new pay rate starting the first pay period of 2021. If you plan on staying another year or longer the raise will increase your high three average […]

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Posted on Saturday, 19th December 2020 by Dennis Damp

The year started off with a bang: market up, unemployment the lowest it had been in decades, and hopes were high for the new year.  That changed course abruptly when COVID overtook life as we knew it, yet we persevered and are on the road to recovery at years end thanks to the Warp Speed […]

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Posted on Wednesday, 9th December 2020 by Dennis Damp

John read my article titled “Changes for the 2021 FEHB Open Season – Save Some Serious Money” and asked what my wife’s OPP costs were for the surgeries I mentioned. Many want to know if what our FEHB plans pay is enough to offset and warrant paying Part B premiums? Request a Federal Retirement Report™ to […]

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Posted on Monday, 7th December 2020 by Dennis Damp

As the 2021 FEHB Open Season draws to a close Monday, December 14th, there’s still time to look for a new plan or confirm your existing plan is the right choice. Here are a few things to consider. Enrollment status – 90% of the time self-plus-one enrollment is cheaper than self-family enrollment, but not always. […]

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Posted on Friday, 27th November 2020 by Dennis Damp

There were a lot of questions concerning the new Medicare Advantage (MA) plans that we reviewed in my previous article. I recently ran a comparison of the Aetna MA (Z26) Plan to GEHA’s Standard (316) Plan and Blue Cross & Blue Shield’s (BCBS) Basic (113) Plans using OPM’s FEHB Plan Comparison Tool and Checkbook’s Guide […]

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Posted on Thursday, 19th November 2020 by Dennis Damp

This Open Season, federal retirees have new Medicare Advantage Part C (MA) plans to consider joining. Our analysis shows these offerings are an outstanding value. Let’s spend some time discussing how they work, how much you could save by joining one, and how to enroll. Aetna, Kaiser, and UnitedHealthcare now offer MA plans designed only […]

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Posted on Thursday, 12th November 2020 by Dennis Damp

The 2021 FEHB Open Season runs from Monday, November 9th through December 14th and now is a good time to look at the changes facing retirees this year and to share some important advice to help you select the plan that’s right for you, which could possibly save you thousands of dollars. Request Your Personalized […]

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Posted on Thursday, 5th November 2020 by Dennis Damp

Open season runs from November 9th through December 14th.  There are tools available to evaluate provider options, select your 2021 plan, and submit changes to OPM. Use the following resources to make an informed decision for you and your family’s health care needs. Request a Federal Retirement Report™ If you decide not to change plans in […]

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Posted on Friday, 23rd October 2020 by Dennis Damp

Many annuitants change to a lower cost FEHB plan because most plans waive the majority of the deductibles, copayments, and coinsurance payments when you sign up for Medicare Part A & B. These low cost FEHB plans are often considered when enrolling in Medicare. Request Your Personalized Federal Retirement Report™ Today The Advantage of Signing […]

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Posted on Monday, 19th October 2020 by Dennis Damp

Our government reports that inflation is low, yet every time we turn around prices are increasing.  I often ponder why our COLAs, 1.3% for 2021, are so low most years when costs for essentials are increasing. We are used to paying more for everything these days so it shouldn’t be a surprise to everyone that […]

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Posted on Tuesday, 13th October 2020 by Dennis Damp

I reported in mid-September that the 2021 COLA was projected to be anywhere from .44% to as high as 1.2% according to Kiplinger’s. The Social Security Administration announced a 1.3% COLA increase on October 13th for 2020. CSRS and FERS annuitants will receive the full 1.3% this year. View the table of all COLAs from […]

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Posted on Friday, 9th October 2020 by Dennis Damp

Each year we publish a comprehensive leave record that federal employees can use to track their annual and sick leave, comp, and credit hours used. Our updated 2021 Excel Leave Chart is designed for active federal employees that are planning their retirement and need to establish realistic target retirement dates. The new Excel 2021 Leave […]

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Posted on Thursday, 1st October 2020 by Dennis Damp

Your vote matters, regardless of who you plan to vote for. Those planning their retirement and annuitants are older and may wish to vote remotely due to the pandemic. You can always request an absentee ballot. This year a number of States have initiated new vote by mail practices and there is considerable confusion in […]

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Posted on Saturday, 26th September 2020 by Dennis Damp

The Federal Employees Dental and Vision Program (FEDVIP) has 3.3 million enrollees including 1.7 million enrollees enrolled in both programs.  This program provides dental and vision benefits to a total of 6.9 million Federal employees, uniformed service members, retirees and their family members. Request a Federal Retirement Report™ to review projected annuity payments, income verses expenses, […]

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Posted on Friday, 18th September 2020 by Dennis Damp

I receive many questions this time of year about the retirement process and required forms. It can take several months for HR to process your papers and send them to the Office of Personnel Management (OPM) for final determination of your claim. Many federal and postal workers elect to retire at end of year because […]

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Posted on Saturday, 12th September 2020 by Dennis Damp

We can expect a smaller COLA increase for 2021. The final number will be released on October 13th.  The August issue of Kiplinger magazine estimated an increase of 1.2% while others suggest a much lower figure of .44%. Both projections are much lower than the 1.6% we received last year. Projected COLA Going Down The […]

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Posted on Friday, 4th September 2020 by Dennis Damp

  I know its early, open season doesn’t start until November. However, it is a good time to start thinking about your 2021 health care needs now. Open season is just around the corner. Request a Federal Retirement Report™ to review projected annuity payments, income verses expenses, FEGLI, and TSP projections. I recently talked with Kevin […]

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Posted on Friday, 28th August 2020 by Dennis Damp

Retirees generally worry about finances and health issues, not whether or not I’ll be safe when I go out and about.  I was talking recently to an 80-year-old veteran who just purchased his first firearm, a revolver. He was using a walker and not in great health. Yes, a COVID-19 vaccine will save lives and […]

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Posted on Saturday, 22nd August 2020 by Dennis Damp

Estate planning is a sensitive issue and many avoid the subject until it’s too late. This can and will compromise your heir’s benefits, or at least delay them when they will be needed most.  It’s never too late to start. It is advisable to compile this information long before it will be needed, and the […]

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Posted on Friday, 14th August 2020 by Dennis Damp

Many federal employees, including myself, purchased paper savings bonds though payroll deduction until paper bonds were discontinued eight years ago. Savings bonds mature after 30 years.  If you own bonds that are thirty or more years old, they no longer earn interest and should be cashed in. Many banks and credit unions no longer redeem […]

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Posted on Friday, 31st July 2020 by Dennis Damp

Often as we age, health concerns take center stage and many times sideline our plans and dreams. A fact of life for retirees and those approaching retirement. Actually, this can happen at any age and it’s imperative we seek out competent medical help to get us back on our feet and enjoying life again. Request […]

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Posted on Friday, 17th July 2020 by Dennis Damp

This is a challenging time for all and uncertainty abounds. When we listen to the morning news, we hear of new setbacks in our fight to get back to normal; whatever that may end up being. Unfortunately, we are fighting a war on several fronts: from the pandemic to national unrest, and fueled by a […]

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Posted on Saturday, 4th July 2020 by Dennis Damp

My lifestyle column focuses on issues that affect retirement and I often cover current events. The issues of the day can be and are often controversial. My last article, “Stop the Insanity, History Can’t Be Rewritten,” garnered considerable comments, some thoughtful, others quite abrasive, and most supporting the article’s theme. One individual advised me to […]

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Posted on Thursday, 18th June 2020 by Dennis Damp

[Note to Reader: I recently completed a memoir of my early years and the following two paragraphs are excerpted, with slight modification, from the epilog.] “Time and circumstance separate us from our early roots, and for most, life in the moment overshadows those early experiences, relegating them to the remotest corners of our mind. However, […]

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Posted on Saturday, 13th June 2020 by Dennis Damp

The CARES Act offers temporary loan and withdrawal options for TSP participants affected by COVID-19. The dramatic stock market sell-off this past March and subsequent correction last week reduced portfolio values dramatically for many. Lower account balances for all but the bond funds make the decision to take out loans or elect a withdrawal difficult. […]

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Posted on Thursday, 4th June 2020 by Dennis Damp

Last week’s article titled “Prescription Coverage Dilemma” described problems I encountered filling a prescription I’ve used for the past five years. The process used to fill non-preferred scripts is convoluted, and all parties suffer the consequences. I received many comments from last week’s column describing similar problems. Request Your Personal Federal Retirement Report™ Today One […]

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Posted on Monday, 1st June 2020 by Dennis Damp

There are many things to consider when evaluating our Federal Employees Health Benefits (FEHB) in preparation for the next Open Season: plan cost, doctor accessibility, prescription copayments and availability, coverage for current medical conditions, and so much more. Even with considerable review and research we get blindsided by unusual situations. Attend a 2-Hour Benefits Briefing […]

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Posted on Friday, 15th May 2020 by Dennis Damp

Those planning their retirement and annuitants require accessible resources for answers to their individual and unique questions. OPM does a good job managing our retirement system overall. However, there are limits to what they can and will provide. It’s often frustrating and difficult finding competent help and the level of assistance required. There are many […]

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Posted on Saturday, 2nd May 2020 by Dennis Damp

A number of helpful updates were added to OPM’s online annuity services website recently at https://www.servicesonline.opm.gov. They changed the way your Claim Number works on the “Sign In” and “Forgot Password” pages. My Access Screen with Personal Data Removed This change provides assistance on Claim Number formatting during site entry. When you first enter the […]

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Posted on Saturday, 25th April 2020 by Dennis Damp

The Covid19 pandemic shutdown may truly be worse than the disease itself. Tens of millions have been forced on unemployment and many small businesses may never recover. Companies selectively deemed essential like Walmart, Amazon, Target, Home Depot, Lowes and others are doing great while their smaller competitors are being forced out of business. This virus […]

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Posted on Friday, 17th April 2020 by Dennis Damp

The Coronavirus Aid, Relief, and Economic Security (CARES) Act is providing support for those most impacted by the pandemic. Congress passed the Act last month and one of the key provisions is providing for Economic Impact Payments to American households. Payment of up to $1,200 per adult for individuals whose income was less than $99,000 […]

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Posted on Friday, 10th April 2020 by Dennis Damp

UPDATED 9/1/2024 OPM, as of May 2024, has an inventory of just over 14,000 claims to process. They received 6,751 claims in May and processed 8,793. There is a backlog of 15,797 applications waiting to be processed as of jULY 2024. It is now taking an average of 60 days to process retirement applications. Of […]

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Posted on Friday, 3rd April 2020 by Dennis Damp

The administration is considering new options to combat the Coronavirus including the wearing of facemasks for the general population when they go out and about. The CDC may soon recommend that everyone wear face coverings in public settings when they go to a pharmacy, grocery or other public places.  Essentially, they are concerned that those […]

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Posted on Sunday, 29th March 2020 by Dennis Damp

Federal retirees are generally able to reapply for federal jobs under the rehired annuitant program. The government is fast tracking dual compensation waivers that will allow reemployed retirees, with critical skills needed to fight this pandemic, to return to work without impacting their annuity. Request a Personalized “Federal Retirement Report” Today  In light of the […]

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Posted on Tuesday, 24th March 2020 by Dennis Damp

Everyone young and old is dealing with this crisis as best they can. The majority reading this column are either retired or planning their retirement and of the older generation. The ones most susceptible to the Coronavirus.  Like the rest of the country that isn’t providing essential services, my wife and I are at home […]

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Posted on Monday, 16th March 2020 by Dennis Damp

I’ve written many articles over the years, during good and bad times, focusing on preservation of capital for retirees and those close to retirement. A common sense approach to investing that protects the assets you accumulated during your career. Request Your Personalized Federal Retirement Report™ Today The recent stock market crash, due to the Coronavirus […]

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Posted on Sunday, 15th March 2020 by Dennis Damp

The Coronavirus is now center stage and deservingly so. This invisible antagonist has upended our world for the near term: schools and businesses closing, event cancelations – including literally all sporting events, the stock market on retreat, social distancing, and empty shelves at local stores. Request Your Personalized Federal Retirement Report™ Today Thankfully, we finally […]

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Posted on Thursday, 5th March 2020 by Dennis Damp

The new Setting Every Community Up for Retirement Enhancement, the SECURE Act, was signed into law last December.  There are significant changes to how our retirement savings are accessed and taxed. We all need to be prepared for this new reality and take the necessary steps to comply with the rule changes. Request a Federal Retirement […]

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Posted on Friday, 21st February 2020 by Dennis Damp

I typically write a short article each year about revelations in my life related to retirement. A break from the benefit issues I most often discuss. Another eventful year has passed and as always, with various trials and tribulations along the way. Federal Employee Retirement Benefits Seminars – Check Availability Last year I signed-up for […]

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Posted on Friday, 14th February 2020 by Dennis Damp

Rosemary wrote me last week because she wasn’t sure where to find the total healthcare premiums that she paid in 2019. She needed the totals to file her taxes. Your best option is to log on to OPM’s Online Services. Select Annuity Statements, and then select the payment dates you wish to review in the […]

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Posted on Friday, 7th February 2020 by Dennis Damp

Updated 8/1/2024 Fortunately, the National Defense Authorization Act for Fiscal Year 2010 authorized FERS employees to use their unused sick leave balances to increase their retirement annuity. Prior to this Act, only CSRS employees were able to use their unused sick leave balances in their annuity calculation. Until this act was passed, federal employees hired […]

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Posted on Friday, 24th January 2020 by Dennis Damp

New retirees are subject to interim annuity payments and many don’t know what to expect when they first leave federal service. Federal employees must have sufficient cash available and be financially prepared when retiring to allow OPM to complete a final adjudication of their claim. Request a Federal Retirement Report™ today to review your projected annuity payments, income […]

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Posted on Wednesday, 22nd January 2020 by Dennis Damp

Our 1099R Tax Forms typically aren’t available until the end of January by regular mail. Registered users of OPM’s Retirement Services Website can download their 1099R now. I visited the site on January 22, 2020 and download my copy early to use with my 2019 tax return.  Last year the 1099Rs were available for download […]

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Posted on Saturday, 11th January 2020 by Dennis Damp

In late December of each year federal retirees receive a Notice of Annuity Adjustment that provides abundant information for annuitants and their survivors. Any time your annuity payment is modified, for whatever reasons, OPM sends out a new notice outlining the change and the impact on your annuity. If a COLA is pending, health care […]

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Posted on Monday, 30th December 2019 by Dennis Damp

Those planning to retire soon will benefit from the pay raise in a number of ways. Primarily, your annual leave buy back will be at the new pay rate starting the first pay period of 2020. If you plan on staying another year or longer the raise will increase your high three average earnings that […]

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Posted on Saturday, 14th December 2019 by Dennis Damp

I have a medical condition called Paroxysmal Atrial Fibrillation (PAF), intermittently my heart goes into arrhythmia. This past year I ended up in the emergency room when I wasn’t able to control the attack with traditional methods. The ER doctor asked if I took my EKG with my Apple watch during the attack. Unfortunately, I […]

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Posted on Friday, 29th November 2019 by Dennis Damp

Prior to Medicare eligibility, when you are under age 65, many elect high option plans to reduce their exposure to deductibles, coinsurance, and copayments. However, when you turn 65 and enroll in the traditional Medicare A & B options, it often makes sense to switch to a lower cost plan. Most Federal Employee Health Benefit […]

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Posted on Sunday, 24th November 2019 by Dennis Damp

Each year during open season I request brochures from providers of interest and review Section 2 to see what is changing for the new year. I also review Section 9 to confirm what each plan covers when you are enrolled in Medicare and check the coverage for areas where we know we will need services […]

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Posted on Friday, 15th November 2019 by Dennis Damp

Updated 12-15-2024 Retirement is more of a destination, unlike a planned vacation, where you return to work a few days after the trip is over.  Whether you are going on vacation or planning your retirement you have to research and prepare to make the event truly remarkable. Carole, one of our newsletter subscribers, asked if […]

Tags: CSRS, Federal Benefits for Employees, Federal Employee Retirement planning, FEGLI, FEHB, FERS
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Posted on Wednesday, 30th October 2019 by Dennis Damp

The Federal Employees Health Benefits (FEHB) Open Season for selecting our 2020 healthcare plans runs from November 11th through December 9th this year. There are tools available to evaluate provider options, select your 2020 plan, and submit changes to OPM. Use the following resources to make an informed decision for you and your family’s health care […]

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Posted on Thursday, 24th October 2019 by Dennis Damp

Many of us don’t necessarily think twice about security surrounding our health care; instead, we want care to be easy and affordable. Recently, new fraud and scam warnings have surfaced surrounding the Medicare program, particularly during open season, which began on October 15. Those ‘scammers’ are seeking critical insurance data and financial information along with […]

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Posted on Saturday, 12th October 2019 by Dennis Damp

I reported in mid-September that our 2020 COLA was projected to be 1.6% according to Kiplinger’s. They were spot on. The Social Security Administration announced a 1.6% COLA increase on October 10th for 2020. CSRS and FERS annuitants will all receive the full 1.6% this year.   Request a  Federal Retirement Report  today to review your projected […]

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Posted on Sunday, 6th October 2019 by Dennis Damp

Each year we publish a comprehensive leave record that federal employees can use to track their annual and sick leave, comp, and credit hours. Our updated 2020 Excel Leave Chart is designed for active federal employees that are planning their retirement and need to establish realistic target retirement dates. The new Excel 2020 Leave Record […]

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Posted on Friday, 4th October 2019 by Dennis Damp

Our government reports that inflation is low yet every time we turn around prices are increasing.  I often ponder why our COLAs are so low most years when we know from firsthand experience that the costs of almost everything is going through the roof. We purchased a new car in 2016, a luxury model at […]

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Posted on Sunday, 15th September 2019 by Dennis Damp

We can look forward to a COLA increase for 2020 of between 1.6% to 1.8%, a significant decrease from last year’s 2.8%. The Social Security Administration estimated a 1.8% increase and the July issue of Kiplinger magazine suggested it may be lower at 1.6% based on their projections. The Social Security Act specifies a formula […]

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Posted on Sunday, 1st September 2019 by Dennis Damp

I often receive questions from retirees desiring to return to work and from agency HR departments interested in hiring former federal employees.  Agency recruiters are trying whatever they can to fill critical positions.  With an unemployment rate of 3.7% the country is at full employment. One of the ways to fill critical positions is to […]

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Posted on Saturday, 17th August 2019 by Dennis Damp

On September 15th the TSP will implement new withdrawal options for all participants. I published an article last March titled TSP Changes & Required Minimum Distributions (RMDs) discussing the pending changes and how RMDs will be handled under the new rules. Request a  Federal Retirement Report™  today to review your projected annuity payments, income verses expenses, FEGLI, […]

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Posted on Saturday, 10th August 2019 by Dennis Damp

Many think why wait, I don’t know if I’ll live to 70! Others simply need their benefit at 62 just to make ends meet. For those who are healthy and have several decades of retirement to look forward to, and have sufficient income to see them through those early retirement years, it makes sense to […]

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Posted on Sunday, 28th July 2019 by Dennis Damp

Those approaching retirement and retirees often move to more conservative investments to avoid losing what they worked a lifetime to accumulate.  Many federal retirees live on fixed income from their annuity, Social Security, and Thrift Savings Accounts.  We only have a finite time on this earth and the older we get the less time we […]

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Posted on Thursday, 11th July 2019 by Dennis Damp

Updated 11/11/2024 Many approaching 65 ask, “Why shouldn’t I simply sign up for Medicare A and B and cancel my FEHB plan?” They believe at first glance that Medicare A and B duplicate what our Federal Employees Health Benefits (FEHB) plans provide. I reply to this question many times throughout the year and refer those […]

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Posted on Friday, 21st June 2019 by Dennis Damp

I receive many queries from FERS employees asking the question; When can I retire?  They aren’t sure what they would be entitled to and when they can start collecting their pension. A number of options are available depending on your years of service and age at the time you wish to leave. Request a Personalized […]

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Posted on Thursday, 13th June 2019 by Dennis Damp

There are many things to consider when determining your FERS retirement benefits. If you meet certain requirements, you will receive a Special Retirement Supplement which is paid until you reach age 62. This supplement is similar to the Social Security benefit earned while you were employed by the Federal government. However, since the formula for […]

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Posted on Friday, 31st May 2019 by Dennis Damp

Our Federal Retiree Jobs Board intro states, “Jobs are posted on this site by employers that are seeking highly qualified, reliable, and skilled federal annuitants and employees approaching retirement. Federal employees and retirees are sought out by corporate America due to their exceptional service, skills, education, security clearances held, and knowledge of their agency or […]

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Posted on Sunday, 26th May 2019 by Dennis Damp

This December I’ll be retired 15 years! Seems like yesterday when I walked out the door with my good friend Nick Trush. The two of us returned to Pittsburgh’s Air Traffic Control Tower a number of times over the years to catch up with old friends. The ability to retire at 55 is a huge […]

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Posted on Saturday, 18th May 2019 by Dennis Damp

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 […]

Tags: RMDs, TSP
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Posted on Friday, 10th May 2019 by Dennis Damp

I have two short updates to cover before starting Trust but Verify. First, Joe wrote after reading It’s Time to Get Real that you need to check your individual state’s document requirements when applying for the new REAL ID. Your State may require different forms of ID and residency documentation than what Pennsylvania requires. He […]

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Posted on Saturday, 27th April 2019 by Dennis Damp

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

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 Saturday, 30th March 2019 by Dennis Damp

Federal employees have been waiting for months to receive their 1.9% pay raise. Agencies are now processing back pay retroactive to the beginning of the year and the updated 2019 pay charts are available online for your review. We are currently in pay period 7 that ends April 13. When your agency’s payroll office processes the […]

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Posted on Friday, 15th March 2019 by Dennis Damp

Jodi recently emailed me suggesting that most Life Insurance companies emphasize what coverage they provide including accidental death and dismemberment. She was searching for a general policy statement other than simply the costs associated with each type of coverage. She wanted to know about dismemberment and accidental death coverage, the exact coverage she was paying […]

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Posted on Monday, 4th March 2019 by Dennis Damp

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 Sunday, 24th February 2019 by Dennis Damp

The President signed a spending bill fully funding the federal government through September of this year. The bill authorized a 1.9% pay raise for federal employees. It will take time for all of the agencies to load the updated tables into their system and we will post the new 2019 pay tables as soon as […]

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Posted on Sunday, 17th February 2019 by Dennis Damp

Many retirees dream of a home away from home. The thought of having a place to escape to in the winter months, or during the summer for sun lovers, is enticing on many levels. Others consider a mobile home to explore this vast county in style and to visit the many attractions they heard so […]

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Posted on Friday, 8th February 2019 by Dennis Damp

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

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

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 Tuesday, 15th January 2019 by Dennis Damp

This shutdown is the longest in history and if the parties can’t agree on funding border security this shutdown could go on for some time. The Washington Examiner reported, “Some 30 Democratic lawmakers left the government shutdown behind Friday on a chartered flight to Puerto Rico for a winter retreat with 109 lobbyists and corporate […]

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Posted on Saturday, 12th January 2019 by Dennis Damp

OPM issued a FACT SHEET covering the impact on federal employee benefits and pay as a result of the government shutdown. The following excerpt explains the impact on employee’s pay and benefits. FACT SHEET:  Pay and Benefits Information for Employees Affected by the Lapse in Appropriations Request a  Federal Retirement Report™  today to review your projected annuity […]

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Posted on Friday, 11th January 2019 by Dennis Damp

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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Posted on Friday, 4th January 2019 by Dennis Damp

Many retirees and survivor annuitants call OPM to change direct deposit information and become frustrated because they can’t get through, their line is busy most of the time. OPM services 2,113,414 federal annuitants, 523,737 survivor annuitants plus postal service retirees as well. It is easy to change monthly annuity payments from one financial institution to […]

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Posted on Thursday, 6th December 2018 by Dennis Damp

The wild stock market swings are heavy on the minds of investors today, especially for those approaching retirement and retirees living on a fixed income. It is even more problematic if you depend on Thrift Savings Plan (TSP) and other retirement account withdrawals.  Market volatility is uncomfortable to say the least when you see what […]

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Posted on Friday, 23rd November 2018 by Dennis Damp

I wrote an article late last year titled “Where Are You Now! Looking at The Numbers” that helped readers evaluate their finances and determine if they had sufficient resources to live comfortably pre and post retirement. We provide extensive financial planning guidance to help anyone from a new hire to a retired annuitant evaluate and […]

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Posted on Friday, 9th November 2018 by Dennis Damp

Open season starts November 12th. There are tools available to evaluate provider options and help you select your 2019 plan. Use the following resources to make an informed decision for you and your family’s health care needs. Request a  Federal Retirement Report™  today to review your projected annuity payments, income verses expenses, FEGLI, and TSP projections. Obtain […]

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Posted on Friday, 2nd November 2018 by Dennis Damp

Each year we publish a comprehensive leave record that federal employees can use to track their daily record of annual and sick leave, comp, and credit hours used. Our updated 2019 Excel Leave Chart is designed for active federal employees that are planning their retirement and need to establish realistic target retirement dates. The new […]

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Posted on Friday, 26th October 2018 by Dennis Damp

Blue Cross Blue Shield (BCBS) is offering a new lower cost fee-for-Service Focus Plan in 2019. This article compares the BCBS Focus plan to the GEHA Standard plan. Many federal annuitants opt for a lower cost Federal Employee’s Health Benefit (FEHB) plan once they sign up for Medicare. The majority of FEHB plans waive many […]

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Posted on Friday, 19th October 2018 by Dennis Damp

Medicare recently announced the standard Part B premium amount of $135.50 for 2019. Most people will pay the standard Part B monthly premium. If your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you’ll pay the standard premium and an Income Related Monthly […]

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Posted on Thursday, 11th October 2018 by Dennis Damp

Social Security and Supplemental Security Income (SSI) benefits for more than 67 million Americans will increase 2.8 percent in 2019. CSRS annuitants will receive the full amount, FERS retirees will receive a 2% cost-of-living adjustment (COLA). The 2.8 percent COLA will begin with benefits payable to more than 62 million Social Security beneficiaries in January […]

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Posted on Wednesday, 10th October 2018 by Dennis Damp

The U.S Census Bureau under the Department of Commerce will be hiring thousands of census workers between now and 2020 to conduct the upcoming census.  Most of the positions are available for anyone to apply. Because the labor market is at full employment, federal employees and annuitants may also apply under certain conditions without impacting […]

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Posted on Wednesday, 3rd October 2018 by Dennis Damp

The U.S. Office of Personnel Management (OPM) recently announced that the average 2019 total premiums for current non-Postal employees and retirees enrolled in plans under the Federal Employees Health Benefits (FEHB) Program will increase 1.3 percent, the lowest increase since the 1996 plan year. 2019 FEHB Plan Rates Under the Federal Employees Dental and Vision […]

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Posted on Friday, 28th September 2018 by Dennis Damp

I grew up in Wilkinsburg, the Town of Churches. A bustling small town nesseled on the outskirts of Pittsburgh, PA. In my youth Wilkinsburg was a vibrant community and great place to raise children.  We had a Woolworth’s and Murphy’s Five and Dime store, the Rolland Movie Theater, Faller’s Furniture, the Penn-Lincoln Hotel, John’s Laundry […]

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Posted on Friday, 21st September 2018 by Dennis Damp

Updated 11/11/2024 I presented a briefing for the Employee’s Retirement Club at the Food and Drug Administration (FDA) at the invitation of the group’s chairperson. We discussed a number of topics including FEGLI, Long Term Care, and Medicare signup. There was some confusion about the ability to defer Part B premiums if your spouse continues […]

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Posted on Sunday, 16th September 2018 by Dennis Damp

The 2018 FEHB open season will run from November 11 through December 10, 2018.  Each year Open Season runs from the Monday of the second full workweek in November through the Monday of the second full workweek in December. Health care service providers are required to submit benefit and rate proposals for the contract term […]

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Posted on Friday, 7th September 2018 by Dennis Damp

Fortunately, Federal employees are able to determine where they stand financially before retiring. When you evaluate your Thrift Savings, civil service annuity, social security and other savings and investment accounts you will discover the reality of retirement for you and your family. Will you have enough to not only live comfortably but to achieve your […]

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Posted on Friday, 17th August 2018 by Dennis Damp

I’m always looking for ways to economize and cut expenses from utility costs to investment managements fees and everything in between. Typically, I look for lower utility supplier rates and always, ALWAYS, sign up for fixed rate deals only. I also annotate on my utilities file back cover the start and ending dates for each […]

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Posted on Friday, 3rd August 2018 by Dennis Damp

Recently, Greg asked, “how important is it to attend a retirement briefing or not?” He and his wife intend to travel the country for several years after leaving federal service. I developed my retirement planning website because I attended two agency sponsored retirement seminars and came back with more questions than answers. That being said, […]

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Posted on Friday, 20th July 2018 by Dennis Damp

MY daughter and her husband recently applied for a passport. They took their birth certificates and required photos with them to the meeting. Unfortunately, the Post Office wouldn’t accept their birth certificates, they were told they were copies and originals or certificates reissued by the appropriate state vital records office were required. It’s important to […]

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Posted on Friday, 6th July 2018 by Dennis Damp

I frequently talk about what is happening in my life as it relates to retirement. For example, when I signed up for Medicare and Social Security I outlined the process for others to follow. Recently I began searching for a small car for my wife, a car that would easily fit in the garage and […]

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Posted on Thursday, 21st June 2018 by Dennis Damp

There are a number of actions to take long before you retire to expedite retirement application processing. If you don’t correct certain errors prior to applying be financially prepared to live on a reduced interim annuity check for an extended period. One of our site visitors recently discovered that her ten years of military service […]

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Posted on Friday, 8th June 2018 by Dennis Damp

Updated 8/14/2023 When you require information about your benefits and retirement planning you need resources at your fingertips to make informed decisions FAST. OPM does have a comprehensive site, http://www.opm.gov, that you can search and find abundant information, however it is often difficult to locate what you are looking for. Plus they don’t offer advice […]

Tags: Federal Retirement, Retirement Planning Information
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Posted on Friday, 1st June 2018 by Dennis Damp

There are many significant milestones in all of our lives. I attending Milton Hershey School for Boys in the late 1950s and early 60s, graduated from high school and college, received my draft notice in 1968, joined the U.S. Air Force, married my high school sweetheart, landed my first government job with the Department of […]

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Posted on Friday, 18th May 2018 by Dennis Damp

Are you prepared to live on reduced income until your retirement claim is processed? Those already retired know all about this, they received interim annuity payments until the final adjudication of their retirement. For me personally, it only took three months. I retired on December 31 and my first full annuity payment, with credits for […]

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Posted on Monday, 7th May 2018 by Dennis Damp

It’s a little early to be thinking of the next FEHB Open Season for 2019 benefits, yet it’s important to know what changes are coming down the pike. The Federal Benefits Open Season enrollment period, Nov. 12, 2018 through Dec. 10, 2018, runs concurrently with the TRICARE Open Season. FEDVIP Vision and Dental Plans, originally […]

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Posted on Friday, 27th April 2018 by Dennis Damp

Low interest rates over the past decade have driven many to abandon secure FDIC insured savings, Treasury Bills and Notes for higher risk investments such as stocks, ETFs, and mutual funds. A good number of savers simply left their savings in very low yielding bank accounts and suffered the loss of income and decreased buying power […]

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Posted on Thursday, 5th April 2018 by Dennis Damp

What would encourage a retiree to return to the workforce today? How about a 20% deduction on your new found income! Many that left federal service still have much to offer and can turn a part-time adventure into extra cash that supplements their annuity, Social Security, and TSP payouts. Today, there are many opportunities for […]

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Posted on Monday, 26th March 2018 by Dennis Damp

Attorney General Jeff Sessions recently fired Andrew McCabe, the FBI Deputy Director 2 days before he would have become eligible for a 20 year LEO early retirement. The Justice Department’s Office of the Inspector General (OIG) reported that without authorization the Deputy Director released information to the news media. Many assume he lost his pension. […]

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Posted on Saturday, 17th March 2018 by Dennis Damp

“Retirement is wonderful if you have two essentials — much to live on and much to live for.” The author for this quote is unknown but whomever made this observation was certainly an astute observer of the human condition. Most retire with much to live for; watching their children mature and become successful responsible adults, […]

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Posted on Saturday, 10th March 2018 by Dennis Damp

I frequently listen to XM radio’s sixties on channel 6 while I’m out and about. Last week, on my way to my cardiologist’s office, they played The Beat Goes On by Sonny and Cher. I visualized Sonny and Cher on stage singing, “Drums keep pounding a rhythm to the brain La de da de de, […]

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Posted on Tuesday, 27th February 2018 by Dennis Damp

I receive many questions from site visitors concerning OPM’s Retiree Services Online (SOL). Their site allows users to view their annuity statements, change allotments, download their 1099R tax form, set federal and state tax withholdings, and much more. To register for the first time you must first call OPM and request a temporary password that […]

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Posted on Tuesday, 13th February 2018 by Dennis Damp

What a ride the market has taken us on since my last article that talked about ways to preserve your retirement account balances during downturns. The DOW reached a high of 26,616 and the S&P 2,872 before this latest 10% downward draft. A 10% correction is considered a normal event during a bull market and […]

Tags: Balanced Funds, Bear Markets, Market Volatility, Recessions
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Posted on Thursday, 25th January 2018 by Dennis Damp

The TSP Rebalancing Act If you have been in the market these past ten years, including your TSP and other retirement accounts, your allocations are probably off considerably from where you initially set them. Many rebalance their stock and bond portfolios at least annually however it is easy to forgo this essential step with all […]

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Posted on Thursday, 18th January 2018 by Dennis Damp

1099Rs Available Now! Normally, federal annuitants don’t received their 1099R Tax Forms until the end of January or the beginning of February by regular mail. If you are registered to use OPM’s Retirement Services Website your 1099 R is now available for download. I visited the site on January 16, 2016 and was able to […]

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Posted on Saturday, 13th January 2018 by Dennis Damp

We published the new 2018 Excel Leave Chart back in late October. Since then a number of our site visitors were only able to open the Excel chart in protected mode and couldn’t enter data. If your spreadsheet opens in protected view click the “enable editing” button in the yellow bar at the top of […]

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Posted on Monday, 8th January 2018 by Dennis Damp

In January of 2017 the full retirement age (FRA) started increasing to age 67 in two-month increments over the next six years. When I refer to 66 as full retirement age in this article be aware that your FRA will be up to a year later depending on when you turn 62. OK…, you are […]

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Posted on Friday, 29th December 2017 by Dennis Damp

Lots of good news for federal employees and annuitants alike this year. First off, there were no major changes to our benefits even though many services wrote volumes about proposals that never materialized. I seldom cover these proposals because the majority of members in both parties currently don’t support them. That being said entitlements and […]

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Posted on Monday, 18th December 2017 by Dennis Damp

No matter where you are at in your life; just starting out, mid career or retired, knowing where you stand financially helps you weather the storms that may be ahead. Do you have the resources to not only make ends meet today but to have the freedom in retirement to expand your horizons and do […]

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Posted on Saturday, 18th November 2017 by Dennis Damp

The TSP Modernization Act (H.R. 3031) was signed by the President November 17, 2017.  This update, one of the first since the TSP was established, provides users with additional options to manage their invested funds, including the ability to make multiple post-separation partial withdrawals and to make multiple in-service age-based withdrawals once the participant has […]

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Posted on Wednesday, 1st November 2017 by Dennis Damp