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Posted on Friday, 15th March 2024 by Dennis Damp

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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 […]

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Posted on Friday, 8th March 2024 by Dennis Damp

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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 […]

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Posted on Friday, 23rd February 2024 by Dennis Damp

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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

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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 […]

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Posted on Friday, 2nd February 2024 by Dennis Damp

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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 […]

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Posted on Friday, 26th January 2024 by Dennis Damp

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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 […]

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Posted on Friday, 19th January 2024 by Dennis Damp

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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 […]

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Posted on Friday, 5th January 2024 by Dennis Damp

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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 […]

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Posted on Friday, 15th December 2023 by Dennis Damp

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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

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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 […]

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Posted on Friday, 1st December 2023 by Dennis Damp

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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 […]

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Posted on Friday, 24th November 2023 by Dennis Damp

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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 […]

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Posted on Friday, 17th November 2023 by Dennis Damp

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  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” […]

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Posted on Friday, 10th November 2023 by Dennis Damp

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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, […]

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Posted on Thursday, 2nd November 2023 by Dennis Damp

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I received a number of 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. The BCBS website is fairly straight forward and addresses many of […]

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Posted on Friday, 20th October 2023 by Dennis Damp

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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 […]

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Posted on Friday, 13th October 2023 by Dennis Damp

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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

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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 […]

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Posted on Friday, 29th September 2023 by Dennis Damp

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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

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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

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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 […]

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Posted on Friday, 15th September 2023 by Dennis Damp

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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 […]

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Posted on Friday, 8th September 2023 by Dennis Damp

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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. This new separate program, within the Federal Employees Health Benefits (FEHB) Program, is administered by the Office of Personnel Management (OPM). One of […]

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Posted on Friday, 1st September 2023 by Dennis Damp

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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 […]

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Posted on Friday, 18th August 2023 by Dennis Damp

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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 […]

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Posted on Friday, 11th August 2023 by Dennis Damp

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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 […]

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Posted on Friday, 21st July 2023 by Dennis Damp

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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 […]

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Posted on Friday, 14th July 2023 by Dennis Damp

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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

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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 […]

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Posted on Friday, 23rd June 2023 by Dennis Damp

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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

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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 […]

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Posted on Friday, 2nd June 2023 by Dennis Damp

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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 […]

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Posted on Friday, 19th May 2023 by Dennis Damp

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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 […]

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Posted on Friday, 5th May 2023 by Dennis Damp

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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

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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 […]

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Posted on Friday, 21st April 2023 by Dennis Damp

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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 […]

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Posted on Saturday, 15th April 2023 by Dennis Damp

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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

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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 […]

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Posted on Friday, 17th March 2023 by Dennis Damp

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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 […]

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Posted on Friday, 10th March 2023 by Dennis Damp

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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 […]

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Posted on Friday, 24th February 2023 by Dennis Damp

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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 […]

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Posted on Friday, 17th February 2023 by Dennis Damp

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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 […]

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Posted on Friday, 10th February 2023 by Dennis Damp

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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, […]

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Posted on Friday, 3rd February 2023 by Dennis Damp

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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

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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 […]

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Posted on Saturday, 14th January 2023 by Dennis Damp

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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

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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, […]

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Posted on Thursday, 5th January 2023 by Dennis Damp

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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 […]

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Posted on Friday, 16th December 2022 by Dennis Damp

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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 […]

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Posted on Friday, 2nd December 2022 by Dennis Damp

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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

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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 […]

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Posted on Thursday, 17th November 2022 by Dennis Damp

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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 […]

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Posted on Friday, 11th November 2022 by Dennis Damp

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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 […]

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Posted on Friday, 4th November 2022 by Dennis Damp

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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

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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% […]

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Posted on Friday, 21st October 2022 by Dennis Damp

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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 […]

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Posted on Friday, 14th October 2022 by Dennis Damp

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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 […]

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Posted on Thursday, 13th October 2022 by Dennis Damp

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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

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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 […]

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Posted on Wednesday, 5th October 2022 by Dennis Damp

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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 […]

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Posted on Friday, 23rd September 2022 by Dennis Damp

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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 […]

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Posted on Friday, 16th September 2022 by Dennis Damp

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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 […]

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Posted on Friday, 9th September 2022 by Dennis Damp

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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 […]

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Posted on Friday, 2nd September 2022 by Dennis Damp

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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 […]

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Posted on Friday, 26th August 2022 by Dennis Damp

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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. […]

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Posted on Friday, 12th August 2022 by Dennis Damp

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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 […]

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Posted on Saturday, 6th August 2022 by Dennis Damp

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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 […]

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Posted on Friday, 22nd July 2022 by Dennis Damp

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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

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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 […]

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Posted on Friday, 1st July 2022 by Dennis Damp

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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 […]

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Posted on Friday, 17th June 2022 by Dennis Damp

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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

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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

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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

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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

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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

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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

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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

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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

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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 […]

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Posted on Friday, 4th March 2022 by Dennis Damp

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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

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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

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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

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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. […]

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Posted on Friday, 14th January 2022 by Dennis Damp

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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

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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

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(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 […]

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Posted on Friday, 3rd December 2021 by Dennis Damp

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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

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“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

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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 year. Many federal employees and annuitants are curious […]

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Posted on Friday, 19th November 2021 by Dennis Damp

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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 make this […]

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Posted on Wednesday, 18th August 2021 by Dennis Damp

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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  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

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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

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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

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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

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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

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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

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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

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[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

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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

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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

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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

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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

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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

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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

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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

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According to OPM, “COVID 19 has not affected Retirement Services’ ability to process applications or deliver timely payments.” During the first quarter of 2020, 32,973 retirement packages were received by OPM and they processed 28,617. There is a backlog of 21,264 applications waiting to be processed as of March 31, 2020.   Attend a 2-Hour […]

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Posted on Friday, 3rd April 2020 by Dennis Damp

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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

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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

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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

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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

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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

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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

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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

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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

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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 under the […]

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Posted on Friday, 24th January 2020 by Dennis Damp

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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

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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

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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

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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

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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

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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

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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

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Updated 1-28-2024 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 […]

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Posted on Wednesday, 30th October 2019 by Dennis Damp

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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 & B duplicates what our Federal Employees Health benefits (FEHB) plans provide. I reply to this question many times throughout the year and refer those asking to […]

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Posted on Friday, 21st June 2019 by Dennis Damp

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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

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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

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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

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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

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

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Posted on Friday, 10th May 2019 by Dennis Damp

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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

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

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Posted on Thursday, 11th April 2019 by Dennis Damp

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

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Posted on Saturday, 30th March 2019 by Dennis Damp

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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

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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

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

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Posted on Sunday, 24th February 2019 by Dennis Damp

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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

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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

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

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Posted on Tuesday, 5th February 2019 by Dennis Damp

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

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Posted on Saturday, 19th January 2019 by Dennis Damp

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

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Posted on Tuesday, 15th January 2019 by Dennis Damp

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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

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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

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

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Posted on Friday, 4th January 2019 by Dennis Damp

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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I presented a briefing last week for the Employee’s Retirement Club at the Food and Drug Administration (FDA) last week at the invitation of the group’s chairperson, Esther Wang. 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 […]

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Posted on Sunday, 16th September 2018 by Dennis Damp

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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

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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

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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

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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

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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

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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

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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

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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 […]

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Posted on Friday, 1st June 2018 by Dennis Damp

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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

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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

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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

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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

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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

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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

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“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

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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

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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

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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 […]

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Posted on Thursday, 25th January 2018 by Dennis Damp

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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

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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

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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

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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

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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

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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

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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

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In the past, retirement was perceived as an end of an era… sitting in your rocking chair watching life pass you by. Not as a launching pad to new and exciting vistas. Many that retired in the mid to late 1900s were simply worn out from working too hard and making too little. They suffered […]

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Posted on Thursday, 19th October 2017 by Dennis Damp

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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. One of our newsletter subscribers contacted me about the change to Blue Cross Blue Shield Basic for 2018.  The FepBlue.org site states, “If […]

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Posted on Monday, 9th October 2017 by Dennis Damp

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Open season runs from November 13 through December 11 of this year however some providers already have their 2018 plan brochures available. GEHA sent me an email message listing a summary  of plan changes for 2018 and a link to their 2018 brochure! You can view the GEHA 2018 Brochure on their site and save […]

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Posted on Wednesday, 4th October 2017 by Dennis Damp

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FEHB Premium Increases The U.S. Office of Personnel Management (OPM) announced today that the overall average increase in total premiums for the 2018 Federal Employees Health Benefits (FEHB) Program will rise by an average of four percent. The new 2018 Federal Employee Health Benefit (FEHB) rates were published on October 4th. View the 2018 rates […]

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Posted on Monday, 18th September 2017 by Dennis Damp

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The SEC’s Office of Investor Education and Advocacy (OIEA) and Broker-Dealer Task Force issued an investor alert this summer warning the more than 5 million Thrift Savings Plan (TSP) participants, and investors in other federal government employee retirement plans, that investment scam artists may pretend to be affiliated with a government agency. Legitimate companies will […]

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Posted on Sunday, 3rd September 2017 by Dennis Damp

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The Federal Employees Health Benefits (FEHB) Open season runs from November 13 through December 11 of this year. The 2018 provider brochures should be uploaded soon and when they are released we will present a summary of the 2018 FEHB open season changes and premium increases. Hopefully, the premiums won’t skyrocket like they have and […]

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Posted on Saturday, 19th August 2017 by Dennis Damp

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The 2017 FEHB open season will run from November 13 through December 11, 2017.  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 services providers are required to submit benefit and rate proposals for the contract term […]

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Posted on Friday, 11th August 2017 by Dennis Damp

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Less than half of our newsletter subscribers are veterans. If this article isn’t of interest to you personally please forward to a veteran that you know or to a family member that served. Starting November 11, 2017, Veterans Day, all honorably discharged veterans will be able to shop online at all military exchanges. I’ve already […]

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Posted on Thursday, 27th July 2017 by Dennis Damp

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I vividly recall visiting my house parents room in 1959. My brother and I were in a home for boys and our house parents had just purchased a console color TV, the first any of us had seen, and it had a remote control! Each time she changed the channel you could hear the motor […]

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Posted on Wednesday, 19th July 2017 by Dennis Damp

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The 2018 COLA increase is projected to be approximately 2.1%.  The Senior Citizen’s League’s June 2017 report, “Based on consumer price index (CPI) data through April of 2017, TSCL estimates that the COLA for 2018 may be 2.1 percent — significantly higher than in recent years, which has averaged only 1% since 2012. This estimate […]

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Posted on Saturday, 15th July 2017 by Dennis Damp

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Kathleen, one of our retirement planning newsletter subscribers wasn’t able to suspend her FEHB coverage after signing up for a Medicare Supplement Plan earlier this year. There are specific requirements for suspending FEHB coverage. Basically, you can only suspend your FEHB coverage if you sign up for a Medicare Advantage Plan (Part C), TRICARE, TRICARE […]

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Posted on Thursday, 6th July 2017 by Dennis Damp

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It’s hard to believe that only 2% of the active workforce is CSRS retirement eligible! When I was hired in the early 1970s all were CSRS eligible. A sea change from those days. Now FERS will soon be the only game in town and we don’t know what changes will come down the road for […]

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Posted on Tuesday, 30th May 2017 by Dennis Damp

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Many agencies are now either considering or have already applied to OPM for approval to offer Voluntary Early Retirements (VERAs) and possibly Voluntary Separation Incentive Payments (VSIPs) as well. Now is the time to assess whether or not a VERA, if offered, would be the right thing for you to do based on your circumstances […]

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Posted on Sunday, 14th May 2017 by Dennis Damp

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I’ve been working to place my wife’s and my life on auto pilot as much as possible. Each year I up my game and work to either consolidate, eliminate, or simplify another process, program, or function that will free up our time, space, and just make life less hectic and worrisome. We are preparing, while […]

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Posted on Saturday, 15th April 2017 by Dennis Damp

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Veteran Identification Cards – New & Expanded Benefits Until recently the only way veterans could prove their military status was either with a VA Health Service card, a retired military card, or provide a copy of their DD-214 discharge paperwork. Veterans that aren’t signed up for VA health care or didn’t retire from military service […]

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Posted on Monday, 13th March 2017 by Dennis Damp

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According to Kiplinger’s, core inflation will increase in 2017 above last year’s rate. Higher inflation generally results in higher Cost of Living Adjustments (COLAs) the following year. The Federal Reserve is expected to raise interest rates soon and several more increases are anticipated this year. This alone will provide relief to all savers including retirees […]

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Posted on Sunday, 12th February 2017 by Dennis Damp

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The saying that “It’s Never Too Late” doesn’t apply to certain aspects of retirement and estate planning. I can attest first hand to this; my father died when I was one and my mother, at age 37, was left with 4 small children of which I was the youngest. My father died without life insurance […]

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Posted on Friday, 27th January 2017 by Dennis Damp

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OPM issued a “Benefits Administration Letter,” number 16-102, announcing that “effective immediately, we will not accept corrections (scratch-outs, white-outs, line-outs, or any other type of correction actions) in the named Sections on the following forms. New forms must be completed in lieu of any alterations to previously entered information.” A manually corrected retirement application could […]

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Posted on Wednesday, 18th January 2017 by Dennis Damp

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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 18, 2016 and was able to download my copy […]

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Posted on Friday, 13th January 2017 by Dennis Damp

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Moving is always stressful no matter if you are working or retired. My wife and I moved 11 times since we first married 47 years ago! Each move had its own unique issues that we had to handle at different times in our lives.  If you are retired there are a number of actions that […]

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Posted on Friday, 16th December 2016 by Dennis Damp

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We published the new 2017 Excel Leave Chart back in late October. Since then a few 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 Wednesday, 30th November 2016 by Dennis Damp

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About two years ago I purchased hearing aids from Costco and talked about the process in an article titled “Did You Hear That? A Fitting End to a Frustrating Problem.” The two hearing aids were only $1699.00 and my FEHB plan reimbursed me for the total amount. I had to have Costco send one of […]

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Posted on Thursday, 17th November 2016 by Dennis Damp

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Now that the 2016 FEHB Open Season is well on its way federal employees and annuitants have access to all of the information they need to make informed decisions. My wife and I are staying with our current plans. There were some minor changes and small premium increases so our decision is made. There is […]

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Posted on Saturday, 12th November 2016 by Dennis Damp

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Each year active federal employees and annuitants must obtain hard copies of plan brochures and general information about open season.  I review plan changes each year and confirm that our doctors and medical facilities are still on the provider list. OPM does send out an informative Open Season Health Benefits guide to all participants that […]

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Posted on Saturday, 29th October 2016 by Dennis Damp

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Everyone planning their retirement needs to know how much they will have to live on in retirement and how much their annuity and the surviving spouse’s benefit will grow over time. Unlike many private sector retirement plans, our annuities are adjusted annually – most years – with a COLA. I was at a family gathering […]

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Posted on Sunday, 23rd October 2016 by Dennis Damp

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WOW! They finally approved a COLA increase.  It’s amazing how low they can go, .03 Percent for 2017. If your federal retirement annuity is $2,000 per month, you will see $6 more in your check. The average Social Security increase is $4 a month!  The Federal Reserve continues to keep interest rates so low that […]

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Posted on Friday, 14th October 2016 by Dennis Damp

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I was fortunately able to get an early start on this year’s FEHB Open Season that runs from November 14 through December 12.  Last week’s column discussed the average 4.4% premium increase for 2017 and post card that GEHA sent about changes to my plan. I was able to download the GEHA 2017 plan brochure; […]

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Posted on Thursday, 6th October 2016 by Dennis Damp

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  OPM announced that the 2016 FEHB Open Season will run from November 14th through December 12 of this year. The 2017 plan rates were released early this year and the average FEHB premiums will increase by 4.4 percent. My wife and I are enrolled in the GEHA Standard Self Plus One plan and our […]

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Posted on Wednesday, 7th September 2016 by Dennis Damp

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Too often the feedback we receive, either solicited or given freely, at work and home is delivered with little tact and therefore ignored or disputed. I recently read an article in the Tribune Review titled “Constructive Feedback Crucial for Career Progress,” by Chris Posti that provided excellent advice for anyone wishing to advance in their […]

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Posted on Friday, 19th August 2016 by Dennis Damp

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FEGLI Open Season is fast approaching and two of my articles titled FEGLI Open Season, Long Term Care, and Lifestyle Updates and 2016 FEGLI Open Season – Take Advantage of this Opportunity should provide the information you need to make informed decisions. Generally you need coverage for final expenses and additional coverage if your savings and […]

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Posted on Monday, 1st August 2016 by Dennis Damp

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FEGLI Open Season Update A number of our subscribers have sent questions about the upcoming FEGLI Open Season and are not sure what options to consider. Open season runs from September 1 through September 30, 2016. It’s time to review your current insurance coverage and determine your true insurance needs before it’s too late. You […]

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Posted on Thursday, 21st July 2016 by Dennis Damp

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OK, I might have been a little too gracious in my June article titled Long Term Care Insurance – Is it worth the cost? I received a notice from the Federal Long Term Care insurance provider increasing our premiums by over 100 percent in less than 7 months from our last increase in January!!! I […]

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Posted on Saturday, 9th July 2016 by Dennis Damp

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The FEGLI Open Season runs from September 1 through September 30, 2016 and I wrote an article last October about the options available and new premiums. I began the article with, “Even if you think, like I did in 2004 when the last open season was offered, that you have sufficient coverage you may be […]

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Posted on Friday, 10th June 2016 by Dennis Damp

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I applied for Long Term care insurance when it was first offered as a benefit in December of 2002. Our premiums for the Future Purchase Option (FPO) at that time were reasonable for the 5 years of coverage we elected; $73.57 monthly for my wife and I.  My premium for the Future Purchase Option was […]

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Posted on Monday, 9th May 2016 by Dennis Damp

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Historically, approximately 40% of total stock market returns are generated from dividends and today you can expect to receive from 2 to 5% or more in yield from these investments. Many that recommend conservative dividend paying stocks look for companies that continue to grow their yield and share price over time with low risk. It’s […]

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Posted on Thursday, 14th April 2016 by Dennis Damp

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Eleven years and counting since retiring in 2004 at age 55. Those who follow my column know that I didn’t retire: I just changed jobs and now work from home pretty much full time. Business keeps me busy and over the past two years I’ve simplified operations so that my wife and I can devote […]

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Posted on Thursday, 24th March 2016 by Dennis Damp

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(Updated 2/26/2022) The current bull market is the longest in history and as all bull markets do, they eventually end in a recession. You hear a lot today about the uncertainty in the market considering all of the stimulation that the Federal Reserve has applied through their low interest policies. When interest rates are low […]

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Posted on Wednesday, 2nd March 2016 by Dennis Damp

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Social Security File & Suspend I discussed in a recent column the process my wife and I went through to file and suspend my Social Security benefits.  I did this so that my wife will now be able to collect a spousal benefit while I deferred collecting until age 70 and my benefit will increase […]

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Posted on Saturday, 13th February 2016 by Dennis Damp

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Recently one of our newsletter subscribers asked me to explain how the Government Pension Offset (GPO) impacts a married couple, one retiring under CSRS and the other under FERS.  The husband will retire under CSRS and his wife is a FERS employee. He also wanted to know if his wife’s social security will be penalized […]

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Posted on Wednesday, 27th January 2016 by Dennis Damp

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I typically purchase Intuit TurboTax Home & Business software in mid December each year to start working on our income taxes. I was able to download my Statement of Annuity Paid (1099 R Form) direct from OPM’s retirement services web site on January 17th!  Typically retirees receive these forms in the mail by the end […]

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Posted on Friday, 15th January 2016 by Dennis Damp

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As of January 1, 2016, FEGLI premiums for many options and age brackets changed due to actuarial adjustments. Annuitants that carried FEGLI coverage into retirement will receive a Notice of Annuity Adjustment showing the new rates. Most of the new FEGLI rates for Option A, B and C decrease. The older age band rates for […]

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Posted on Monday, 11th January 2016 by Dennis Damp

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Important Note: This article is not an investment recommendation and should not to be relied upon when making investment decisions – investors should conduct their own comprehensive research. Please read the Disclaimer at the end of this article. Each year I review our investments and rebalance funds as necessary to maintain a pre determined asset […]

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Posted on Tuesday, 15th December 2015 by Dennis Damp

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I receive email messages from retirees and survivors each year that can’t find their CSA claim number and are uncertain as to what benefits they elected when they retired. At least once a year we receive a Notice of Annuity Adjustment, shortly after the new year starts, that provides abundant information for annuitants and their […]

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Posted on Sunday, 29th November 2015 by Dennis Damp

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On November 2, 2015 the President signed HR-1314, the “Bipartisan Budget Act of 2015.” This law eliminated the file and suspend option for most Social Security applicants and changed the restricted application rules. These filing strategies allowed couples to increase their lifetime total payout. If you are now at full retirement age and planning to file and suspend you have […]

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Posted on Wednesday, 18th November 2015 by Dennis Damp

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I received a number of messages from active federal employees that were not able to get into Employee Express to make FEHB plan changes. Retirees using OPM’s FEHB Open Season Online are getting through and able to request hard copies of brochures and make plan changes. Employee Express is managed by OPM and employees are […]

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Posted on Tuesday, 10th November 2015 by Dennis Damp

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This open season has created confusion for many especially issues concerning the new FEHB Self Plus One option.  OPM’s Open Season Health Benefits Guide has left many questioning whether or not they will leave their spouse without coverage when they die if they change to the Self Plus One option.  When I first discovered the […]

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Posted on Thursday, 5th November 2015 by Dennis Damp

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The 2016 plan brochures are now available online at OPM.  I ordered 6 plan brochures through OPM’s FEHB Open Season Online service on Monday. I requested hard copies so I can sit down and review them offline. You can also view them online. This year has generated many more questions due to the new Self […]

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Posted on Saturday, 24th October 2015 by Dennis Damp

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Now that we officially aren’t receiving a COLA in 2016 and our health care costs are increasing next year, for some substantially, it’s time to cut our expenses wherever possible. Over the past few months I saved a substantial amount by reviewing our monthly bills and pairing costs. I believe I’ve saved enough to offset […]

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Posted on Thursday, 1st October 2015 by Dennis Damp

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OPM announced that the 2016 FEHB premiums will increase an average of 6.4 percent. Enrollees, on average, will pay $5.50 more each pay period for Self Only coverage and those with Self and Family coverage will pay $19.61 more per pay period. OPM also states in their latest press release that, “for over 95% of […]

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Posted on Thursday, 24th September 2015 by Dennis Damp

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Retirement Benefits Update OPM recently added new helpful features to their Retirement Information and Services web site. The site continues to add new features to help annuitants and survivors with benefit and retirement issues. The latest additions provide registered users the ability to view and print 1099-R Tax Forms and a Year-to-Date Summary of Annuity […]

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Posted on Saturday, 5th September 2015 by Dennis Damp

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In TSP – Ways to Safeguard Your TSP, part 1 of this series, I discussed a significant reason why a spouse that inherits a TSP account would want to transfer their TSP account to an IRA.  According to the TSP, “If a TSP beneficiary participant (Annuitant’s spouse) dies, the new beneficiary(ies) cannot continue to maintain […]

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Posted on Thursday, 13th August 2015 by Dennis Damp

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Even if you think, like I did in 2004 when the last open season was offered, that you have sufficient coverage you may be surprised at what you discover. I wish I knew then what I know now about these attractive low cost options. OPM recently announced that a 2016 Federal Employees Group Life Insurance […]

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Posted on Wednesday, 5th August 2015 by Dennis Damp

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Please share this article with your friends and associates. Any mention of our articles and www.fedretire.net on Facebook and other social media would be appreciated. I was asked by the Federal Energy Regulatory Commission (FERC) to be a guest speaker at their Washington DC headquarters on July 29th 2015. I discussed ways for employees to enhance their careers through the development […]

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Posted on Saturday, 4th July 2015 by Dennis Damp

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Updated 6/22/2023 When a spouse is designated the beneficiary of a Thrift Savings Plan (TSP) account, the TSP establishes a beneficiary participant account in the spouse’s name. The money in the beneficiary participant account stays invested as it was in the deceased participant’s account except for any money the participant had invested in the mutual […]

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Posted on Thursday, 11th June 2015 by Dennis Damp

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Please share this article with your friends and associates. Any mention of our articles and www.fedretire.net on your Facebook, Twitter, and social media accounts would be appreciated. Wow, going on eleven years retired and I’m still learning valuable life lessons! There are so many times in my life when I reflect back on certain events and realize the […]

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Posted on Thursday, 28th May 2015 by Dennis Damp

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Many retirees and active federal employees have been waiting for this for some time now. Starting this fall you will be able to enroll in any of the FEHB health plans under the new Self Plus One rate schedule. This year’s annual open season begins November 9th and the new rates will be effective January 1, […]

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Posted on Saturday, 16th May 2015 by Dennis Damp

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(Updated 2/26/2023) I received a call from the wife of a friend who passed away. She was concerned about her options after being notified by the TSP that her husband’s account was converted to the G Fund upon his death. She was approached by a financial planner that suggested she transfer her husband’s TSP account […]

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Posted on Wednesday, 29th April 2015 by Dennis Damp

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Up until recently the only way you could obtain a federal retirement ID Card, officially referred to as a “Retirement Services Reference Card,” was to call OPM and request a copy. They would send it in the mail and you would receive it in 5 to 7 business days. Recently OPM Services Online added a […]

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Posted on Monday, 6th April 2015 by Dennis Damp

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(Updated 2/26/2023) In my article titled Have You Considered Hiring a Financial Advisor, I discussed professional investment assistance and the advantages and costs associated with hiring a financial advisor.  This article focuses on the Thrift Savings Plan (TSP), its benefits, and their very low management fees compared to other funds.  It also introduces you to various […]

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Posted on Saturday, 7th March 2015 by Dennis Damp

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The impact that our Cost Of Living Adjustment (COLA) has on our annuity is significant and without it retirees would find themselves doing with less as they age. Even though our COLAs don’t truly keep up with inflation as claimed we at least experience increases most years. If COLAs would have been paid in 2010 […]

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Posted on Friday, 13th February 2015 by Dennis Damp

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(Updated 2/26/2023) Many are uncomfortable with investing and managing money in general. The Federal Reserve intentionally kept interest rates artificially near ZERO for many years and now that interest rates and inflation are soaring in 2023, do we ladder CDs, buy short term Treasuries and corporate bonds, and/or invest in the market with its inherent […]

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Posted on Tuesday, 27th January 2015 by Dennis Damp

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1099-R Forms I like to complete my taxes as early as possible and often end up waiting for key documents such as our 1099-R form and various bank and investment forms. The online availability of most of these documents does save time. I visited OPM’s Services Online on January 22nd and was able to download […]

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Posted on Friday, 23rd January 2015 by Dennis Damp

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Updated 2/22/2024 Please forward this article to everyone in your organization that is planning on retiring over the next five years and tag it for your Facebook and other social media pages. Once you retire you lose access to many online agency and government web sites that hold valuable information that you may need after […]

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Posted on Monday, 12th January 2015 by Dennis Damp

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This is a good time of year to look forward and decide on a path to take either towards retirement or to what you would like to accomplish while retired. It’s easy to let another year slide by without taking action – procrastinating – on a number of issues. Federal employees who are approaching retirement […]

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Posted on Monday, 5th January 2015 by Dennis Damp

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The article we published on Survivor’s Benefits stated that “Upon your death, the funds in your TSP account cannot remain in the TSP. Your account will have to be distributed to the beneficiary(ies) you indicate on Form TSP-3, Designation of Beneficiary.” This information is correct for non-spouse beneficiaries. When a spouse is determined to be […]

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Posted on Tuesday, 25th November 2014 by Dennis Damp

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Federal employees target a retirement date that suits their personal situation and desires. There is no standard convention that dictates when one should leave or for that matter retire at all. The decision to retire is based on many factors and your personal circumstances. Some can’t afford to leave until they pay off their home […]

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Posted on Wednesday, 12th November 2014 by Dennis Damp

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Each year I connect to OPM’s Federal Employees Health Benefits (FEHB) online services at https://retireefehb.opm.gov/Annuitant/. This service is devoted to Federal Retirees, Survivor Annuitants, or Former Spouse Annuitants. Annuitants can get a head start on open season and even print out their personal Open Season Health Benefits Guide long before receiving a mailed copy. Users […]

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Posted on Wednesday, 22nd October 2014 by Dennis Damp

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According to John Church with the Bureau of Labor Statistics (BLS) the 2015 COLA will be 1.7%. This is the low range of what many projected of between 1.7 to 2%. We updated our COLA charts this morning to reflect this change and we post all COLAs back to 1999. If your annuity is $2,500 […]

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Posted on Wednesday, 24th September 2014 by Dennis Damp

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Carolyn W. Colvin, Acting Commissioner of Social Security, announced on September 16, 2014 that the agency will resume the periodic mailing of Social Security Statements—once every five years for most workers– while encouraging everyone to create a secure my Social Security account to immediately access their Statement online, anytime. The Statement provides workers age 18 […]

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Posted on Friday, 22nd August 2014 by Dennis Damp

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If you know of someone approaching age 65 or younger and signing up for Medicare send them a link to this article. It provides the information that federal employees and retirees need to consider before they sign up. If you are already collecting Social Security benefits you will be automatically signed up for Medicare three […]

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Posted on Thursday, 7th August 2014 by Dennis Damp

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I discovered four years ago that my hearing loss was significant enough to warrant wearing hearing aids. I purchased my first set, a Starkey model,  from the audiology department that is located in the same office as my Otolaryngologist . An otolaryngologists diagnoses and manages diseases of the ears, nose, and throat. They did improve […]

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Posted on Monday, 14th July 2014 by Dennis Damp

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Federal employees have valuable knowledge, skills, and training that can be highly beneficial to companies after retirement or that can be used to start your own business. Today many companies recruit active federal employees.  FERS employees are more easily persuaded to change careers because most of their benefits can go with them, unlike CSRS employees […]

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Posted on Saturday, 28th June 2014 by Dennis Damp

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(Updated 2/17/2022) This article covers Life events that allow employees and annuitants to make FEGLI coverage changes.  It’s important to be aware of these life event options otherwise you may lose out on important family coverage.  Employees also have the ability during a life event change to increase their coverage. Retirees are only able to […]

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Posted on Friday, 20th June 2014 by Dennis Damp

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My last column discussed Basic FEGLI coverage and how to evaluate your insurance needs. This article will discuss options A, B, and C and part 3 of this series will discuss changes you may wish to make with certain life events.  If you are approaching retirement print these articles to help you decide on options when […]

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Posted on Sunday, 8th June 2014 by Dennis Damp

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It’s  wise to evaluate your insurance needs before deciding on what  options you will carry into retirement and long before filling out your retirement forms.  Linda Sherman wrote an excellent article titled A Life Insurance Check-up: Assessing Your Insurance Needs that I recommend everyone read no matter where they are in their career; from new […]

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Posted on Saturday, 24th May 2014 by Dennis Damp

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Many approaching retirement and retirees alike express regret at how fast technology is changing our lives.  They recall the days, not too long ago, when we were not a connected society with instant messaging, cell phones, and computerized everything. It’s amazing just how far we’ve gone in such a short time and how our lives […]

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Posted on Friday, 9th May 2014 by Dennis Damp

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Turning 65 often proves to be a pivotal year for retirees.  I’ll be 65 next month and discovered many tasks await us at this juncture in our lives. There are many things to consider and first and foremost I’m grateful that I made it to this milestone; many don’t, including my parents and grandparents on […]

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Posted on Friday, 25th April 2014 by Dennis Damp

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Updated 2/20/2024 My Aunt Pauline and Uncle Jack preplanned their final arrangements in their early 50s. Uncle Jack had several major heart attacks in his mid 40s and thought for sure he would be the first one to go.  He lived to 81 and my aunt passed away a year before he died. They purchased […]

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Posted on Wednesday, 9th April 2014 by Dennis Damp

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Updated 2/20/2024 The first part of this series discusses how to ensure your heirs receive what you intended and Social Security’s death and survivor benefits. Part 2 will discuss pre-planning steps that will assist the surviving spouse and children navigate the many challenges that arise when a loved one dies. The subject matter may seem […]

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Posted on Saturday, 22nd March 2014 by Dennis Damp

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I recall a bleak winter day in the late Sixties when I heard that Stanley, a childhood friend, died in Vietnam  after only 3 weeks in country.  I was on a school bus when I heard the news and many were shocked that he was gone and never to return.  Stanley, an energetic, friendly, and […]

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Posted on Thursday, 20th February 2014 by Dennis Damp

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(Updated 2/17/2023) What prompted this article was an email from Holly, a federal retiree, who recently moved to Arizona. She had been calling OPM, trying to change her health care plan, for almost 2 months without success because the FEHB plan she had didn’t offer services at her new location. The one time she did […]

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Posted on Thursday, 6th February 2014 by Dennis Damp

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The last series of articles focused on signing up for Medicare at age 65 and FEHB plan impact. Here is another update before moving on to other areas. I use Turbo Tax to complete our income taxes each year. When I was entering data from my wife’s Social Security SSA-1099 Form I discovered that Part […]

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Posted on Thursday, 30th January 2014 by Dennis Damp

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The Medicare and FEHB impact series has generated a lot of interest, comments, and questions that deserve additional attention.  One reader commented that the following quote is true for Blue Cross & Blue Shield (BCBS) Standard but not true for BCBS basic. The last article stated that “once Medicare is the primary payer, you can […]

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Posted on Thursday, 16th January 2014 by Dennis Damp

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My last article titled What to Consider Before Enrolling in Medicare B, part 2 of this 3 part series, helped you understand Part B and how it impacts your FEHB benefits and costs. This final article of the series discusses whether a lower cost plan would provide you acceptable coverage at a lower overall cost. […]

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Posted on Thursday, 2nd January 2014 by Dennis Damp

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(Article updated 1/12/2021 with updated Medicare Part B Premiums) My last article titled Medicare and FEHB Options – What Will You Do When You Turn 65?, part 1 of this 3 part series, introduced Medicare Part A and general information you need to know to apply.  This article will help you understand Part B and […]

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Posted on Thursday, 12th December 2013 by Dennis Damp

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Updated 10/20/2023 We receive many questions each year about how Medicare interacts with the FEHB program. This is the first of a three part series that introduces the Medicare program including Part A and how to apply. Part 2 discusses what to consider before enrolling in Medicare Part B and Part 3 talks about whether […]

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Posted on Wednesday, 27th November 2013 by Dennis Damp

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OPM recently added a new feature to their Retiree Service Online site at https://www.servicesonline.opm.gov/. You can now download and print out a current copy of your FEGLI Verification of Life Insurance (VOLI) Coverage.  You can also print out duplicate 1099s for 2013 on this site when they are released.  Previously you had to request a […]

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Posted on Monday, 18th November 2013 by Dennis Damp

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Another year is almost over! The older I get the faster the days go by and at an alarming rate. Christmas is around the corner and It seems like I just completed our 2012 taxes and sure enough I’m starting to compile information and purchasing Turbo Tax for 2013. Each year I register for OPM’s […]

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Posted on Friday, 8th November 2013 by Dennis Damp

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Our 2014 Leave Record & Scheduling Spreadsheet is now available for download to your desktop. Use it to automatically track your leave balances in all categories, annotate your schedule, and to establish realistic retirement target dates to maximize your benefits when you leave. This FREE spreadsheet automatically calculates your accrued annual and sick leave balances, […]

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Posted on Friday, 1st November 2013 by Dennis Damp

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Federal retirees, social security recipients, and military retirees will receive a 1.5% COLA next year!  This is the lowest COLA since 1985 not counting the two years we did without one. Based on the average retiree’s annuity the 2014 COLA will add approximately $48 monthly for CSRS retirees and $18 for FERS retirees age 62 or older.  It’s hard to […]

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Posted on Thursday, 17th October 2013 by Dennis Damp

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I would say that anyone who has to borrow to pay their mortgage is in trouble, wouldn’t you! Can you imagine having to borrow not only to pay the mortgage but to just make the interest payments on your credit cards and other debt? Fortunately the government shutdown is over and everyone should be back […]

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Posted on Saturday, 5th October 2013 by Dennis Damp

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I retired in 2005 at age 55, almost 9 years ago! Honestly, I wouldn’t have retired if I didn’t have 35+ years of service at the time and an avocation, my business to fall back on.  Had I stayed I would be retiring with 45 years and a maxed out annuity. What I enjoy about […]

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Posted on Thursday, 12th September 2013 by Dennis Damp

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This is a follow-up to my last article which talked about the potential impact the new health care legislation may have on our FEHB plans. I was going to title this article “The Unintended Consequences of the Affordable Health Care Act” however that really isn’t the case. Those who drafted this plan knew full well […]

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Posted on Friday, 30th August 2013 by Dennis Damp

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Many federal employees and retirees alike are concerned about being forced out of the FEHB program and into local health care exchanges that are mandated by President Obama’s Affordable Care Act. I’m not sure why it was called the Affordable Care Act when in reality insurance costs have already increased considerably across all sectors since […]

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Posted on Friday, 9th August 2013 by Dennis Damp

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Many FERS annuitants that retire before age 62 are eligible for an annuity supplement that will end when they reach age 62.  You may be eligible for a Special Retirement Supplement if you retire: After the Minimum Retirement Age (MRA) with 30 years of service; At age 60 with 20 years of service; or Upon […]

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Posted on Thursday, 1st August 2013 by Dennis Damp

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Everyone planning their retirement needs to know how much they will have to live on in retirement and how much their spouse’s survivor benefit will be. Frank Cullen, a retired federal manager, friend, and former associate, sent me a comprehensive spreadsheet prior to my retirement that projected my annuity and survivor benefit for the next […]

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Posted on Friday, 19th July 2013 by Dennis Damp

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We purchased a 9 year old home last year and the seller thankfully included a home warranty. Since we moved in we used the home warranty services many times saving us thousands of dollars in repairs. Recently, I renewed the contract and had to call them out shortly thereafter. When we were purchasing our new […]

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Posted on Saturday, 6th July 2013 by Dennis Damp

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I’ve received many emails over the years from annuitants, spouses of deceased annuitants, and estate executors that weren’t aware of the annuitant’s coverage and/or beneficiaries. A number of annuitants forget what coverage they elected (if any) or who they designated as beneficiary. There are a number of things that you, your spouse, and estate executor […]

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Posted on Sunday, 23rd June 2013 by Dennis Damp

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Recently, due to budget cuts, OPM reduced their call-center’s hours and they are now open from 7:40 a.m. to 5 p.m. Eastern Time. To talk to a retirement consultant, report an annuitant’s death, request a duplicate 1099 R or other issues call their toll free number at 1-888-767-6738. For those in the DC area call […]

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Posted on Friday, 14th June 2013 by Dennis Damp

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Have you noticed how big, bright, and clear the new large flat screen digital HD TVs are these days? We purchased our first flat screen about 5 years ago and my wife and I were truly impressed with the picture; a significant improvement over the analog TVs that we grew up with. However, it didn’t […]

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Posted on Saturday, 8th June 2013 by Dennis Damp

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The new phased retirement program will permit those eligible to gradually work their way into full retirement. If they don’t like what they see they can opt out and return to full time, can’t ask for much more than that plus phased retirement will increase your annuity when you do decide to pull the plug. […]

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Posted on Thursday, 30th May 2013 by Dennis Damp

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Retirees and employees alike often need extra income to just get by, pay off debt, or to save for special occasions or a rainy day.  There are many part time job offers that you must be cautious of such as advertisements that offer unrealistic wages and annual incomes with little work involved.  Real opportunities take […]

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Posted on Friday, 17th May 2013 by Dennis Damp

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Many obsess about what they will do in retirement and fear finding out too late – after they retire – that retirement isn’t for them. Most retirees discover early on that their time remains a cherished commodity and you will wonder how you ever worked and got anything done. I’ve been retired going on 9 years […]

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Posted on Friday, 3rd May 2013 by Dennis Damp

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Norma, a federal employee that elected to collect Social Security while still working, commented on my last article on this subject. She stated that while it is true you don’t decrease social security benefits if you are still working at age 66 or older you may be subject to taxes on some of the social […]

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Posted on Friday, 12th April 2013 by Dennis Damp

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A site visitor to one of our forums stated that she was 66 and still working and was CSRS offset. A colleague suggested that she think about drawing social security now versus waiting until she retires. Once you reach age 66 you can earn unlimited amounts without reducing your Social Security benefit. She had been […]

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Posted on Monday, 1st April 2013 by Dennis Damp

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The stock market is up and the DOW stock market index has recovered from its low of 6629 in March of 2009 to over 14,000 recently. Interest rates and yields on CDs, treasuries, and savings have remained historically low. The government has artificially maintaining interest rates well below norm to stimulate the economy and to […]

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Posted on Wednesday, 13th March 2013 by Dennis Damp

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The Sequester has many feds concerned about furloughs, possibly an extended pay freeze, and fewer resources to get the job done.  Retirement applications may also take longer to process if HR specialists are furloughed. The good news is that it isn’t happening overnight and Congress is working to reduce the impact when this kicks in. […]

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Posted on Friday, 22nd February 2013 by Dennis Damp

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I received my annual TSP statement several weeks ago and each year I find it informative. It’s a good tool for evaluating your fund’s performance and comparing it to other investments.  The highlights this year pointed out one of the true benefits of the TSP; the low expense ratio that we pay compared to other […]

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Posted on Friday, 8th February 2013 by Dennis Damp

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My 1099R arrived from OPM this week and annuitants should have also received their Notice of Annuity Adjustments, Form R1 20-53 (REV. 12/12), that outlines your new 2013 status and payments. The annuity adjustment statement includes the 1.7% COLA increase and lists any changes to your insurance and elective payments. Each year we receive many […]

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Posted on Monday, 21st January 2013 by Dennis Damp

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I discussed the advantages and limitations of TSP ROTH conversions in my last column. THRIFT Plan participants are currently prohibited from converting their traditional TSP accounts to a ROTH. Changes may be on the way that will allow you to convert part of your TSP to a ROTH. The President approved the American Taxpayer Relief […]

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Posted on Saturday, 5th January 2013 by Dennis Damp

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There is considerable confusion on what federal employees and retirees can do to convert all or a part of their TSP funds to a TSP ROTH.  There are limitations and unfortunately you can’t convert any of your current TSP funds to a ROTH within the TSP program. There are only 2 ways to get ROTH […]

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Posted on Friday, 7th December 2012 by Dennis Damp

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Updated 7/25/2021 Yes, there are ways to retire with more than you can imagine!  There are many parts to this puzzle that YOU have control over and those who take responsible actions now will be handsomely rewarded when they decide to retire.  Having more in retirement doesn’t necessarily mean having a larger annuity, although that […]

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Posted on Wednesday, 14th November 2012 by Dennis Damp

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It’s that time of year again and we all know that our health care premiums, in most cases, will be going up. The (FEHB) Program premiums will increase by 3.4 percent in 2013, which is lower than last year’s increase of 3.8 percent.  The average premium increase for the Federal Employees Dental and Vision Insurance […]

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Posted on Thursday, 25th October 2012 by Dennis Damp

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Retirees are getting hit from all directions with hidden taxes, reduced purchasing power, increased healthcare, gas, food, and necessity costs. The size of our annuities, savings accounts and investments are shrinking due to a dramatically increased money supply when we truly need them to maintain our standard of living. Retirees often depend on interest from […]

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Posted on Sunday, 21st October 2012 by Dennis Damp

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OPM revised and updated several FERS and CSRS retirement application forms in 2012. Before submitting your application check your form’s date to ensure you have the updated version. (Forward this email to others in your organization to give them a heads up about this.) You can download the updated forms online at http://federalretirement.net/retireforms.htm.  The forms […]

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Posted on Friday, 28th September 2012 by Dennis Damp

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Recently, the Congressional Budget Office has suggested that a 1.3 percent cost-of-living adjustment is pending for Dec. 1 that includes military, civilian, retired pay, and Social Security recipients. There was talk of an increase of as high as 1.9%. We will see the increase in our January annuity check. Today, 1.3% doesn’t look that bad […]

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Posted on Friday, 21st September 2012 by Dennis Damp

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Social Security resumed mailing annual statements to all who are 60 or older and I received mine several months ago.  They also started sending a statement to workers when they first turn 25 to give them an idea of what their retirement benefits will be down the road.  For all of those in between you […]

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Posted on Saturday, 15th September 2012 by Dennis Damp

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Most fantasize about retirement while working. I recall telling my wife when I was in my mid 20s that I wanted to stay with federal service because I could retire at age 55, which I did by the way. However, we live in the real world and retirement is a HUGE decision that changes your […]

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Posted on Saturday, 8th September 2012 by Dennis Damp

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Had this program been available when I was planning my retirement I might have considered it to test the waters before leaving altogether? The new Phased Retirement program is authorized under section 100115 of Public Law 112-141, the “Moving Ahead for Progress in the 21st Century Act,” or “MAP-21,” approved on July 6, 2012. If […]

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Posted on Saturday, 25th August 2012 by Dennis Damp

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If you are considering a TSP withdrawal be aware of the potential for a 10% penalty. You can always withdraw funds from the TSP after you leave federal service, however to avoid the 10% tax penalty, you must meet one of these exceptions:   Additional 10% Penalty Tax If you receive a TSP distribution before […]

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Posted on Saturday, 18th August 2012 by Dennis Damp

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Did you know that you can retire on any day you choose?  There are many articles online to help you select the best day to retire but when selecting that perfect date, don’t forget that retirements are always effective at the end of a scheduled day. For example, Janet’s normal work schedule is Monday-Friday from […]

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Posted on Monday, 6th August 2012 by Dennis Damp

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Many federal employees had some part time work experience during their careers.  Part-time employees receive full-time credit for retirement eligibility (years of service), but the impact on the annuity can be significant. To determine how your part time service will affect your annuity you have to understand the differences between pre and post April 7, […]

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Posted on Sunday, 22nd July 2012 by Dennis Damp

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Peace of mind, family, good health, and creature comforts are what we all desire throughout our lives. Sometimes the simplest things can make a huge difference. Peace of mind comes from making the right decisions for the right reasons. I recall several times in my life, pivotal points if you will, that caused me to […]

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Posted on Monday, 9th July 2012 by Dennis Damp

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There are many issues to consider when setting your retirement date; some personal and others financial. There isn’t a stock answer for when you should retire and whatever date you choose will impact your benefits one way or the other. For the most part, voluntary CSRS retirements are best the first three days of the […]

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Posted on Monday, 18th June 2012 by Dennis Damp

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My wife and I moved last month and in the process we went through everything to purge what we didn’t need.  We ended up donating, giving away or throwing out many things we accumulated over the decades. I kept all of our check registers back to the late 1960s and as we went through them, […]

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Posted on Monday, 4th June 2012 by Dennis Damp

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I wrote an article titled “Is a Voluntary Early Retirement (VERA) in Your Future” last July about the impending early retirements and the VERA and VSIP programs. We continue to receive questions about these programs and we expanded our Voluntary Early Retirement Authority (VERA) and Voluntary Separation Incentive Payment (VSIP) guidance to help you decide […]

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Posted on Wednesday, 16th May 2012 by Dennis Damp

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My wife and I recently moved for the tenth time since we married in 1969; Seven years after I retired at age 55! We are both in our early 60s and a move at any age is STRESSFUL. We’ve been looking for many years now and found a home that covered most on our must-have […]

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Posted on Thursday, 12th April 2012 by Dennis Damp

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The Windfall Elimination Provision primarily affects you if you earned a pension in any job where you did not pay Social Security taxes and you also worked in other jobs long enough to qualify for a Social Security retirement or disability benefit. For example, this provision affects Social Security benefits when any part of a […]

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Posted on Saturday, 17th March 2012 by Dennis Damp

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Starting in 2013 newly hired FERS employee’s retirement contributions will increase from .8 percent to 3.1 percent of salary. Originally this was intended to apply to all FERS employees. There is another vote pending in the house that proposes increasing all employees’ contributions by 1.5 percent that will be phased in over a three year […]

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Posted on Friday, 2nd March 2012 by Dennis Damp

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This May the Thrift Savings Plan is launching a new investment option that provides more flexibility for TSP participants. Federal employees and military members will be able to allocate their contributions between a Roth and the traditional plan shortly. The flexibility is in the tax treatment of the employee’s contributions and it may be beneficial […]

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Posted on Monday, 20th February 2012 by Dennis Damp

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There is much to consider before applying for Social Security. I’ll be 63 in May and my wife turns 62 this year. Do you need your Social Security card to apply? Many misplace their card and it isn’t uncommon to lose a card that you’ve had around the house for 40 years or more. You […]

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Posted on Friday, 10th February 2012 by Dennis Damp

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A recent Pew Research Center report titled The Rising Age Gap in Economic Well-being contends that the old prosper relative to the young and they provide abundant statistics to prove their assumption. I’m tired of the constant subtle attacks on anyone that did the right things throughout their lives; saved, worked hard, spent responsibly, paid […]

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Posted on Friday, 3rd February 2012 by Dennis Damp

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For those of you not yet retired this is good to know information. A 1099-R is what retirees receive from OPM for filing your taxes.  It lists your gross and taxable annuity amounts, federal and state tax withholding, healthcare premiums, and other relevant information.  If you are retired and haven’t received your 1099-R yet you […]

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Posted on Friday, 20th January 2012 by Dennis Damp

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We received a question from a federal employee concerning credit for temporary service. Linda was hired as a temporary employee in 1985 and two years later she was hired full time. Last April she bought back her two years of temporary service and her SCD has not changed on her Employee Express Benefits Statement. She […]

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Posted on Friday, 6th January 2012 by Dennis Damp

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Recently OPM clarified a number of issues around interim annuity payments and what retirees can expect when they first leave federal service. It is essential that federal employees have sufficient cash available and are financially prepared when retiring to allow OPM to complete a final adjudication of their claim. OPM is now processing applicants in […]

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Posted on Monday, 26th December 2011 by Dennis Damp

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It has been a busy year; from changing FEHB providers to new business ventures, an operation, travels, and more.  One of the most significant for me and my wife was switching from Blue Cross Blue Shield Basic (BCBS) to the Government Employees Health Association (GEHA) Standard option during the FEHB open season. When I retired […]

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Posted on Thursday, 1st December 2011 by Dennis Damp

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I received an email from Treasury Direct last month informing participants about security upgrades at their site. After you register under the new system you no longer need an access card to log into your account. It went on to say that you will receive an e-mail containing a one-time pass code and the opportunity […]

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Posted on Saturday, 26th November 2011 by Dennis Damp

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Rosemary, a subscriber to our Retirement Planning News Letter, asked for clarification for requesting FEHB open season plan brochures on OPM’s new web site. I mentioned that the web site was easy to use in my article on the FEHB Open Season last week. She visited the site and was confused by the numbers that […]

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Posted on Friday, 18th November 2011 by Dennis Damp

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The Office of Personnel Management expects a number of agencies to request VERA and VSIP authority in FY 2012 after appropriations are finalized.  Agencies may face substantial budget cuts next year according to the OPM director. OPM is expediting requests for VSIP and early-outs and formed a special team to assist agencies with their requests. […]

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Posted on Saturday, 12th November 2011 by Dennis Damp

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We continue to receive horror stories from retirees waiting up to a year or more for OPM to process their retirement paperwork. It is a real problem even for those who thought they prepared knowing that delays were inevitable. David wrote us in early November stating that he retired September 30, 2010 and as of […]

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Posted on Monday, 7th November 2011 by Dennis Damp

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A site visitor has a $50,000 CD maturing and wanted to know what she could do to increase earnings with little risk of losing the money that she worked a lifetime to acquire. Her bank is offering a meager .9% CD yield. I am not a financial advisor and I can only relate what I […]

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Posted on Tuesday, 18th October 2011 by Dennis Damp

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FERS retirees with Post 1/1/57 military service will not receive credit or annuity computation for their military time without making a deposit. If a deposit is made, the employee will receive credit towards his/her annuity computation.  Under CSRS rules, if you served on active duty and will be eligible at age 62 to collect Social […]

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Posted on Wednesday, 5th October 2011 by Dennis Damp

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It has been a trying time for annuitants and Social Security recipients who have essentially been forced to live on fixed incomes these past two years. Finally it looks promising; we may receive a COLA in 2012 of around 3.6% if Congress doesn’t block the payout for whatever reason. If we are fortunate enough to […]

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Posted on Friday, 23rd September 2011 by Dennis Damp

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Saving Grace (Ways to Save) I often mention just how important it is to retire with minimum debt and that means paying off your mortgage and credit cards. I’m not the only one that preaches being debt free in retirement. Money Magazine featured an article titled “Live Well On Less” in their October 2011 issue […]

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Posted on Friday, 9th September 2011 by Dennis Damp

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There has been some confusion around the “Best Date to Retire” and Gary, who is planning on retiring   on December 31, 2011, asked for clarification on this issue.  He has over 240 hours of annual leave to cash in and was concerned about the “Date of Final Separation” that you enter on your retirement forms […]

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Posted on Thursday, 11th August 2011 by Dennis Damp

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A site visitor close to retirement wrote that his TSP was considerably less than it should have been because he didn’t understand the TSP options and mismanaged his account throughout his career. Don’t let this happen to you. It feels like a rerun of the 2008 recession with the Dow at the time of this […]

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Posted on Tuesday, 26th July 2011 by Dennis Damp

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Updated 2/10/2024 When I attained 25 years of service at age 44, I felt a great sense of relief. I knew that with 25 years of creditable service I would at least be eligible for an early retirement, and I could apply for a VERA and VSIP if offered. The FAA received VERA authority in […]

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Posted on Thursday, 7th July 2011 by Dennis Damp

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How to Avoid a Retirement Nightmare We continue to receive reports of significant OPM retirement paperwork processing delays and insufficient partial interim pension payments. A site visitor sent a frantic message to us last week asking for assistance after receiving notice from OPM that he will receive an interim payment of 30% of his full […]

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Posted on Monday, 20th June 2011 by Dennis Damp

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TSP Conversions and Taxes The key to what taxes, if any, are due is in the type of IRA that you wish to convert to.  When you rollover any investment account that hasn’t yet been taxed (TSP, traditional IRA, 401k) to an after-tax investment account, such as a Roth IRA, taxes must be paid to […]

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Posted on Thursday, 26th May 2011 by Dennis Damp

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Six years and Counting I’ve been retired 6 ½ years now and just turned 62… I’m eligible for SOCIAL SECURITY!!! I attended my nephew’s graduation party last week and for the first time understand how my aunts and uncles felt during similar events back in the 60s, 70s and 80s. Now Mary and I are […]

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Posted on Tuesday, 3rd May 2011 by Dennis Damp

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We haven’t received COLAs because gas, utilities, food, health care premiums, tuition, and airfares haven’t increased for two years now; RIGHT? Are you paying less for much of anything these days! The inflation rate would equal 10% or higher if the Consumer Price Index (CPI) included food and fuel increases like it did in the […]

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Posted on Thursday, 21st April 2011 by Dennis Damp

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Richard retired last December and he is still receiving only partial monthly annuity payments. Unfortunately, he is only receiving 38% of his estimated annuity payment, too little to pay for daily expenses without digging into his savings. Retirement processing can take six months or more and for those planning on retiring soon be prepared for […]

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Posted on Tuesday, 29th March 2011 by Dennis Damp

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Robert worked for the Federal government for 4 years under FERS. He resigned in 1995 and withdrew his FERS retirement contributions and then returned to government in 1998. He now holds a career position and was not sure if he could obtain credit for his prior service that he withdrew in 1995. We receive many […]

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Posted on Monday, 14th March 2011 by Dennis Damp

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Your last Day How can you ensure that your exit doesn’t cause you or your agency problems? There are many loose ends to sew up the last few days of employment that if not done properly can delay payment of your first check or cause other problems. I still hadn’t received my retirement Personnel Action […]

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Posted on Tuesday, 22nd February 2011 by Dennis Damp

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Please Forward This Email to Others That Would Benefit From This Information Military Credit Clarifications Military credit is one of the most confusing issues for those planning their retirement. We recently expanded our Military Credit section to help federal employees evaluate their personal situation. Buying back your military time can increase your annuity; however, it […]

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Posted on Thursday, 27th January 2011 by Dennis Damp

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I have always been fairly conservative with my TSP account considering that I’m now retired and may need these funds down the road. I look at my TSP performance from several perspectives. First, I compare my contributions to market value for total gain, the amount my account has grown since retiring, and then look at […]

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Posted on Sunday, 2nd January 2011 by Dennis Damp

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Recently OPM clarified a number of issues around interim annuity payments and what retirees can expect when they first leave federal service.  It is essential that federal employees have sufficient cash available and are financially prepared when retiring to allow OPM to complete a final adjudication of their claim. OPM is now processing applicants in […]

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Posted on Friday, 31st December 2010 by Dennis Damp

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Please Forward This Email to Others That Would Benefit From This Information Tighten Up ……. I can vividly recall dancing to this song by Archie Bell and the Drells in the late sixties with my wife of 41 years now. I’m sort of stuck in the 60s these days with XM Channel 6 and this […]

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Posted on Monday, 29th November 2010 by Dennis Damp

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Please Forward This Email to Others That Would Benefit From This Information One – Two – Three……. Remember the lyrics “One, Two, Three, It’s so Easy” by Len Berry from the 1960s? One, two, three That’s how elementary it’s gonna be Just fine and dandy It’s easy Like taking candy from a baby Well, most […]

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Posted on Friday, 29th October 2010 by Dennis Damp

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Please Forward This Email to Others That Would Benefit From This Information Retire Mortgage FREE Here is a viable plan for retiring mortgage free. The TSP recently reported their 2011 Thrift Savings Plan (TSP) contribution limits. The limits will be unchanged for 2011 and remain at $16,500 and an additional $5,500 for the catch-up contributions […]

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Posted on Thursday, 21st October 2010 by Dennis Damp

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TSP Taxes & the 10% Early Withdrawal Penalty, Updates, and the ELECTION! TSP Taxes and the 10% Early Withdrawal Penalty Yes, death and taxes are two things we can’t avoid no matter how hard we try. Taxes will increase dramatically if the President and Congress allow our current tax schedules to revert back to much […]

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Posted on Monday, 27th September 2010 by Dennis Damp

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A soon to be retired fed contacted me last month about an estimate they received from their HR department with a grossly incorrect survivor benefit cost estimate. The employee was advised that a full survivor benefit for their spouse would reduce their monthly benefit by one third!  Incorrect high estimates like this can put the […]

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Posted on Thursday, 26th August 2010 by Dennis Damp

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The FERS supplement and deferred annuities have attracted considerable attention recently. Many are thinking seriously about early retirement these days. Thankfully we have Linda Duncan, our HR and Benefits Forum Host, available to handle these often complex issues for our site visitors. We recently added a Travel Forum and Nancy Holston’s article titled New England […]

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Posted on Monday, 2nd August 2010 by Dennis Damp

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We receive many questions each month from retirees and federal employees and many are focused on the following subject areas. I suggest copying this article and keep it with your important papers so you and your family will have the answers needed when faced with these issues. Retirement Income Verification If a mortgage company or […]

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Posted on Monday, 28th June 2010 by Dennis Damp

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Changes to the Savings Bond Program OPM recently sent retirees a letter announcing the phasing out of paper savings bonds through traditional savings plans. If you have savings bonds withheld, they will be stopped automatically in October, the last month you will receive a bond. You can continue to purchase savings bonds through the Treasury […]

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Posted on Wednesday, 2nd June 2010 by Dennis Damp

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The TSP and markets in general have been on another roller coaster ride AGAIN this past month or so.  I fortunately shifted all of my TSP account to the G Fund several weeks ago feeling that the market was overdue for a correction.  I discussed my intention to switch to the G Fund in my […]

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Posted on Friday, 30th April 2010 by Dennis Damp

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Everyone, regardless of whether or not you’re retired, could use extra income to do with as you please. Several companies have posted new full and part time job opportunities on our career center recently at http://federalretirement.net/jobsboard.htm. You will find full time, part time, and work from home job vacancies and when you add in the […]

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Posted on Saturday, 27th March 2010 by Dennis Damp

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I receive many calls and emails from federal employees, annuitants, executors, attorneys, and banks asking for contact information and guidance for key benefit areas. There are many organizations and government offices that you MUST be able to contact to effectively manage your annuity, insurance, investments, and estate. I compiled a list of key contacts, with […]

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Posted on Friday, 26th February 2010 by Dennis Damp

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On our latest trip south this winter we discovered some really neat travel aids that helped make the journey enjoyable and safe.  Traveling in the winter months is always a concern and this year we used the web site http://www.trippish.comto determine the best day to leave based on the weather forecasts along the route. This […]

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Posted on Tuesday, 26th January 2010 by Dennis Damp

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Thanks to the 2010 National Defense Authorization Act a number of retirement benefit changes were implemented that will help many federal employees and retirees.  Everything from some retirees being able to keep both their annuity and federal check if they decide to go back to work for Uncle Sam as a rehired annuitant , more […]

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Posted on Wednesday, 2nd December 2009 by Dennis Damp

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Yes Virginia, there is a Santa Clause. The signed National Defense Authorization Act permits FERS employees to apply their accrued sick leave towards retirement. However, the credit is phased in with a 50 percent credit for those who retire now and full conversion after January 1, 2014. OPM  is developing final regulations on this subject […]

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