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Critical Retirement Decisions – Are You Prepared?

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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What is Medicare’s IRMAA Premium Adjustment?

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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2022 COLA Projections and Prescription Tip

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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Life Goes On – Account Access Instructions

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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The State of YOUR Affairs – Exposing the Obvious

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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Creditable Service for Furloughed Employees & Pandemic Assistance

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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Reporting Refunded TSP Distributions (RMDs)

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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Unreasonable Expectations – The Debt Crisis

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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