Posted on Friday, 9th July 2021 by Dennis Damp
One of our subscribers was blindsided by an unexpected FEHB plan copayment after reaching age 65. His copayment for a wellness visit increased from $30 previously to $170 and his FEHB provider stated that they only pay after 65 for what Medicare would pay even if you aren’t enrolled in Medicare. Under the FEHB law, […]
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Posted on Friday, 25th June 2021 by Dennis Damp
Earlier this year the Thrift Savings Plan (TSP) launched a redesigned website. Concurrently, they announced significant account access and security changes, additional L Fund options, and the ability to submit certain TSP forms online after logging into your account. They sent out a message from the executive director to all participants last February announcing these […]
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Posted on Friday, 11th June 2021 by Dennis Damp
Retirement is a life changing event that requires considerable research and due diligence. The elections made are often irreversible and can compromise a retiree’s finances and the benefits carried into retirement. I retired from federal service in 2005 and my articles focus on current events that can and often do affect those planning their retirement […]
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Posted on Friday, 7th May 2021 by Dennis Damp
IRMAA stands for Income Related Monthly Adjustment Amounts. A federal retiree’s total income includes their pension, social security benefits, income from investments (dividends and capital gains), and required minimum distributions from their TSP and other retirement accounts. Many also work part time or own small businesses. All income combined can often increase a retiree’s Medicare […]
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| Comments (0)Posted on Wednesday, 21st April 2021 by Dennis Damp
We can expect a higher COLA increase for 2022. According to Kiplinger’s Magazine the 2022 COLA will Likely increase to 3%, the largest increase since 2012. The final number will be released this October. There are many variables in the annual COLA calculation and these can change dramatically before the final numbers are tabulated. Request […]
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Posted on Saturday, 6th March 2021 by Dennis Damp
Planning for retirement and life in general requires organization and much thought. Long before we retire our significant others require our assistance and this goes both ways. In most relationships, one person takes responsibility for certain aspects of the couple’s life. Whoever pays the bills and manages financial affairs must have clear and concise instructions […]
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Posted on Sunday, 28th February 2021 by Dennis Damp
I’m often astonished after performing a due diligence update on my family’s state of affairs. You too will find reason to pause after putting pen to paper and discovering where you and your family stand financially. Not only your current status, but what a surviving spouse and heirs will have to live on when the […]
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Posted on Sunday, 14th February 2021 by Dennis Damp
Michael is a fulltime employee with the National Parks Service (NPS) that is subject to between 2 weeks and 6 months furlough each year. He wanted to know if the time he is furloughed counts towards his FERS service? For instance, if he is furloughed for 6 months would he have one year or 6 […]
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