FINANCE / TIP | Federal Employee's Retirement Planning Guide

Social Security Income Tax Elimination Update

Posted on Thursday, 13th February 2025 by Dennis Damp

Approximately 50% of retirees pay taxes on their Social Security benefits, compared to less than 10% in 1984! Thomas Massie (R-KY) reintroduced H.R. 1040, the Senior Citizens Tax Elimination Act. It was referred 02/06/2025 to the House Committee on Ways and Means. This bill assists seniors by eliminating the double tax on Social Security benefits. […]

Tags: Social Security, Social Security Tax Elimination, Social Security Taxes on Income, Taxes, Taxes on Social Security
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Medicare Prescription Drug Plan (MPDP) Opt-Out Update

Posted on Friday, 7th February 2025 by Dennis Damp

Since writing the article “Medicare Prescription Drug Plan Fiasco – The Continuing Saga,” I’ve received over 40 emails and comments from site visitors experiencing the same issues; several are paying considerably more for their prescriptions under the MPDP plan. You can review all of the comments on our blog, they follow the article mentioned above. […]

Tags: GEHA Opt-Out, IRMAA, Medicare Part D, MPDP, MPDP Opt Out, Part D Penalities
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Tax Forms and Annuity Statement Availability

Posted on Friday, 31st January 2025 by Dennis Damp

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

Tags: 1099 R Forms, Annuity Statements, Blue Book, Social Security SSA 1099, Thrift Savings Plan 1099-R, TSP
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OPM Orders Return to in-person work – Accepting Deferred Resignations

Posted on Wednesday, 29th January 2025 by Dennis Damp

According to OPM’s memo dated 1/28/2024, the President requires that employees return to in-person work. The Presidential directives issued this past week are intended to restore accountability for employees with policy-making authority, restore accountability for senior career executives, and reform the federal hiring process to focus on merit. Deferred resignation availability is limited to all […]

Tags: Deferred Resignations, Deferred Retirement, DOGE, Early Retirement, Federal Employee Deferred Resignations, FERS Retirement, VERA, VSIP
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Preparing for the New Year and 2025 Updates

Posted on Friday, 24th January 2025 by Dennis Damp

For those planning their retirement, it’s a good time to assess where you are financially long before filing your retirement paperwork. Federal employees received an overall 2 percent pay raise, factoring in locality pay. The 2025 pay charts are available for your review. Sign up for a complimentary retirement planning session and a FREE retirement planning […]

Tags: 1099 R Forms, Annuity Statements, Benefits Blue Book, COLA, Medicare Premiums, Social Security
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Medicare Prescription Drug Plan Fiasco – The Continuing Saga

Posted on Friday, 10th January 2025 by Dennis Damp

Christmas came early for those subject to the WEP and GPO provisions but not for those who opted out of GEHA’s MPDP plan. Many, including my wife and me, opted out of Silver Script’s Part D (EGWP) Medicare Part D Prescription Drug plan offered by GEHA in late November, and we received a confirmation letter […]

Tags: EGWP, GEHA, Medicare, MPDP, Part D IRMAAs, Social Security
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A Potential Federal Retirement Tsunami – The DOGE Impact

Posted on Friday, 3rd January 2025 by Dennis Damp

Elon Musk and Vivek Ramaswamy met with the House of Representatives in Washington, D.C., to discuss their plan to slash government regulations and streamline the Federal executive branch. They will lead Donald Trump’s administration’s Department of Government Efficiency (DOGE). They won’t hold cabinet positions and will function outside government to advise the new administration on […]

Tags: CSRS, Deferred Retirment, DOGE Federal Reorganization, DOGE Impact on Federal Jobs, Early Federal Retirement, Early Federal Retirement Options, Federal Employee's Retirement System, Federal Retirement Tsunami - 2025, FERS
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Christmas Comes Early This Year – WEP & GPO Repealed

Posted on Saturday, 21st December 2024 by Dennis Damp

The U.S. Senate passed H.R. 82, the Social Security Fairness Act, repealing the windfall elimination provision (WEP) and the government pension offset (GPO), voting 76-20 on the final passage. The House passed the bill by 327-75 on November 12. The bill is now on the President’s desk, awaiting his signature. _________________________________________ _______________________________________ Major Initiative by […]

Tags: CSRS, GPO Repeal, WEP & GPO, WEP Repeal
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