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COLAs, I Bond Interest, and Leaving Federal Service for the Private Sector

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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Annuity Statements and 1099R Tax Forms Availability

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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Reflections 2021 – The Cycle of Life

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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Required Minimum Distributions (RMDs) – Are You Ready?

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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I-Bonds Earning 7.12%! A Great Way to Save

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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(Correction) Aetna’s FEHB Medicare Advantage Plan

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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FEHB Medicare Advantage Plans (Proceed with Caution)

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

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Medicare Premiums Skyrocket

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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