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ALERT – OPM Services Online Access Changes

Posted on Friday, 27th May 2022 by Dennis Damp

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Updated 6/14/2025 Retirees use OPM Services Online to start, change, or stop federal or state income tax withholding, download 1099-R forms, change their mailing addresses, 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 […]

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I Bonds Yield 9.62% While the Sky is Falling!

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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2023 COLA – Up, Up, and Away

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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Ditch your Bank’s Low Savings Rates / T-Bills Rising

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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Skyrocketing Inflation – Are You Prepared?

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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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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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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(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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