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 Friday, 22nd January 2021 by Dennis Damp
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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Posted on Tuesday, 19th January 2021 by Dennis Damp
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 1099R NOW! I visited the site on January 19, 2021 and downloaded my copy early to use for my 2020 tax return. You must be registered to use their site. […]
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Posted on Thursday, 7th January 2021 by Dennis Damp
Corrections: I misquoted the 2021 COLA in last week’s article titled “1% Pay Raise Approved for 2021 – GS Pay Charts Available;” it is 1.3% not 1.6% The blog article was corrected. Generally, in late December federal retirees receive a Notice of Annuity Adjustment that provides abundant information for annuitants and their survivors. The mailed statements […]
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| Comments (0)Posted on Wednesday, 9th December 2020 by Dennis Damp
John read my article titled “Changes for the 2021 FEHB Open Season – Save Some Serious Money” and asked what my wife’s OPP costs were for the surgeries I mentioned. Many want to know if what our FEHB plans pay is enough to offset and warrant paying Part B premiums? Request a Federal Retirement Report™ to […]
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