Posted on Friday, 21st September 2012 by Dennis Damp
Social Security resumed mailing annual statements to all who are 60 or older and I received mine several months ago. They also started sending a statement to workers when they first turn 25 to give them an idea of what their retirement benefits will be down the road. For all of those in between you […]
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| Comments (0)Posted on Saturday, 25th August 2012 by Dennis Damp
If you are considering a TSP withdrawal be aware of the potential for a 10% penalty. You can always withdraw funds from the TSP after you leave federal service, however to avoid the 10% tax penalty, you must meet one of these exceptions: Additional 10% Penalty Tax If you receive a TSP distribution before […]
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Posted on Monday, 9th July 2012 by Dennis Damp
There are many issues to consider when setting your retirement date; some personal and others financial. There isn’t a stock answer for when you should retire and whatever date you choose will impact your benefits one way or the other. For the most part, voluntary CSRS retirements are best the first three days of the […]
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| Comments (0)Posted on Sunday, 22nd April 2012 by Paul Risser
Many people underestimate lifestyle costs, medical expenses and inflation. Presented by Paul H. Risser What is enough? What is not enough? If you’re considering retiring in the near future, you’ve probably heard or read that you need about 70% of your end salary to live comfortably in retirement. This estimate is frequently repeated … but […]
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Posted on Thursday, 12th April 2012 by Dennis Damp
The Windfall Elimination Provision primarily affects you if you earned a pension in any job where you did not pay Social Security taxes and you also worked in other jobs long enough to qualify for a Social Security retirement or disability benefit. For example, this provision affects Social Security benefits when any part of a […]
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Posted on Saturday, 17th March 2012 by Dennis Damp
Starting in 2013 newly hired FERS employee’s retirement contributions will increase from .8 percent to 3.1 percent of salary. Originally this was intended to apply to all FERS employees. There is another vote pending in the house that proposes increasing all employees’ contributions by 1.5 percent that will be phased in over a three year […]
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Posted on Monday, 20th February 2012 by Dennis Damp
There is much to consider before applying for Social Security. I’ll be 63 in May and my wife turns 62 this year. Do you need your Social Security card to apply? Many misplace their card and it isn’t uncommon to lose a card that you’ve had around the house for 40 years or more. You […]
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| Comments (0)Posted on Friday, 10th February 2012 by Dennis Damp
A recent Pew Research Center report titled The Rising Age Gap in Economic Well-being contends that the old prosper relative to the young and they provide abundant statistics to prove their assumption. I’m tired of the constant subtle attacks on anyone that did the right things throughout their lives; saved, worked hard, spent responsibly, paid […]
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