fbpx

Enhancing Your Retirement Experience – One Day at a Time

Posted on Friday, 23rd August 2024 by

Print This Post Print This Post
Share

At Federal Retirement Planning, we understand the importance of preparing for retirement holistically: financially, emotionally, and physically. One without the other could derail your retirement.

One crucial aspect often overlooked is the incorporation of an exercise routine long before retiring in preparation for an active life after retirement. Many, defer this to post retirement.

After retiring, I treated everyday like the weekends when working, running here and there, taking on multiple projects, and started an aggressive mall walking routine. Much to my dismay, I discovered the reality of the situation. Too much too soon and had to slow down the pace considerably to recover after several months of non-stop activity.

Exercise, Essential for All

Establishing a consistent exercise regimen can significantly benefit your physical and mental well-being in retirement. From boosting energy levels and enhancing your mood and cognitive function, to improved sleep, regular exercise can pave the way for a fulfilling retirement lifestyle.

By taking proactive steps towards your health now, you are investing in a vibrant and active future post-retirement. Let Federal Retirement Planning help you thrive in retirement by providing comprehensive resources for all aspects of your retirement journey.

Download our FREE Excel 2025 Federal Employee’s Leave Record – Tracks Annual, Sick, Comp, and Credit Hours

Personal Commitment

It takes commitment to achieve your goals, whatever they may be: a realistic exercise routine, financial independence, eating right and diet, or one of a thousand other challenges we encounter throughout life.

It’s easy today to get distracted and put off planned activities. The longer you wait to restart your program, the harder it is to get back up and running. How many times have we made New Year’s resolutions that were soon abandoned.

It’s best to incorporate healthful activities and exercise programs long before retiring. Walk around the office for 5 minutes every hour or at lunch time to relax and start a daily routine. Extend this to your home life.

When I mention walking to family and friends, many say they can’t get out and about to walk, or the sidewalks in their area are trip hazards. Most ignore the fact that they can walk in the home as Mary, and I do.

We have a trip free all hard wood path on the first floor of our home that we’ve walked for over a decade. I walk for 30 minutes twice a day, starting at 7 am each morning, seven days a week. Mary does two 1-hour sessions! That’s not counting all of the additional walking we do during the day for work and other activities.

Areas To Focus On?

One area I should have paid more attention to is my core. During my early years, I serviced our cars, remodel homes, landscaped, and general construction work including finishing game rooms, installing bathrooms, electrical wiring, plumbing, patios, porches, building retaining walls, installing fences, and decks. All of this heavy physical activity at home and work early in life created health challenges down the road.

Unfortunately, I ended up with knee surgeries and three lower abdominal hernias that now restrict what I can do physically. Had I exercised my core I could have possibly avoided some of this, who knows, life has it way of catching up with us all. I advised my 52-year-old son not to abandon his exercise routine and to focus on his core, so he doesn’t end up with issues like I have today.

Last But Not Least

Our Federal Employee’s Retirement Checklist focuses on the key issues that must be addressed to retire and exit on a positive note. It starts off with a link to our FREE PDF report titled “How to be Emotionally and Physically Prepared When You Retire.” It discusses how to be up for the challenge and outlines what I did to prepare for retirement at age 55, 20 years ago!

Follow the checklist to ensure you don’t miss out on the benefits you worked a lifetime to secure and maximize your annuity through prudent sick and annual leave management.

Helpful Retirement Planning Tools

Disclaimer: The information provided may not cover all aspect of unique or special circumstances, federal regulations, medical procedures, investment, and benefit information are subject to change. To ensure the accuracy of this information, contact relevant parties for assistance including OPM’s retirement center.

Over time, various dynamic economic factors relied upon as a basis for this article may change. The information contained herein should not be considered investment advice and may not be suitable for your situation. This service is not affiliated with OPM or any federal entity. You should consult with a financial, medical or human resource professional where appropriate. Neither the publisher or author shall be liable for any loss or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

Tags: , , , ,
Posted in BENEFITS / INSURANCE, ESTATE PLANNING, FINANCE / TIP, RETIREMENT CONCERNS, SOCIAL SECURITY / MEDICARE

Comments (0)| Print This Post Print This Post

2025 Federal Employee’s Leave Record Now Available

Posted on Thursday, 8th August 2024 by

Print This Post Print This Post
Share

Share this Excell Leave Record Chart with everyone in your organization.

Each year we publish a comprehensive leave record that federal employees can use to track their annual and sick leave, comp, and credit hours used. Our updated 2025 Excel Leave Chart is designed for active federal employees that are planning their retirement and need to establish realistic target retirement dates. This spreadsheet also helps federal employees maximize their annuity through prudent management of their leave balances.

This chart tracks all leave balances, and you are able to annotate your work schedule on the chart as well. Simply download the spreadsheet to your desktop for easy access.

2025 Leave Excel Leave Record

Retire With More

Most approaching retirement plan to increase their annuity and lump sum payments by maximizing their annual leave buy-back and sick leave balances. Convert your unused sick leave to increase your annuity for the rest of your life! Well worth the effort. I sold back a full year of sick leave, 2087 hours, that added an additional year of service for my annuity calculation.

A federal employee who separates from the Federal service is entitled to payment, in a lump sum, for all unused annual leave accrued through the last full pay period before separation.

Federal employers are allowed to carry over up to 240 hours of annual leave each year. Many, the last year of work, apply their carryover balance to most if not all of the annual leave they accrue before retiring.

I sold back the full 240 hours of carry over leave plus 208 hours I accrued my last year of employment. This amounted to almost three months of pay less taxes owed that I received in a lump sum payment 6 weeks after retiring.  Review my retirement timeline to get an idea of what to expect the first three months after retiring.

Federal employees who are retiring soon and recent retirees with security clearances
can search thousands of high-paying defense and government contractor jobs.

The 2025 Leave Record Chart

Download the 2025 Leave Record Chart

If your spreadsheet opens in protected view click the “enable editing” button in the yellow bar at the top of the form. However, if you don’t see the enable editing button you may have an older version of Excel, or your IT department may have to allow the form to pass without restrictions. We also included a newer slsx workbook version that you can use if you have problems with the earlier version.

According to a Microsoft Office consulting firm, if the spreadsheet only opens in protected view status and the newer slsx version doesn’t correct the problem talk with your IT staff. Some agencies increase their security settings to lock out certain documents based on set parameters. We include several hyperlinks in our spreadsheet to link users to additional supporting information such as our sick leave conversion chart and that may be the cause.

2025 Holidays

*This holiday is designated as “Inauguration Day.” Federal employees in the Washington, DC, area are entitled to a holiday on the day a President is inaugurated on January 20th for each fourth year after 1965.

**This holiday is designated as “Washington’s Birthday.”

Summary

The earlier you start preparing for retirement the better. Set several retirement target dates, request annuity estimates from your HR department for selected dates, and review you annual and sick leave balances to maximize your annuity and leave buy-back amount.

Use our FREE online Retirement Planning Guide to help you through the process. One of our site visitors said, “I spent 3 hours on the web looking for answers to questions concerning federal retirement. After a Google search yielded your address, it took only 20 minutes to find all of my answers! Thank you!!!”

Take advantage of this free service to explore your benefits, estimate pre and post-retirement income, expenses and costs, and determine whether or not you are financially, physically, and emotionally prepared for retirement.

Helpful Retirement Planning Tools

Disclaimer: The information provided may not cover all aspect of unique or special circumstances, federal regulations, medical procedures, investment, and benefit information are subject to change. To ensure the accuracy of this information, contact relevant parties for assistance including OPM’s retirement center.

Over time, various dynamic economic factors relied upon as a basis for this article may change. The information contained herein should not be considered investment advice and may not be suitable for your situation. This service is not affiliated with OPM or any federal entity. You should consult with a financial, medical or human resource professional where appropriate. Neither the publisher or author shall be liable for any loss or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

Tags: , , ,
Posted in ANNUITIES / ELIGIBILITY, BENEFITS / INSURANCE, ESTATE PLANNING, FINANCE / TIP, RETIREMENT CONCERNS

Comments (0)| Print This Post Print This Post

Too Much too Soon & Cable TV Subscription Costs

Posted on Friday, 26th July 2024 by

Print This Post Print This Post
Share

I visited a recently listed custom-built ranch home in our neighborhood and couldn’t find the controls to operate the kitchen appliances including the electric stove top. Everything was monitored and remotely controlled; as we moved one room to another, music emanated from recessed ceiling speakers.

This home has an EV charging station in the three-car garage, is professionally landscaped, has automated Hunter Douglass custom hardwired blinds, custom high-end whole house pre-wired remote camera access, Savant Security Systems, and is beautifully furnished and decorated! Yet, Mary and I couldn’t imagine living in such a home even though it was gorgeous inside and mostly one floor living.

Automation Gone Wild

The price was outrageous, $450 a square foot! I can’t see the current owner getting anywhere near their asking price but who knows in today’s market. Plus, it didn’t have a basement and the average home value in this area is typically less than half their asking price.

They placed a six-foot tall standard electronic equipment rack loaded with control and computer modules in the attic above the garage. Several dozen control, audio / video, and sensor cables are routed from the rack to every room in the home. They didn’t heat or cool the area! The ambient operating temperature for this equipment could easily be exceeded in either direction causing the equipment to fail. Then who do you call? Ghost busters I suppose.

A buyer would require a comprehensive operations manual and training on how to operate, maintain, and control everything! Not something I want to do even though I have an extensive electronics and computer background, no thanks. It would drive me and my wife crazy. In the sales perspective, they list the audio / visual initial installation cost at $161,000!

Cable Subscription Costs

Our cable bill is considerably higher than most of our monthly bills and I’ve tried to negotiate a lower price or change from Xfinity to Verizon without success on numerous occasions over the past year. Every time I talked with Xfinity, they would say I can go to a lower-level plan with less channels, but the price is close to what my current legacy plan costs, $306 monthly including Netflix!

Phone numbers can easily move from one provider to the next. However, if you use your cable company’s email address, many hesitate to change carriers. Email addresses are frequently used for online account user IDs and listed as contact information for every service we use from health care, banking, utilities, and so much more. Fortunately, I use my AOL and Gmail account email addresses but that is only half of the battle.

Last Wednesday I called again to reduce my internet speed of 1 Mpbs and 200+ channel count by half. The savings amounted to around $20 after they removed Netflix from the package! No savings at all considering I’ll be left with half what I had originally and now I would have to pay $14 separately for my Netflix streaming account. They informed me that any change to my legacy account requires a move to one of their updated new and apparently more expensive options.

Verizon is roughly the same costs with additional problems, they have to route their fiber optics cable under our driveway and through our lawn sprinkler lines to set up the service.




Cable Channel Confusion

We only use a handful of the 200+ channels we currently have, and seldom watch NBC, CBS and ABC, except for local news. The commercials are too distracting.

Most of the time we use Amazon Prime, Netflix, HULU, and Masterpiece streaming services, and watch: cable news channels, Discovery, HGTV, History, Lifetime, TLC, Bravo, Hallmark, Science Channel, and National Geographic.

Xfinity bundles their news offerings with sports channels which we don’t want or need and that increases the package fee dramatically. The way they bundle plans allows these companies to extract more from us all. It’s like going to the market and they only offer mayonnaise packaged with ketchup, mustard, and relish, and you only want mayonnaise. Great for the companies, but a rip off for their customers.

Alternate Route

There are ways to cut the cord using either paid and/or free TV streaming services. To get around the prospect of losing your email address, retain your current Internet provider and cancel TV services. Internet service averages about $80 per month, plus WIFI modem costs another $15.

After another frustrating round with Xfinity this week they quoted me a monthly price of $136.87 including all fees and taxes for 500 Mbps Internet, their modem with WIFY and one land line home phone. No TV service. They made no attempt to entice me to keep my TV services with them, none at all.

Indoor Antennas & Paid TV Streaming Services

An indoor digital antenna hooked up to your TV’s coaxial antenna connector tunes in local TV channels in most major metropolitan areas or you can subscribe to streaming services such as Sling TV, Hulu + Live TV, YouTube TV , and others for a fee.

YouTube TV offers 100+ live channels, Unlimited DVR space, Special features like Key Plays View, and 6 household accounts and 3 streams for $72.99 per month. This service carries most of what we want, and we would keep Amazon Prime and Netflix. Our total cost would be $209.86, not counting our other streaming services and just under a hundred dollars a month less than what we are now paying.

I have one of our TVs set up with a digital antenna; we receive about two dozen stations including ABC, CBS, NBC and Fox, many in high quality digital format. Because we are located in Southwestern PA, we also pick up a number of the West Virginia and Ohio stations.

The paid TV streaming service you select depends on what you watch, match up the channels you desire to the streaming plans offered. These paid plans can run anywhere from $25 to $100 a month or more.  As you can see, the costs can increase substantially based on what you pick.

Free Streaming Services

There are free streaming services: Freevee, the Ruku Channel, Hoopla, Pluto TV, and Tubi to name a few. These no-cost options include ads. Ruko Channel includes thousands of free TV shows and hit movies, Roku® Originals, 400+ live TV channels, kids’ entertainment, Premium Subscriptions, and more.

None of the free services I checked out include local TV, you would have to use an antenna for that. Change the input on your remote to Antenna to tune in local stations if available in your area. Digital TV antennas are inexpensive; even if you don’t need one now, they’re good to have in a pinch when your cable or internet is offline.

Many TVs now come with their own unique free streaming services, including Samsung’s TV Plus. It takes time to adapt to each streaming service and changing channels isn’t as easy as it is with a cable box remote.  An advantage the cable companies have, I and many others are questioning whether cable’s advantages outweigh their outrageous costs today.

Summary

Automation and higher costs go hand-in-hand today, from new homes, cars especially EVs, robotics, and so much more. I use extender wall outlets to accommodate all that needs charging: hearing aids, iPhone, iPad, Apple watches, tools, shavers, etc. Some of my wall outlets look like a spider’s web with wires everywhere.

The cost of everything is rising faster than most realize, and retirees are often first to feel the pinch. I’ve been looking at ways to economize anyway possible including changing electricity suppliers this year, saving us over 20 percent a month for the next 12 months.

Cable companies literally have a monopoly today similar to the railroad and oil barons of bygone days. They have a product that every single home in America needs except in the Amish communities! The charges keep rising at an alarming rate and I can’t believe I’m saying this, but government needs to regulate these behemoths.

Customers should be able to pick and choose the channels and packages they need instead of being forced to take a cornucopia of channels most don’t watch but are paying for.

TV Streaming services are a viable option for many, but they do require a reliable and fast internet connection. Otherwise, you may experience low resolution issues, lag, buffering, and/or interruptions due to high demand or technical problems. Something to think about, do a test drive to check out how they perform at your location before changing anything. There is also a learning curve and it takes time to set up the service and use the app.

I’m signing up for a free 7-day trial YouTube TV subscription this week before deciding on what path to take. It’s easy to sign up on your current system and give it a spin. The trial runs for 7 days and if you sign up afterwards, they charge you $64.99 for their TV Base plan for the first four months, an $8 monthly savings. After that the monthly charge increases to $72.99. You can cancel at any time.

It includes 100+ live channels, Unlimited DVR space, Special features like Key Plays View, and 6 household accounts and 3 streams. There is a good mix of local TV channels, news, entertainment, sports and much more. Plus, they have many add-on networks to suit most of what you will be looking for.

Another benefit of streaming TV is that you don’t pay the high broadcast and regional sports fees that cable charges, in my case those two items alone cost $38.90 a month. Plus, no equipment charges, another big savings for many.

I’ll let everyone know how my test drive goes and if I make the jump to streaming TV, it’s a learning curve but it’s long past due on my part.

Helpful Retirement Planning Tools

Disclaimer: The information provided may not cover all aspect of unique or special circumstances, federal regulations, medical procedures, investment, and benefit information are subject to change. To ensure the accuracy of this information, contact relevant parties for assistance including OPM’s retirement center.

Over time, various dynamic economic factors relied upon as a basis for this article may change. The information contained herein should not be considered investment advice and may not be suitable for your situation. This service is not affiliated with OPM or any federal entity. You should consult with a financial, medical or human resource professional where appropriate. Neither the publisher or author shall be liable for any loss or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

Tags: , , , , , ,
Posted in ESTATE PLANNING, FINANCE / TIP, LIFESTYLE / TRAVEL, RETIREMENT CONCERNS

Comments (0)| Print This Post Print This Post

The Art of Downsizing – Why, Where, & When?

Posted on Friday, 12th July 2024 by

Print This Post Print This Post
Share

Either you’ve been retired for some time and realize life’s challenges have taken center stage or you are an astute employee planning your retirement well in advance, a smart move. What seemed insignificant health issues in our 40s, 50s and 60s now tests our physical and at times mental abilities as time marches on.

Most come to realize their limitations as age catches up with us and reality takes center stage.

Benefits of Downsizing

According to the National Association of Realtors, sellers aged 69 to 77 were the most likely to downsize their homes for the following reasons:

  • A smaller footprint to maintain and service
  • Fewer steps and trip hazards to contend with
  • Lower utility costs, real estate taxes, and insurance premiums
  • Improved cash flow and less financial stress
  • To be closer to family and friends

Many are overwhelmed by the process and procrastinate until it’s too late, others are proactive and explore their options well in advance of when they actually make their move.

The benefits can be out weighted by the added stress of getting this all done. However, it is essential in many cases just for health concerns, both emotional and physical. Another concern is that a surviving spouse won’t be able to handle the demands of a large home after the inevitable happens, that is one of my primary concerns.

To Move or Not to Move – That is the Question

Moving is a major life event and one not takin lightly. The stress and anxiety surrounding selling your existing home and a move leaves many distracted and sleep deprived, especially if you don’t identify and plan the many actions necessary to transport not only your belongings, but set up all the services needed at your new location. Then, you must decorate, hang blinds and/or curtains, paint, make needed improvements, change your address on all of your accounts, and so much more.

Thankfully, there are ways to ease into downsizing and reduce the stress with preplanning and forethought.

Decluttering – The First Step

Long before you start looking, it’s wise to go through your home, one room at a time and identify three categories for what you find: things to keep, giveaway, sell or donate. You will be amazed at what you and yours accumulated over the years and wonder where it all came from!

It’s too easy to hold on to what you have thinking I may need this down the road. If you gained or lost weight you have several sizes of cloths at the ready just in case you change direction AGAIN and go up or down on the scale.

When Mary and I sorted through our closets, I had work clothes I hadn’t worn in decades, outdated and out-of-style suits, shirts and pants that I finally sent to Goodwill for others to use. Mary found clothes with sales tags attached that were purchased years ago; they too were donated.  The suits I kept required minor alterations, a friend referred me to a local seamstress.

I felt a sense of relief and accomplishment as I went through our house, garage and garden shed eliminating the unnecessary, irrelevant, and outdated distractions in our lives. I had tools that I’ll never use again that I either offered them to my son and friends or donated the items to a local church for their annual sale.

If you have furniture that you don’t need contact one of a dozen charities including Habitat for Humanity, the Salvation Army, Goodwill, and others that may take it off your hands. Local municipal waste management companies often have large item days where you can put the items at the curb on certain days of the month.

You can also call 1-800 Got Junk (1-800-468-5865); they will haul away just about anything for a fee that you can’t dispose of otherwise. We used them to pick up an old treadmill, office furniture, and a 1920s pedal powered singer sewing machine. They do all of the heavy lifting.

Even if you don’t move, this is a necessary step in retirement. This first step helps heirs settle an estate and it’s best if the clutter is gone and you’ve already distributed or identified family members to receive heirlooms and special sentimental items. Plus, an uncluttered household provides a sense of relief to those still living.

What’s Available

Finding a suitable home in your desired location such as a master bedroom on the first floor or a ranch for one level living can be a challenge. Most homes are multilevel in the Pittsburgh, PA area due to hilly terrain, there aren’t many wide flat lots available to build ranches. Myrtle Beach in South Carolina is a different story, the majority of their new homes are one story which is great for retirees for obvious reasons.

You can visit www.realtor.com, www.zillow.com, or www.redfin.com to search their home listings using filters for the desired features, price range, and locations. Visit frequently so you don’t miss out on a new listing.

Your best bet is to work with a realtor who can set up searches with alerts for the type and price range of homes in your area. They are intimately familiar with the areas they service and may know of new or soon to be listed properties before others discover they are available. It’s a highly competitive market and homes in many areas with first floor master suites go fast and aren’t generally on the market for extended periods unless they are overpriced or in subpar condition.

One word of caution, if you find a new or existing home by searching listings online, select a local realtor to represent you. Don’t rely on the listing agent who represents the seller!

You need someone on your side to help you negotiate the sale, provide needed resources, and to research and answer any questions you may have about the area and transaction.

When to Start Your Search

After you settle on a location, price range, desired home style and features, the earlier you start your search the better. It can take a few months to years to find the ideal property that meets all of your expectations. This will give you time to declutter and organize for the pending move.

Compromise is a constant in the real estate market unless you build to your specifications. It’s difficult finding a home with all of the desired bells and whistles. Be prepared for upgrades and remodeling projects; it’s best to remodel before you move in. Once you occupy the premise, it’s difficult working around contractor’s schedules that can interrupt your days for months-on-end.

Summary

When you start out looking for one-floor-living or at least a first-floor master, stick to your guns. It’s easy to get side tracked and give up on your quest, especially when an attractive property and offer comes along.

If you decide to purchase a home without the primary features you desire, you will more than likely regret your decision years later. I’m proof of that, we did this in 2012, the property we purchased had everything we wanted except a first-floor master that we definitely need today.

My local realtor, Craig Lalama, is with Re/Max and covers South Western, PA. He sends notices of all new listings with a first-floor master that meets our criteria, a good realtor can keep you focused and on track.

My wife and I are self-proclaimed experts in moving and decluttering, we moved 11 times in our 55 years of marriage including several cross-country relocations.

What type of property or services you need can dramatically change over time. It helps to be realistic and anticipate some of the frailties that may limit the type of home and location you are willing to accept. Some seek out independent senior living or 55+ communities. A viable option with many benefits including social networks, activities, no outside maintenance, assisted care if needed, and much more.

If you take the plunge and decide to downsize, identify acceptable locations, determine the square footage, number of bedrooms and baths, and type of home you desire. Inventory your home furnishings and other contents to ensure they will fit in your new space.

Carol, a friend from work, recently moved to a one-bedroom apartment in a local retirement community. She had boxes piled up in her bedroom for months. She didn’t realize how small her new apartment was in comparison to the condo she previously owned.

Kiplinger’s article titled, How Retirees Can Downsize in Today’s Housing Market, can help you navigate the higher mortgage interest rate environment we are facing today.

If you decide to downsize, start slow and discuss your wishes and concerns with your family and friends. Declutter, identify where you want to relocate to, type of home and features, and contact a realtor to help you along the way.

Helpful Retirement Planning Tools

Disclaimer: The information provided may not cover all aspect of unique or special circumstances, federal regulations, medical procedures, investment, and benefit information are subject to change. To ensure the accuracy of this information, contact relevant parties for assistance including OPM’s retirement center.

Over time, various dynamic economic factors relied upon as a basis for this article may change. The information contained herein should not be considered investment advice and may not be suitable for your situation. This service is not affiliated with OPM or any federal entity. You should consult with a financial, medical or human resource professional where appropriate. Neither the publisher or author shall be liable for any loss or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

Posted in BENEFITS / INSURANCE, ESTATE PLANNING, FINANCE / TIP, LIFESTYLE / TRAVEL, RETIREMENT CONCERNS, SURVIVOR INFORMATION, WELLNESS / HEALTH

Comments (0)| Print This Post Print This Post

2025 COLA Estimates & Retirement Processing Update

Posted on Friday, 28th June 2024 by

Print This Post Print This Post
Share

Last year’s 3.2% COLA for Social Security and the Civil Service Retirement System (CSRS), and 2.4% for Federal Employees Retirement System (FERS) dropped considerably from the 2023 COLA of 8.7% CSRS and 7.7% FERS. The highest in over 40 years. Costs continue to increase for most essentials.

The costs of all items have increased around 3.3 percent for the 12-month period ending in May of this year according to the Bureau of Labor Statistics. The chart shows a 2 percent increase for food, but I find that hard to believe since my wife and I shop together, and the cost of many items keep creeping up.

This year our real estate taxes continued their upward climb along with our homeowner’s insurance that was almost half as much two years ago. Gasoline in Pittsburgh is averaging $3.71 a gallon, and this is the catalyst that is driving up costs of everything.

2025 COLA Estimated Increase

The 2025 COLA is calculated over the 12-month period from October 1, 2023, through September 30, 2024. The next three month’s CPI data will determine the amount of the next COLA and depends on the reported monthly inflation rates for these months, the last three months of this fiscal year.

If the US Inflation trend continues to decrease by -0.1% per month through 30 September 2024, Inflation will be at 2.9%, and at 2.6% by the end of 2024 according to Wilbert J Morell III, a retired Navy Engineering Project manager, that tracks these statistics.

Willbert predicts a 3.3% Inflation rate and the 2025 Social Security COLA to be from 2.3% to 2.9%: more likely 2.9%. He provided two other scenarios based on the path of inflation:

  • If the CPI-W remains constant through 30 September 2024, the 2025 COLA for Social Security and CSRS is predicted to be 2.2% and 2.0% for FERS.
  • If the CPI-W continues to decrease at the same -0.1% trend through 30 September 2024, the 2025 COLA for Social Security, CSRS, and FERS is predicted to be 2.0%.

If inflation increases due to any number of reasons, the 2025 COLA will be higher. Most media outlets are currently reporting anywhere from 2.2% to USA Today’s 3%. All projections are based on what the pundits perceive to be the rate of inflation over this period.

Retirement Processing Delays

OPM, as of May 2024, has an inventory of just over 14,000 claims to process. They received 6,751 claims in May and processed 8,793.

The good news is that OPM’s retirement claims processing times have steadily declined since 2022 from over 90 days to 60 days today.

Common Mistakes That Cause Delays

Any mistakes or omissions in your retirement application often cause delays. Common errors include:

  • Unsigned forms
  • Check that all forms are complete before submitting them.
  • Provide the correct contact information, not your work email and phone numbers.
  • Fill out a new one if you make a mistake, application forms with corrections such as cross-outs or white-out can cause delays.
  • Incomplete or incorrect SF 2818 FEGLI (Continuation of Life Insurance)
  • Missing health benefit information
  • Missing or incorrect marriage and spousal consent information
  • Missing or incorrect military service documentation

NOTE: Keep a copy of all forms submitted, you never know when one will come up missing or gets lost in the process. Plus, you’ll have a copy for your retirement folder that you can use to confirm assigned beneficiaries, and other insurance and benefit selections. Keep these copies with “Your Retirement Benefits (Blue Book)” that OPM sends you when your claim’s process is completed.




Preparing for Retirement, Start NOW!

The following list of articles will help anyone planning their exit to take the appropriate actions necessary to submit a timely retirement application:

Summary

A COLA around 3% is much better than the ZERO COLAs we received in 2010, 2011, and 2016. Yet, the cost-of-living adjustment is based on the previous year’s statistics; in effect we start out at a loss each year.

That being said, my annuity has almost doubled since I retired 20 years ago. Many in the private sector find themselves hard pressed to make ends meet 10 or 20 years after they retire.

When it comes to retirement planning, it’s best to start your plan long before you walk out the door. I attended several agency-sponsored retirement planning seminars before retiring that prompted more questions than answers. That’s why I developed and launched the Federal Employees Retirement Planning Guide website in 2004.

A site visitor remarked, “I spent 3 hours on the web looking for answers to questions concerning federal retirement. After a Google search yielded your address, it took only 20 minutes to find all of my answers! Thank you!!”

If you are contemplating retirement, start researching your benefit options early. There are many decisions to make, and most are irreversible after you leave. One example is life insurance, several low-cost options are well worth carrying into retirement even if NOW you think the coverage isn’t needed.

Helpful Retirement Planning Tools

Disclaimer: The information provided may not cover all aspect of unique or special circumstances, federal regulations, medical procedures, investment, and benefit information are subject to change. To ensure the accuracy of this information, contact relevant parties for assistance including OPM’s retirement center.

Over time, various dynamic economic factors relied upon as a basis for this article may change. The information contained herein should not be considered investment advice and may not be suitable for your situation. This service is not affiliated with OPM or any federal entity. You should consult with a financial, medical or human resource professional where appropriate. Neither the publisher or author shall be liable for any loss or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

Tags: , , , ,
Posted in ANNUITIES / ELIGIBILITY, BENEFITS / INSURANCE, ESTATE PLANNING, FINANCE / TIP, RETIREMENT CONCERNS, SURVIVOR INFORMATION

Comments (0)| Print This Post Print This Post

The 2024 Election – Voting Early This November

Posted on Saturday, 15th June 2024 by

Print This Post Print This Post
Share

Your vote matters, annuitants, and those working with busy schedules or traveling may wish to vote remotely. You can request an absentee ballot or in many states like Pennsylvania vote-by-mail.

 

Applying for a Mail-in Ballot

The general election will be held on Tuesday, November 5 but voting begins early in many states. Visit www.vote.gov to register to vote if you haven’t already or contact your state’s election board for voting requirements and procedures. We can all help the upcoming election run smoothly by planning now for how we intend to vote.

Sign Up Now

The sooner you decide on what path you will take the better. We traveled for many years during the month of November and requested absentee ballots.

Even if you intend to vote at your local polling place this year, it may be prudent to sign up for voting by mail if available in your state. You never know what will transpire between now and the election that may prevent you from voting at the polls. I encourage all of my family members and friends to do the same.

The important and responsible thing to do is vote, regardless of the method used.

When voting by mail, you must follow the process precisely or your vote may be rejected. Pennsylvania’s voting process is outlined below; your state may have similar voting resources for you to use.

Voting by Mail

When voting by mail was first introduced, I was apprehensive about voter fraud and the potential for abuse. The Pennsylvania system requires voters to provide their driver’s license or state PennDOT ID card number. If they don’t have either, they require the last 4 digits of their Social Security number.

If you don’t have one of the documents listed above, you can provide a photocopy of one of the following IDs with your absentee or mail-in ballot application. The photocopy must show name, a photo, and an expiration date that is current.

  • Passport
  • Military ID (active duty and retired military ID may designate an expiration date that is indefinite). Military dependents’ ID must contain a current expiration date.
  • Employee photo identification issued by Federal, Pennsylvania, Pennsylvania county, or Pennsylvania municipal government.
  • Photo identification issued by an accredited Pennsylvania public or private institution of higher learning.
  • Photo identification issued by a Pennsylvania care facility, including long-term care facilities, assisted living residences and personal care homes.

Reservations Linger

I do have reservations about the process in general and the identification required for voting-by-mail. Especially if a state allows illegal undocumented immigrants to apply for and receive a driver’s license.

Last September, Pennsylvania Gov. Josh Shapiro announced that the state will now automatically register eligible Pennsylvanians to vote when they obtain or renew identification cards and driver licenses. This is fine if you are a US citizen.

According to Pennsylvania’s DOT Secretary, Mike Carroll, “The issuance of driver’s license products to undocumented immigrants is something that the department supports, that I support, and the governor supports with safeguards necessary to make sure that folks that are issued those products are treated the same as folks that have a regular driver’s license,”

Carroll, focuses on issuing driver’s licenses to illegals and, “treating them the same as folks that have a regular driver’s license.” Shouldn’t the state be as concerned these same individuals are not automatically registered to vote? There is no mention of that in their statements!




Contradictions

All you need to apply for voting-by-mail in Pennsylvania is to have a DOT issued driver’s license. Another option is to have a Social Security card.

Every citizen should have a Social Security card; according to the Social Security Administration’s handbook, “If you are 12 or older and have never been assigned an SSN, you must apply in person for a Social Security card.

Today, most hospitals submit birth registration information to the state’s bureau of vital statistics, that agency electronically forwards the information to Social Security, which will automatically assign a number and mail out a card.

Acceptance of a photo ID issued by an accredited Pennsylvania or private institution of higher learning is problematic. Many foreigners attend universities in the state and their IDs don’t show citizenship status.

According to “A Guide to the Citizenship Section of the common Application,” College student IDs typically do not explicitly display citizenship status. It goes on to state that under the Federal Education and Privacy Act (FERPA) colleges aren’t permitted to disclose your citizenship status to anyone, including immigration authorities.”

You could also have non-resident aliens living in long term care or assisted living facilities that could potentially vote or have their votes harvested.

There should be revisions to the process to address these concerns and others. Plus, they don’t start counting mail-in ballots in some states until after the polls close on election day, delaying election results for days after an election.

That being said, I’m comfortable with the process enough to participate and encourage others to do the same.

Pennsylvania Voting

Register to vote: You can register to vote online, by mail, in person at your county voter registration office or at PennDOT and select other government agencies. If you’re not sure if you’ve already registered, check your registration status today.

The deadline to register to vote depends on your State. Don’t wait, if you haven’t registered to vote, DO IT NOW, well in advance of your state’s deadline. I checked my voter registration; they provide a lot of helpful information including your polling place, federal congressional district, and state district offices, to name a few.

Voting in person: You can vote in person at an assigned polling place near where you live, open 7 AM to 8 PM on Election Day, Tuesday, November 5. If your name is not in the voter roster, you may have the right to vote on a provisional ballot. Poll workers can assist if you have questions on Election Day.

Voting by mail:  All registered qualified voters may apply for a mail-in ballot. The deadline in Pennsylvania is late October, request a mail-in or absentee ballot Now. I sent my application March 20, 2024 for the primary and received a notice from the State that it was accepted. They will automatically send a mail-in ballet for the November election as well.

Ballots must be postmarked by 8 PM on Tuesday, November 5 for the Presidential election and received by your county election office by 5 PM on Friday, November 9. If you are concerned about USPS delays in delivering mail-in or absentee ballots, you can drop off your ballot at your county election office.

Summary

If you already submitted a mail-in or absentee ballot, you cannot vote at your polling place on Election Day. However, if you did not return your mail-in or absentee ballot and you want to vote in person, you have two options:

  1. Bring your ballot and the pre-addressed outer return envelope to your polling place to be voided. After you surrender your ballot and envelope and sign a declaration, you can then vote a regular ballot.
  2. If you don’t surrender your ballot and return envelope, you can only vote by provisional ballot at your polling place. Your county election board will then verify that you did not vote by mail before counting your provisional ballot.

Follow the directions carefully or your vote will not be counted. Including things like marking your ballot in blue or black pen, placing and sealing your ballot in the inner secrecy return envelope that says, “official ballot.” Seal the envelope, and sign and date where indicated.

The process can be confusing and be sure not to return your ballot in the wrong envelope and sign the secrecy envelope when you send it in. Read the instructions that come with your state’s mail-in voting application and follow the guidance provided when your ballot arrives.

YOUR VOTE MATTERS. Don’t assume your candidate is ahead and stay home or forget to mail your absentee or vote-by-mail ballot.

Helpful Retirement Planning Tools

Disclaimer: The information provided may not cover all aspect of unique or special circumstances, federal regulations, medical procedures, investment, and benefit information are subject to change. To ensure the accuracy of this information, contact relevant parties for assistance including OPM’s retirement center.

Over time, various dynamic economic factors relied upon as a basis for this article may change. The information contained herein should not be considered investment advice and may not be suitable for your situation. This service is not affiliated with OPM or any federal entity. You should consult with a financial, medical or human resource professional where appropriate. Neither the publisher or author shall be liable for any loss or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

Tags: , , ,
Posted in LIFESTYLE / TRAVEL, RETIREMENT CONCERNS, SOCIAL SECURITY / MEDICARE, SURVIVOR INFORMATION

Comments (0)| Print This Post Print This Post

These Boots Are Made for Walking – That’s Just What I’ll Do!

Posted on Sunday, 26th May 2024 by

Print This Post Print This Post
Share

I modified the lyrics from Nancy Sinatra’s 1966 song to emphasize a point. Walk don’t run to maintain and improve your health. Especially for the aged, a group that I am fully intrenched in at the time.

Walking on A Cloud – Asics Cumulus 25

Walking is an integral part of all we do, pre- and post-retirement and exercise is essential to the level tolerable and if recommended by your doctor.

This daily activity strengthens the heart, lowers blood sugar, eases joint pain, boosts our immune functions, increases energy, enhances mood, and extends life. For so simple an activity, it offers huge benefits for those of any age.

Running provides similar benefits but over time damages our joints, feet, and backs. Tom, a good friend, ran 5 to 10 miles a day up to his early 60s. He looked forward to his daily runs, golfing, and other outdoor activities. In his 60s he had both knees replaced and I believe, or at least hope, he reverted to walking after the surgeries. I know he still enjoys golf.

Finding the Right Fit

One of the problems we all face over time is finding a shoe that is comfortable and doesn’t aggravate sore tired feet, arthritic knees and hips, and fallen aches, a lifetime pursuit for many. Over the years I’ve tried about every shoe brand and variation imaginable and last fall I discovered Asics shoes at a local Pro Bike+Run store in Robinson Township, PA. They have six locations in and around Pittsburgh, PA.

We purchased Sketchers’ Go Walks for many years. Mary still swears by them and won’t buy anything else. Their slip-ins, not slip-ons, are also convenient, especially for older folks. They are far better than many other brands when it comes to a softer sole that cushions your feet from daily abuse.

Prior to that, New Balance was all the rage during my 40s and 50s, at the time they seemed a better fit for my activity level but today they are too firm and have little cushioning for worn joints and tired feet.

Ascis Advantages

This brand offers shoes for all major sports activities, from golf and pickle ball to running and walking, and everything in between.  They also offer shoes for pronation, neutral, under and over. I chose the Gel-Cumulus 25, a running shoe, because of the deeper cushioned sole. They also have a Nimbus running model.

If that sounds familiar, in school they taught us about Cumulus-Nimbus cloud formations. These shoes provide the sensation of literally walking on clouds from my personal perspective.

If you have stability issues, their walking shoes may be a better option. Mary and I walk over 10,000 steps a day, many are on a track at our home where I walk for two 30-minute periods, one in the early morning and another in the afternoon. Mary’s step count frequently exceeds 15,000 steps a day!

Visit the Asics site and check out their inventory; if you are in Pittsburgh visit one of the Pro Bike+Run stores where you can try them on to ensure a perfect fit.




Insoles & Comfort

I use insoles to moderate tired flat feet and non-diabetic peripheral neuropathy pain. Typically, I use Dr. Scholl’s custom inserts, their Custom Fit (CF 660) model. Visit their online kiosk or one of their fitting stations located at various retail outlets to find the right fit for you.

Before finding Dr. Scholl’s inserts I tired many over the counter inserts and opted for a full custom-made pair in 2017 that costs $300. It was too hard and ended up stored in a bag full of other inserts I’ve purchased over the years.

To use third party or custom inserts, the shoe you purchase should have removable inserts. Many of the top brands including Ascis have removable inserts, Sketcher’s are glued in.

Summary

Walking in comfortable shoes, as simple as this sounds, makes a huge difference in our lives and allows us to participate in activities and events we would otherwise avoid.

If you find good walking shoes and insoles, there isn’t any excuse for not walking to improve your health and to take on activities that you long since abandoned. If you haven’t exercised or walked regularly for a while, check with your physician and start slow, 5 to 10 minutes at a time and build up from there.

What prompted this article was my desire to replace my Sketchers’ indoor walking shoes. Their Easy Walk’s sole tends to catch on hard surfaces, creating a trip hazard. The Ascis shoe has a curved sole front to back that offers a toe to heel cradle so to speak that propels you along during your walk/run and eliminates the occasional trip that I experience with Go Walks.

Cautionary Note

Before starting a new indoor walking routine remove any trip hazards that are in your path and when walking outside beware of the surface you’re walking on: raised or cracked sidewalk sections, potholes, debris in the streets, etc.

My cousin Margie tripped in the street and hit her head on the curb last December causing a brain bleed. Be careful and go slow, falls are one of the major reasons for emergency room visits, especially for those advanced in age. Notice I didn’t say elderly, don’t like that term now that I’m old enough to know better.

Helpful Retirement Planning Tools

Disclaimer: The information provided may not cover all aspect of unique or special circumstances, federal regulations, medical procedures, investment, and benefit information are subject to change. To ensure the accuracy of this information, contact relevant parties for assistance including OPM’s retirement center.

Over time, various dynamic economic factors relied upon as a basis for this article may change. The information contained herein should not be considered investment advice and may not be suitable for your situation. This service is not affiliated with OPM or any federal entity. You should consult with a financial, medical or human resource professional where appropriate. Neither the publisher or author shall be liable for any loss or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

Posted in LIFESTYLE / TRAVEL, RETIREMENT CONCERNS, SURVIVOR INFORMATION, WELLNESS / HEALTH

Comments (0)| Print This Post Print This Post

Federal & Postal Employees Health Benefits Update

Posted on Friday, 17th May 2024 by

Print This Post Print This Post
Share

The Office of Personnel Management (OPM) announced a centralized enrollment platform for the postal service last year and they requested funds for FY 2025 to extend this central enrollment system to all Federal Employee Health Benefits (FEHB) enrollments. This would allow OPM to manage and make consistent all FEHB enrollments and remove individuals who cease to be eligible for the program.

Current FEHB eligibility determination and enrollment is highly decentralized and requires cooperation between nearly 100 employing offices responsible for determining eligibility and enrolling more than 8 million members. These benefits are delivered by 68 health insurance carriers in 2024.

Centralized Health Benefits Enrollment

The current FEHB Program’s enrollment functions utilize independent systems at different Federal agencies. For purposes of the Postal Service Health Benefits (PSHB) Program, OPM is shifting certain responsibilities from the employing office to a centralized enrollment system administered by OPM.

This centralized enrollment system will be an electronic enrollment solution for all PSHB stakeholder groups including enrollees, the Postal Service and other employing offices, and PSHB Carriers. The centralized enrollment system will include an online portal to enter and process enrollment transactions, verification of eligibility, decision support tools, and a customer support center to assist enrollees via phone, email, or online chat.

Those unable to access the online portal will be able to enroll through other means such as phone, fax, or mail. OPM will assume responsibility for the following health benefits actions for the PSHB Program: enrollment, changes of enrollment, correction of errors, election not to enroll, and disenrollment of enrollees and removal of family members.

The final rule for the PSHB centralized enrollment was published 5/6/2024 in the Federal Register.

Note: A centralized system for the FEHB program is pending requested funding.

Family Member Eligibility Reviews (On the Horizon)

On April 17, 2024, OPM’s annual Benefits Administration Letter (BAL) was released to Promote the Integrity of the Federal Employees Health Benefits Program.

Employing offices must validate certain Open Season elections starting with the 2024 Open Season.  The Family Member Eligibility Review (FMER) requires a random sampling of FEHB Open Season elections of Self Plus One and Self and Family enrollment types.

This letter outlined requirements for federal agencies and carriers regarding new enrollment actions that will ensure comprehensive verification and review of family member eligibility:

  • Directs agencies to confirm employees’ relationships to spouses and family members when an enrollment change is made during Open Season. Specifically, the BAL requires that agencies verify a meaningful sample of family members included in Open Season elections from the prior year.
  • Federal employees will be required to provide eligibility documentation for all new family member enrollments during Open Season in subsequent years.
  • OPM will use its newly completed FEHB Master Enrollment Index (MEI) to run queries that can spot certain enrollment irregularities in existing enrollments. If irregularities are found that merit further inquiry, OPM will notify agencies to review those enrollments. OPM currently requires all agencies to notify enrollees of the consequences of improper enrollments, including fines and imprisonment.

Health Benefit Program’s Call Letter

Benefit and rate proposals for Federal Employees Health Benefits (FEHB) and Postal Service Health Benefits (PSHB) Program Carriers are due May 31, 2024. Benefit negotiations are expected to be complete by July 31, 2024, and rate negotiations by mid-August for the upcoming open season.

The primary areas of focus for the upcoming plan year for Carriers are:

  • FEHB and PSHB Coordination with Medicare
  • FEHB Prescription Drug Coverage
  • PSHB Prescription Drug Coverage, and
  • Fraud, Waste, and Abuse.

Many providers added Part D Prescription Drug Plans (PDP) that are automatically implemented unless the enrollee opts out.  All Carriers are required to provide guidance to eligible enrollees focused on Medicare coordination, including the potential effects of the Income Related Monthly Adjustment Amount (IRMAA) that applies to both Part B and Part D Medicare plans.




FEHB Prescription Drug Coverage

According to the call letter., “OPM requires FEHB Carriers to provide prescription drug benefits that meet CMS requirements for Creditable Coverage. FEHB Carriers are required to continue offering Creditable Coverage in 2025.”

Any prescription drug benefit changes FEHB Carriers need to make to continue to meet the Creditable Coverage requirements in 2025 do not need to be cost neutral. This means Carriers have the option to change benefits, increase premiums, or a combination of both. We have to wait until negotiations are complete to determine next year’s coverage and premiums.

FEHB and Medicare Part D Coordination

OPM is continuing to consider FEHB proposals that include CMS-approved Medicare Advantage -Prescription Drug (MA-PD) or Prescription Drug Plan (PDP) Employer Group Waiver Plans (EGWPs) for 2025. Many Carriers are offering a (MA-PD EGWP) to FEHB enrollees who are entitled to Medicare Part A and enrolled in Medicare Part B.

Last year Blue Cross Blue Shield and others offered automatic signup for their Part D PDP; enrollees had to opt out of the option if they wanted to retain their original FEHP prescription drug coverage. I wrote two articles on the PDP plans last year that you may find informative:

Be aware that if your Modified Adjusted Gross Income (MAGI) is over certain limits you will be subject to an Income Related Monthly Adjustment Amount (IRMAA) for Part B and D premiums. This is explained in detail in the above two articles.

Summary

There is always much to consider when selecting your health care plan during open season. Many things are happening throughout the year that impact plans next year, such as the new Postal Service Benefit Plan with its Part D enrollment requirement.

If your current plan isn’t meeting your needs or if you signed up for a FEHB MA plan last year that isn’t working out for you, open season starts this November. Plus, if you experienced a qualifying life event you can always make changes within specific limits.

For example, you have 31 days before your marriage to 60 days afterward to change to a family health benefits enrollment. You can add a new spouse and convert to a family or the self plus 1 plan during the next open season if you miss this deadline.

Helpful Retirement Planning Tools

Disclaimer: The information provided may not cover all aspect of unique or special circumstances, federal regulations, medical procedures, investment, and benefit information are subject to change. To ensure the accuracy of this information, contact relevant parties for assistance including OPM’s retirement center.

Over time, various dynamic economic factors relied upon as a basis for this article may change. The information contained herein should not be considered investment advice and may not be suitable for your situation. This service is not affiliated with OPM or any federal entity. You should consult with a financial, medical or human resource professional where appropriate. Neither the publisher or author shall be liable for any loss or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

Posted in BENEFITS / INSURANCE, FINANCE / TIP, RETIREMENT CONCERNS, SOCIAL SECURITY / MEDICARE, SURVIVOR INFORMATION, WELLNESS / HEALTH

Comments (0)| Print This Post Print This Post

Terms Of Use