Posted on Saturday, 4th July 2020 by Dennis Damp

My lifestyle column focuses on issues that affect retirement and I often cover current events. The issues of the day can be and are often controversial. My last article, “Stop the Insanity, History Can’t Be Rewritten,” garnered considerable comments, some thoughtful, others quite abrasive, and most supporting the article’s theme. One individual advised me to stick with retirement issues. Certainly, the unrest today affects all retirees. Dialog is a good thing, we have different opinions driven by our life experiences, teaching, or in some cases indoctrination.

Fortunately, all Americans have the right of free speech under the First Amendment of the constitutiomn, “Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the government for a redress of grievances.”

That one article is the foundation of our republic and the reason we are who we are today; a free and prospering society. It says volumes, its simplicity is genius. Our founders laid out our Constitution to be the guiding light for our republic and they did this on only four large sheets of parchment!

We all have a voice in America and the right to express it peacefully. In this country, we have equal rights of expression and should not be governed by the mob mentality and shamed into silence by the few. The vast majority want to live in a law-abiding free society, not in anarchy that is driven by sedition. Sedition is the act of inciting revolt or violence against a lawful authority with the goal of destroying or overthrowing it. It is a serious felony punishable by fines and up to 20 years in prison.

The major news networks often distort their commentary with ideological beliefs instead of reporting the actual news. They foment violence and racial divide to accommodate their agenda and turn us against one another.

The few, in this case­–the destructive mobs that are terrorizing our cities—have unfortunately gained the financial support of many including major corporations by shaming them into submission.  However, to blindly support movements you know so little about is reckless. Many of these groups are Marxist and that philosophy destroys all that embrace it. Their leaders proclaim it openly and one of them recently stated on national TV, “If this country doesn’t give us what we want, then we will burn down this system and replace it.”  Should we or any rational company support that, burning this country down and replacing it? Do we support the rioting, looting, and crime that results, not from legitimate protests but from anarchists that are bent on destroying the fabric of this society? The First Amendment confers the right to “peaceably assemble,” not to destroy or loot personal property!

These groups often raise the concept of white privilege to turn one against the other. I believe privilege is color blind. It is earned and anyone can achieve that status in America if they are willing to make sacrifices and work hard to achieve their goals. I’m proof of that, I was raised in abject poverty and rose above it through hard work and perseverance. Were there injustices, segregation, and exclusion prior to the civil rights movement? Certainly, and it was pervasive and some still exists to this day.

You can’t erase the past, yet I see a bright future for all Americans if we reject the mob and continue on the path our founding fathers provided. The mob only rules if the majority stays silent. This country has come a long way; it isn’t the 1850s or the 1960s. Seventeen percent of all marriages in 2017 were mixed race, in 1967 only 3 percent of marriages were interracial? Just look at our TV shows, soap operas, sports teams, movies and more. Diversity and inclusion rules. In the cities we see African American mayors, governors, and in some cases such as Atlanta I believe over half the police force is minority. More minorities were employed before the pandemic than any time in history. The graduation rate for minorities is rising and Obama was our President! Anything is possible in America and what determines our destiny is self determination, drive, and motivation. 

Helpful Retirement Planning Tools

Request a Federal Retirement Report™ to review projected annuity payments, income verses expenses, FEGLI, and TSP projections.

• 2020 GS Pay Scales
• Retirement Planning For Federal Employees & Annuitant
• Budget Work Sheet
• Medicare Guide
• Social Security Guide
• Master Retiree Contact List (Important contact numbers and information)
• 2020 Leave and Schedule Chart (Use this chart to set target retirement dates.)
• Annuity Calculator (FREE Excel chart estimates annuity growth)

Disclaimer: Opinions expressed herein by the author are not an investment or benefit recommendation and are not meant to be relied upon in investment or benefit decisions. The author is not acting in an investment, tax, legal, benefit, or any other advisory capacity. This is not an investment or benefit research report. The author’s opinions expressed herein address only select aspects of various federal benefits and potential investment in securities of the TSP and companies mentioned and cannot be a substitute for comprehensive investment analysis. Any analysis presented herein is illustrative in nature, limited in scope, based on an incomplete set of information, and has limitations to its accuracy. The information upon which this material is based was obtained from sources believed to be reliable, but has not been independently verified. Therefore, the author cannot guarantee its accuracy. Any opinions or estimates constitute the author’s best judgment as of the date of publication, and are subject to change without notice. The author explicitly disclaims any liability that may arise from the use of this material.

Posted in LIFESTYLE / TRAVEL, RETIREMENT CONCERNS, SURVIVOR INFORMATION

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Posted on Thursday, 18th June 2020 by Dennis Damp

[Note to Reader: I recently completed a memoir of my early years and the following two paragraphs are excerpted, with slight modification, from the epilog.]

“Time and circumstance separate us from our early roots, and for most, life in the moment overshadows those early experiences, relegating them to the remotest corners of our mind. However, our character is fomented from those early years, and without us realizing it, it influences our behavior and underlying actions throughout life.

As I sit back and reflect on tragedies, protests and challenges in our country from a comfortable vantage point at age seventyone, I realize that fate and faith had much to do with getting to where we are today. Yet, we know that we are today who we were back then. No matter how big a tree grows, the roots have a great deal to do with determining its destiny. We are guided and influenced by our roots each and every day and if you discard them, a part of you dies.”

Tyrants often try to erase history (our roots). When ISIS formed the califate in 2014, they destroyed countless national religious and cultural treasures. Hitler tried to erase not only history, but an entire ethnoreligious group, the Jewish people. Stalin did the same in Russia; murdering anyone who got in his way. The list goes on throughout history.

America today has much to be thankful for! If you think we are suffering today, history will show all of us how fortunate we actually are, thanks in large measure to our brave men and woman who sacrificed their very lives to defend and preserve this great country. Yet a number of Revolutionary War monuments and the WW-II Memorial have recently been desecrated!

There have been many injustices recorded throughout history. Do we deny them, or learn from those past experiences? We could burn perceived undesirable books; the Nazi regime did this during WW-II. Should we ban classic movies now deemed controversial, like Gone with the Wind, and tear down monuments back to the beginning of time? What then would we have? Nothing would have changed, because our roots remain and they can’t be denied.

Mob rule leads to anarchy; and when you call the police and no one responds, all of us suffer the consequences, including the anarchists. Burning and looting stores down to their bare shelves, dangerously blocking traffic, and illegally pulling down monuments aren’t protests: it’s criminal behavior. For those who are peacefully protesting, you have that right and America supports you.

When anyone resists arrest, expect chaos. The person stopped is obligated to comply, but police officers must be responsible for their actions, as well. Kneeling on a person’s neck for 9 minutes and suffocating him is murder, and currently that individual is being prosecuted for that crime.

We are blessed to live in America with opportunities for all who choose to take advantage of them; regardless of your race, religion, national origin or gender. I’m proud to be an American and sad that so many wish to tear America down.

Helpful Retirement Planning Tools

Request a Federal Retirement Report™ to review projected annuity payments, income verses expenses, FEGLI, and TSP projections.

• 2020 GS Pay Scales
• Retirement Planning For Federal Employees & Annuitant
• Budget Work Sheet
• Medicare Guide
• Social Security Guide
• Master Retiree Contact List (Important contact numbers and information)
• 2020 Leave and Schedule Chart (Use this chart to set target retirement dates.)
• Annuity Calculator (FREE Excel chart estimates annuity growth)

Disclaimer: Opinions expressed herein by the author are not an investment or benefit recommendation and are not meant to be relied upon in investment or benefit decisions. The author is not acting in an investment, tax, legal, benefit, or any other advisory capacity. This is not an investment or benefit research report. The author’s opinions expressed herein address only select aspects of various federal benefits and potential investment in securities of the TSP and companies mentioned and cannot be a substitute for comprehensive investment analysis. Any analysis presented herein is illustrative in nature, limited in scope, based on an incomplete set of information, and has limitations to its accuracy. The information upon which this material is based was obtained from sources believed to be reliable, but has not been independently verified. Therefore, the author cannot guarantee its accuracy. Any opinions or estimates constitute the author’s best judgment as of the date of publication, and are subject to change without notice. The author explicitly disclaims any liability that may arise from the use of this material.

Posted in LIFESTYLE / TRAVEL, RETIREMENT CONCERNS, UNCATEGORIZED

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Posted on Saturday, 13th June 2020 by Dennis Damp

The CARES Act offers temporary loan and withdrawal options for TSP participants affected by COVID-19. The dramatic stock market sell-off this past March and subsequent correction last week reduced portfolio values dramatically for many. Lower account balances for all but the bond funds make the decision to take out loans or elect a withdrawal difficult. However, for those negatively impacted these options are a needed lifeline to deal with the pandemic and the financial hardship that it has imposed on many.

The loan options described below will be available no later than June 22, 2020, and this withdrawal option will be available in mid-July 2020. Both the loan and withdrawal options are available only if you can certify that you meet one or more of the following criteria:

• You have been diagnosed with the virus SARS–CoV–2 or with coronavirus disease 2019 (COVID–19) by a test approved by the Centers for Disease Control and Prevention.
• Your spouse or dependent (as defined in section 152 of the Internal Revenue Code of 1986) has been diagnosed with such virus or disease by such a test.
• You are experiencing adverse financial consequences as a result of being quarantined, being furloughed or laid off or having work hours reduced due to such virus or disease, being unable to work due to lack of child care due to such virus or disease, closing or reducing hours of a business owned or operated by the individual due to such virus or disease, or other factors as determined by the Secretary of the Treasury (or the Secretary’s delegate).

Increased maximum loan amount

The maximum loan amount is increased from $50,000 to $100,000, and the portion of your available balance you can borrow is raised from 50% to 100%. The deadline for applying for a loan with this increased maximum will be in September 2020. The TSP will announce the exact cutoff date soon.

Temporary suspension of loan payments

TSP participants may suspend their obligation to make payments on their TSP loan or loans for the rest of calendar year 2020. This applies to existing loans and loans taken in the remainder of 2020. A new form will be available for you to request this suspension.

Request a Federal Retirement Report™ to review projected annuity payments,
income verses expenses, FEGLI, and TSP projections.

CARES Act Withdrawal

You may make a one-time withdrawal of up to $100,000 from a civilian or uniformed services account. For those still in federal service, the usual requirements that you be at least 59 ½ years old or certify that you meet specific financial hardship criteria are waived. Though you may request that we withhold money from your withdrawal for federal income tax, we will not automatically do that. This withdrawal will be eligible for the favorable tax treatment described here, with all of the same options and restrictions. The deadline for applying for this withdrawal will be in December 2020. The TSP will announce the exact cutoff date soon.

Life Cycle Fund Changes

Starting this July more TSP lifecycle Funds will be available — (June 1, 2020) Starting July 1, 2020, we now have ten Lifecycle (L) Funds to choose from instead of the five currently available. They’ve adding the additional L Funds so that the target dates will be separated by only five years instead of ten, allowing you to more precisely target the time when you think you’ll need your money. Six more L Funds will be added, and the L 2020 Fund, having reached its target date, will be rolled into the L Income Fund. Funds List

• L Income Fund − Consider investing in this fund if:
  • You are already withdrawing from your TSP account or
  • You were born before 1958
• L 2025 Fund − Consider investing in this fund if:
  • You plan to begin withdrawing from your TSP account between 2021–2027 or
  • You were born between 1958–1964
• L 2030 Fund − Consider investing in this fund if:
  • You plan to begin withdrawing from your TSP account between 2028–2032 or
  • You were born between 1965–1969
• L 2035 Fund − Consider investing in this fund if:
  • You plan to begin withdrawing from your TSP account between 2033–2037 or
  • You were born between 1970–1974
• L 2040 Fund − Consider investing in this fund if:
  • You plan to begin withdrawing from your TSP account between 2038–2042 or
  • You were born between 1975–1979
• L 2045 Fund − Consider investing in this fund if:
  • You plan to begin withdrawing from your TSP account between 2043–2047 or
  • You were born between 1980–1984
• L 2050 Fund − Consider investing in this fund if:
  • You plan to begin withdrawing from your TSP account between 2048–2052 or
  • You were born between 1985–1989
• L 2055 Fund − Consider investing in this fund if:
  • You plan to begin withdrawing from your TSP account between 2053–2057 or
  • You were born between 1990–1994
• L 2060 Fund − Consider investing in this fund if:
  • You plan to begin withdrawing from your TSP account between 2058–2062 or
  • You were born between 1995–1999
• L 2065 Fund − Consider investing in this fund if:
  • You plan to begin withdrawing from your TSP account after 2062 or
  • You were born after 1999

Other TSP changes include a deferral of mandatory Required Minimum Distributions (RMDs) for 2020 due to the pandemic.

Helpful Retirement Planning Tools

Request a Federal Retirement Report™ to review projected annuity payments,
income verses expenses, FEGLI, and TSP projections.

• 2020 GS Pay Scales
• Retirement Planning For Federal Employees & Annuitant
• Budget Work Sheet
• Medicare Guide
• Social Security Guide
• Master Retiree Contact List (Important contact numbers and information)
• 2020 Leave and Schedule Chart (Use this chart to set target retirement dates.)
• Annuity Calculator (FREE Excel chart estimates annuity growth)

Disclaimer: Opinions expressed herein by the author are not an investment or benefit recommendation and are not meant to be relied upon in investment or benefit decisions. The author is not acting in an investment, tax, legal, benefit, or any other advisory capacity. This is not an investment or benefit research report. The author’s opinions expressed herein address only select aspects of various federal benefits and potential investment in securities of the TSP and companies mentioned and cannot be a substitute for comprehensive investment analysis. Any analysis presented herein is illustrative in nature, limited in scope, based on an incomplete set of information, and has limitations to its accuracy. The information upon which this material is based was obtained from sources believed to be reliable, but has not been independently verified. Therefore, the author cannot guarantee its accuracy. Any opinions or estimates constitute the author’s best judgment as of the date of publication, and are subject to change without notice. The author explicitly disclaims any liability that may arise from the use of this material.

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

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Posted on Thursday, 4th June 2020 by Dennis Damp

Last week’s article titled “Prescription Coverage Dilemma” described problems I encountered filling a prescription I’ve used for the past five years. The process used to fill non-preferred scripts is convoluted, and all parties suffer the consequences. I received many comments from last week’s column describing similar problems.

Request Your Personal Federal Retirement Report™ Today

One Blue Cross Blue Shield member found the generic drug he was prescribed ineffective; his doctor wrote a script for the brand name medication, a 90-day supply. The pharmacy wanted to charge him $700 for a one-month supply. He sent the script to their mail-in service instead and received a 90-day supply for only $125!

A NALC (High Option) member tried refilling three different brand name medications. Her doctor wrote several waiver requests and was advised that three alternatives must “FAIL” before they would consider granting a waiver. She ended up purchasing them from Canada.

Another Blue Cross member had a similar situation with a prescription for Eucrisa, a cream used for eczema. No generics were available. After several attempts it was approved for a copay of $350. The doctor gave her a discount card and out-of-pocket expenses decreased to only $10!

This week, I spent hours on the phone talking with customer service reps and reviewing plan brochures to better understand the process. Knowing what to expect doesn’t mitigate the need for change.

According to GEHA, our prescription benefit includes the Advanced Control Specialty Formulary (ACSF).  This formulary incorporates step therapy, where a generic/preferred medication is used prior to a non-preferred medication. The formulary is reviewed quarterly, and medications may change formulary status, including preferred to non-preferred. I believe most, if not all, of the Federal Employees Health Benefit Plans follow this guidance.

Basically, providers identify preferred medications for specific conditions. Up until this year, Asmanex was a preferred asthma medication. It changed to non-preferred and according to GEHA, members using this drug were sent a change notice. I don’t recall receiving it.

There are four medications on the preferred list when you search for Asmanex. I was prescribed Pulmicort and it produced serious side effects along with another medication I took previously. My doctor submitted two Asmanex scrips over the next month and both were rejected for lack of supporting data.

My situation should be resolved shortly, GEHA will provide guidance to doctor’s offices to help them through the process and I sent my doctor additional supporting information this week. After more discussions with GEHA, I discovered two primary reasons for disapproval. The first one involved an incorrect ICD diagnosis code. I have Asthma that triggers acute bronchospasms. The first doctor I went to for this condition listed the diagnosis as acute bronchospasms instead using the code for asthma. Secondly, doctors have to list alternate prescriptions that proved ineffective and describe the current medical situation in writing. This process is time consuming, frustrating for all concerned, and puts and undue burden on our doctors. It must be streamlined.

CVS Caremark manages GEHA’s prescription program. To check your medications availability, visit their website and register by entering a user name and password to start your search. Click on Plan & Benefits, select Check Drug Costs & Coverage from the dropdown menu, and enter the name of your medication and dosage. Your medication will show up with alternatives if it isn’t a preferred drug. It also lists monthly and 90-day supply costs. All plans should offer a similar option on their sites or call their customer service for this information.

The last option is to appeal the denial in writing. You or the provider can submit an appeal. However, the process is lengthy; patients must provide written consent to their physician’s office if the doctor’s office submits the paperwork. Supporting documentation includes medical records, clinical notes, test results and other pertinent information.

Some of those who commented on last week’s article purchased medications from Canada at considerable discount. Currently, it is illegal and the FDA can seize your shipment. If you are inclined to do the same, read the article titled “Amid Pandemic, FDA Seizes Cheaper Drugs From Canada” that was recently published by Kaiser Health News. Prices at Canadian pharmacies vary widely and delivery times range from 6-8 weeks. Before the pandemic, it took about 2 1/2 weeks.

I checked my prescription’s cost on PharmacyChecker.com and Asmanex was almost 60% lower than the local cost, without plan approval. However, with approval my cost would be about half of the Canadian pharmacy cost when using the manufacture’s coupon.  The key is getting FEHB plan approval whenever possible or an acceptable alternative.

Personally, I’m apprehensive when it comes to purchasing medications from foreign countries. The U.S FDA regulates the safety and efficacy of medications sold in U.S. pharmacies. That being said, when saddled with extremely high and unaffordable copayments it may be a viable option. If you pursue this route, be cautious and check your sources carefully.

Helpful Retirement Planning Tools / Resources

Request a Federal Retirement Report™ today to review your projected annuity payments,
income verses expenses, FEGLI, and TSP projections.

• Retirement Planning For Federal Employees & Annuitant
• The Ultimate Federal Employee’s Retirement Planning Guide
• Financial Planning Guide
• Budget Work Sheet
• Medicare Guide
• Master Retiree Contact List (Important contact numbers and information)
• 2020 Leave and Schedule Chart (Excel chart tracks all leave balances. Use this chart to set target retirement dates.)
• Annuity Calculator (FREE Excel chart estimates annuity growth)

Disclaimer:Opinions expressed herein by the author are not an investment or benefit recommendation and are not meant to be relied upon in investment or benefit decisions. The author is not acting in an investment, tax, legal, benefit, or any other advisory capacity. This is not an investment or benefit research report. The author’s opinions expressed herein address only select aspects of various federal benefits and potential investment in securities of the TSP and companies mentioned and cannot be a substitute for comprehensive investment analysis. Any analysis presented herein is illustrative in nature, limited in scope, based on an incomplete set of information, and has limitations to its accuracy. The author recommends that retirees, potential and existing investors conduct thorough investment and benefit research of their own, including detailed review of OPM guidance for benefit issues and for investments the companies’ SEC filings, and consult a qualified investment adviser. The information upon which this material is based was obtained from sources believed to be reliable, but has not been independently verified. Therefore, the author cannot guarantee its accuracy. Any opinions or estimates constitute the author’s best judgment as of the date of publication, and are subject to change without notice. The author explicitly disclaims any liability that may arise from the use of this material.

Posted in BENEFITS / INSURANCE, RETIREMENT CONCERNS, SURVIVOR INFORMATION, WELLNESS / HEALTH

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Posted on Monday, 1st June 2020 by Dennis Damp

There are many things to consider when evaluating our Federal Employees Health Benefits (FEHB) in preparation for the next Open Season: plan cost, doctor accessibility, prescription copayments and availability, coverage for current medical conditions, and so much more. Even with considerable review and research we get blindsided by unusual situations.

Attend a 2-Hour Benefits Briefing – Check Availability

I encountered a problem this year. First, before elaborating on the situation, I have to say that I’ve been very pleased with my plan’s coverage for the past 17 years. Like all things in life, there are problems. It’s getting them resolved that can at times tax our reserves. Hopefully, this won’t happen to you.

We expect that prescribed medications will be approved and available. For the most part this is true, even though copays may be higher than desired, we often get what the doctor ordered or an acceptable alternative.

Recently, my provider refused to renew Asmanex, a prescription I’ve used to treat acute asthma for the past 5 years. I used one of the alternatives prior to taking my current prescription and experienced a severe angioedema attack, swelling of the face and throat, resulting in an emergency room visit.

My physician prescribed another medication after the recent denial. It also caused serious undesirable side effects. A second call to GEHA questioning their decision to deny approval for Asmanex proved fruitless. They advised me to instruct my doctor to write a justification for the use of the medication based on the fact that I had negative side effects from two substitute medications.

My doctor submitted the documentation. Again, it was rejected and I received a letter last week from GEHA stating, “Asmanex is covered when it is used for a FDA-Approved use. They went on to say, “the use of this drug is either unknown or does not meet the requirement.” I visited the FDA site and sure enough, Asmanex was approved for the treatment of asthma in 2015, the year I was diagnosed with the disease.

They added, “The fact that a covered provider has prescribed, recommended, or approved a service, supply, drug or equipment does not, in itself, make it medically necessary.” I don’t know about you, but for me, having the ability to breath seems to be a medical necessity!

In the mean time, I was using my emergency inhaler three time a day and at night, after laying down, I had to force myself to BREATH, and couldn’t sleep. Certainly not a desirable situation.

I’ve been with GEHA for many years and this is the first problem I’ve had. To make matters worse, the pandemic shutdown hospitals and doctor’s offices limiting access to Covid 19 patients for the most part. When I would send a text message to my doctor through their online system it would go unanswered for days if not weeks. Not a good situation.

I intend to appeal this latest decision but couldn’t wait any longer for medication. Finally, I bit the bullet and purchased the drug at market costs. I could have done this earlier but when I’m paying a sizable sum each month for our combined FEHB, FEDVIP, Medicare, and Long-term Care, you would think things like this wouldn’t be a problem. Without GEHA picking up all but the copay I had to fork out $347 for a one-month supply that previously cost $70! A huge difference.

I’m still waiting for my doctor to reply to several messages and with time this will get resolved. I’m certain many have similar problems with all plans. This was unanticipated and there wasn’t any way for me to know in advance the prescription would be denied. If you are on medications, and at our age, most are; before making a plan change, check with the provider to ensure your current medications are covered.

This situation revealed a cost savings strategy that many can use to significantly reduce prescription copays. I use it whenever I’m prescribed a new high cost medication. When I first was prescribed Asmanex, I found a coupon on the drug maker’s site that saved me $50 each time I got a refill. When my latest prescription was denied, the medication my doctor ordered had a copayment of $145. I visited the manufacturer’s website and downloaded another discount coupon reducing my copayment to $60. Unfortunately, the medication caused side effects that I couldn’t tolerate.

Initially, when the pharmacist processed the new coupon it was denied. After reviewing the coupon; I met the requirements. The coupons can only be used with private insurance programs which includes our FEHB plans. I have Medicare and the online system assumed I also enrolled in Medicare D, their prescription program. They had to deselect Medicare D as one of my insurers and the coupon was approved. Try this for your new prescriptions.

Request a Federal Retirement Report

Retirement planning specialists provide a comprehensive Federal Retirement Report™ including annuity projections, expenditures verses income, with a complete benefits analysis. This comprehensive 27-page benefits summary will help you plan your retirement.

Request Your Personalized Federal Retirement Report™ Today

Find answers to your questions: The best time to retire, retirement income vs expenditures, FEGLI options and costs, TSP risks and withdrawal strategies, and other relevant topics. Determine what benefits to carry into retirement and their advantages. You will also have the opportunity to set up a personal one-on-one meeting with a CERTIFIED FINANCIAL PLANNER. Helpful Planning Tools

Helpful Planning Tools

• 2020 GS Pay Scales
• Retirement Planning For Federal Employees & Annuitant
• Attend a 2-Hour Benefits Briefing – Check Availability
• Financial Planning Guide
• Budget Work Sheet
• Medicare Guide
• Social Security Guide
• Master Retiree Contact List (Important contact numbers and information)
• 2020 Leave and Schedule Chart (Use this chart to set target retirement dates.)
• Annuity Calculator (FREE Excel chart estimates annuity growth)

Disclaimer: Opinions expressed herein by the author are not an investment or benefit recommendation and are not meant to be relied upon in investment or benefit decisions. The author is not acting in an investment, tax, legal, benefit, or any other advisory capacity. This is not an investment or benefit research report. The author’s opinions expressed herein address only select aspects of various federal benefits and potential investment in securities of the TSP and companies mentioned and cannot be a substitute for comprehensive investment analysis. Any analysis presented herein is illustrative in nature, limited in scope, based on an incomplete set of information, and has limitations to its accuracy. The author recommends that retirees, potential and existing investors conduct thorough investment and benefit research of their own, including detailed review of OPM guidance for benefit issues and for investments the companies’ SEC filings, and consult a qualified investment adviser. The information upon which this material is based was obtained from sources believed to be reliable, but has not been independently verified. Therefore, the author cannot guarantee its accuracy. Any opinions or estimates constitute the author’s best judgment as of the date of publication, and are subject to change without notice. The author explicitly disclaims any liability that may arise from the use of this material.

Posted in BENEFITS / INSURANCE, LIFESTYLE / TRAVEL, RETIREMENT CONCERNS, SOCIAL SECURITY / MEDICARE, SURVIVOR INFORMATION, WELLNESS / HEALTH

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Posted on Friday, 15th May 2020 by Dennis Damp

Those planning their retirement and annuitants require accessible resources for answers to their individual and unique questions. OPM does a good job managing our retirement system overall. However, there are limits to what they can and will provide. It’s often frustrating and difficult finding competent help and the level of assistance required. There are many variables to what initially might seem like an obvious resolution; it makes sense to seek out clarifications.    

Retirement planning is of and in itself a complicated process with many interrelated avenues to explore. There is a broad array of assistance available; what service you require depends on the complexity of the issues and the level of assistance you personally need.

Levels of assistance:

• General Guidance
• Detailed Guidance 
• Counseling / Assistance

GENERAL GUIDANCE

OPM – The Office of Personnel Management is the HR department for the federal government and they administer the retirement benefits program. Active federal employees must contact their agency’s HR office for retirement forms processing and guidance. OPM services the retirement community directly; If you are an annuitant (retiree), use their online services portal. Annuitants can obtain immediate summaries of their current benefits, documents, and payment summary online if registered for their service.

• Website: https://www.opm.gov/retirement-services/
• Annuitant’s Online Services: https://www.servicesonline.opm.gov/

Federal Employee’s Retirement Planning Guide 

This site offers abundant information and compiles federal employee’s retirement benefit information from a multitude of federal agencies: OPM, Social Security, Medicare, TSP, the Department of Labor and others. This site is easy to search and provides explanations, examples, and suggestions that you won’t find elsewhere. The related blog and weekly email newsletter offers guidance on current topics of interest.

• Website: https://www.federalretirement.net/
• Blog Article Index: https://www.federalretirement.net/article-Index.htm

DETAILED GUIDANCE 

Federal Retirement Report – A 27-page Personal Retirement Report Summary

RP & A Financial Strategies develops personalized 27-page written Federal Retirement Reports™ customized to your specific situation and includes a summary of all benefits, TSP investments, and annuity estimates with projections. This service costs $179 and includes a one-hour, one-on-one, session with their federal retirement specialist to review your report and answer any questions you may have. A moneyback guarantee is offered if you aren’t completely satisfied with their services. They also offer a one-hour personal consultation with a Certified Financial Planner (CFP) at no additional cost if desired. This service has been available for over five years and it can help federal employees prepare for retirement.

• Assistance Page: https://www.federalretirement.net/assistance.htm
• Click HERE to view a Sample Report

Seminars – Federal Employee Benefits Advocates (FEBA)

Contact this group to conduct targeted retirement planning briefing at your location. They cover CSRS and FERS employees, (including Special provisions) and may be offered in Full or Half-day sessions. The information is generally divided into seven key areas:  CSRS or FERS retirement annuity, Thrift Savings Plan (TSP), Voluntary Contribution Plan (VCP) – CSRS and CSRS Offsets only, Federal Employees Group Life Insurance (FEGLI), Social Security, Federal Employees Health Benefits (FEHB), Federal Employees Dental and Vision Insurance Program (FEDVIP) and disability programs. These seminars were recommended to me several years ago by a senior HR federal government specialist. She was impressed with the seminars conducted at her location.    

• Website: https://www.febadvocates.com/financial-education-consumer/

COUNSELING / ASSISTANCE 

Often, individuals need to talk with an expert to address complex issues and make informed decisions about what is best for their situation. It is difficult finding anyone to call or email that you can trust and get the information you need. Here is a list of those you can contact to help you address your concerns when the research you’ve done hasn’t provided an answer.

OPM (Call or Email) – I can see eyes rolling while you read this. Yes, it is difficult getting through to them by phone and it may take weeks to get a reply by email, but they can help. Plus, they are the only ones who can make needed changes or updates.

• Phone Number: 1-888-767-6738, TTY: 855-887-4957 weekdays only.
• Email: retire@opm.gov

Note: To get through faster, I dial their number, 888-767-6738; if it’s busy, I hang up and immediately click redial. I typically get through in several minutes using this technique. Expect long waits. 

Columnists – Many columnists, like myself, reply to email questions. Generally, I’ll send a reply with links to relevant sections of my website and to OPM guidance that will help. When I’m asked to provide one-on-one counselling or answer a complex issue that I don’t have time to address, I refer them to the professional counselors listed below under Retirement Planning Consultants.

Retirement Planning Consultants – A professional federal benefits consultant can address your concerns and answer any questions that you may have. If they don’t have the immediate answer, they have the resources to obtain them.

Retirement Planning Consultant – All Areas 

Tammy Flanagan is a former federal employee, a federal benefits specialist, and consultant. Since 2006, Tammy has authored the popular weekly “Retirement Planning” column for Government Executive online magazine. She and her staff offer reasonable fee-for-service personal consulting for civilian federal employees and annuitants. They can address your concerns, answers questions, recommend options, provide details as to why one path is preferred over another, and put your mind at ease.

• Website: Tammy Flanagan’s Consulting Services

Consultant – Divorce Related Issues 

Ann Ozuna is a retired Personnel Management Specialist.  She founded Personnel Solutions Federal Benefits Counseling upon retirement from federal service in 1996. In addition to her 25-year federal personnel career, she holds an MBA from Gonzaga University and the Senior Professional in Human Resources (SPHR) and Chartered Federal Employee Benefits Consultant (ChFEBC) designations. She provides consulting services for federal employees facing divorce and attorneys working with federal employee clients. Call for a free initial consultation and tell her your heard about her services on www.federalretirement.net.

• Divorce Considerations
• Contact: (509) 993-2283

If you need answers to retirement questions or don’t know what options are best for you and your family, use the resources listed above or other reputable services to get you back on track.

Helpful Retirement Planning Tools

• 2020 GS Pay Scales
• Retirement Planning For Federal Employees & Annuitant
• Budget Work Sheet
• Medicare Guide
• Social Security Guide
• Master Retiree Contact List (Important contact numbers and information)
• 2020 Leave and Schedule Chart (Use this chart to set target retirement dates.)
• Annuity Calculator (FREE Excel chart estimates annuity growth)

Disclaimer: Opinions expressed herein by the author are not an investment or benefit recommendation and are not meant to be relied upon in investment or benefit decisions. The author is not acting in an investment, tax, legal, benefit, or any other advisory capacity. This is not an investment or benefit research report. The author’s opinions expressed herein address only select aspects of various federal benefits and potential investment in securities of the TSP and companies mentioned and cannot be a substitute for comprehensive investment analysis. Any analysis presented herein is illustrative in nature, limited in scope, based on an incomplete set of information, and has limitations to its accuracy. The author recommends that retirees, potential and existing investors conduct thorough investment and benefit research of their own, including detailed review of OPM guidance for benefit issues and for investments the companies’ SEC filings, and consult a qualified investment adviser. The information upon which this material is based was obtained from sources believed to be reliable, but has not been independently verified. Therefore, the author cannot guarantee its accuracy. Any opinions or estimates constitute the author’s best judgment as of the date of publication, and are subject to change without notice. The author explicitly disclaims any liability that may arise from the use of this material.

Posted in ANNUITIES / ELIGIBILITY, BENEFITS / INSURANCE, ESTATE PLANNING, FINANCE / TIP, RETIREMENT CONCERNS, SOCIAL SECURITY / MEDICARE, SURVIVOR INFORMATION

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Posted on Saturday, 2nd May 2020 by Dennis Damp

A number of helpful updates were added to OPM’s online annuity services website recently at https://www.servicesonline.opm.gov. They changed the way your Claim Number works on the “Sign In” and “Forgot Password” pages.

My Access Screen with Personal Data Removed

This change provides assistance on Claim Number formatting during site entry. When you first enter the site, you must add a prefix and suffix to your claim number. If you auto-saved your sign in information, your browser may require you to re-enter your Claim Number with this change. They also added improved instructional guides and helpful support links on the Services Online homepage and password reset pages.

Those who haven’t signed up for this service yet can review the signup procedures that are outlined in the article Herb Casey wrote on this subject several years ago.

I signed in this past weekend and was blocked from entry until I updated (changed) my password. I entered the password I have been using for the past year and then entered a new password to enter the site.

The dashboard page lists all recent transactions. In my case, I increased my federal income tax withholding and changed my password. It also lists your current annuity summary at the bottom of the page.

I requested an updated (current) retirement booklet. You can also request a copy of the original booklet that you received when your first retired. All retirees receive a comprehensive multi page booklet titled, “Your Federal Retirement Benefits” from OPM when they retire. My booklet was 28 pages long. Request your updated copy by selecting the Document Section, the last item listed on the Dashboard’s main menu and click on “Request Booklet.”

This booklet is a wealth of information and includes all of your personal retirement information such as your CSA number, annuity breakdown, survivor elections, benefit elections, etc. The document section also provides quick access to your 1099R forms for the past 5 years, a downloadable annual annuity statement and a how to guide if you are having trouble with your browser.

The site changes are helpful and there is a lot of information that you can download or print out for your records. The main dashboard page includes top menu selections for the following areas:

• Quick Links
  • Forms
  • FAQs
  • Helpful Links
  • Survivor Benefits
• External Links

The transaction History section is also useful. You can view all transactions for each month with a total year to date summary for each transactions type. All reports are easy to print out, just click on the print / PDF icon at the top right of the report being viewed.

Helpful Planning Tools

• 2020 GS Pay Scales
• Retirement Planning For Federal Employees & Annuitant
• Request Your Personalized Federal Retirement Report™ Today
• Financial Planning Guide
• Budget Work Sheet
• Medicare Guide
• Social Security Guide
• Master Retiree Contact List (Important contact numbers and information)
• 2020 Leave and Schedule Chart (Use this chart to set target retirement dates.)
• Annuity Calculator (FREE Excel chart estimates annuity growth)

Disclaimer: Opinions expressed herein by the author are not an investment or benefit recommendation and are not meant to be relied upon in investment or benefit decisions. The author is not acting in an investment, tax, legal, benefit, or any other advisory capacity. This is not an investment or benefit research report. The author’s opinions expressed herein address only select aspects of various federal benefits and potential investment in securities of the TSP and companies mentioned and cannot be a substitute for comprehensive investment analysis. Any analysis presented herein is illustrative in nature, limited in scope, based on an incomplete set of information, and has limitations to its accuracy. The author recommends that retirees, potential and existing investors conduct thorough investment and benefit research of their own, including detailed review of OPM guidance for benefit issues and for investments the companies’ SEC filings, and consult a qualified investment adviser. The information upon which this material is based was obtained from sources believed to be reliable, but has not been independently verified. Therefore, the author cannot guarantee its accuracy. Any opinions or estimates constitute the author’s best judgment as of the date of publication, and are subject to change without notice. The author explicitly disclaims any liability that may arise from the use of this material.

Posted in ANNUITIES / ELIGIBILITY, BENEFITS / INSURANCE, ESTATE PLANNING, FINANCE / TIP, RETIREMENT CONCERNS, SOCIAL SECURITY / MEDICARE, SURVIVOR INFORMATION

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Posted on Saturday, 25th April 2020 by Dennis Damp

The Covid19 pandemic shutdown may truly be worse than the disease itself. Tens of millions have been forced on unemployment and many small businesses may never recover. Companies selectively deemed essential like Walmart, Amazon, Target, Home Depot, Lowes and others are doing great while their smaller competitors are being forced out of business.

This virus is highly contagious and targets the elderly and those with certain diseases and/or compromised immune systems. It has devastated families around the world and continues to do so especially in elder care facilities or in highly concentrated areas like New York City where it spreads like wildfire. Hopefully, what we’ve done to fight this pandemic will help us weather future storms that may come to our shores. If we practice the hygiene and social distancing recommendations to the extent necessary, we could reduce deaths dramatically during upcoming flu seasons or when the Covid19 decides to return and hopefully, without an across the board shutdown.

What I do know is that we can’t shut down our country for extended periods like this without severe societal consequences. There are limits to what the Federal Reserve and government can do, and without a running economy the States and federal government can’t function. The extraordinary measures implemented this go around still may eventually break the bank.

Now, the States are asking for trillions more to make up for all of the revenue they lost. When the country is shut down the tax revenue from sales tax and so much more isn’t there to pay State worker salaries and operational expenses. Expand that to local governments, how do they pay their police officers and expenses?

The stimulus package of around 6 trillion dollars after all is said and done, along with the Federal Reserve’s infusion of trillions more to shore up the banks and bond markets, still isn’t enough if the country doesn’t open up for business soon.

The Federal Reserve, also known as the Fed, manages the central banking system of the United States. It was founded in 1913 under the Federal Reserve Act to manage financial and economic instability.  The Fed creates the nation’s money supply however the majority of our money supply isn’t printed, it is digitally credited or debited to banks throughout the country. Simply put, a ledger entry on a spreadsheet, nothing more.

The Fed Balance Sheet prior to the shutdown was just over $4 trillion which included mortgage backed securities and U.S. Treasuries. When the stimulus started the balance sheet went exponentially off the chart upward to over 6 trillion dollars.  Where did the additional funds come from?

This is the scary part for a novice like myself. According to Wikipedia, “Money creation doesn’t have to be physical, either; the central bank can simply imagine up new dollar balances and credit them to other accounts.” In the old days the Fed actually had to print new money and prior to 1933 it was backed up with gold. For every dollar printed there was an appropriate amount of that precious metal stored at Fort Knox.  Now, they simply make a book entry and “imagine” that it is real!

I’m taken aback when I hear the Fed is infusing trillions of “book entry” dollars into our already overburdened system. Then add the trillions added most recently to shore up the economy due to the shutdown. Is it all smoke and mirrors and monopoly money?  Now that being said, with out the Feds infusion our bond market and banks could have collapsed. There was no one other than the Fed buying bonds and without bond sales our federal government can’t function.  What most aren’t aware of is that our government borrows over 25 percent of what it spends each and every year! Could you and I do this and survive?

The Federal budget for 2019 was $4.526 trillion dollars, total revenue was $3.422 trillion for a deficit of $1.092 trillion! This year with the 3 to 6 trillion additional spending for the pandemic our deficit may be close to or more than 7 trillion dollars! About twice what the Federal government generates in revenue each year.

What I imagine is either taxes are going to skyrocket or runaway inflation is on the horizon. Again, I’m a novice and look at things from a common sense perspective. Our government operates far from that realm. Actions like this create a vicious circle. The government doesn’t have the revenue for the stimulus package and they must borrow trillions by selling Treasury Bonds. However, there are no buyers. The Fed balance sheet is insufficient to support this massive infusion so they imagine the trillions by making a book entry of a sufficient amount to buy the Treasury bonds from Uncle Sam!

I drive down route 60 close to home and see one small business after another shuttered, dreams dashed, and hardship for all of the owners and workers that staff them, and the customers that are deprived of their offerings.  It’s time to get back to a new normal and fast before the country collapses under its own weight.

I understand the hardship on all sides of this issue; for the sick and those most susceptible, workers deprived of their livelihood, and the entrepreneurs that put their heart, soul, and life savings into their small businesses.  There are sensible options to reopen the economy and it isn’t wise for government to ignore the hardships endured by all segments of society at this crucial time.

Request a Federal Retirement Report

Retirement planning specialists provide a comprehensive Federal Retirement Report™ including annuity projections, expenditures verses income, with a complete benefits analysis. This comprehensive 27-page benefits summary will help you plan your retirement.

Request Your Personalized Federal Retirement Report™ Today

Find answers to your questions: The best time to retire, retirement income vs expenditures, FEGLI options and costs, TSP risks and withdrawal strategies, and other relevant topics. Determine what benefits to carry into retirement and their advantages. You will also have the opportunity to set up a personal one-on-one meeting with a CERTIFIED FINANCIAL PLANNER. Helpful Planning Tools

• 2020 GS Pay Scales
• Retirement Planning For Federal Employees & Annuitant
• Federal Employee Retirement Benefits Seminars – Check Availability
• Financial Planning Guide
• Budget Work Sheet
• Medicare Guide
• Social Security Guide
• Master Retiree Contact List (Important contact numbers and information)
• 2020 Leave and Schedule Chart (Use this chart to set target retirement dates.)
• Annuity Calculator (FREE Excel chart estimates annuity growth)

Disclaimer: Opinions expressed herein by the author are not an investment or benefit recommendation and are not meant to be relied upon in investment or benefit decisions. The author is not acting in an investment, tax, legal, benefit, or any other advisory capacity. This is not an investment or benefit research report. The author’s opinions expressed herein address only select aspects of various federal benefits and potential investment in securities of the TSP and companies mentioned and cannot be a substitute for comprehensive investment analysis. Any analysis presented herein is illustrative in nature, limited in scope, based on an incomplete set of information, and has limitations to its accuracy. The author recommends that retirees, potential and existing investors conduct thorough investment and benefit research of their own, including detailed review of OPM guidance for benefit issues and for investments the companies’ SEC filings, and consult a qualified investment adviser. The information upon which this material is based was obtained from sources believed to be reliable, but has not been independently verified. Therefore, the author cannot guarantee its accuracy. Any opinions or estimates constitute the author’s best judgment as of the date of publication, and are subject to change without notice. The author explicitly disclaims any liability that may arise from the use of this material.

Posted in FINANCE / TIP, LIFESTYLE / TRAVEL, RETIREMENT CONCERNS, SOCIAL SECURITY / MEDICARE, SURVIVOR INFORMATION

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