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FERS Annuity Supplement Eligibility and Earnings Limitations + Annuity Projection Update

Posted on Friday, 9th August 2013 by

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Many FERS annuitants that retire before age 62 are eligible for an annuity supplement that will end when they reach age 62.  You may be eligible for a Special Retirement Supplement if you retire:

  • At age 60 with 20 years of service; or
  • Upon involuntary or early voluntary retirement (age 50 with 20 years of service, or at any age with 25 years of service) after the U.S. Office of Personnel Management determines that your agency is undergoing a major reorganization, reduction-in-force (RIF) or transfer of function. You will not receive the Special Retirement Supplement until you reach your MRA.

The FERS Supplement is often significantly less than your Social Security benefits due to the fact that the formula for the Special Supplement assumes a working life of 40 years, each year of FERS service is worth one-fortieth of the estimated Social Security benefit.   

There are income limitations. However, your current earnings before retirement, your annual leave lump sum payment, pensions or annuities, capital gains from investments, interest and dividends not resulting from trade or business, and a VSIP payment if offered do not count towards your income limit and will not affect your supplement payment. Your earnings will be verified through a computer match with the Social Security Administration’s earning file and your annuity supplement will be reduced $1.00 for every $2.00 by which you exceed the exempt amount of $15,120 for 2013.  The earnings limit is adjusted yearly and applies to earnings received in the current year after retirement and after you reach the Minimum Retirement Age (MRA).

Here is a list of earnings that apply towards the reduction:

  • All wages from employment covered by social security.
  • All cash pay for agricultural work, domestic work in a private home, service not in the course of your employer’s trade or business.
  • All pay, cash or non-cash, for work as a home worker for a non-profit organization, no matter the amount. (The social security $100.00 tax test does not apply.)
  • All pay for work not covered by social security, if the  work is done in the United States, including pay for:

o   Family employment,

o   Work as a student, student nurse, intern, newspaper and magazine vendor,

o   Work for States or foreign governments or instrumentalities and

o   Work covered by the railroad Retirement Act.

Regardless of what income is called or who receives it, if it is actually wages for services you performed or net earnings from self-employment you secured, it must be included in applying the earnings test.

We have more information on the social security supplement available online that you will find helpful including links to the Annuity Supplement Earnings Report.

UPDATE: The spreadsheet that we provided in last weeks article titled Projecting Your retirement Annuity and Survivor Benefit was updated by Frank Cullen last week. There were two small calculation errors in the survivors column that were fixed thanks to a readers input.  Download the updated spreadsheet and forward it to others in your department that are planning their retirement.

Learn more about your benefits, employment, and financial planning issues on our site and visit our Blog frequently at  https://fedretire.net to read all forum articles.

Visit our other informative sites

Helpful Retirement Planning Tools
Distribute these FREE tools to others that are planning their retirement

The information provided may not cover all aspect of unique or special circumstances, federal regulations, and financial information is subject to change. To ensure the accuracy of this information, contact your benefits coordinator and ask them to review your official personnel file and circumstances concerning this issue. Retirees can contact the OPM retirement center. Our article is not intended nor should it be considered investment advice and our articles and replies are time sensitive. Over time, various dynamic economic factors relied upon as a basis for this article may change. The advice and strategies contained herein may not be suitable for your situation and this service is not affiliated with OPM or any federal entity. You should consult with a financial 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.

 

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Projecting your Retirement Annuity & Survivor’s Benefit

Posted on Thursday, 1st August 2013 by

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Everyone planning their retirement needs to know how much they will have to live on in retirement and how much their spouse’s survivor benefit will be. Frank Cullen, a retired federal manager, friend, and former associate, sent me a comprehensive spreadsheet prior to my retirement that projected my annuity and survivor benefit for the next 40 years. I was reviewing my paperwork recently and discovered that the projections would have been right on had we not missed COLA payments for two years. Frank’s spreadsheet accurately determines your projected monthly and annual annuity, based on a selected growth rate, with and without survivor benefit for forty years and your projected survivor’s annual and monthly annuity.

Frank’s spreadsheet also provides a list of annual COLAs going back to 1975 and he calculates the average 2, 5, 10 and 38 year COLA growth to give you an idea of what to use in your estimate. When I ran my numbers back in 2004 I used 2.5% and that came very close to the actual grow rate for that period. The most recent 10 year average that includes the two years that we didn’t receive an increase was 2.6% for those in the CSRS program. The average over the past 38 years is 4.1%. During the past 38 year period we had COLAs ranging from as low as 0% for two years to as high as 14.3% in 1980!  

You can download and use Frank’s Projected Annuity Calculator to project your annuity growth for you and your spouse. This spreadsheet is tailored to CSRS employees that elect full survivor’s benefits however with a few minor modifications and manual calculations FERS employees will also be able to use the spreadsheet. For FERS employees the projected annuity without survivor benefit will be the same; just enter your annuity estimate, enter your age, year of retirement, what you consider to be a realistic growth rate, and the spreadsheet will calculate your annuity for the next 40 years! The column reserved for your projected annuity with survivor benefits will be slightly lower since the maximum spousal benefit is 50% for FERS, not the 55% for CSRS. Also, the full FERS annuity will cost the retiree a little more because FERS employees pay 10% of their annuity for a full survivor’s benefit where CSRS pay just under 10%. FERS COLAs are also weighted and adjusted down when the COLA exceeds 2%.

Frank revised and updated the spreadsheet for our site and included the password for those who are familiar with the Excel program. If you are in the FERS program and can work with Excel you will be able to tailor it to the FERS program by simply changing the calculations that are now set for CSRS.

Download the spreadsheet to estimate your annuity and survivor benefit. If you have questions about the spreadsheet functions Frank provided his email address on the spreadsheet. I’m not that familiar with Excel. Frank was our regional FAA expert and he often provided unique and helpful spreadsheets for many of our operational programs.  I would like to thank Frank for taking time to update and provide this helpful resource for our site visitors and newsletter subscribers.

Learn more about your benefits, employment, and financial planning issues on our site and visit our Blog frequently at  https://fedretire.net to read all forum articles.

Visit our other informative sites

Helpful Retirement Planning Tools
Distribute these FREE tools to others that are planning their retirement

The information provided may not cover all aspect of unique or special circumstances, federal regulations, and financial information is subject to change. To ensure the accuracy of this information, contact your benefits coordinator and ask them to review your official personnel file and circumstances concerning this issue. Retirees can contact the OPM retirement center. Our article is not intended nor should it be considered investment advice and our articles and replies are time sensitive. Over time, various dynamic economic factors relied upon as a basis for this article may change. The advice and strategies contained herein may not be suitable for your situation and this service is not affiliated with OPM or any federal entity. You should consult with a financial 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 ANNUITIES / ELIGIBILITY, BENEFITS / INSURANCE, ESTATE PLANNING, RETIREMENT CONCERNS, SURVIVOR INFORMATION

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Protecting Your Most Valuable Retirement Asset – Your Home

Posted on Friday, 19th July 2013 by

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We purchased a 9 year old home last year and the seller thankfully included a home warranty. Since we moved in we used the home warranty services many times saving us thousands of dollars in repairs. Recently, I renewed the contract and had to call them out shortly thereafter.

When we were purchasing our new home the inspector found a few things that the seller’s repaired however he missed so much more. My wife and I wonder why we paid for the home inspection after encountering so many problems after moving in. Unfortunately, even what appears to be a well maintained home often has underlying problems that you only uncover after moving in.

During the first year the home warranty service replaced the garbage disposal, main furnace blower motor, whirlpool tub motor and pump, counter top gas range, kitchen sink faucet, and initiated two furnace repair calls. The total repair cost would have exceeded $2800. 

Shortly after renewing the service the family room fan, mounted 22 foot high, had to be replaced. Again, the warranty service paid for the new fan and replacement. The repair service estimated that it would have cost me at least $600 to do the work had we not had the warranty service. They used a HUGE ladder, a Little Giant, and it took three men to set it up and maneuver it in place. When they were setting it up it started to fall and they stopped it just inches from crashing through our large palladium window.

This was my first experience with American Home Shield (AHS) services and I must say I was impressed. They offer home sellers a special $460 price for their Core Coverage Plan to get their foot in the door. We paid $60 for each service call the first year and the second year it increased to their standard $75 fee and it cost us $611 for their FlexPlan Combo or $51 per month for single family homes under 5,000 sq. ft. I already made up most of that cost with this first repair.

The Core Coverage includes heating, AC, ductwork, plumbing including whirlpool tubs, plumbing stoppages, water heaters, electrical, built-in microwaves and dishwashers, garbage disposals, ranges, ovens and cook tops and more. The FlexPlan Combo also includes their Service Plus and Coverage Plus packages and includes everything from ceiling fans, garage door openers, telephone, doorbells, smoke detectors, improper installations, refrigerant recovery, and mismatched systems! You can add coverage for your clothes washer, dryer and refrigerator for an additional charge.

As with all services there are drawbacks. You can’t choose who they send however if a preferred service company is on their list they will consider your request. You must request a preferred company when you initially report the problem. When our gas cook top was malfunctioning they sent Sears to repair it. Two of the four burners weren’t working. They ordered parts three times and we initially received broken parts. Finally AHS authorized a replacement and we went out and purchased a new unit from Sears. I had to initiate a replacement request with them and it took over a month from when we first reported the problem to being reimbursed for a new cook top. 

I typically check service company ratings on Angies List and the majority had ratings similar to most others in the area. You can visit the AHS site at www.ahs.com to explore what they have to offer. There are other warranty services companies however you need to compare their programs to what AHS has to offer. Many of the service techs that they sent thought highly of their services and found AHS reasonable and responsive.   

AHS covers much of the home however you still can incur major expenses to repair broken water, sewer and gas lines. In our area Dominion Products and Services, Inc. offers inexpensive line replacement and restoration coverage and you simply pay the additional charges through your electric utility. We pay $20 a month for full coverage and this also includes the gas line inside the house. Dominion also offers water heater replacement and furnace and AC repair at reasonable costs. You can enter your zip code on their site at https://dominionenergy.com/en/home-protection to determine if they offer services in your area or call your local utility company to see what is available. Initially I ordered Dominion’s water heater replacement coverage before renewing my AHS coverage. After reading the brochure they sent their program only covers water heaters up to 60 gallons, we have a 75 gallon water heater.

With both programs we are covered for most repairs and we don’t have to worry about the cost or who to call when a problem arises. I also maintain a list of preferred service companies in our area for things not covered such as roofers, window repair, general maintenance, and lawn services.

So far we are ahead of the game considering that many service companies are now charging over a $100 an hour plus parts. Check out these services in your area for peace of mind and to control your costs. 

Learn more about your benefits, employment, and financial planning issues on our site and visit our Blog frequently at  https://fedretire.net to read all forum articles.

Visit our other informative sites

Helpful Retirement Planning Tools
Distribute these FREE tools to others that are planning their retirement

The information provided may not cover all aspect of unique or special circumstances, federal regulations, and financial information is subject to change. To ensure the accuracy of this information, contact your benefits coordinator and ask them to review your official personnel file and circumstances concerning this issue. Retirees can contact the OPM retirement center. Our article is not intended nor should it be considered investment advice and our articles and replies are time sensitive. Over time, various dynamic economic factors relied upon as a basis for this article may change. The advice and strategies contained herein may not be suitable for your situation and this service is not affiliated with OPM or any federal entity. You should consult with a financial 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 ANNUITIES / ELIGIBILITY, FINANCE / TIP, LIFESTYLE / TRAVEL, RETIREMENT CONCERNS, SURVIVOR INFORMATION

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FEGLI Clarifications and Coverage Verification

Posted on Saturday, 6th July 2013 by

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I’ve received many emails over the years from annuitants, spouses of deceased annuitants, and estate executors that weren’t aware of the annuitant’s coverage and/or beneficiaries. A number of annuitants forget what coverage they elected (if any) or who they designated as beneficiary.

There are a number of things that you, your spouse, and estate executor need to know about the FEGLI coverage that you elected to continue in retirement.  Unfortunately, when you sign up for FEGLI coverage you don’t receive an insurance policy like private insurance companies provide.  This isn’t much of a concern until after the annuitant or covered family member dies.  The spouse or estate executor may not be aware of the FEGLI coverage amount, elected beneficiaries, or how to submit a claim.

KEEP A COPY OF THIS ARTILCE WITH YOUR RETIREMENT PAPERWORK AND ESTATE PLAN.
Forward this article to others in your organization that may benefit from this information.

I kept a copy of my retirement paperwork when I retired including my SF-2818 FEGLI elections, copies of beneficiary forms, and I added these forms to my estate planning documents. Even with this paperwork it is best to contact OPM at 1-888-767-6738 to request a “Verification of Life Insurance” (VOLI).  The verification will list specifics about your coverage and other pertinent information.  When requesting a (VOLI) also request a copy of their FEGLI Retiree Phamphlet R1 76-12 and an Annuity Verification. Many banks require an annuity verification form to process loans including home equity loans. The OPM specialist will ask you for your CSA/CSF or SSN number when you call.

The annuity statement is also available through OPM’s online services at www.servicesonline.opm.gov and you can download a copy of R1 76-12 as well. If you haven’t signed up for this service request access when you call OPM and they will send you your initial log-in information to get you started.  This service provides duplicate 1099-R statements, allows users to set up allotments, change federal and state tax withholdings, and more.

I requested both forms by phone recently and my wait time was 15 minute. It typically takes 3 to 5 business days to receive the forms by mail. OPM recently changed their hours of operation and the earlier you call the better chance you have of getting through. I called at 8:00 am.

Additional helpful FEGLI facts and information:

  • FEGLI is term insurance that does not have a cash value
  • MetLife underwrites the insurance
  • The plan’s administrator is the Office of Federal Employees’ Group Life Insurance. They settle claims and you must report the death of the policy holder and/or covered family members to them directly to initiate a claim and receive payment.  Many incorrectly assume that when they notify OPM of an annuitant’s death they are also initiating a FEGLI claim.

Contact the plan administrator at (1-800-633-4542) to initiate a claim.

  • If an annuitant elects the 75% reduction for their basic coverage when they turn 65 their basic coverage is free. Basic coverage is your salary rounded up to an even thousand dollars with an additional two thousand added. If your salary at the time you retired was $68,798, your basic coverage would be $71,000. If the 75% reduction is elected your coverage drops 75% to $17,750 starting at age 65 and you are covered for life.  Even if you have sufficient private insurance coverage I recommend keeping your basic coverage when you retire and elect the 75% reduction. It’s free when you turn age 65! That’s what I did when I retired in 2005 and I turn 65 next year.
  • Living Benefit payments are available to those who are terminally ill and have a documented medical prognosis showing a life expectancy of no more than nine months. You are eligible to elect a Living Benefit if you are an employee, annuitant, or compensationer and you are enrolled in the FEGLI Program. Employees can choose a full or partial Living Benefit. Annuitants and compensationers can elect only a full Living Benefit.
  • FEGLI basics
  • Understanding FEGLI Coverage
  • Evaluating Your Insurance Needs
  • Canceling FEGLI coverage  (Caution)
  • FEGLI Forms  (Beneficiary Changes, etc.)
  • Request a Retirement Benefits Summary & Analysis from a local adviser. Includes projected annuity payments, income verses
    expenses, FEGLI, and TSP projections.

Learn more about your benefits, employment, and financial planning issues on our site and visit our Blog frequently at  https://fedretire.net to read all forum articles.

Visit our other informative sites

Helpful Retirement Planning Tools
Distribute these FREE tools to others that are planning their retirement

The information provided may not cover all aspect of unique or special circumstances, federal regulations, and financial information is subject to change. To ensure the accuracy of this information, contact your benefits coordinator and ask them to review your official personnel file and circumstances concerning this issue. Retirees can contact the OPM retirement center. Our article is not intended nor should it be considered investment advice and our articles and replies are time sensitive. Over time, various dynamic economic factors relied upon as a basis for this article may change. The advice and strategies contained herein may not be suitable for your situation and this service is not affiliated with OPM or any federal entity. You should consult with a financial 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

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Contacting OPM, FEHB Changes, and Updates

Posted on Sunday, 23rd June 2013 by

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Recently, due to budget cuts, OPM reduced their call-center’s hours and they are now open from 7:40 a.m. to 5 p.m. Eastern Time. To talk to a retirement consultant, report an annuitant’s death, request a duplicate 1099 R or other issues call their toll free number at 1-888-767-6738. For those in the DC area call 202-606-0500. You will also find other web based options for contacting OPM and reporting deaths on our updated Retiree’s Master Contact List that you can download and keep with your retirement paperwork.  

Retirement claims processing has improved dramatically this year with outstanding retirement processing claims dropping over 50% since January. Even with reduced hours and the sequestration OPM has been able to streamline the process and expedite approvals to reduce the backlog.  

FEHB Changes and Proposals

Next year OPM will have more vendors to choose from, a total of 10 for the dental program and 4 for vision.  The approved vendors are listed below and rates will be published this fall.

Dental Care Vendors:

  • Aetna
  • MetLife
  • United Concordia
  • GEHA
  • Blue Cross Blue Shield
  • Delta Dental
  • Triple S
  • Dominion Dental
  • Humana
  • Emblem Health

Approved Vision Plan Vendors:

  • Aetna
  • Blue Cross Blue Shield
  • VSP
  • United Healthcare

A major change to the FEHB rate structure is being supported by OPM according to Mike Causey, host of the Federal News Radio Show.  OPM is now supporting the self-plus-one FEHB subscription plan similar to how the dental care program now works. This would provide considerable savings to retirees who would be able to reduce their coverage cost from family to self-plus-one.  This would also make it easier for retirees to select and pay for Medicare Part B.  Many retirees already pay for higher cost family coverage and are hesitant to take on another $100 a month or more to pay for Part B.  

Updates

Cynthia Compton-Conley, Ph.D. contacted me last week concerning my “New and Bigger Isn’t Always Better” article that discusses the problem I have hearing TV program and movie audio.  Cynthia is retired CSRS and an audiologist and former professor at Gallaudet. She works with hearing loss and developed a comprehensive website with tutorials on room acoustics and hearing loss along with other very helpful information and links. If you too are having hearing problems, Cynthia states that one in 10 Americans have hearing loss, visit her web site at www.soundstrategy.com. I took their free hearing assessment inventory and found the information very helpful.  She was also able to explain why I’m having this problem and proposed suitable remedies tailored to my personal situation.

FREE Career Planning Guide for federal Employees

Take Charge of Your Federal Career is a practical, action-oriented career management workbook that assists employees with the preparation of realistic Individual Development Plans (IDPs). Packed with proven tips and valuable assessment and evaluation tools, this unique workbook provides federal workers with the individualized know-how and guidance they need to identify, obtain, and successfully demonstrate the skills and experience required to qualify for new and better federal jobs. I wrote this book based on my 36 years of federal work experience.  We are offering 30 copies, one case of books, to federal training offices and supervisors for $84, the cost of shipping and handling, to introduce agencies and federal offices to this succinct career planning workbook.  Pass this on to your training departments and supervisors in your unit. The book is 8 ½” x 11” 216 page perfect bound workbook that will help federal employees plan their careers. Order online or call 800-782-7424. Ask for Special Offer IDP-1432.

Learn more about your benefits, employment, and financial planning issues on our site and visit our Blog frequently at  https://fedretire.net to read all forum articles.

Visit our other informative sites

Helpful Retirement Planning Tools
Distribute these FREE tools to others that are planning their retirement

The information provided may not cover all aspect of unique or special circumstances, federal regulations, and financial information is subject to change. To ensure the accuracy of this information, contact your benefits coordinator and ask them to review your official personnel file and circumstances concerning this issue. Retirees can contact the OPM retirement center. Our article is not intended nor should it be considered investment advice and our articles and replies are time sensitive. Over time, various dynamic economic factors relied upon as a basis for this article may change. The advice and strategies contained herein may not be suitable for your situation and this service is not affiliated with OPM or any federal entity. You should consult with a financial 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 ANNUITIES / ELIGIBILITY, LIFESTYLE / TRAVEL, RETIREMENT CONCERNS, SOCIAL SECURITY / MEDICARE, SURVIVOR INFORMATION

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New and Bigger Isn’t Always Better

Posted on Friday, 14th June 2013 by

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Have you noticed how big, bright, and clear the new large flat screen digital HD TVs are these days? We purchased our first flat screen about 5 years ago and my wife and I were truly impressed with the picture; a significant improvement over the analog TVs that we grew up with. However, it didn’t take long to realize that the sound quality of these new sets was significantly inferior, especially when watching movies and TV series like Revenge where the voices are muted and garbled.  Oddly, sports, news and general programming audio is fine, we can understand the conversation at reasonable volume levels. While watching movies my wife and I often ask each other “what did they say” and by the time we work it out we end up missing more content. I’ve talked with many others experiencing the same problem and It‘s very frustrating to say the least. 

Over the years we suffered through this by turning up the volume to the point where it was almost unbearable; and I wear hearing aids!  After researching the problem I discovered that the new sets are so thin that the tiny speakers they use don’t have the fidelity needed for voice clarity and center channel reproduction where most of the voice and dialog is produced.  The old TV sets had larger high fidelity speakers. To make things worse yet, many flat screen manufactures eliminated the audio out jacks that can be used for remove speakers or wireless headsets.

I talked to numerous audio specialists and visited online forums about this issue and most recommended a sound bar or surround sound systems which cost anywhere from $100 to several thousand dollars!

My first attempt to address the problem was to purchase a $90 Insignia sound bar from Best Buy. It increased the volume and added more base plus offered three listening modes of which none helped. Recently an audio department sales representative recommended spending $300 or more to get the sound quality we desired.  The LG sound bar with wireless base cost us just under $300 from Sam’s Club and I returned it two days later. Movie and TV series audio was still garbled however the system did fill the room with sound and heavy base, the louder base and surround sound just made the problem worse.

Next we tried the Bose Solo system. Fortunately we have a Bose outlet store close by and I was able to pick it up for $349 plus tax. I hooked up the Solo and experienced the same problem. The demos in the store were crystal clear however most of the demos are action scenes with little conversation. Needless to say we returned the Bose Solo the next day and the sales rep suggested that we should try their $1400 sound bar with external base to achieve the clarity we needed.  The $1400 unit allows users to calibrate 5 locations in a room using a headset.  If we went that route we would have a total invested of $900 for my LG 47 inch TV and to hear it we only need to spend $1400 more!!!

I decided to try other alternatives including closed caption and researched wireless headsets. After reading numerous reviews I purchased a Sony wireless headset, 900 MHZ model number MDR-RF985RK, from Amazon.com for $86.00. One of the benefits of the 900MHZ model is the range which is about 150 feet and you don’t have to be line of site like the infrared models. The instructions call for using the TV’s audio output. Unfortunately, the large flat screen TV manufacturers saw fit to remove this feature and I was told that we needed to purchase a home theater system and connect to their audio output, another frustrating moment. Fortunately we have Comcast cable and I did find an audio output jack on the back of their DVR and cable box. It works fine except there is a delay in the audio and if we have the TV audio volume up too high it is distracting.  

I can now hear clear dialog with these headsets and they pick up all of the background sounds as well.  I was listening to the Voice last night and the fidelity was exceptional. The transmitter for the headphones sits next to the TV stand and also charges the headsets when they aren’t in use. The charge lasts for 25 hours, not bad, and it is a relief to hear what is going on. I find it disconcerting that TV manufactures would market sets with such poor audio quality. The picture is great but if you can’t hear what’s going on what good are they? Before I buy another TV I’m going to check the reviews for picture AND audio quality.  

FREE Career Planning Guide for federal Employees

Take Charge of Your Federal Career is a practical, action-oriented career management workbook that assists employees with the preparation of realistic Individual Development Plans (IDPs). Packed with proven tips and valuable assessment and evaluation tools, this unique workbook provides federal workers with the individualized know-how and guidance they need to identify, obtain, and successfully demonstrate the skills and experience required to qualify for new and better federal jobs. I wrote this book based on my 36 years of federal work experience.  We are offering 30 copies, one case of books, to federal training offices and supervisors for $84, the cost of shipping and handling, to introduce agencies and federal offices to this succinct career planning workbook.  Pass this on to your training departments and supervisors in your unit. The book is 8 ½” x 11” 216 page perfect bound workbook that will help federal employees plan their careers. Order online or call 800-782-7424. Ask for Special Offer IDP-1432. 

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Learn more about your benefits, employment, and financial planning issues on our site and visit our Blog frequently at  https://fedretire.net to read all forum articles.

Visit our other informative sites

Helpful Retirement Planning Tools
Distribute these FREE tools to others that are planning their retirement

The information provided may not cover all aspect of unique or special circumstances, federal regulations, and financial information is subject to change. To ensure the accuracy of this information, contact your benefits coordinator and ask them to review your official personnel file and circumstances concerning this issue. Retirees can contact the OPM retirement center. Our article is not intended nor should it be considered investment advice and our articles and replies are time sensitive. Over time, various dynamic economic factors relied upon as a basis for this article may change. The advice and strategies contained herein may not be suitable for your situation and this service is not affiliated with OPM or any federal entity. You should consult with a financial 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 UNCATEGORIZED

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Phased Retirement Update – Guidelines Released

Posted on Saturday, 8th June 2013 by

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The new phased retirement program will permit those eligible to gradually work their way into full retirement. If they don’t like what they see they can opt out and return to full time, can’t ask for much more than that plus phased retirement will increase your annuity when you do decide to pull the plug.   

OPM issued proposed phased retirement guidelines on June 5th 2013 and comments are due back to OPM by August 5th.  The proposed regulations inform agencies and employees about who may elect phased retirement, what benefits are provided in phased retirement, how an annuity is computed during and after phased retirement, and how employees fully retire from phased retirement.

Phased retirement permits an individual to retire from part of his or her employment, while continuing employment on a part-time basis and continuing to earn additional retirement benefits proportionately based upon the additional part-time employment. An eligible employee who enters phased retirement, which requires the approval of an authorized agency official, will work half-time and will receive one half of what his or her annuity would have been had the individual retired completely from Federal service. During phased retirement, he or she is a part-time employee, not a reemployed annuitant.

Phased retirement will encourage the most experienced Federal employees to continue part time, and will operate as a tool to ensure continuity of operations for agencies. The main purpose of phased retirement is to enhance mentoring and training of the employees who will be filling the positions of more experienced employees who are preparing for full retirement. It is intended to encourage experienced employees to remain, in at least a part-time capacity, while less experienced employees are preparing to assume the duties of the employees who are planning to retire.

A person who enters phased retirement (hereafter a “phased retiree,”) would receive more income than he or she would earn by simply changing to a part-time work schedule or by simply retiring, while continuing to share knowledge and expertise with the next generation of Federal leaders via mentoring and role-modeling. Once these individuals fully retire, they will be entitled to a greater annuity than if they had fully retired at the time of transition to phased retirement, but less than if they had continued employment on a full-time basis.

Participation is entirely voluntary, and requires the mutual consent of both the employee and employing agency. An employee does not have an entitlement to phased retirement. In order to participate, an individual must have been employed on a full-time basis for the preceding three years. Under the Civil Service Retirement System (CSRS), the individual must be eligible for immediate retirement with at least 30 years of service at age 55, or with 20 years of service at age 60. Under the Federal Employees’ Retirement System (FERS), the individual must be eligible for immediate retirement with at least 30 years of service at MRA (minimum retirement age, which ranges between age 55 and 57 depending upon year of birth), or with 20 years of service at age 60.

The law provides that employees subject to mandatory retirement (including Law Enforcement Officers, Firefighters, Nuclear Materials Couriers, Air Traffic Controllers, Customs and Border Protection Officers, or members of the Capitol Police or Supreme Court Police) may not participate. However, certain employees who are exempt from mandatory separation and retirement (such as Customs and Border Protection Officers exempted from mandatory retirement when special retirement provisions for Customs and Border Protection Officers were first enacted) may participate. This exemption does not apply to individuals for whom mandatory retirement has been waived, but only to individuals not subject to mandatory retirement by statute.

You can review the entire OPM proposal by visiting our phased retirement page and clicking on the link.  More to come as comments are reviewed and final regulations issued hopefully later this year.

FREE Career Planning Guide for federal Employees

Take Charge of Your Federal Career is a practical, action-oriented career management workbook that assists employees with the preparation of realistic Individual Development Plans (IDPs). Packed with proven tips and valuable assessment and evaluation tools, this unique workbook provides federal workers with the individualized know-how and guidance they need to identify, obtain, and successfully demonstrate the skills and experience required to qualify for new and better federal jobs. I wrote this book based on my 36 years of federal work experience.  We are offering 30 copies, one case of books, to federal training offices and supervisors for $84, the cost of shipping and handling, to introduce agencies and federal offices to this succinct career planning workbook.  Pass this on to your training departments and supervisors in your unit. The book is 8 ½” x 11” 216 page perfect bound workbook that will help federal employees plan their careers. Order online or call 800-782-7424. Ask for Special Offer IDP-1432. 

Recent Forum Host Articles:

Learn more about your benefits, employment, and financial planning issues on our site and visit our Blog frequently at  https://fedretire.net to read all forum articles.

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The information provided may not cover all aspect of unique or special circumstances, federal regulations, and financial information is subject to change. To ensure the accuracy of this information, contact your benefits coordinator and ask them to review your official personnel file and circumstances concerning this issue. Retirees can contact the OPM retirement center. Our article is not intended nor should it be considered investment advice and our articles and replies are time sensitive. Over time, various dynamic economic factors relied upon as a basis for this article may change. The advice and strategies contained herein may not be suitable for your situation and this service is not affiliated with OPM or any federal entity. You should consult with a financial 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 ANNUITIES / ELIGIBILITY, BENEFITS / INSURANCE, EMPLOYMENT OPTIONS, RETIREMENT CONCERNS

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Earning Extra Income in Retirement and Having Fun at the Same Time

Posted on Thursday, 30th May 2013 by

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Retirees and employees alike often need extra income to just get by, pay off debt, or to save for special occasions or a rainy day.  There are many part time job offers that you must be cautious of such as advertisements that offer unrealistic wages and annual incomes with little work involved.  Real opportunities take commitment and time that you must be willing to contribute to the cause. There are numerous profitable opportunities in both the traditional and non-traditional work venues if you know where to look and with some of the new freelance opportunities you can have a lot of fun along the way.

This is especially good news for experienced federal retirees that often have extensive knowledge and skills in their specialty and are willing to share it with others.  Our Federal Retiree Jobs Board is a good place to start for those interested in traditional work with contractors and companies in the private sector. Private sector companies list their job vacancies on our site to attract federal retirees for their skills or for the dependability and work ethic that federal workers are well known for.  The Jobs Board offers thousands of job listings for most occupations that you might like to explore.

Request a Retirement Benefits Summary & Analysis from a local adviser.  Includes projected annuity payments, income verses expenses, FEGLI, and TSP projections.

Today with the advent of the Internet, digital cameras, and smart phones there are many unique and profitable freelance opportunities that earn extra income. The advantages are that you can often start them while still employed to gain experience and build your reputation.  After retirement you can devote as much time as desired to earn the level of income or activity that you seek.  Many new retirees leave without knowing exactly what they will be doing and become bored and frustrated.  What will you do in retirement? These freelance activities provide an outlet for retirees to continue to be active and productive and earn additional income along the way.   

The new freelance opportunities range from writing for web sites to what they call micro jobs, work offered by hundreds of companies to gather information they need from YOUR community.  These are legitimate jobs involving individual freelance work to field work for companies that need information that is most often collected with your Iphone or smart phone camera.  Some photographs must be of a higher quality and for those projects you will need a DSLR camera. Microsoft uses these services to provide the photos for their Bing searches.

You can divide the freelance work into several categories:

  • Writing –  supplying articles to websites on diverse subjects that are of interest to other
  • Micro Projects – Supplying site specific Information or photographs  to companies that require either images or general information about your area

These freelance jobs can help you turn your extra time into cash and it doesn’t take a lot of expensive equipment or prior experience to succeed.  

Freelance Writing Assignments

Many web sites buy articles on varied and diverse subjects and some even pay by page views which can significantly increase your income over time. Federal employees and retirees have a wealth of information to share and these websites offer you the opportunity to capitalize on those many years of experience. Why not share what you know with others and receive payment at the same time! These assignments also provide an outlet for retirees to get out and about in their communities and explore interesting venues for their article research.

Here are several sites that you can explore for writing assignments:

  • http://www.demandstudios.com/ buys and publishes these articles on EHow.com, LIveStrong.com and USAToday.com. Writers receive from $15 to $30 per article through Paypal. There is also a revenue share program where you get paid by page views and other criteria. You must first apply online and submit a sample how-to article. Approval takes up to several days. Basically you sign up for a specific title from a list of thousands provided on their site and you have seven days to complete the article. Articles must be researched with sources identified.  An editor reviews your work and they may require a rewrite and they give you 4 days to resubmit the revised article.  Pay special attention to their article format requirements.  You can also apply for copy editing and video production work from home opportunities.  Their FAQ page will answer any question you may have about their programs.
  •  Yahoo Voices at https://contributor.yahoo.com/signup purchases articles either under assignment or through what they call Up-Front offers ranging from $2 to $100 plus you will receive performance payments based on page views.  If your content is distributed to a third party you will also receive a flat distribution payment. You can write about any subject you wish or accept specific content assignments; either way you will earn income from multiple sources.  You have to have a Yahoo user ID to register for their contributor network. Explore their GAQ page and sign up to get started.
  •  www.Helium.com also purchases articles and have numerous revenue streams for writers. Your earnings are based on stock content, incentive payments, web traffic and advertiser interest plus others. You can write about any subject. Visit their FAQ page for additional information.  Your payment varies based on user interest.   

Micro Projects

Over 250,000 nationwide have turned their free time into cash through Gigwalk.  Gigwalk farms out projects to freelancers from thousands of companies. View their introductory video that shows how the service works.  An Iphone is required and you simply download their free app to register and get started.  You will be paid anywhere from $7 to $90 to complete tasks such as verifying specific information, reviewing local restaurants or retail outlets, or take photographs of active projects or locations in your community.  After you register and are approved they will notify you of new projects in your area.

Another option is TaskRabbit where you can perform just about any type of task from shopping to assembling furniture in your community. According to TaskRabbit, college students, recent retirees, stay-at-home moms, young professionals—TaskRabbits are quite literally the people in your neighborhood. They dedicate their time and talents to getting your To-Do list done. Retirees can also find service providers for their to-do-list here. You can benefit both ways with this service. Visit their website at https://www.taskrabbit.com/how-it-works to see if this would work for you.

FREE Career Planning Guide for federal Employees

Take Charge of Your Federal Career is a practical, action-oriented career management workbook that assists employees with the preparation of realistic Individual Development Plans (IDPs). Packed with proven tips and valuable assessment and evaluation tools, this unique workbook provides federal workers with the individualized know-how and guidance they need to identify, obtain, and successfully demonstrate the skills and experience required to qualify for new and better federal jobs. I wrote this book based on my 36 years of federal work experience.  We are offering 30 copies, one case of books, to federal training offices and supervisors for $84, the cost of shipping and handling, to introduce agencies and federal offices to this succinct career planning workbook.  Pass this on to your training departments and supervisors in your unit. The book is 8 ½” x 11” 216 page perfect bound workbook that will help federal employees plan their careers. Order online or call 800-782-7424. Ask for Special Offer IDP-1432. 

Recent Forum Host Articles:

Learn more about your benefits, employment, and financial planning issues on our site and visit our Blog frequently at  https://fedretire.net to read all forum articles.

Visit our other informative sites

Helpful Retirement Planning Tools
Distribute these FREE tools to others that are planning their retirement

The information provided may not cover all aspect of unique or special circumstances, federal regulations, and financial information is subject to change. To ensure the accuracy of this information, contact your benefits coordinator and ask them to review your official personnel file and circumstances concerning this issue. Retirees can contact the OPM retirement center. Our article is not intended nor should it be considered investment advice and our articles and replies are time sensitive. Over time, various dynamic economic factors relied upon as a basis for this article may change. The advice and strategies contained herein may not be suitable for your situation and this service is not affiliated with OPM or any federal entity. You should consult with a financial 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 EMPLOYMENT OPTIONS, ESTATE PLANNING, LIFESTYLE / TRAVEL, RETIREMENT CONCERNS, SURVIVOR INFORMATION

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