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Tighten Up! A Flash From the Past, Retirement Cost Analysis, & Updates

Posted on Friday, 31st December 2010 by

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Tighten Up …….

I can vividly recall dancing to this song by Archie Bell and the Drells in the late sixties with my wife of 41 years now. I’m sort of stuck in the 60s these days with XM Channel 6 and this song brought back many memories, good ones I might add that are in conflict with what is going on today. I can hear the guitar riffs and lyrics as I write this.

Do the tighten up

Just do it

Come on and tighten up…

We all have to tighten up in so many ways today with no cost of living adjustments for social security and annuity payments, and now an across the board federal two year pay freeze.  Add to the mix inflation that government hides by fudging the Consumer Price Index (CPI). Did you know that food and fuel are excluded from the CPI calculations? I go to market with my wife and everything costs $3 and up, butter has increased over 100% in the past year, meat costs are through the roof, a small roast costs $12 or more today and only a half of that 2 years ago. We all get the point especially when you shop too, and by the way make that necessary stop at the gas station where gas now costs $3 a gallon in WINTER, projected to be $5 a gallon this summer. Yes, we all have to tighten up because of government’s out-of-control spending.  Check out the suggestions in my previous article on ways to cope with rising prices.

Most of us understand that annuitants and actively working employees from all sectors must share the burden. Do we like it – hell no! However, this sacrifice has to spread across the board to the state and local municipalities as well. A 2007 study estimated the unfunded liabilities of state and local employee pension systems (including teachers) to be as large as $1.4 trillion according to a University of Missouri–Columbia study.

Local and State government worker’s benefits are more generous than the federal sector in many cases. I requested copies of the Robinson Township, PA,  municipal worker’s and Montour school teacher’s contracts under the Freedom of Information act. They charged me – a local resident – $100 for copies and wouldn’t provide electronic versions. I was shocked at how generous their benefits are compared to the federal and private sectors.

Teachers work 190 days, 7.5 hours per day or 1425 hours per year. The highest salary for the current school year is $99,665 which is reached after 17 years, one step for each year of service.  This doesn’t include additional pay received for working summer programs, curriculum writing, detention, relinquishment of planning period, homebound instruction, and any site assignment beyond their 7 ½ hour normal school day. When you divide $99,665 by 1425 hours worked teachers with 17 years of service earn $70 an hour and unlike federal workers, many in the private sector, and all on Social Security their pay raises are fixed under a 6 year contract through 2013 at what I calculate to be approximately 2.5 to 3% per year. It isn’t only retirement, teachers also receive 10 days of paid sick leave plus 3 personal days, up to 7 days bereavement leave, and time off with pay for jury duty, certain athletic events and union association business activities each year plus up to a one year sabbatical leave with half pay after just 10 years on the job.

Pennsylvania teacher retirement benefits are based on the following formula for what they designate their Class TD benefit:

2.50 %

X Final Average Salary

X Credited School Service

Yearly Benefit Payment

+

2.00 %

X Final Average Salary

X Credited Non-School Service

Yearly Benefit Payment

Teachers with 35 years of service (at any age) and an average high three salary of $97,265 would retire under their traditional “defined benefit” (DB) pension system with a pension of .025 x 35 x $97,265 = $85,106 plus social security if eligible. Combined retirement earnings can be more than what they made while working and this calculation doesn’t include creditable non-school service for the second part of the equation or any additional pay received for time worked beyond their normal 71/2 hour day! A FERS federal retiree with the same high three average salary receives 1% times years of service times average salary for $34,042 per year!

It’s not just teacher contracts, municipal worker too receive generous benefits including 18 paid sick days, paid time off for 9 holidays, their birthday, plus 2 personal days per year, excellent pay, and attractive retirement packages. States and Municipalities across the country are on the verge of bankruptcy and residents face huge tax increases to pay for the large unfunded retirement liabilities and all too generous pay and benefits packages. It’s time for teachers, state and municipal workers, union leadership, and municipal managers and school boards to take Archie Bell and the Drells’ “Tighten Up” routine to heart and join in the shared sacrifice.

Request copies of your township’s teacher and municipal worker’s contracts, insist they fully disclose unfunded liabilities, salary and benefits, and hold your elected representatives accountable. You too will be surprised at what you and your neighbors are funding.

Retirement Cost Analysis Update

Matthew, a site visitor sent a message asking for clarification of the Retirement Cost Analysis Spreadsheet example that I have online. He noticed that the total take home pay of the retiree in the example was less than the employee’s total expenses pre-retirement. The example leaves out the spouses income so the retiree will know what their total expenses will be based on the annuitants income only. A spouse could be laid off or stop working for other reasons. I neglected to mention that in the example and updated it to reflect this. It also leaves out Social Security income. I retired under the CSRS system however I did add a Social Security entry line on the form. You would be surprised to find out how many retirees find their income in retirement insufficient and below their total expenses if not immediately several years after they leave due to inflation and other factors. There are many reasons for this including couples marrying later in life and federal workers in their late 50s and early 60s have college age children and major expenses. That is just one reason why I highly recommend feds pay off their mortgage before they retire. My October 2010 article available at https://fedretire.net/?p=373 discusses the process I used to pay off my mortgage before I retired.

For a comprehensive cost verses expense analysis I suggest using the Retirement Planning & Expense Analyzer that you can download online at http://fedretiresoftware.com/ that was developed by John Talbot, a federal retiree. You can download a free trial version of their CSRS and FERS Benefits Calculator and Retirement Planner software program. This software has been used by tens of thousands of federal employees, since 1999, to thoroughly investigate the affordability of federal retirement. It is compatible with all 32 bit windows software from Windows 95 to Windows 7.

For a professional review of your personal situation you can submit an Assistance Request online at http://federalretirement.net/assistance.htm.  A Benefits Specialist will use the professional version of this software to prepare a free analysis of your entire situation with trend lines that reveal you and your spouse’s expenses verses total retirement income from all sources.  We posted a sample analysis online for you to review. Notice the trend lines on the report, they are very revealing.

UPDATES

  • Beginning this month 10,000 baby boomers a day are turning 65. This trend is projected to continue for 19 years, I turn 65 in 3 years. Can’t believe just how fast the time is flying by.
  • Nancy Holston, our travel editor, talks about the ins and outs of Travel Insurance in her recent article that you will find helpful when planning your 2011 trips. She touches on the many issues that must be considered including extended coverage, medical treatment while away from home and much more.
  • FEDWEEK offers a free report titled The 14 Worst Retirement Planning Mistakes a Federal Employee Can Make. It talks about not leaving retirement to chance by not attending a retirement seminar to the effect of WEP and GPO that you will find helpful. Fedweek publishes a number of helpful booklets on retirement subjects.
  • A two year federal pay freeze was passed during the Lame Duck session and affects most federal pay scales and there will be no COLA increase in 2011 for annuitants.
  • The 2% Payroll Tax Decrease in 2011 – FERS employees will notice a 2% pay increase this year due to the temporary 2% reduction in the Social Security Tax rate. CSRS employees do not pay Social Security taxes and will not see an increase in take home pay.

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

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 articles are not intended nor should they be considered investment advice. Our reply is time sensitive. Over time, various dynamic economic factors relied upon as a basis for this article may change.

Posted in ANNUITIES / ELIGIBILITY, BENEFITS / INSURANCE, FINANCE / TIP, LIFESTYLE / TRAVEL, RETIREMENT CONCERNS

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Travel Insurance, Peace of Mind when you’re Away From Home

Posted on Monday, 27th December 2010 by

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You have just made a deposit on a special vacation to celebrate an anniversary, mark a special event or you are finally going on that dream vacation.  Planning your trip is your first step and there are things to consider, picking out the destination, selecting a hotel, will you need a rental car, the flight and resort selection or cruise line itinerary.

If you book a cruise, buy a package deal at a resort or book a group tour the agent handling your vacation plans will likely suggest purchasing travel insurance.  If you think only in terms of protecting your vacation investment then travel insurance may seem unnecessary.  However, travel insurance is much more than securing the funds you spent to go on your vacation, travel insurance can be a life saver.

The best reason to buy travel insurance is for peace of mind.  Now that we’re in that “senior” area, and unfortunately we’re not talking about our school days, we need to think about unexpected events that could impact our dream vacation plans.  As your vacation dates approach you or a parent could become ill and need care leaving you in a position of deciding what to do about your vacation.  I once found myself in severe pain in the middle of the night while away from home on business with only a small town hospital for treatment.  Fortunately it was not a serious problem but it is an event that I remember when I plan a vacation; you could have an unexpected health problem.  You need to determine your accessibility to medical services at your vacation destination.

If you are going to be on a cruise or visiting an exotic remote area you may require special transportation to a medical facility in an emergency. I want to be sure the insurance policy covers the cost of an unexpected illness or medical emergency, especially if it requires special transportation to a proper medical facility for treatment.  You could end up paying thousands of dollars without travel insurance.  The last thing you want to be worrying about is how to pay all the costs when you need to focus on your recovery or that of a loved one.   If your vacation plans include a cruise, cruise lines are normally only prepared for minor medical problems while at sea.  If you need significant medical care the cruise ship will arrange for your transport from the next port of call to the nearest medical facility in a medical emergency, but you will be responsible for the costs.  Travel insurance will cover those costs up to the limit of the policy you purchase.  Some policies include an option to pay some of your medical expenses as well, depending on your needs and the policy you decide to purchase.

A second concern I have when selecting a policy is covering the cost of a delay in arriving at my departure point due to bad weather, especially when my favorite time to get away is winter.  I want to get out of the cold and enjoy my warm vacation, not sit in an airport wondering just how long the delay will be and how will it affect my reservations etc.  If you are going on a cruise and miss the embarkation of your ship some policies will pay for your transportation to the next port so you won’t “miss the boat” for the entire cruise.  Travel insurance can pay for unexpected hotel needs, additional costs for change in flights as well as lost/damaged luggage up to the amount specified by the policy.  Check your policy before you leave so you’ll know what kinds of support services are available through your policy.  Some insurers provide support 24/7 with an 800 number you can call should you need help changing flights or getting a hotel if you are delayed by bad weather.

If you have a last minute family emergency that forces you to cancel your vacation plans, nearly every policy includes trip cancellation with a list of what the insurance company will reimburse you for, up to the actual cost of the vacation.

Resorts and cruise lines offer their own travel insurance, however they may not be the best choice since they are directly involved in your travel, i.e. have a vested interest in whether they reimburse you or not.  There are many companies that offer travel insurance and you can easily compare plans on the internet selecting the one that best meets the needs of your specific travel plans.  These policies typically cost less than the insurance offered by the cruise line, resort or tour company.

The peace of mind I get from buying travel insurance is worth every penny.  Travel insurance policies range in price from $10 to $20 a day per person depending on your age and preexisting  medical conditions and the destination of your travel plans.  Be sure to read your policy thoroughly and take a copy along.  When you complete the policy information, be sure you provide accurate information since any discrepancy could lead to a denial of a claim.

Safe and healthy travels!

Resources:

Travel Insurance web sites:

www.insuremytrip.com
www.squaremouth.com
www.mnui.com/quotes.asp
www.travelguard.com/travelinsurance
www.quotewright.com

International Travel Insurance quotes:

https://insurancequest.com

Reviews of Travel Insurance providers:

www.travelinsurancereview.net
www.travelinsurancereviewer.com

Nancy Holston

Learn more about your benefits,  employment, travel, 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

The information provided may not cover all aspect of unique or special circumstances. Travel policies and packages are subject to change without notice. To ensure the accuracy of this information, contact travel providers and hotels at the time of your bookings to confirm pricing, itinerary, and all costs. The comments and observations are limited to the author’s personal experience and your results may vary significantly. This article and replies to comments are not intended to substitute for professional travel services. Our reply is time sensitive. Over time, various dynamic economic factors relied upon as a basis for this article may change.

Posted in UNCATEGORIZED

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One, Two, Three – Its so Easy, Thoughts and Updates

Posted on Monday, 29th November 2010 by

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One – Two – Three…….

Remember the lyrics “One, Two, Three, It’s so Easy” by Len Berry from the 1960s?

One, two, three

That’s how elementary it’s gonna be

Just fine and dandy

It’s easy

Like taking candy from a baby

Well, most of the good things in life don’t come easy and retirement is just one of the arenas that you have to pay particular attention to long before you leave. The process can be complicated, requiring lots of planning before and after you leave in order to keep you and your family safe and secure. Notice that I said ARENAS, not areas! You must enter the arena, called retirement, and get involved to make it work effectively for you. I entered this arena after my military service ended in my early 20s. I applied for several private sector and federal jobs and chose government even though salary was considerably less then. My wife and I discussed the issues and I decided on government based on the ability to retire early and the excellent benefits available overall.

I listen to XM radio and “One, Two, Three” came on this week and the melody keeps playing over and over in my head. I remember when this song was first released in the mid 60s. I was 16 and purchased my first tape recorder and played this song over and over again until I knew all of the lyrics and it still lingers in my subconscious. In your teens everything appears to be easy and life is a joy ride waiting for us to get on board and ride it out. Little did we know back then all of the twists and turns we would encounter along the road! Just maybe this song had something to do with my overall success. I’ve always been the type to tackle anything with positive intent and interested in learning new things. Maybe that song kept replaying in my subconscious telling me nothing is impossible and “life is so easy, like taking candy from a baby.”

Many feds tend to rely solely on their federal annuity, TSP, and COLAs with little thought to alternatives. This can lead to a false sense of security that could derail your welfare and health in retirement. An example is the suspended COLAs for two years running.  Our annuities haven’t changed while insurance premiums, Medicare payments, food and fuel costs have increasing significantly. Then factor in the unexpected; things change, couples divorce, health problems arise, and President Obama’s bipartisan fiscal commission and other groups are recommending significant changes that will potentially impact all of us long term. There is talk of freezing government salaries, changing the way federal COLAs and annuities are calculated such as using your average high five salary to reduce future annuity payouts for starters. All of this is conjecture at this point however with the national debt exploding, government, no matter what party is in power, will have to take decisive actions to stop the bleeding.

One of the side effects of the new QE2, Quantitative Easing initiatives along with excessive spending is that it will eventually fuel inflation.  The Fed is buying Treasuries, over 600 BILLION worth with new printed money.  Compare this to a Company that offers a 2 for one stock split. A company stock that sells for $100 a share issues an additional share of stock to each owner of record doubling their outstanding common stock. The new price per share is $50. However, the stock owner retains the invested value and now has twice the stock he had before the split occurred. Unfortunately, Uncle Sam doesn’t issue citizens new shares or even backs up the new currency it printed to buy their own Treasury certificates! They don’t send you another dollar for each dollar you own and the funds that retirees and everyone holds are now worth less on the road to being worthless if they don’t address the underlying debt and spending issues.  The effect of QE2 is to flood the market with new money diluting our currency so it will buy less and things will cost more. That’s INFLATION.

What can federal employees and retirees do to prepare and moderate the impact of these changes? Planning and preparation is the key and there are many things for you to consider. The good news is that with proper planning you can at least cope with what is coming down the pike.

Thoughts

There are conflicting views on what lies ahead ranging from deflation and inflation to financial collapse, so what can you do from a practical standpoint to protect yourself in retirement. My two cents worth follows:

1)    The only good debt is NO debt. Pay off your credit cards, bills, and home if possible before you retire. It isn’t as hard as it seems. I discuss how I paid off my mortgage years before I retired in my October 29th column.

2)    Live on less than you earn, be frugal and buy wisely. Each year, starting years before I retired, I saved half to the full amount of each year’s pay increase.

3)    Determine if you are financially, emotionally and physically prepared to retire.

4)    Perform a retirement cost analysis, estimate your earnings and bills in retirement. I developed this free tool for all to use and examples are provided to help you work through the process. Explore other analysis tools.

  • Try the free trial version of the Retirement Planning & Expense Analyzer that was developed by John Talbot, a federal retiree. I wish I had known about this excellent tool when I retired a few years back.
  • For those who need help, request a detailed Free Personal Summary of Benefits Analysis. A local advisor will meet with you and use the professional version of this software or its equivalent to compile an extensive report tailored to your personal needs and desires.

5)    Prepare a basic estate plan to protect your family and loved ones.

6)    Be prepared and have 30 days or more of emergency food and water supplies set aside to the extent possible. Pick up a little extra each visit to the market, especially items with longer shelf lives that you anticipate will increase in price due to inflation.

7)    Learn about investing in mutual funds, ETFs, stocks and bonds.

  • Subscribe to Better Investing to learn the ins and outs of successful investing. I joined the National Association of Investors Corporation (NAIC) in the 1970s to learn about Dividend Reinvestment Plans, investment clubs and safe investment techniques and strategies. This magazine provides advice to novice and experienced investors alike and NAIC’s training programs are very helpful and will get you off on the right foot. It has always surprised me that so many know so little about how to manage their money. The more you learn the more you earn.

Investment options will be discussed in my next article. Many professionals suggest investing in commodities such as metals, real estate and inflation protected securities to fight inflation. Others suggest large cap diversified US and multinational corporations that are flush with cash and well managed.  The long and short of it is that retirees have to protect their assets for the long haul and you can’t take undue risks with your life savings.  There are many ways to minimize your risks and earn decent rates of return that far exceed the CD rates of today.

UPDATES

  • Roth IRA Conversion Deadline – You have until the end of December to convert to a ROTH IRA. The advantage this year is the ability to pay the taxes due from your TSP or 401K withdrawal through equal payments in 2011 and 2012. This is the first year without an income limit and anyone can take advantage of this option. ROTH distributions are tax free, there is NO minimum distribution at age 70 ½, inheritance taxes can be reduced, and your heirs inherit ROTHs tax free. I converted one of my retirement accounts to a ROTH this year to take advantage of tax free gains and no minimum withdrawal requirements at age 70 ½. For more information on converting all or a part of your TSP account to a ROTH review the guidelines at http://federalretirement.net/tsproth.htm.
  • Travel Updates – Read Nancy Holston’s latest travel article – Her new article titled Venice in the Fall, an Enchanting City was posted on our Forum blog last week. If you ever desired to visit Venice read this highly entertaining and informative article.I mentioned a travel service in a previous article that allowed visitors to view weather along their planned route for up to 10 days in advance of their departure date. I found two excellent national services that provided extended projections that you can use when you travel to select the best date to leave. Go to www.weather.com and select “Current Weather” from the Map drop down menu. On the map page select (1) Outdoor Activities and (2) Vacation Planner and then below the map select up to 10 days out to view the projected weather forecasts along your route. For detailed 10 day forecasts for each city along the way enter the city and state in the “Find Weather” bar at the top of each page. The NOAA site at www.weather.gov is also easy to use. Select “National Map” and you will find an extended forecast below the map. You can also enter the city and state at the top left of each page for detailed forecasts.
  • New Job Postings for Retirees – We had several new and interesting jobs posted on our employment page recently. The Department of Homeland Security is looking to rehire a part time Human Resource Specialist (Classification) at the GS-201-13 grade. If you are interested in this or other job opportunities visit our Jobs Board for full job descriptions with links to employers.
  • Energy Saver Window Inserts – We installed insulated cellular room darkening blinds in our family room several year ago.  When the outside temperature is below freezing the thermal pane insulated windows sweat and ice up when we have our whole house humidifier turned on. This shouldn’t happen with our new thermal pain window.If we leave the blinds up they are fine. I found a perfect interior storm window that solved this problem. The energy saving inserts are made with an aluminum frame with foam strips on the outside that are custom made to fit snuggly into the window sill. A heavy gauge plastic is used and they are durable. I’ve been looking for something like this for years. They are more expensive than the flimsy shrink plastic you buy at your local hardware store. If you are in need of window inserts visit www.windowinserts.com for more information.
  • Medicare clarifications – Tammy Flanagan wrote an excellent article on Medicare this month. Check it out on the Government Executive site.She discusses Part A through Dand what you need to know about these programs and the impacton your health care coverage.

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

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 articles are not intended nor should they be considered investment advice. Our reply is time sensitive. Over time, various dynamic economic factors relied upon as a basis for this article may change.

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

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Venice in the Fall, an Enchanting City

Posted on Wednesday, 24th November 2010 by

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Venice embraces the water at every turn as you walk the streets, called “stradas,” exploring the city’s shops and restaurants.  You can easily cross the water a dozen times or more each day while exploring neighborhoods and observing the Venetian life style. Imagine laundry hanging between buildings, over stradas and canals alike, indicative of the locals’ simple life. The small bridges that cross the canals vary in décor, size and appearance and in some places you’ll find the water so calm the reflection provides a perfect photo opportunity. Artistic signs mark businesses and apartment buildings while flower boxes brightly adorn windows everywhere in this city.  The narrow canals were my favorite areas to explore. In these quiet areas you may find a Gondolier giving a ride to city visitors or discover how local merchants get deliveries from small wooden boats.  When you need a break you can easily find a snack bar for a slice of Pizza and some Gelato anywhere you roam in the city.

The architecture of this old city is a mixture of Byzantine, Gothic, Renaissance and Baroque, representing distinct periods of this regions fascinating history.  You will find buildings from all these periods throughout the city but a visit to Piazza San Marco is a great place to start.  Shop windows are filled with Paper Mache masquerade masks of remarkable variety, both sparkling and colorful.  Street performers wear these masks as they work for donations in the busy tourist areas.  The city is famous for Murano glass works.  Many shops in the city sell Murano vases, plates, clocks, glass wear, and other abstract pieces to decorate your home.  Cafes line the Grande Canal throughout the city, but my favorite Cafes were along the narrow canals in the neighborhoods of the city.  We enjoyed a wonderful meal at a pizza restaurant in a quiet neighborhood along a narrow canal.  It was peaceful, sunny and delicious!

I like to travel because of the adventure, the unexpected discoveries you make, whether it’s a shop full of unusual items, a gallery of local artists work or a restaurant with great tasting local fare.  I especially love exploring areas that are not frequented by tourists.  When I get home it’s the little jewels I discovered on my explorations that made the trip special.  Venice offers lots of jewels if you are brave enough to explore it.

Venice is simply enchanting.

Getting around the city

This beautiful city is surrounded by the sea and is divided into neighborhoods by the canals needed for tidal flow and used for transportation.  The only motorized vehicles transporting the people of Venice rest in the water.  As a visitor to the city, public transportation or walking are your choices.  The Vaporetto, a water bus, is the public transportation system and it is both convenient and a must if you really want to see as much as possible during your stay.  You should consider buying a multi-day pass to save transportation costs.  However, if you plan to see most of the city by walking you may want to pay-as-you-go.  The Vaporetto can take you anywhere in the main city or to other islands that make up the entire city.  Spend some time at the island of Murano exploring the hand made glassworks where they are being created.  These artists works are unique and amazing.  If it’s the beach you love take the Vaporetto to the Lido.  It’s the Outer Banks of Italy, though not nearly as long.  You can also travel to Burano, home to lace makers and fishermen.  The homes on this island are brightly colored, which is believed to be of help to fishermen finding their way back home in times gone by.

The best way to see how Venetians live is walking around the city.  You will find Piazzas with benches and fountains sprinkled around the city giving you a chance to rest and admire the architecture while looking at your city map.  But if you’re daring, just use your instincts to determine your next strada to travel down.  If you like to know exactly where you are then Venice can be a challenge.  No matter how much time you plan to spend walking you will need a map of Venice to explore, if for no other reason than the comfort of knowing you have a tool to find your way back to your hotel if you find yourself feeling hopelessly lost.  I had 3 different maps and the most accurate one I found I purchased from the Vaporetto station.  Ask your concierge for a map, it was almost as good as the one I purchased.

Gondolas can take you to a specific location but they are generally just for the fun of seeing Venice as it was traveled in days past.  You’ll find Gondolas throughout the city, but they are generally concentrated in tourist areas such as Piazza San Marco.  The cost is dependent on the number of passengers and the length of the trip.  I recommend taking a bottle of wine, some cheese and bread and really enjoy the experience.  Most Gondoliers do not sing but do have recorded music, but there are a few who will sing for their passengers.  If you want to ride a Gondola but you have a tight travel budget you will find areas along the Grand Canal where the only way to cross over is by Gondola.  The crossing via Gondola costs less than one Euro per person in these areas.

You can also use a Water Taxi for transportation, but it is very expensive.  The Taxi driver will come to the hotel and pick up your bags if you are checking out, or take them to your hotel if you are arriving.  The taxis are clean and can hold more than 6 passengers if you are traveling with several friends.  Your hotel concierge can advise you of the approximate cost if you want the convenience of traveling by taxi.

Some cost saving tips if you plan to travel to Venice

The Marco Polo airport is on the mainland just across the sea from Venice.  You can take a public bus to Venice for 6 Euros.  It stops at the Pizzale Roma, a hub for arriving in the city by taxi, car or bus.  From Pizzale Roma you can catch a Vaporetto to get to your hotel.  You can also get a Water Taxi from the Airport to Venice, but on a budget the bus and Vaporetto will cost 12.50 Euros per person.

If you are spending a few days in Venice before boarding a cruise ship you can take a Vaporetto to Pizzale Roma and then catch the complimentary shuttle to the cruise ship terminal.  You may have to spend some time walking about to find the shuttle, but locals will be glad to point you in the right direction.

Breakfast American style is a luxury and it may not live up to your expectations.  After one attempt at enjoying an omelet I decided to eat like a local.  A Cappuccino and a pastry or breakfast sandwich was less than 5 Euros per person, delicious and filling at any of the snack bars scattered near hotels.  We also found the pizza by the slice snack bars were a great way to grab a quick and delicious lunch while exploring the city.  But when dinner comes, find yourself a nice café near a canal, preferably recommended by a local, and enjoy some wine and Italian cuisine.  Save room for dessert.

Nancy Holston

Learn more about your benefits,  employment, travel, 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

The information provided may not cover all aspect of unique or special circumstances. Travel policies and packages are subject to change without notice. To ensure the accuracy of this information, contact travel providers and hotels at the time of your bookings to confirm pricing, itinerary, and all costs. The comments and observations are limited to the author’s personal experience and your results may vary significantly. This article and replies to comments are not intended to substitute for professional travel services. Our reply is time sensitive. Over time, various dynamic economic factors relied upon as a basis for this article may change.

Posted in UNCATEGORIZED

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FEHB Insurance Company Dispute Resolution

Posted on Tuesday, 16th November 2010 by

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For 25 years I have had moderate to severe asthma, often sending me to the emergency room wheezing and hacking.  Four years ago I began using an amazing new drug that controlled my symptoms, allowed me to back off the steroid medications, and kept me from those late night visits to the ER.  However, since I have only had the HMO insurance provider for the past three years, they had no past history of those prior, frequent ER visits, and my Federal Employee Health Benefits (FEHB) insurance provider recently decided there was not adequate justification of my need for the prescription.  The FEHB provider refused to cover this medication – even though it was prescribed by their own HMO doctor — and the insurance company required that I use the same medication I used 15 years ago, which did not adequately control my symptoms. This old drug is significantly cheaper.

Regardless of whether a private sector for profit company or a future government entity such as Medicare controls our health care needs there will be coverage limits and treatment conflicts that will need our personal intervention.

There is really no debate that America has the best health care facilities and the best educated doctors, but do we have the best health care available?  I know my doctor must be frustrated that her professional medical opinion was undermined by an insurance company clerk reading the procedures manual.  This happens across the board today because we have finite resources and Medicare must make these same determinations. We may have to provide proof to whomever must justify needed treatments and medications so it is best to be prepared and know what steps to take in your personal situation

What can you do if you find yourself in a dispute with your FEHB insurance company?

1.      Understand that YOU are the master of your own health.  Research the medications and medical options available and understand what is best for your health and why.  Keep copies of your medical records, recording past treatments and dates.

2.      Call the insurance company’s customer service center to understand the reason for any denied claim.  If possible, try to work through the insurance company’s process, providing them the information they are requiring.

3.      Request reconsideration of a denied claim from OPM by following the directions at: http://www.opm.gov/insure/health/planinfo/consumers/index.asp

4.      Consider selecting a new insurance provider during open season.  This may mean you have to change physicians or hospitals.  Do your research to make sure the new insurance company will cover your needs.  For information about the insurance providers available in your area see: http://www.opm.gov/insure/health/planinfo/index.asp

I resolved my dispute by following the procedures listed above. I wrote a lengthy letter to my doctor about my medical history and called the insurance company for a copy of their denial letter so I could submit it to OPM for reconsideration.  The next time I went to the pharmacy, I found they had approved the Rx.

This is not the first time I encountered this situation.  Not long ago my father went to the doctor because he was having breathing problems and spitting up blood.  Since he was a long-time smoker we all feared the worse.  However, when the x-ray came back negative, the physician began treating the symptoms of a bronchial infection.  As the symptoms continued and worsened, they tried other treatments to address the symptoms.  Eleven months later, the doctor finally had enough justification to order costly CT and MRI exams.  The tests confirmed my father had stage III-B lung cancer.  He only lived another six months after that diagnosis.

After the tumultuous health care debate over the last two years, there are sure to be many changes and much confusion on the part of health care providers, insurance companies, and patients alike. Whatever you think of the changes it is important that you understand your treatment options, advocate for needed treatments and medications, and take the time to understand your insurance benefits. It is also important to carefully review any claims or reimbursements from your health insurance provider.

FEHB Open season this year runs from November 8th through December 15th. If you aren’t receiving the care through your plan that you deserve investigate other options.

Linda Duncan

While the publisher and author have used their best efforts in providing retirement and benefits information, they make no representations or warranties with respect to the accuracy or completeness of the content of this article and they specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. The advice and strategies contained herein may not be suitable for your situation. You should consult with a financial professional where appropriate.

Visit http://federalretirement.net often to learn more about retirement options, benefits, and estate planning issues and I suggest signing up to receive my FREE monthly benefits newsletter.

Visit our other informative sites

http://federaljobs.net (Federal Career & Job Center)
http://searchfedjobs.com (Federal, State, & Private Sector Job Search)
http://federalretirement.net (FREE Retirement Planning Guide)
http://federalretirement.net/jobs.htm (Retiree Job Opportunities)
http://fedcareer.info (Career Development Center)
http://postofficejobs.info (Postal Career Center)
http://ehsjobs.org (Environmental Health & Safety Job Center)
http://stolenplates.com (What to do if this happens to you)
Educational Opportunities (Find educational opportunities in your area)

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Retire Mortgage FREE, Contact List, Caution – Use or Lose Date Issue, and UPDATES!

Posted on Friday, 29th October 2010 by

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Please Forward This Email to Others That Would Benefit From This Information

Retire Mortgage FREE

Here is a viable plan for retiring mortgage free. The TSP recently reported their 2011 Thrift Savings Plan (TSP) contribution limits. The limits will be unchanged for 2011 and remain at $16,500 and an additional $5,500 for the catch-up contributions for anyone over 50. Employees approaching retirement over age 50 should try to max out their contributions if possible to improve their retirement savings. This is especially important for CSRS employees that don’t receive an employer match.

Most will have to learn to live on less in retirement, a fact of life these days. And one way to become accustomed to less income is to start putting away more when you are still working into your TSP account. Starting about ten years prior to retirement I saved all annual pay increases by increasing my allotment to the TSP, Credit Union, and through savings bond deductions. When I retired, my take home pay was the same amount it was in 1995, ten years before I retired. When I turned age 50 I contributed the maximum allowed at the time to my TSP through catch-up contributions and when I did retire my monthly annuity check was larger than what I was taking home when I was working full time. The bonus was that I had a lot more savings because of how I invested my TSP and saved my annual pay increases. I actually started this process much earlier. Around 1990 I started putting away half of my annual pay increase so I worked my way slowing into the process.

The additional catch-up contributions will help you become accustom to working with less income. Most will earn less in retirement and this action can help you in other ways as well. An employee could also pay off their mortgage by applying their annual pay increases to the mortgage and retire mortgage free or have enough additional money in their Thrift Plan that at retirement they could take out a one-time withdrawal and pay off their mortgage. Planning is the key and when you learn to live on less and the money is out-of-sight and out-of-mind you won’t miss it.

Review other ways to save and economize in retirement.

Retirement Contact List Update

A number of visitors ask us to provide a downloadable file for our Master Retiree Contact List so they could place a copy with their retirement paperwork and to forward to others who need this information. We updated the contact list and converted it to a PDF file for your use and feel free to forward it to others that need this information.

We receive calls from annuitants and survivors alike that often have no idea who to contact and this list will help if the retiree keeps it close at hand and places it with their retirement paperwork and in their estate plans. Additional resources were added with informative links to other critical information for those planning their retirement including the Best Date to Retire, and what you need to do starting a year before you retire.

Caution – Use or Lose Date Issue

Feds are allowed to carry over 240 hours of annual leave and in the last year of employment many don’t take leave and accumulate an additional 208 hours that would have been earned their last year of employment. This 448 hours of leave is sold back when you retire as long as you leave before the use or loose annual leave date. This date changes every year.

The advantage is that you can sell this back and collect almost 3 months’ salary the first year you are retired. This year you have to retire by the end of pay period 26, Saturday, January 1, 2011, this year’s annual leave use or lose date. Usually it is sometime in early January. Here is a list of use or lose dates out to the year 2020 that is available from OPM. Check with your agency to insure they aren’t using a different calendar.

This is the date when employees lose annual leave over 240 hours.  If someone retires or resigns before this date, it is all paid out. So if the use or lose date is January 1st, then the leave would stay on the books until the 1st.  Everything over 240 drops off the books on the next day.

Generally it is advantageous to retire under CSRS on the 30th, 31st, 1st, 2nd, or 3rd, to minimize your days without income. With FERS by the 30th or 31st.  However this year the use or lose date is prior to the 3rd, so most people will retire at the end of December… unless they have less than 240 hours of annual leave. You will find several articles on The Best Day to Retire on our site. Don’t confuse your date of final separation that you enter in Section B2 on your retirement application form with your retirement effective date .

UPDATES

  • Adding a child under Age 26 to Your FEHB Account – There are some misconceptions surrounding this issue.  You can add a child under age 26 to your FEHB coverage now however it won’t take effect until the New Year. All you have to do is call your health care provider and they can add your under age 26 children to your policy. There coverage will start in 2011.  I have Blue Cross Blue Shield and called their toll free number at 1-800-779-6945 to confirm this information.  You don’t have to wait until open season to add a child; it just won’t be effective until 2011. For more information on Open Season visit our FEHB page.
  • FEHB Plan Premium Increases for 2011 – The average increase is reported to be 7.2% however my plan costs increased 12%! The health care legislation was sold as a way to REDUCE our costs and just the opposite is happening. Insurers must now provide coverage for children under age 26 and other onerous regulations were implemented that is driving up costs. A number of major corporations like McDonalds were granted waivers so they would not have to cancel health care coverage for their employees. You will find the Health Care Reform article listed in the next entry informative.
  • W2 Changes Coming Your Way – There is an email message going around reporting that in 2011 our W2 forms will include as taxable income the value of the health care benefit paid by employers and in our case Uncle Sam. The new health care legislation does require employers to report their contributions on W2s starting in 2011. However, the health care benefits will not be considered as taxable income and there was a one year delay issued. Employers can add this information voluntarily earlier if they desire. There is a good article on this subject titled Health Care Reform: 13 Tax Changes on the Way that you may find interesting.  There is a lot of misinformation floating around and much of it is due to the fact that few of our representatives actually read and understood the new 2200 page health care legislation before they passed the law.
  • Election Day – November 2, 2011. Exercise your right and vote this November. Stop either on the way to or after work to vote November 2nd.

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

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 articles are not intended nor should they be considered investment advice. Our reply is time sensitive. Over time, various dynamic economic factors relied upon as a basis for this article may change.

Posted in ANNUITIES / ELIGIBILITY, BENEFITS / INSURANCE, FINANCE / TIP, RETIREMENT CONCERNS

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TSP Taxes & the 10% Penalty, Updates & the Election!

Posted on Thursday, 21st October 2010 by

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TSP Taxes & the 10% Early Withdrawal Penalty, Updates, and the ELECTION!

TSP Taxes and the 10% Early Withdrawal Penalty

Yes, death and taxes are two things we can’t avoid no matter how hard we try. Taxes will increase dramatically if the President and Congress allow our current tax schedules to revert back to much higher rates. Taxes are a factor when withdrawing funds from your TSP or when you reach age 70 ½, the age you must start withdrawing funds from your account. The 10% early withdrawal penalty does not apply to payments after you separate from service during or after the year you reach age 55. Therefore, if you retire at age 55 or later you don’t pay the 10% penalty. There are other penalty exceptions for disability, annuity payments, death, and if your medical expenses exceed 7.5% of your adjusted gross income to mention several.

Contributions to the TSP are tax deferred. Essentially, you must pay federal income taxes on the amount withdrawn and that taxable amount is generally less in retirement for most because retirees typically earn less. The TSP is required to withhold income taxes from your payments unless you are allowed to request reduced or no withholding. IRS withholdings apply for eligible rollover distributions, periodic payments, and non-periodic payments. The TSP doesn’t withhold for state or local taxes and the recipient must pay these taxes if required.

A report prepared by the TSP clarifies the many tax issues that must be considered including how to transfer or roll over your TSP to a privately managed account. You will also find specific information on special circumstances for members of the uniformed services and an extensive Tax Treatment for TSP Payments spreadsheet that is very helpful. Visit http://federalretirement.net/tsp.htm for complete information on the TSP program including a link to the TSP’s Tax Treatment report.

Updates

  • COLAs – COLAs will not be paid to annuitants in 2011, 2 years running now. Congress plans to propose a one-time payment of $250 per annuitant in the lame duck session. More to come.
  • Retiree Job Postings – An administrator position is advertised to manage the federal trust funds for U.S territories. Review the updated job listings if you are seeking extra income or employment in retirement.
  • 2010 Open Season Changes – Enrollee cost sharing for preventive care services has been eliminated. Incentives were added for tobacco cessation, and, in accordance with the Affordable Care Act, added coverage for dependents up to age 26. Premiums are increasing an average of 7.2% in 2011. Review the online Open Season guidance for more details and individual plan costs for your area.
  • OPM Retirement Processing Delays – If you are retiring soon be aware that major delays are being reported for retirement paperwork processing. OPM is now taking from between 6 to 12 months in some cases to process retirement paperwork. One of our site visitors reported that they retired in May and still hasn’t received a full annuity check.  Incorporate this delay in the timeline we publish online that shows what to expect the first three months after your retire.  For those anticipating retirement review What should I be doing the year before I retire and The Best Date to Retire for additional guidance.
  • CSRS – The legacy CSRS retirement system is slowly fading away. It’s hard to believe that just under 80% of all active federal employees are now covered under FERS.
  • TSP ROTH conversions – There was an excellent article published in Kiplinger’s November issue tilted “7 Myths About Roth Conversions” that you will find interesting if you are exploring this option. I converted one of my retirement accounts to a ROTH this year to take advantage of tax free gains and no minimum withdrawal requirements at age 70 ½. For more information on converting all or a part of your TSP account to a ROTH review the guidelines at http://federalretirement.net/tsproth.htm.  One important fact to consider is that if you fund a ROTH you can’t touch the account for five years unless you are over age 59 ½. If you are over 59 ½ you can withdraw your initial ROTH funding without penalty. Only the gains would be subject to taxes within the first 5 years. The Kiplinger article describes this benefit in detail.

The Election

Wouldn’t it be nice if we all had our own printing press and when we needed money we could just turn it on and print out a stack of twenty dollar bills to get us by for another month. Better yet, just use a credit card that we only pay the interest amount each month with no spending limits. Sounds like a dream come true but it is happening today. Then, when the debt gets too big government simply increases the spending limit and does more of the same. Insanity can be defined as doing the same thing over and over again and expecting a different result.

This county is addicted to debt! If you think about it, our government is running on empty and hoping someone else puts gas in the tank and right now that someone is China, Russia, and Japan who buy our debt each and every month. What happens when they stop buying or worse yet start selling their Treasury bonds?

I sincerely hope that most reading this article will get out and VOTE this November. Everyone I talk to these days gets a closing salvo; make sure you and yours vote this November. I’m doing my own personal intervention to get the vote out whenever I can. Both of my adult children moved last year and I called the local county office of voter registration to make sure they were properly registered at their new address and knew where to vote. It seems that many of the in-between years, 25 to 45, generation pay little attention to politics and only get involved when they realize things are changing a little too fast for comfort and to close to home.  This year’s election is one that everyone needs to be paying attention to for so many important reasons.

Regardless of which side of the political spectrum you reside, to the left or right of center, there is common ground that all American’s care deeply about. This country is at a major juncture.  How can we afford to stay this course and retain our independence, wealth, influence, and integrity?

Here are just a few interested facts. First, it was recently reported that over the past 12 months 46 cents of every dollar spent by government was BORROWED!  Much of our manufacturing base has moved overseas. Last month the last GE incandescent light bulb factory in America closed its doors in West Virginia and 200 workers lost their jobs. The new GREEN initiatives were promoted and passed with fanfare and our politicians proclaiming hundreds of thousands of new GREEN jobs would be created as a result of this action. What they didn’t tell us is that those jobs too would be overseas. The new CFL florescent bulbs are being manufactured in China along with Wind Turbines, solar collectors, and much more. With the unemployment rate at near 10% where was government’s plan to restore our economy?

Let your voice be heard this November and reach out to your children, family, and friends to make sure their voices are also heard. After the election it is our responsibility to hold our elected officials accountable.  VOTE November 2nd.

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

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 articles are not intended nor should they be considered investment advice. Our reply is time sensitive. Over time, various dynamic economic factors relied upon as a basis for this article may change.”

Posted in UNCATEGORIZED

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Survivor Annuity, Retire Happy, Save a Life – Maybe Your Own, & UPDATES

Posted on Monday, 27th September 2010 by

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A soon to be retired fed contacted me last month about an estimate they received from their HR department with a grossly incorrect survivor benefit cost estimate. The employee was advised that a full survivor benefit for their spouse would reduce their monthly benefit by one third!  Incorrect high estimates like this can put the annuitant’s spouse in jeopardy. The employee was considering reducing the survivor benefit to the lowest amount possible to retain the health care family option. If you are considering retirement, read the cautionary note that I posted online about survivor annuities.

The cost for a full 55% survivor benefit for CSRS is just under 10% and the FERS 50% full survivor benefit is 10% of the gross annual annuity. If your annuity is $50,000 a year the cost for the full survivor benefit will be approximately $5,000 a year or $416 per month.  To calculate just what you will have to live on in retirement and to estimate federal taxes, your gross annuity, FEGLI costs, and expenses visit http://federalretirement.net/retirecosts.htm. I updated this page last month to include links to key calculators to help you determine actual costs for the free spreadsheet that you can use to calculate pre and post retirement income and expenses plus survivor income when the inevitable happens.

Retire Happy

Everyone desires a happy, healthy, and financially secure retirement.  Stan Hinden, former syndicated Washington Post “Retirement Journal” columnist’s new third edition of How to Retire Happy: The 12 Most Important Decisions You Must Make Before You Retire, helps anyone planning retirement to successfully plan their escape.  Several months after he retired in 1996 at age 69 he began writing a retirement column for the Post.  He relates his first hand experiences, successes and failures that we all can learn from. In Chapter One he describes three good reasons to retire; the time is right, you’ve got more compelling things to do, or your job is changing.  He helps the reader make informed decisions based on his and many other experts’s input.

His sage first hand advice helps readers turn their nest egg into income, fully understand Social Security and Medicare’s impact, investment strategies, determine if it is wise to buy a second home or relocate in retirement,  basic estate planning suggestions, cautions and alerts. In Chapter 12 he discusses how to age successfully and he equates retirement to a football game, “In any football game, the last quarter is often the most exciting.”

I learned much from this informative, well written and interesting book. First, it’s GREAT to be a federal retiree receiving an annuity with a cost of living increase most years! This is unheard of in the private sector and it provides feds with a little piece of mind when they leave.  His discussion on Medicare, especially Parts A and B coverage, was informative. Did you know that Part A coverage is free only if you or your spouse had 40 quarters or 10 years of work under Social Security?  This is significant for CSRS annuitants who worked in the federal sector their entire life and their spouse also has less than 40 quarters of Social Security time.  Stan relates the situation on page 135, “People with less than 40 quarters may still qualify for Part A but will have to pay a monthly premium. In 2010, people who have 30 to 39 quarters pay $254 a month. With fewer than 30 quarters, the cost is $461 a month!“ The amount you must pay for Part B is based on income! For 2010 the cost ranges from a low of $110.50 to as high as $353.60 per month, quite an increase.  Most would pay the lower rate if they made less than $85,000 a year for an individual taxpayer or $170,000 for a couple filing a joint account.

Saving a life – Maybe Your Own

A friend of mine sent me this link and information last month and I felt that I had to forward this on to everyone. I received official CPR training several times during my career and was certified for several years. It’s easy to forget the routine as I have over the years.

“Every three days, more Americans die from sudden cardiac arrest than the number who died in the 9-11 attacks. You can lessen this recurring loss by learning Continuous Chest Compression CPR, a hands-only CPR method that doubles a person’s chance of surviving cardiac arrest. It’s easy and does not require mouth-to-mouth contact, making it more likely bystanders will try to help, and it was developed at the University of Arizona College of Medicine.”

Forward this link to your adult children and have your spouse or significant other watch this video. The life saved just might be your own!

Video: http://medicine.arizona.edu/spotlight/learn-sarver-heart-centers-continuous-chest-compression-cpr

Updates:

  • Several new jobs were posted on the retiree’s jobs page recently, including multiple part time jobs for customer care representatives with Marriott Corp.
  • Several major updates were added to www.fedealretirement.net recently. We added links for life changes in retirement including divorce and marriage. We receive a number of questions from annuitants who remarry and wish to obtain a survivor’s benefit for their new spouse and others who unfortunately are seeking a divorce and wanting to know the impact on their annuities and benefits.
  • The new health care coverage for adult children until they reach age 26 will be implemented for federal health care programs starting January 1, 2011.  This covers married children but not their spouses or children. To obtain this coverage contact your health care provider to add your eligible children to your plan.
  • The TSP changed their beneficiary form and you must now use the new TSP-3 form to modify your current beneficiary election.  The uniformed military form TSP-U-3 is now obsolete and all must use the new form.
  • On a personal note we were out-of-town this past Sunday and I missed the Steelers game, the best of the season so far! I thought I would be able to listen to one of the Pittsburgh radio stations on the internet but to my dismay they must block the NFL broadcasts from Internet services.

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

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 articles are not intended nor should they be considered investment advice. Our reply is time sensitive. Over time, various dynamic economic factors relied upon as a basis for this article may change.”

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

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