Posted on Friday, 5th May 2023 by Dennis Damp

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Fixed income investments continue to provide a safe haven for our cash as long as we are Vigilant. With the failure of First Republic Bank last week, the third so far this year, all must ensure deposits at their banks are properly covered by the Federal Deposit Insurance Corporation (FDIC).

Approximately 70% of First Republic Bank’s deposits were uninsured in March of this year and account holders withdrew $100 billion in deposits in the first quarter of 2023. First Republic’s deposits dropped by more than 40 percent. The Wall Street Journal reported this as the second largest bank failure in the United States!

With this latest bank failure, depositors with accounts over their FDIC limit will lose out. The FDIC stated, “customers do not need to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits.”

Many aren’t aware of the extent of their FDIC coverage. It can be substantially more than $250,000 depending on how the account it registered.

FDIC Coverage Overview

To determine if your bank is covered by the FDIC, use their Bank Find online tool to verify your banks participation.

All single accounts owned by the same person at the same bank are added together and insured up to $250,000. Accounts with one or more owners that name beneficiaries are insured as Revocable Trust deposits.

Each co-owner’s shares of every joint account at the same insured bank are added together and insured up to $250,000. Basically, if there are two joint owners each is covered up to $250,000. Therefore, their joint deposits at the bank are insured for up to $500,000.

The FDIC also covers retirement accounts including IRAs for up to $250,000 per owner.

Beneficiary Accounts

There are formal and informal revocable trusts. Informal trusts include Pay on Death (POD) designations used when a single or joint owners specify beneficiaries that inherit the funds after the account owner dies. A formal revocable trust is known as living or family trusts. They are written agreements created for estate planning purposes.

All revocable trust accounts owned by the same person at the same bank are added together, and the owners and beneficiaries are each insured for up to $250,000. A revocable trust can be revoked, terminated, or changed at any time at the discretion of the owner(s). The account title must disclose the trust relationship with phrases such as Living/Family Trust, POD, or In Trust For (ITF).

If the trust account is jointly held with two beneficiaries, that account would be insured for up to $1,000,000!

Beneficiaries must be people, charities, or non-profit organizations, and must either be named in the bank records or identified in the trust document.

Review the FDIC’s Deposit Insurance at a Glance brochure for additional guidance.

Note: The rules for revocable trust accounts (including formal trusts, ITF/POD), irrevocable trust accounts and mortgage servicing accounts will change on April 1, 2024. You can learn more about all the new changes by visiting www.fdic.gov/resources/deposit-insurance/.

I discovered that our FDIC coverage drops considerably without designating our successor trustees as beneficiaries in our joint trust. According to the FDIC, successor trustees aren’t considered beneficiaries. They state, “with formal revocable trusts, the owner is commonly referred to as a Grantor, Trustor or Settlor. Trustee and successor trustee designations are irrelevant in the determination of deposit insurance coverage.”

I need to determine if it is acceptable to restate the successor trustee clause when I review my estate documents with my attorney this month. Currently, it lists our children as successor trustees with no mention of beneficiaries. Hopefully, we can change the statement to our children, “and the survivor of them shall be the beneficiaries and become the successor trustees.” Without this change, I believe our FDIC coverage is half of what I originally thought it was.

Electronic Deposit Insurance Estimator (EDIE)

Use the FDIC’s Electronic Deposit Insurance Estimator (EDIE) to determine the level of protection you have for each of your bank accounts. According to their website, “EDIE lets consumers and bankers know, on a per-bank basis, how the insurance rules and limits apply to a depositor’s specific group of deposit accounts—what’s insured and what portion (if any) exceeds coverage limits at that bank. EDIE also allows the user to print the report for their records.”

The calculations provided by EDIE are current through March 31, 2024.

National Credit Union Administration NCUA Insurance Coverage

The NCUA provides all members of federally insured credit unions with $250,000 in coverage for their single ownership accounts. Joint accounts are owned by two or more people who have equal rights to withdraw money from the account and no beneficiaries are named. These accounts can include regular shares, share drafts (similar to checking), money market accounts, and share certificates. The NCUSIF provides each joint account holder with $250,000 coverage for their aggregate interests at each federally insured credit union.

Retirement account insurance protection is separate and apart from insurance coverage on other credit union accounts. For example, if you have a regular share account, an IRA, and a KEOGH at the same credit union, the NCUSIF insures the regular share account for up to $250,000, the IRA for up to an additional $250,000, and the KEOGH for up to an additional $250,000.

NCUA Insurance Estimator

The NCUA Electronic Share Insurance Estimator is available to help members better understand the protection offered by the NCUSIF. This interactive site allows users to input data to compute the amount of NCUSIF coverage available under different account scenarios. This resource is available at www.MyCreditUnion.gov/estimator.

Summary

Check your accounts to ensure they are properly registered with updated beneficiary designations and validate the level of insurance you have with each account.

Use the FDIC and NCAU Insurance Estimators to verify all of your accounts. If you exceed your coverage move the excess to differently registered account at the same bank or move it to another bank or credit union.

Fidelity brokerage accounts offer a program that avoids the potential problems with FDIC coverage. You can elect to have your cash allocated to multiple banks to avoid exceeding the FDIC limit. They do this automatically.

Investors must also be aware of the coverage they have through the Securities Investor Protection Corporation (SIPC) for their brokerage accounts. The limit of SIPC protection is $500,000, which includes a $250,000 limit for cash. Visit their site for specifics.

Summary

Part 2 will explain the weak link in the system, ways to reduce the delays as much as possible, and how to report a death to the Thrift Savings Plan (TSP.)  I suggest printing this article and part-2 next week and place the copies in your estate or retirement binder for your heirs to use when needed. Review my 11-part Estate Planning Guide to help you take care of this essential task while still able to do so.

Helpful Retirement Planning Tools

• Retirement Planning for Federal Employees & Annuitants
• The Ultimate Retirement Planning Guide – Start Now
• Financial Planning Guide
• Deciding When To Retire – A 7-Step Guide
• Annuity Expectations – Before and After
• TSP Guide
• Budget Work Sheet
• Medicare Guide
• Social Security Guide

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, medical or human resource professional where appropriate. Neither the publisher or author shall be liable for any loss or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

Posted in ESTATE PLANNING, FINANCE / TIP, RETIREMENT CONCERNS, SURVIVOR INFORMATION

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Posted on Friday, 28th April 2023 by Dennis Damp

Last week’s article titled “Hiring A Financial Planning – How & Why (Part 1)” covered the state of the economy, why it’s essential to manage our retirement savings prudently, and discussed the first steps for finding a creditable financial advisor. This segment outlines the level of support financial planners can provide, how to substantiate their credentials, and their related fees.

Financial Management Fees

Basically, they will offer several levels of support from traditional brokerage accounts, portfolio reviews with quarterly updates, asset management, advisory and managed accounts.

All come with a cost of course. For example, the fees from one of the firms I contacted initially were .25% of the account balance annually for quarterly portfolio reviews and recommendations, 1% of the account balance annually for up to $500,000 under their asset management program, or 1.25% for advisory and 1.65% for managed accounts. The management fees decrease for clients with larger investment portfolios.

The price you pay to a financial advisor under the Assets Under Management (AUM) fee model is determined by the assets they manage for you. Additional services such as the development of a financial plan may be included at no additional cost.

Typical Financial Management Fees

Fees that you may have to pay for financial & investment guidance include but are not limited to:

• Asset management
• Certified Financial Planner (CPF)
• Financial management
• Fund management
• Investment advisor
• Money management
• Managed account
• Portfolio management
• Wealth management

Fee structures vary from one financial advisory firm to another. Some firms charge a percentage of assets under management, others charge a flat rate. You will find firms also using a mix of both fee arrangements.

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The Bottom Line

How much is this going to cost me over my current expenditures? Yes, it is going to cost more in most cases than what you are paying now to trade and manage your accounts personally. That’s not necessarily a bad thing, but it is something you have to contend with. If the results are what your adviser projected and you expect, and you achieve the level of desired services, then the cost will be worth it. Plus, your time is valuable, and it will be freed up to do other things.

Not all brokerage accounts are alike. The first financial planning firm that I sat down with charged a trading commission of 1%! Purchasing 100 shares of Apple stock at $166 a share would result in a commission of $166! That is excessive by any standard considering that Fidelity offers zero commissions for many stock, ETF and options trades with no minimums to open an account. They also offer zero expense ratio indexed funds!

You may want to keep your trading account with your current brokerage firm if you are an active trader.

Review SEC Reports

Visit the Securities and Exchange Commission’s site to check out a brokerage firm, individual broker, investment adviser firm, or individual investment adviser. The SEC and FINRA provide abundant information on advisers and firms that you can use to start your search.

When I was searching for an adviser, I wanted one that could purchase any and all investments for my account not just one family of funds or investment options. Firms that offer limited investment selections may be more interested in selling you a product rather than being a fiduciary and providing sound investment advice.

I also suggest asking the adviser, before sitting down with them, for an updated copy of their Part 2A Form ADV. The Form ADV is used by investment advisers to register with both the Securities and Exchange Commission (SEC) and state securities authorities. The form consists of two parts.

The second part requires investment advisers to prepare narrative brochures written in plain English that contain advisory services offered, the adviser’s fee schedule, disciplinary information, conflicts of interest, and the educational and business background of management and key advisory personnel. The brochure is the primary disclosure document that investment advisers provide to their clients.

If you are considering talking to a financial adviser, contact several firms to compare options, costs and services before making a decision. The ADV forms will help you readily compare firms and advisers.

Once you sign up, stay in touch and monitor results to ensure they meet or exceed your expectations. If you start small, as they prove their worth you will feel comfortable expanding their role in managing your finances. It takes considerable due diligence to settle on an adviser. It’s a very personal decision and one that will hopefully make your life easier as they manage your investments in an ever-changing world.

Summary

I explored working with a financial advisor when I wrote the first article on this subject 8 years ago. Even though we didn’t take advantage of their services, we did find an attorney to update our wills and joint trust. A must for everyone to avoid probate and confusion when the inevitable happens.

Helpful Retirement Planning Tools

• Retirement Planning for Federal Employees & Annuitants
• The Ultimate Retirement Planning Guide – Start Now
• TSP Guide
• TSP Considerations
• Budget Work Sheet
• Medicare Guide
• Social Security Guide

Disclaimer: The information provided may not cover all aspect of unique or special circumstances, federal regulations, medical procedures, and benefit information are subject to change. To ensure the accuracy of this information, contact relevant parties for assistance including OPM’s retirement center. Over time, various dynamic economic factors relied upon as a basis for this article may change.

The 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, medical or human resource professional where appropriate. Neither the publisher or author shall be liable for any loss or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

Tags: Financial Advisors, Financial PLanning
Posted in ESTATE PLANNING, FINANCE / TIP, RETIREMENT CONCERNS, SURVIVOR INFORMATION

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Posted on Friday, 21st April 2023 by Dennis Damp

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The Federal Reserve intentionally kept interest rates artificially near ZERO for many years. Now that interest rates and inflation are soaring in 2023, do we ladder CDs, buy short term Treasuries and corporate bonds, and/or invest in the market with its inherent risks?

If we do invest in the market, what stock and bond mix will not only preserve but grow our nest egg? If we are doing this on our own, do we buy individual stocks and bonds or invest in indexed mutual funds or exchange traded funds that often have lower management fees.

Years past, many retirees were able to ladder CDs making 5% or more with 48 month or longer maturities. That may be happening again soon as the Treasury raises interest rates to fight inflation. Those in the Thrift Savings Plan (TSP) are able to allocate a portion if not all of their account to the G-Fund to take advantage of rising yields. Unfortunately, we don’t know what lies ahead and many seek out professionals to help them navigate the investment world.

I received a number of questions from site visitors recently about this subject and thought it was time for an update. The original article I wrote on this subject was published in 2015.

Who Controls What?

Often, one or the other spouse takes control of finances and manages investments for the family. If the person in control knows what he/she is doing, and has the time and energy to invest wisely, that often works fine. I basically assumed this responsibility with my family and have done this for years.

For situations where neither partner is knowledgeable about investments federal employees and annuitants often rely on the TSP Life Cycle Funds to steer them towards retirement. Annuitants often consider investing in the L Income fund, a conservative choice with the majority in the G-Fund yet enough in the other funds to partially compensate for inflation.

Other investments must be managed such as IRAs, private sector 401(k)s, brokerage accounts, CDs, savings bonds, savings and money market accounts, and so on.

The tide is turning in 2023, and higher yields are finding their way into most fixed income investments. Many are abandoning riskier investments for this safe harbor.

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One is the Loneliest Number That There Ever Was

The problem with having one person managing investments, when that person becomes infirm or dies the surviving spouse is generally at a disadvantage. They will have to turn to another family member or financial adviser to help manage and preserve what has taken a lifetime to accumulate. Hence the need to establish a relationship with a knowledgeable financial adviser while both are alive and healthy, especially if you don’t have a family member to rely upon.

When you need assistance with finances, you require a professional who knows how to balance your need for trustworthy advice with his or her need to make a living providing it. I’ve researched adviser options over the years, and if you aren’t careful, you can lose a lot through high management fees, front end loads, and transaction fees.

Find a Trustworthy Fiduciary 

A fiduciary is a person or organization that acts on behalf of another person or persons, putting their clients’ interests ahead of their own, with a duty to preserve good faith and trust. This person must take the time to truly understand your goals and strives to achieve them without churning your account or focusing on certain investments excluding other more advantageous options.

Many suggest using a registered investment adviser because they assume a fiduciary roll and are legally required to put your interests first in the relationship. Yet, I’m still concerned because you are trusting a third party to manage your assets or at least a good portion of them. It is much harder to recover from a loss after retirement when most are on fixed incomes.

One of the first questions an adviser typically asks is who you are investing for, yourself or your heirs. More risk can be tolerated if you are investing longer term for heirs. Personally, it seems a moot point, I don’t want to lose a significant portion of my investments no matter who I’m investing for even though, long-term, things may, and I reemphasize MAY improve. Once you’ve accumulated a lifetime of savings, I personally don’t want it to diminish significantly.

Unlike many in the private sector, federal employees have a substantial annuity to rely on in retirement. Add to that your TSP 401 (a) Savings, Social Security for all FERS employees and for many CSRS employees. When I first approached an adviser, I informed him that I didn’t need someone to establish a plan for retirement, I was already there and able to live within our means.

What I wanted was to set up an initial relationship with them so that when I’m not able to manage our accounts due to advanced age or death, my wife and heirs can rely on them for assistance. I like to take things in baby steps, start small, learn about a new relationship, and then progress from there.

The First Step

The adviser we first met with reviewed our personal situation and introduced us to an attorney to update our wills and trusts. They collected a considerable amount of data from us. Personally, I dislike giving out confidential information.

Many federal employees may be able to limit the information to account summaries and balances. If you need a plan to achieve financial security, then you may have to provide the additional information.

Most advisers request any and all information about every account, loan, asset, insurance policies, annuities, income from all sources, including copies of income tax returns.

In turn they offer to prepare a plan describing how, from their perspective, you can achieve financial independence in retirement. These plans are often free of charge and introduce you to the services they can provide to help you achieve your goals.

Wealth Management Advisors

Here is a short list of advisory firms that you can explore. These firms range from the two largest mutual fund companies to large asset managers and banks.

The minimum amount required for a company to provide assistance varies. PNC provides assistance with as little as $5,000 invested and $50,000 to manage certain accounts.

Fidelity’s digital investment management and planning includes unlimited access to 1-on-1 coaching with Fidelity advisors once your balance reaches $25,000 to $250,000 for a fully managed account.

Vanguard’s personal advisor offers a hybrid service with as little as $50,000 and includes access to professional advisors and financial planning. With $500,000 invested they provide custom investment and financial planning strategies with a Certified Financial Planner™ (CFP®).

Baird offers a wide range of entry points for clients. Fisher Investments requires a minimum of $500,000 to sign up for their account management services.

Each firm offers a broad spectrum of services from equity investments to fixed income. Many have local offices nationwide including Fidelity.

• Fidelity Wealth Management
• Vanguard Personal Advisors
• Baird Private Wealth Management
• Fisher Investments
• PNC Managed Accounts

Summary – More to Come

Part two will cover typical financial management fees, the bottom line, and how to review an advisor’s SEC report to ensure your are in good hands. There is much to consider when hiring a financial advisor and you have to be totally comfortable with your selection. Go to part 2:

• Hiring a Financial Manager – Credentials and Fees (Part 2)

Secondly, this is just the beginning. You will also need to package a comprehensive estate plan to protect you and your loved ones. Use our Estate Planning Guide to help you through the process. This step includes compiling a personal “Survivor’s Guide,” including wills and trusts, powers of attorney, health care directives, final arrangements, and data collection.

Helpful Retirement Planning Tools

• Retirement Planning for Federal Employees & Annuitants
• The Ultimate Retirement Planning Guide – Start Now
• TSP Guide
• TSP Considerations
• Budget Work Sheet
• Medicare Guide
• Social Security Guide

Disclaimer: The information provided may not cover all aspect of unique or special circumstances, federal regulations, medical procedures, and benefit information are subject to change. To ensure the accuracy of this information, contact relevant parties for assistance including OPM’s retirement center. Over time, various dynamic economic factors relied upon as a basis for this article may change.

The 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, medical or human resource professional where appropriate. Neither the publisher or author shall be liable for any loss or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

Tags: CFPs, Financial Advisors, TSP Considerations, Wealth Management
Posted in EMPLOYMENT OPTIONS, ESTATE PLANNING, FINANCE / TIP, RETIREMENT CONCERNS, SURVIVOR INFORMATION

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Posted on Saturday, 15th April 2023 by Dennis Damp

Last year’s 8.7% COLA increase was the highest in over 40 years. Civil Service Retirement System (CSRS) annuitants received the full 8.7% while Federal Employees Retirement System (FERS) annuitants received 7.7%. Next year’s COLA may be disappointingly low even when it seems our costs for just about everything continue to skyrocket.

I just returned from the grocery store and can’t believe how high prices are for even the basic food staples. A can of Campbells soup was $2.48! I recall going to the store in my youth and buying ten cans of tomato soup for one dollar!

Home owner’s insurance premiums are rising, coastal properties are expecting increases of 50 to 200% or more this year. Gasoline costs more, my natural gas bill doubled last winter and electric followed suit with a substantial increase. The average consumer, and especially retirees on fixed incomes are suffering through this with little if any relief coming their way.

The U.S. Bureau of Labor Statistics (BLS) reported on 12 April 2023 that the US National Inflation Average increased by 5.0 percent over the past 12 months.

2024 COLA Estimated Increase

According to Wilbert J Morell III, a retired Navy Engineering Project manager that tracks these statistics monthly, “If the CPI-W remains constant at 296.021 between now and 30 September 2023, the 2024 COLA for Social Security, CSRS, and FERS effective on 1 December 2023 will be 1.4%. If the CPI-W trend continues to increase at 0.3% every month through 30 September 2023, the CPI Average for July-August 2023 will be 301.390 and the 2024 COLA for Social Security and CSRS will be 2.9%, and the FERS COLA will be 2.0%.”

The Senior Citizens League states, “If inflation continues to fall at the current rate, it appears that the Social Security cost of living adjustment (COLA) for 2024 will be lower than 3%.”

New Beneficiary Designation Form

OPM issued an updated Beneficiary Designation Form SF-3102 in October of 2022. The new version replaces the previously issued SF-3102 form used exclusively for FERS employees, and the CSRS SF-2808 forms. All employees and retirees must use the new consolidated form after April 30^th of this year.

OPM will accept pending retirement applications with the properly completed previous version of this form and the SF-2808 until April 30, 2023.

This Designation of Beneficiary Form is used to designate who is to receive a lump-sum payment which may become payable under CSRS or FERS.

Previously Certified Forms

Certified versions of the SF 3102 and SF-2808 Forms submitted on or before April 30, 2023, are acceptable. For example, a CSRS or FERS employee that retired before this cutoff date doesn’t have to submit new forms unless changes are necessary.

Other Beneficiary Election Forms

Don’t confuse this form with designation forms used for other types of benefits: Standard Form 2823, Designation of Beneficiary – Federal Employees’ Group Life Insurance Program; TSP-3, Thrift Savings Plan Designation of Beneficiary; or Standard Form 1152, Designation of Beneficiary – Unpaid Compensation of Deceased Civilian Employee.

Helpful Retirement Planning Tools

• Retirement Planning for Federal Employees & Annuitants
• The Ultimate Retirement Planning Guide – Start Now
• TSP Guide
• TSP Considerations
• Budget Work Sheet
• Medicare Guide
• Social Security Guide
• Master Retiree Contact List

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, medical or human resource professional where appropriate. Neither the publisher or author shall be liable for any loss or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

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

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Posted on Friday, 31st March 2023 by Dennis Damp

The economy continues to heat up. Employers added 311,000 workers in February, a sign that the pace of hiring continues to rise, economists predicted 225,000 new jobs!

The Federal Reserve continues to raise interest rates to fight inflation. Their intent is to slow down the economy and raise the unemployment rate that is currently sitting at 3.6 percent, a slight increase from the previous month.

Treasury bills and savings bonds continue to provide a safe harbor for our savings along with rising CD rates at most banks and credit unions. However, with the cost of everything rising dramatically this past year, many retirees are looking for jobs to compensate for higher prices.

Our electric and gas bills more than doubled this year and visits to your local grocery store brings the reality of the situation to the forefront. Our Cost of Living Adjustments (COLAs) aren’t keeping up with the runaway inflation that shows no signs of abating.

The Labor Participation Rate

The labor force participation rate remains below the pre pandemic rate by approximately 2.5 million workers. Many retired early and signed up for Social Security and company pensions during the pandemic.

Job Opportunities

Companies continue to submit job vacancies to our Jobs Board to attract federal retirees. Opportunities exist for those looking to supplement their retirement income or to start a second career.  We provide this job listing service specifically for companies that are seeking to hire experienced retired federal workers.

Currently Lockheed Martin is seeking a Cyber Security ISSO to support the F-35 Reprogramming laboratories at Eglin Air Force Base, Florida. Performs mandatory information system security tasks on assigned information systems.

For those looking for part time positions, many are available and pay well these days. Job vacancies are advertised at most establishments.

Security Clearance Jobs

If you are a U.S. citizen and have an active security clearance, or recently retired, explore positions with major corporations worldwide. ClearanceJobs is the largest security-cleared career network. Only pre-screened defense and intelligence recruiters can access your candidate profile.

There services are used by over a thousand defense and intelligence contractors like Northrop Grumman, Booz Allen, Raytheon, General Dynamics, and RAND, as well as federal government agencies including the CIA, FBI, Federal Reserve and National Laboratories. Click on the banner below to sign up.

Annuity Impact

A federal retiree’s annuity is not reduced when returning to work for private sector employers. Federal retirees can return to federal service under the Rehired Annuitant Program. In most cases this will impact and reduce their annuity. However, certain rehired annuitant positions offer waivers for critical hard to fill positions, allowing the applicant to retain their annuity and new salary in full.

There are additional opportunities to work for contractors. I’ve seen first-hand, while working with the FAA, retirees coming back to work as contractors with companies such as Booz Allen, Lockheed Martin, and others.  Here is a list of the Top 68 Contractors Working for the Federal Government. If you are interested in working for a contractor after retirement, explore your options early and look for opportunities on their website.

Summary

Jobs are plentiful and there is a broad spectrum of occupations to consider. Many related to your federal employment. If you are thinking of going back to work, use our jobs board and job-hunting resources to get started and search for opportunities that interest you.

Helpful Retirement Planning Tools

• Jobs Board
• Retirement Planning for Federal Employees & Annuitants
• The Ultimate Retirement Planning Guide – Start Now
• Which Way is Up – A Retiree’s Conundrum
• TSP Guide
• TSP Considerations
• Budget Work Sheet
• Social Security Guide

Disclaimer: The information provided may not cover all aspect of unique or special circumstances, federal regulations, medical procedures, and benefit information are subject to change. To ensure the accuracy of this information, contact relevant parties for assistance including OPM’s retirement center. Over time, various dynamic economic factors relied upon as a basis for this article may change.

The 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, medical or human resource professional where appropriate. Neither the publisher or author shall be liable for any loss or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

Tags: Federal Annuitants, FERS Retirees, Retiree Jobs, Security Jobs, Writing Jobs
Posted in ANNUITIES / ELIGIBILITY, BENEFITS / INSURANCE, EMPLOYMENT OPTIONS, FINANCE / TIP, RETIREMENT CONCERNS, SURVIVOR INFORMATION

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Posted on Friday, 24th March 2023 by Kevin Moss

It’s a little early to start talking about health care open season. However, major Medicare Part D reforms were enacted in the Inflation Reduction Act of 2022 (IRA) that everyone needs to be aware of. Some of the legislation’s provisions seek to lower prescription drug costs for both Medicare beneficiaries and the federal government.

Historically, federal annuitants found little value in joining a Part D plan because FEHB plans’ prescription drug coverage was as good or better. However, certain new reforms strengthen the value of Part D and should be considered in your plan choice next year and even more in future years.

2023 and 2024 Changes

Medicare Insulin Prices Capped

Insulin covered by Part D plans is capped at no more than $35/month starting this year. Part D plans will not have to cover all insulin products but will have to offer one of each dosage form— vial, pen—and insulin type—rapid-acting, short-acting, intermediate-acting, and long-acting.

Catastrophic Coverage Coinsurance Dropped

Once total spending between the Part D enrollee, Part D plan, and drug manufacturers reaches $7,400 in a year, catastrophic coverage begins. Currently, the enrollee pays 5% of expenses in the catastrophic coverage phase. Beginning in 2024, Part D plans will eliminate the 5% enrollee share.

Part D Premium Increase Limits

Starting in 2024 and lasting through 2030, the IRA limits Part D premium growth to no more than 6% per year. Part D premiums increased 10% on average from 2022 to 2023, so the 6% cap offers some protection from large price hikes in the future.

2025 Change

Out-of-Pocket Spending Cap

In 2025, there will be a new $2,000 enrollee out-of-pocket spending cap in Medicare Part D plans. Additionally, enrollees will have the ability to spread out that $2,000 over the course of a year. This provision will limit out-of-pocket drug costs to no more than $167 a month for any Part D enrollee.

This Part D change will produce substantial savings for annuitants with high out-of-pocket drug costs. For those needing expensive brand or specialty drugs to treat cancer, multiple sclerosis, or other medical conditions, joining a Part D plan will be a huge cost saver unless FEHB plans modify their offerings to match this benefit.

Why such big savings? Because the soon-to-be $2,000 out-of-pocket maximum in Part D is significantly lower than almost all catastrophic limits seen in FEHB plans, which range from as low as $1,500 to as high as $9,100 when using in-network providers for self-only enrollment.

Two Part D Enrollment Options

OPM in their annual carrier call letter has indicated their desire to have federal annuitants receive improved Part D benefits and is allowing FEHB carriers to offer two Part D enrollment options—FEHB Medicare Advantage (MA) and FEHB Prescription Drug Plans (PDP).

FEHB MA Plans

FEHB MA plans are more generous than regulatory MA plans and are only open to federal annuitants. They have only recently been made available through FEHB.

FEHB MA plans bundle a Medicare Part D plan for prescription drug coverage. By joining an FEHB MA plan, you’ll receive improved Part D benefits going forward. Moreover, because Medicare is the primary payer for annuitant medical bills, these plans pass on most of their FEHB enrollee cost to Medicare and offer low FEHB premiums, rebates on the Medicare Part B premium, or both.

There are several nationwide FEHB MA plans available—Aetna Advantage, APWU High, Compass Rose, Foreign Service, MHBP Standard, NALC High, Rural Carrier, and SAMBA. There are also local FEHB MA plans available from Humana, Kaiser, UnitedHealthcare, and UPMC that between them cover most states. Expect to see even more FEHB MA plans in 2024.

To join one of these FEHB MA plans, you must be enrolled in both an FEHB plan and Medicare Parts A and B. All FEHB MA plans either reimburse or reduce some or all the Part B premium. Many have $0 out-of-pockets costs for medical and hospital expenses from providers that accept Medicare, except for prescription drugs.

For most annuitants, the FEHB MA plans will be the least expensive plan choice considering premium savings as well as $0 out-of-pocket medical and hospital spending. Checkbook’s Guide to Health Plans ranks all FEHB plans based on a total cost estimate that’s a combination of for-sure expense (premium) plus likely out-of-pocket costs you’ll face based on age, family size, and expected healthcare usage.

For 2023 coverage, we calculate that a D.C.-area couple enrolled in Medicare Parts A and B with income below $194,000 could have saved $7,990 in estimated total costs this year by switching from BCBS Standard to United Choice Primary Retiree Advantage—a cost savings likely to remain the same in future years assuming no major plan changes.

While most annuitants would benefit financially from enrolling in an FEHB MA plan, it may not be the best choice for everyone.

If you fall into one of the high-income categories—more than $97,000 for individuals or $194,000 for couples—Part B is of limited financial value due to the higher premium. With FEHB MA plans, you’ll get hit twice with Income Related Monthly Adjustment Amounts (IRMAA), which means you’ll be paying both a higher Part B and Part D premium.

Additionally, if you spend a large portion of time abroad, only one FEHB MA carrier (UnitedHealthcare) provides reimbursement for routine overseas care. Of course, since you stay enrolled in an FEHB plan with any FEHB MA plan, you’ll always have the emergency overseas care coverage that every FEHB plan provides.

Finally, make sure to check the FEHB MA plan provider directory before enrolling. While the plans claim you can see any provider that accepts Medicare, there are a handful of examples where certain networks are excluded from coverage.

FEHB PDP Plans

Beginning next year, OPM will allow FEHB carriers to offer supplemental prescription drug Part D plans along with their FEHB plan offerings. To receive OPM approval, the FEHB PDP coverage must be as good or better than the prescription drug coverage offered from just the regular FEHB plan. This means, like FEHB MA plans, there will be no extra premium to join an FEHB PDP.

There is also a provision to allow FEHB carriers the ability to auto-enroll their Medicare plan members into an FEHB PDP. However, plan members will be able to opt-out if they wish, and FEHB carriers will have to show how they’ll inform their members, process enrollments, and provide customer service before OPM approves auto-enrollment.

Even though annuitants won’t be subject to an extra premium with an FEHB PDP, IRMAA still applies if you have a high income. For 2023, Part D IRMAA was an extra $12.20/month in the first income tier and up to an extra $76.40/month in the fifth income tier.

Annuitants will need to pay close attention to OPM announcements and communication from their existing FEHB plan this fall, before and during Open Season. You could be auto-enrolled in a new FEHB PDP or, if not auto-enrolled, you might consider enrolling in the FEHB PDP.

While the FEHB PDP drug coverage is supposed to be as good or better, you’ll need to carefully review plan materials to confirm that the cost sharing arrangements are the same, or lower, in-network pharmacies remain the same, and that any existing prescription drugs you take are still on the plan formulary.

2024 FEHB Open Season Advice

This year review the 2024 FEHB plan brochures, that will be coming out this fall, carefully to best understand the impact these changes will make to your prescription drug coverage.

Federal annuitants, and soon to be annuitants, have even more healthcare decisions to consider: The choice of whether to enroll in Part B at age 65 (which opens the door to FEHB Medicare Advantage plans), which FEHB plan to select during Open Season, and now whether to enroll in Part D either through an FEHB MA plan or FEHB PDP.

The right choice for you will largely be determined by your anticipated prescription drug usage and whether you are subject to higher Part B and Part D premiums through IRMAA.

If you have low usage and aren’t auto-enrolled in an FEHB PDP, you can delay Part D enrollment. There is no late enrollment penalty since your FEHB plan drug coverage is considered creditable coverage by OPM. If your situation changes in the future, you can enroll in Part D then.

For annuitants with moderate or high prescription drug usage, including annuitants that take insulin, joining Part D can be an important way for you to save on your out-of-pocket drug expenses.

For annuitants that aren’t subject to IRMAA, FEHB MA plans will be the best way to receive enhanced Part D benefits and save a considerable amount of money on total health care expenses. Annuitants subject to IRMAA will need to decide if enhanced Part D benefits are worth paying the extra IRMAA amount.

Helpful Retirement Planning Tools

• 2023 FEHB Plan Selection Guide
• Blue Cross Blue Shield Basic to GEHA Standard Plan Comparison – 2023
• Retirement Planning for Federal Employees & Annuitants
• The Ultimate Retirement Planning Guide – Start Now
• Medicare Guide
• Budget Work Sheet
• Social Security Guide
• Retiree Master Contact List

Author Bio

Kevin Moss is a senior editor with Consumers’ Checkbook and a contributing writer for www.fedretire.net. Checkbook’s Guide to Health Plans for Federal Employees is a comprehensive FEHB plan comparison tool that helps federal employees select the plan best suited to their needs.

Disclaimer: The information provided may not cover all aspect of unique or special circumstances, federal regulations, medical procedures, and benefit information are subject to change. To ensure the accuracy of this information, contact relevant parties for assistance including OPM’s retirement center. Over time, various dynamic economic factors relied upon as a basis for this article may change.

The 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, medical or human resource professional where appropriate. Neither the publisher or author shall be liable for any loss or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

Tags: MA Plans, Medicare Part D, Prescription Drug Coverage
Posted in BENEFITS / INSURANCE, RETIREMENT CONCERNS, SURVIVOR INFORMATION, WELLNESS / HEALTH

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Posted on Friday, 17th March 2023 by Dennis Damp

Savings bonds as featured in my article titled, “I and EE Savings Bonds – Safe, Simple, and Affordable” can be used to finance children’s education, supplement future retirement income, or save for a rainy day, all are backed by the full faith and credit of the United States.

Many are unaware of the tax-free components of Savings Bonds. The Interest earned is tax deferred until you cash them in. If used for education, the tax is waived in certain situations, and they aren’t subject to State taxes.

Tax Deferred Earnings

You can defer reporting the interest until you file a federal income tax return for the year in which you cash them in. Another option is to report the interest yearly even though you don’t receive the interest until the bond is redeemed.

Most defer reporting the interest until they cash in their savings bonds. A Form 1099-INT form will be sent by the financial institution that cashed your bonds. This form is downloadable from your Treasury Direct account for bonds held in your online account.

Reporting interest annually

I defer reporting earned interest until I cash in my bonds to avoid the additional paperwork involved. If you pay the tax annually on the interest earned for that year, you have to look up the year’s interest for each of your bonds and report it on your tax return. You’ll only receive a 1099 INT for the total amount of interest when you eventually redeem the bond.

Your tax return must be annotated the year you redeem the bond to reflect that you already paid most of the taxes and don’t owe tax on the full amount. Keep all of your old tax returns to prove the taxes were paid.

Treasury Direct account holders can view the interest earned each year in their account. Those with paper savings bonds can use the Savings Bond Calculator to determine the interest earned in any given year. Use IRS publication 550 instructions for reporting savings bond interest annually.

Another consideration, if you decide to change from one method to the other you have to file IRS Form 3115 to make the change.

Advantages of Paying Interest Annually

Paying the tax at maturity or cashing in a number of bonds for a specific purpose before maturity will increase your Adjusted Gross Income for that year if you go the tax deferred route, which most do. The maximum you can purchase in I or EE bonds each year is $10,000, if you wait until maturity the bonds will more than double in value.

This increased income for savings bonds that interest was deferred could push you into a higher tax bracket or potentially increase your (MAGI) Medicare Part B and D premiums in the upcoming year. The additional income could possibly make you ineligible for certain income-based benefits.

Education Exclusion

You may be able to exclude from income all or part of the interest you receive on the redemption of qualified U.S. savings bonds during the year if you pay qualified higher education expenses during the same year. This exclusion is known as the Education Savings Bond Program.

Qualified U.S. savings bonds

A qualified U.S. savings bond is a Series EE bond issued after 1989 or a Series I bond. The bond must be issued either in your name (sole owner) or in your and your spouse’s names (co-owners). You must be at least 24 years old before the bond’s issue date.

Qualified Expenses

Parents may be able to pay some or all of their child’s higher education tuition with their savings bonds without paying taxes on the earnings.

Qualified higher educational expenses are tuition and fees required for you, your spouse, or your dependent to attend an eligible educational institution. Qualified expenses include any contribution you make to a qualified tuition program or to a Coverdell education savings account.

Qualified expenses do not include expenses for room and board or for courses involving sports, games, or hobbies that are not part of a degree or certificate granting program.

When I first realized you could do this, I thought it also applied to non-dependent grandchildren as well. Unfortunately, it doesn’t.

Recovering Lost or Missing Savings Bonds & Treasuries

According to the U.S. Treasury Department there is $29 billion in unredeemed savings bonds! They are just waiting to be found by their owners or heirs and the Treasury will help you with your search.

Treasury Hunt is the Treasury’s online search tool for finding matured savings bonds or missing interest. You can use this service if you or a loved one who died had savings bonds or other Treasury securities that are no longer earning interest, but haven’t been cashed.

It also covers missing interest or other payments on HH savings bonds or other Treasury securities. Just enter the person’s Social Security Number and state of residence. Dots will show on the form for the Social Security Number to protect your privacy.

Visit https://www.treasurydirect.gov/savings-bonds/treasury-hunt/ to use this form. If you find bonds or other securities that match your information, you’ll get instructions on how to proceed.

Another option to recover lost savings bonds is to visit the Treasury Direct website and fill out Form 1048: Claim for Lost, Stolen, or Destroyed United States Savings Bonds.

The more information such as the serial numbers, bond face values, the name and social security number of the person on the bond, the greater chance of success.

More than likely, you won’t have all of the details unless written records are available. The Treasury can likely find the bond records as long as you know some of the details.

Summary

Interest deferral along with no state taxes, and the possibility of using your bonds for education to eliminate taxes on your bonds, all make savings bonds a compelling investment option. The current 6.8% yield on I Bonds is exceptional and EE bonds, currently yielding 2.1%, are guaranteed to double to face value after 20 years.

Many 529 college funds are invested in the stock market and subject to losses during recessions and uncertain times. My EE bonds averaged 4.8%, and my I bonds averaged 5.85% over the past 30 years. The S&P 500 return from 1993 through 2022 was 7.52%. Savings bonds are not subject to market volatility and will be there when you need them.

Helpful Retirement Planning Tools

• Retirement Planning for Federal Employees & Annuitants
• The Ultimate Retirement Planning Guide – Start Now
• TSP Guide
• TSP Considerations
• Budget Work Sheet
• Medicare Guide
• Social Security Guide

Disclaimer: The information provided may not cover all aspect of unique or special circumstances, federal regulations, medical procedures, and benefit information are subject to change. To ensure the accuracy of this information, contact relevant parties for assistance including OPM’s retirement center. Over time, various dynamic economic factors relied upon as a basis for this article may change.

The 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, medical or human resource professional where appropriate. Neither the publisher or author shall be liable for any loss or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

Tags: EE Bonds, I Bonds, Lost Savings Bonds, Savings Bonds, Tax Free Interest
Posted in ANNUITIES / ELIGIBILITY, BENEFITS / INSURANCE, FINANCE / TIP, RETIREMENT CONCERNS, SURVIVOR INFORMATION

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Posted on Friday, 10th March 2023 by Dennis Damp

Savings bonds received a boost in popularity last year due to their inflation indexed I-Bond’s exceptional interest rates, currently 6.89%. Far exceeding what most investments are paying today. Their previous six-month yield was 9.62%!

A former associate reviewed savings bond interest rates for his payroll deduction purchases from 2001 to 2007.  His 2001 bonds are paying 10.23%. Most were yielding 8 to 9.5% in the other years, with a few at 4.5 to 5.5 percent.

The I-Bonds issued in the late 1990s and early 2000s had a 3% fixed rate, today’s fixed rate is .4%, the reason for the much higher yield at the beginning of the 21st century. My I-Bonds during this period are earning from 8.54% to 13.08%!

Paper Verses Online Bond Purchases

The Treasury stopped issuing paper bonds on January 1, 2012 and savings bonds soon fell out of favor. Most were skeptical of the new online book entry system, myself included. The only way to purchase paper I-Bonds today is with your IRS tax return. They allow those receiving a tax refund to use up to $5,000 of their refund to purchase paper I-bonds.  All other savings bond purchases must be processed online at www.TreasuryDirect.gov.

Once you get familiar with Treasury Direct (TD) and understand the process, it isn’t all that difficult and there are advantages to having the bonds in a book entry system.

Advantages of the Online System

1. Savings bonds mature after 30 years. If you hold paper bonds and don’t cash them in, they stop earing interest. When bonds are held in your Treasury Direct account, they automatically cash them in at maturity and return the funds to your designated bank account.
2. You can easily manage your online bonds including changing registration, beneficiaries, and track your bond portfolio’s basis and interest for all bonds and individually.
3. You can buy and cash in your savings bonds whenever desired as long as you hold them for at least a year. Funds are electronically withdrawn or deposited to your designated bank account.
4. The Treasury issues a downloadable 1099 INT form for redeemed bonds; you don’t have to claim the interest until they are cashed in, the same with paper bonds that you may have.
5. Once you open your TD account you will be able to purchase Treasury Bills, Notes and Bonds. Short term Treasury Bills are paying around 5% today.
6. You can send your paper bonds to the Treasury and they will add them to your online account.
7. Paper bonds can easily be lost and forgotten. Once in an online TD account, and you include your account information in our estate plans, heirs would be able to access them.
8. The process to cash-in paper bonds can be cumbersome. You must retrieve them from your safety deposit box, then to a teller to cash them in or deposit the money in your account. Online, just a few key strokes and you’re done; the next day the funds are deposited to your account.

On the flip side, paper bonds were ideal for gifting to our children, grandchildren and others. Today, each person you gift to must have an online TD account. Most forgo the process and give cash to their parents for the child’s 529 or bank savings account. Also, one in the hand is worth two in the bush. A paper bond is tangible, you can take bonds to most local banks, as I did last week, and cash them in.

The Registration Dilemma

The Treasury allows registration as an owner WITH another party or as a primary owner with one designated beneficiary. I don’t know why they limit the number of beneficiaries.

Co-owner & Beneficiary Registration

You can register your bonds in your name WITH your spouse or any other person. The bond can be cashed by either party.

It’s recommended to leave instructions for your executors, after one of the co-owners dies, to change the registrations for the joint account to the survivor and change bond registrations to whatever beneficiaries are desired for the remaining bonds in the account.

To get around not having the ability to select more than one beneficiary, you can register the bonds in your name with different beneficiaries for each of your online bonds as desired.

It’s easy to change registration online with your Treasury Direct Account. All you do is add the registrations you want and then change your current bonds to the new registration. For paper bonds, you have to send them into the Treasury and they will put them into your Treasury Direct Account with the desired registration.

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EE Savings Bonds

Today EE bonds are yielding 2.10% and they are purchased at half their face value and there is a $10,000 yearly purchase limit. The Treasury guarantees the EE bonds will double to face value in 20 years for an effective yield of 3 percent.

You must hold them for at least one full year before cashing them in; if you cash them in before 5 years, you lose 3 months of interest.

I recently cashed in several matured 30-year EE paper bonds. One of the bonds I turned in cost $250; I received $1,036.80 for a compounded yield of 4.8%. Interest compounds semiannually. The following screen shot shows one of the EE bonds I cashed in; I used the Treasury’s Savings Bond Calculator to confirm the amount I would receive before going to the bank. It was spot on to the penny.

30 Year EE Bond Interest

I-bonds earn interest monthly. Interest is compounded semiannually; every 6 months the Treasury applies the bond’s interest rate to a new principal value. The new principal is the sum of the prior principal and the interest earned in the previous 6 months.

A $200 denomination I-Bond I purchased in July of 1999 is now worth $774.40 today providing a compounded yield of approximately 5.85%. This bond is now earning 9.89% and this July the yield will drop to 6.89% for the next six months.

I Bond purchases are limited to $10,000 yearly per account holder through Treasury Direct. Both you and your spouse can purchase up to this limit if you have individual accounts. At tax time, you can elect to buy up to an additional $5,000 in paper I-bonds with your tax return.

You can cash in (redeem) your I bond after 12 months. However, if you cash in the bond in less than 5 years, you lose the last 3 months of interest. For example, if you cash in the bond after 22 months, you get the first 19 months of interest.

Cashing in Your Bonds

A newsletter subscriber had a problem cashing in a deceased relative’s savings bond. If the bond holder didn’t designate a beneficiary or that person died, it can be a problem. Also, his son’s bank and credit union wouldn’t redeem paper bonds. This is becoming more common these days.

My local bank and credit union still redeem savings bonds. They gave me a detailed receipt for the matured bonds I cashed in last week showing the redemption amount and total interest earned. They will send 1099-INT forms for 2023 early next year. Savings bonds redeemed through your online TD account produce a downloadable 1099-INT form.

If you can’t find a local financial institution to take your paper bonds you will have to send them to the Treasury to redeem.

Buying Your First Classic Car

Tracking Your Bonds

I use the Treasury’s Savings Bond Calculator to track EE and I-Bonds, paper and online purchases even though the Treasury advises users not to add online bonds to the calculator. Actually, you don’t have to track bonds you purchased online since they are already accounted for within your account; you should print out a copy of all of your bonds for your records.

I added my online bonds so that I have a complete central list of all savings bonds we own. You can only add an I-Bond up to $5,000 on the calculator. If you purchase the maximum amount break it down into two lots and label them the savings bond serial number 1 and 2.  For example, if your serial number is IABBA, enter $5,000 with serial number IABBA-1 and IABBA-2. The data base file works fine with these designations.

Once you added all of your bonds you must save the file and only a few browsers actually work. I use Firefox since Microsoft stopped supporting Internet Explore. The program does not work with Google Chrome or Microsoft Edge. Firefox is a free download if needed.

An image of the calculator is located above under EE Savings Bonds. To save your compiled file click on “How to Save Your Inventory” and follow the guidance for your browser. It’s easy to do, it just takes a few times doing it to get accustom to the routine. Every time I buy or sell bonds I add or remove them from my list and save the new file under my desktop so it is always there to review monthly.

Another nice feature of this calculator, when new rates are announced in November and May you can go six months out to determine what your account is worth to those dates.

Summary

Savings bonds aren’t glamorous like the high-flying stocks of today and may not earn you the most long-term, but they are safe, simple, and affordable. When an investment is out of sight and mind, it will be there when needed to bail you out during hard times.

The compounded yield of my matured 30 year EE bonds, that I just cashed in, was 4.8%. One of my oldest I-Bonds compounded yield from 1999 to the present was 5.85%. Not bad considering that the average annualized S&P 500 return for the past 30 years, 1993 through 2022, was 7.52%. Another advantage is tax deferred earnings until cashed and your earnings aren’t subject to state taxes.

I encourage those still employed and planning their retirement to consider purchasing savings bonds through payroll deduction as I did throughout my career. It will make a difference later in life and you can start small and watch it grow. Retirees that can afford to purchase I-bonds, now is a good time to invest in them as well, you just can’t cash them in for the first year.

When the market is gyrating, as it is now, you will sleep better at night knowing a portion of your savings are stored safely away.  Here are two articles that you may find helpful;

• Which Way is Up – A Retiree’s Conundrum
• Is the Stock Market Keeping You Up at Night?

Helpful Retirement Planning Tools

• Retirement Planning for Federal Employees & Annuitants
• The Ultimate Retirement Planning Guide – Start Now
• TSP Guide
• TSP Considerations
• Budget Work Sheet
• Medicare Guide
• Social Security Guide

Disclaimer: The information provided may not cover all aspect of unique or special circumstances, federal regulations, medical procedures, and benefit information are subject to change. To ensure the accuracy of this information, contact relevant parties for assistance including OPM’s retirement center. Over time, various dynamic economic factors relied upon as a basis for this article may change.

The 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, medical or human resource professional where appropriate. Neither the publisher or author shall be liable for any loss or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

Tags: EE Bonds, I Bonds, Savings Bond Purchasing Limits, Savings Bonds
Posted in BENEFITS / INSURANCE, ESTATE PLANNING, FINANCE / TIP, RETIREMENT CONCERNS, SURVIVOR INFORMATION

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