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Posted on Thursday, 13th February 2025 by Dennis Damp

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Approximately 50% of retirees pay taxes on their Social Security benefits, compared to less than 10% in 1984! Thomas Massie (R-KY) reintroduced H.R. 1040, the Senior Citizens Tax Elimination Act. It was referred 02/06/2025 to the House Committee on Ways and Means. This bill assists seniors by eliminating the double tax on Social Security benefits. […]

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Posted on Friday, 24th January 2025 by Dennis Damp

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For those planning their retirement, it’s a good time to assess where you are financially long before filing your retirement paperwork. Federal employees received an overall 2 percent pay raise, factoring in locality pay. The 2025 pay charts are available for your review. Sign up for a complimentary retirement planning session and a FREE retirement planning […]

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Posted on Friday, 10th January 2025 by Dennis Damp

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Christmas came early for those subject to the WEP and GPO provisions but not for those who opted out of GEHA’s MPDP plan. Many, including my wife and me, opted out of Silver Script’s Part D (EGWP) Medicare Part D Prescription Drug plan offered by GEHA in late November, and we received a confirmation letter […]

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Posted on Friday, 11th October 2024 by Dennis Damp

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More than 71 million Americans will see a Cost-of-Living Adjustment (COLA) of 2.5% in their Social Security benefits and Supplemental Security Income (SSI) payments in 2025. Social Security retirement benefits will increase on average $49 per month starting in January. Federal retiree annuities under the Civil Service Retirement System (CSRS) receive the full 2.5% increase […]

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Posted on Friday, 10th November 2023 by Dennis Damp

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The Inflation Reduction Act’s Part D reforms will impact FEHB plans in 2024. Historically, most federal annuitants didn’t need to consider Part D because FEHB prescription drug benefits were as good or better and didn’t have an additional premium. However, OPM has allowed FEHB plans to offer Part D prescription drug plans (PDP) in 2024, […]

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