Social Security Earnings and the Federal Employee
Not so long ago, approximately two months before your birthday each year you would receive your Social Security Statement ‘Estimating Your Benefits’ and showing your ‘Earnings Record.’
...Read MoreNot so long ago, approximately two months before your birthday each year you would receive your Social Security Statement ‘Estimating Your Benefits’ and showing your ‘Earnings Record.’
...Read Morea list of things you need to know about Social Security:
...Read MoreWhen you reach full retirement age, according to the year in which you were born, there are no limits as to how much money you can earn, and still receive all of your Social Security benefit
...Read MorePayment of Social Security Benefits We are continuing our discussion of Social Security. Let’s move right into discussing how benefits are paid. This subject should be of particular interest to FERS workers given their retirement plan includes Social Security. There may also be CSRS employees who worked outside of the Federal service and qualify for Social
...Read MoreThe Windfall Elimination Provision applies to federal workers if they reached age 62 after 1985 or became disabled after 1985.
...Read MoreIn a recent post we mentioned Government Pension Offset (GPO) and gave a definition with the promise of giving more details in a later post.
...Read MoreUnderstanding the federal retirement systems can sometimes be complex to say the least. Yet, it is information we really need to breathe in and understand. Knowledge is power and we all want the power to live in retirement on our own terms. Did you know that there is a formula for calculating your Social Security
...Read MoreYour Social Security benefit is based on your earnings over your entire work career. Your benefit amount is also based on the age you begin receiving retirement benefits. The earlier you start receiving benefits, the lower your payment will be.
...Read MoreThe number of credits you need to qualify for benefits actually depends on the year you were born. For example, if you were born in 1929 or later, you need 40 credits to qualify for eligibility.
...Read More~~SOCIAL SECURITY-BACKGROUND As we continue building our laundry list of things we need to know and do in order to prepare to retire well, Social Security is a major item on our list. The Social Security Act was signed on August 14, 1935 some 15 years after the Civil Service came into being on August
...Read More~~Tips for Your Health Often time retirees find that a great portion of their social life has been left in the office. You spend the majority of your waking hours at work and as a result you spend most of your time with your work family. But when you retire, that work family does not
...Read MoreYour Retirement Planning Report Card, however, is far more important than if you got an ‘A’ in your Social Studies class. This Report Card will truly impact the rest of your life.
...Read MoreSources of Income for Federal and Postal Retirees The majority of retirees will get income from a number of sources. However, the only sources they can really depend on are –certified – sources of income. What are certified sources of income? Income that you know will be there – Social Security, Employee Pension Plans and other
...Read More~~HOW DO I GET STARTED WITH A PLAN? By now you are probably asking – How do I get started setting goals that are SMART and putting a plan into action? You get started by first simply writing down what you desire your retirement picture to reflect. Write down your goals, evaluate and analyze them
...Read MoreAs the adage goes – The best time to plant a shade tree was 40 years ago. The second best time is right now.
...Read Moreif you are not eligible for Social Security, you will not automatically receive a Medicare card in the mail, you will have to apply for Medicare. This is important to those Federal employees and retirees who are not eligible for Social Security
...Read MoreMedicare Part A is generally premium-free. However, Medicare Part B requires the payment of a monthly premium. The premiums are withheld from your monthly Social Security or your Annuity.
...Read MoreWorking for 10 years under a Medicare covered employment provides you with the 40 credits, previously called quarters, needed to qualify. On average, an employee earns 4 credits per year of employment, accumulating 40 credits in 10 years.
...Read MoreEstimate of Social Security eligibility and payments plus Estimate of Your Pension or Annuity plus any distributions that you TSP is able to produce equals the Estimate of Your Retirement Income
...Read MoreThe majority of Americans will receive income from Social Security, an Employee Pension, and Savings and Investments.
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