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The good news is that federal, postal, military and Social Security retirees in January will be getting the largest cost of living adjustment they’ve had in years. That is also the bad news!
President Joe Biden signed an executive order implementing an average 2.7% federal pay raise for most civilian employees in 2022, the final step needed to make the salary increases official.
The program will keep a continual eye on service member families and bring together best practices.
The most serious discussions about possible changes to the federal pay and locality system are on hold, at least until the president nominates new members to the Federal Salary Council.
Investing for retirement is tricky enough. Building and keeping a nest egg for life when three virus strains are ravaging the planet only adds to the stress.
Over the years, an artificial pay cap has kept many GS-15s from getting some or all of the raises their subordinates got.
Every time there is a federal pay raise AND a cost of living adjustment for retirees, some folks figure they can get a piece of both. While it sounds good in theory, it isn't so simple.
The Pentagon says the mean increase of basic allowance for housing (BAH) will go up by 5.1%, a wide jump from the past two years, which have averaged just below 3%. DoD will spend $25.6 billion on BAH for 2022.
Lots of people are worried about being able to afford living in the future. But financial planner Arthur Stein says you have options.
FERS workers must plan their retirement under a system that has lots of moving parts. We asked long-time, successful career fed and part time financial coach Abraham Grungold if he had a plan. He did and he agreed to share it with us.
Recent legislation would get rid of the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO), but the repeal would be temporary. Federal employee groups say it's better than nothing.
After November's dramatic spike, the FYTD average processing rate is still the highest it's been in a year. But the monthly average is now back to around what it was in February and June.
To be eligeble for the Federal Employees Health Benefits Program in retirement, you must have been enrolled for at least five years before leaving your job.
Outside of the blockbuster parts of the 2022 defense authorization bill, there are many new policies Congress will mandate the Pentagon to enact once the bill is signed into law.