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Decades after FERS replaced CSRS some people, in both systems, insist they got the shaft. And are very bitter about being one of the have-nots.
With so many feds retirement-eligible, many are likely crunching the numbers to decide if it is better to be retired from government than working for it. Both financially and emotionally.
It isn’t the year that matters, but the month of the year that you decide to retire. So if you’ve got a friend hoping to take advantage of a higher COLA tell him or her that the clock is ticking.
While the raises and COLAs are important to individuals, the community and the nation, the actual amounts are often a mystery to both workers and retirees. Especially when the amounts vary greatly.
In most cases there are a number of “best dates” each year to retire. Even more importantly is picking the actual year itself. What’s best for you may not work for a colleague with the same service time and salary level. So how do you find that magic moment?
One long-time fed said I had made unfair (and unjustified) editorial comments about the impact and the need for the WEP and GPO.
The Federal Employees Retirement System (FERS) requires some-to-considerable thought and work from those who want to maximize their total retirement benefits.
In case you hadn’t noticed, inflation is at a 20 year high. And this may be the new normal, according to some experts. That’s the not-so-good news.
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!
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.
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.
To be eligible for federal survivor benefits, widows or widowers must have been married to an employee or annuitant for at least nine months. But meeting that requirement was difficult for some survivors due to provisions in the Defense of Marriage Act and various state laws prohibiting same-sex marriage, which the Supreme Court has since declared unconstitutional.
The January cost of living adjustmnent for most retired feds, military and Social Security reciepents will be 5.9%. But the keyword is “most.”
There are also lots of things to consider, including picking the best health plan for you and yours to get you through 2022.