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.
The Federal Employees Retirement System (FERS) requires some-to-considerable thought and work from those who want to maximize their total retirement benefits.
A cost of living adjustment this size carries a double message. First, that inflation is back, and second, that not everybody will get the full increase. Some will even get nothing, meaning even more belt-tightening!
For the vast majority of feds still on the payroll, plus a growing number of those already retired under the newer Federal Employees Retirement System (FERS), big COLAs mean fiscal heartburn.
Currently, most feds in retirement left under the CSRS program so they get full COLAs. But the overwhelming majority of people working for Uncle Sam now are under the FERS program.
Time, especially for federal workers under the Federal Employees Retirement System (FERS), can be on your side. If you plan wisely and begin early.
Do you suffer from pension envy? Many current and retired federal employees do!
With inflation on the rise, a growing number of feds are crunching the numbers to weigh the financial benefits of working another year or two.
By avoiding some common mistakes, you can prepare yourself for a much easier retirement.
The 22% increase in federal retirements from June to July has led to a growing claims backlog.
Once again, there are dueling agendas to eliminate or offset the Windfall Elimination Provision, a pesky nuance that reduces Social Security benefits for some federal retirees.