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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.
Have your career plans changed some, a lot or completely since the COVID pandemic? Has the retirement tsunami, first predicted in the 1990s, actually started?
Time, especially for federal workers under the Federal Employees Retirement System (FERS), can be on your side. If you plan wisely and begin early.
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.
Are you saving enough for retirement? Maybe the question nags at you; maybe you wish you thought about it more.
January 2022's cost of living adjustment for federal retirees will depend on not only their plan, but also inflation.
Uncertainty over the size of the pay raise vs. the COLA is causing many feds to rethink their proposed retirement date.
It is possible to work for Uncle Sam long enough to get and qualify for benefits and an annuity, but still leave government earlier.
Despite a deadly worldwide pandemic, the number of active and retired feds with million-dollar-plus Thrift Savings Plan accounts more than doubled in the last year.
Consider the following. Delay your planned retirement by a year or two. Better yet, from a financial standpoint, hang on another three. Or more.