The Office of Management and Budget has at last issued written guidance on the president's upcoming payroll tax deferral for federal employees and military members. But if employees are expecting answers, they'll come up with few definitive details.
The deferral plan won't save anybody one dollar and will come back to bite people who spend their windfalls
Fortunate federal retirees, like people who get Social Security, usually get a catchup-with-inflation increase in their benefits the first of each year.
All federal providers are working to implement the payroll tax deferral policy President Donald Trump announced earlier this month in an executive order, the administration said Monday. The policy should be in place for federal employees by the second pay period in September.
When they eventually retire, 99% of all current federal-postal workers will depend on their Thrift Savings Plan to provide a substantial portion of their future lifetime income.
A lot of people who retired last year or earlier this year probably wish they hadn’t. Most are living on less.
While most feds oppose WEP and GPO, today’s guest columnist said he’s looked at the background, crunched the numbers and in his opinion they are fair.
Given the impact of the pandemic on the economy, and on prices, it is unlikely that retirees who get cost of living adjustments most years will be getting a COLA in January 2021.
Although looking back on the first couple of months of 2020 might seem like the Good Old Days, benefits expert Tammy Flanagan said, “It was already destined to be pretty rocky” being an election year and all. But, then, of course, came the coronavirus pandemic.
Windfall Elimination Provision and Government Pension Offset cost millions of federal and public employees even more millions in dollars of benefits.
Time in grade and in government doesn’t automatically mean you will be able to maintain a reasonable standard of living once you’ve traded your biweekly pay check for a monthly annuity.
Now that the shock of the stock market correction has settled in, federal retirement benefits specialist Tammy Flanagan said it imperative to calculate what your net retirement annuity income with be.
March has been a game-changer for billions of people. The pandemic has produced a variety of mid-life crises for just about every thinking person.
Working for the federal government has its rewards and challenges. The same when you retire — a lot of options which also means a lot of choices.