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At least 9,000 fewer federal employees have retired this year since the start of the pandemic compared to the same six-month period in 2019. Federal financial planners say the pandemic is partly to blame.
The modern day equivalent of a panic-starter is to bring up the subject of the Government Pension Offset or Windfall Elimination Provision to retired federal or state government employees, or their spouses.
Six months into an historically-lethal pandemic that potentially threatens everybody on the planet is probably a pretty good time to update or begin your personal financial checklist.
Did you retire before the pandemic became a fact of life? Before people other than bank robbers wore (hopefully) face masks all the time, and when working from home went from to perk to priority?…
A lot of people who retired last year or earlier this year probably wish they hadn’t. Most are living on less.
Now that more states and jurisdictions are easing social distancing rules, millions of people are stumbling back to pre-COVID-19 normalcy - if you can remember what that was like.
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.
When in doubt, and in all things retirement, start with Tammy Flanagan. She’s been thinking and rethinking your career since the virus hit.
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.
The virus-driven stock market crash has hammered the TSP accounts of hundreds of thousands of feds, many of whom had planned to retire this year.
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.