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The author says that the chained CPI which the president recently dropped from his budget proposal would actually have been a good thing because of its potential to help with reducing the national debt. He notes that the actual cost to federal retirees from the chained CPI would have been less than the cost of a pizza each month and illustrates its financial impact for federal pensioners.
The Windfall Elimination Provision (WEP) means if you are getting a Social Security benefit as well as a pension where you did not pay into Social Security, your Social Security benefit is reduced. The author provides examples of the financial impact this can have on your earnings.
Would you like to get a 32% higher Social Security benefit? How about being able to collect ½ of your spouse’s Social Security benefit while you are still working; with no earnings test? The author explains a technique called “restricting your benefits” that can work for many FERS or CSRS employees to boost Social Security benefits.
FERS is a complex system and much depends on an individual’s status with the government when planning for what to expect upon retirement. The author offers a basic guide to help understand some of the key points of the FERS system.
Upon receiving the leave and earnings statement for the first full pay-period of 2014, many employees will notice that their premiums for Federal Employees Group Life Insurance (FEGLI) have increased. The author offers some details on what you can expect.