House Budget Committee Chairman Paul Ryan (R-WI) released the 2015 House Republican budget today which contains some proposals that would directly impact the federal workforce.
The Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) are two provisions of the Social Security law that affect Social Security benefits to which CSRS retirees may be entitled. The author provides some details about these as they relate to federal employees.
When Federal employees retire, they start getting “interim” payments, almost immediately. These payments are approximately 60% of the final, fully annuity. For FERS employees under age 62, there is also an annuity supplement of hundreds of dollars. The author offers details on these annuity payments.
The author says that increasing life expectancies in America creates two financial burdens for Social Security and offers some detail on what this means.
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.
The author says that the more time that goes by, the worse off financially the Social Security program becomes. He argues that politicians need to work on a fix before it’s too late.
Visiting a Social Security office as a customer could have been a dreadful experience but it was not. What to expect when you visit one of these offices and how to make your visit go more quickly and to help ensure your information is calculated quickly and accurately.
A recent report from the Congressional Budget Office makes a myriad of proposals designed to help put a dent in the growing federal debt, some of which would directly impact federal employees.
The cost-of-living adjustment for Social Security recipients, CSRS retirees and FERS retirees (other than special category employees) age 62 or older will be 1.5%. The author goes over some detailed numbers to illustrate what this will mean.
Social Security is an important benefit in retirement. What many people do not know, though, is the sheer number of options you have when considering how to file for your benefits. Those options will depend on your age, marital status, and other factors, but should all be considered before deciding on a filing strategy.