FERS Retirement Benefits 101: What Federal Employees Need to Know
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- เผยแพร่เมื่อ 5 พ.ย. 2023
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I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
Thanks for the recap. Always good to see it from time to time.
Great overview
Imagine being hired January 1, 2013 and having to contribute 3.1% towards pension instead of .8% if you had been hired one day earlier...
Boooo hoooooo
Yea that’s crazy. Now it’s 4.4%
Yea the retirement isn't much anymore.
I'm not kidding when I say that the market crash and high inflation have me really stressed out and
worried about retirement. I've been in the red for a while now and although people say these crisis has it
perks, I'm losing my mind but I get it Investing is a long-term game, so focus on the long run.
I can’t focus on the long run when I should be retiring in 3years, you see I’ve got good companies in
my portfolio and a good amount invested, but my profit has been stalling, does it mean this recession/unstable market doesn’t provide any calculated risk opportunities to make profit?
There are a lot of strategies to make tongue wetting profit especially in a down market, but such
sophisticated trades can only be carried out by proper market experts
I’ve been down a ton, I’m only holding on so I can recoup, I really need help, who is this investment-adviser
that guides you?
Definitely! All of this happened in less than a year after *STEPHANIE KOPP MEEKS* told me what to do. I
started with less than $100,000, and now I'm about 18,000 short of having a quarter million dollars!
Make peace with embracing minimalism. A federal pension is always a lower middle class to poverty level retirement.
Do you work by the hour? I just want a review of my financial plan. I do not want to pay an absurd AUM fee.
Is dental and vision insurance enough in the last five years of service before retirement. Or do I need to enroll in a blue cross or similar program.
you need five consecutive years of medical coverage to carry it into retirement. You have to think about it though. When you turn 65 (others may have different age requirements) you MUST enroll in Medicare. That become your primary insurance. You then have to take Part B (outpatient stuff) at a means tested rate. Right now, most pay $170 a month. If your Fed Blue or other insurance is more, you may not want it. Part D is perscriptions. You can enroll in Part C, which is like an HMO Medicare supplement (part b, d and dental in most cases),
All federal eye and dental plans are garbage. You are better off with a savings plan allocated for those visits.
@@acedia4453 so you'd rather pay100% instead of 50% or 75%? I'm glad you're rich
Hi just retired last month October 31st, this year and 60 yrs.old had less than 15 years of service, am I eligible to get the Supplemental. Thank you
Nope, you have less than 20 years of service, assuming you are FERS, not CSRS.
Hi Dallen - I have been enjoying your videos lately, since I'll be retiring at the end of this month. I was wondering if you could address the issue of Social Security overpayment. I saw some recent videos on this, where many people (retired or otherwise collecting SS benefits) were sent letters from SSA telling them they were overpaid in some cases $30,000 to $50,000 and were given 30 days to pay it back. That is concerning, especially when the SSA is not accepting the responsibility for the errors. How does one figure out if they are being overpaid? Thanks again for the great videos!
Fake news. Show proof
@@MisterCurmudgeon Ok sorry. It just seems strange. I retired at age 55 in 2022 FERS and never heard of anything remotely close to what you described. Good luck and God Bless.
@@MisterCurmudgeon Wow, ok so you and I hopefully can become friends. I retired under a VERA/VSIP early retirement option 25K plus I had my remaining annual leave paid in a lump sum around 7K hopefully the IRS won’t tune me up 🥹 my biggest complaint is, i just started receiving the bridge supplement when I turned 56.6 in August 2023. I will get that for 66 months 2K and change on top of my pension until I turn 62. Why put that under the earning test ? I’m actually bored and willing to work, however I don’t want my annuity bridge reduced. I live in south Florida. Tax haven extraordinaire 😉🏆💰 why put a mid 50 retiree under the earning test, when OPM pays it, not Social Security?????? Not fair ⭐️
Not fake news. This usually applies to those on DIB. They made over SGA and payment center starts a work review. Then, it goes for 2-3 years, SSA continues to pay benefits when they should have stopped years ago. I've seen O/P of exactly what he says above.
Now, I have seen O/P for those on RIB. They take RIB before FRA and they still have a job earning above the annual earnings limit. They wait until they file their taxes and then IRS reports it to SSA and SSA has paid too much and wants it back.
The pay it back in 30 days is a scare tactic SSA uses to get people to come in and negotiate a payback of up to 36 months.\
@@Joe26003 perhaps people should take responsibility for understanding what they are entitled to and knowing the earnings test limit. Stop blaming social security for making the mistake. The law is quite clear. If you don’t like it take it up with your elected officials.
As a federal employee will I lose SSI if i retire to puertorico?
No
I’m 60yrs old with 40yrs of service with FERS, I’m I going to have 5% deductible from my pension/SSI when I retire?
Great question. No, you are not. You are eligible to retire with a full retirement at age 60 with at least 20 years of service.
Unfortunately those entering the country illegally paid nothing into social security and are receiving full benefits while were told it's going broke by 2030. Wish I was CSRS, they had a much better retirement.
How do the illegals do it without an SSN? And how do they collect it before 62 yrs of age? Don't confuse the term non-citizens with illegals. Non-citizens can be legal residents who work, pay taxes, and join the military...they just can't vote. Illegals, cannot get social security benifits, well, legally....it's not allowed by law. Thought I would share.
Total Bullshit. They do not collect social security. They may get medicaid (state funded) or welfare.
The non citizens are costing billions if fraud with some claiming 20 children for the child tax credit with no SS#, just a PIN. The ones Soros is paying to come across the border now are receiving $2,200 per month UBI, Supplemental Social Security income SSI, Supplemental Nutrition Assistance Program (SNAP), Temporary Assistance for Needy Families (TANF), Emergency Medicade (Including labor and delivery), Full Scope Medicade, Childrens Health Insurance Program (CHIP), Medicare "Premium Part A" hospitalization, Premium buy in Medicare, Section 8 HUD Public housing, Title XX Block Grants, Social Security and other federal benefits. All this while 64% of Americans live from paycheck to paycheck and are losing their homes going homeless. An estimated $470,000 cost per illegal over a lifetime. Funny how 95% of refuges are military aged men isn't it? @@ddddddno24
its a damn shame really!!
@@geraldlogue7124 but it's not true.