What Federal Retirees Can Do to Minimize Medicare Part B IRMAA

What Federal Retirees Can Do to Minimize Medicare Part B IRMAA

Most federal retirees are eligible to receive a monthly Social Security retirement benefit, starting as early as age 62. Many retirees wait until at least their full retirement age (FRA) (currently, age 66 years and eight months for individuals born in 1958, will be age 66 years and 10 months for individuals born in 1959, and age 67 for individuals born after 1959) to start receiving their monthly benefit. During 2024, the average monthly Social Security retirement benefit is $1,900. Follow link to read more. https://stwserve.com/what-federal-retirees-can-do-to-minimize-medicare-part-b-irmaa/

 

Preparing For A Smooth Transition

Preparing For A Smooth Transition

Remember, it’s your responsibility to maintain an accurate history of your federal service.

Do you know the most common thing I see year after year that can be attributed to retirements of federal employees taking longer to finalize, which can result in a very unpleasant surprise? Missing or improperly documented service history records.

Once your service history is determined to be creditable for retirement, the estimate of your retirement benefit will be much more accurate, and it will be clear that you have entitlement to a retirement benefit. Follow link to read more. https://www.govexec.com/pay-benefits/2024/07/preparing-smooth-transition/398125/

Making Government Programs Easier to Access

Making Government Programs Easier to Access

By Sam Berger, Associate Administrator of the Office of Information and Regulatory Affairs

Today, the Office of Information and Regulatory Affairs (OIRA) released its second annual report describing the Administration’s work to identify and reduce burdens that individuals, families, and small businesses face every day when interacting with government programs. The Biden Administration has made reducing administrative burdens a central priority. At OIRA, we have been working to minimize the burdens that fall on members of the public through our review of government forms and relevant regulations involving public benefits and services.

Administrative burdens—complicated forms, requests for redundant information, or confusing application processes—have a real cost: they lead to people being unable to access critical programs for which they are eligible. By one estimate, every year more than $140 billion in government benefits that Congress has authorized goes unclaimed—including tax credits for working families, health insurance coverage for low-income adults and children, unemployment benefits, and disability supports. In a similar vein, researchers have found that many small businesses that could qualify for tax credits do not claim them.

Unclaimed benefits can mean that more families struggle to make ends meet and more small businesses fail to grow. While others may succeed in accessing benefits, they still pay a heavy toll in the form of lost time, increased stress, the shame of stigma, or other costs.

As part of our ongoing burden reduction initiative, last year we released a report discussing key agency efforts to reduce administrative burdens. Today’s report provides an update on some of those efforts and highlights new steps being taken across the Federal government to reduce burdens and improve government service, including:

  • The Department of Health and Human Services and the U.S. Digital Service’s efforts to increase automatic renewals in the Medicaid program using the government’s own data, instead of having people fill out complicated forms.
  • The Small Business Administration’s efforts to speed up the process for businesses seeking disaster loans.

Go to https://www.whitehouse.gov/omb/briefing-room/2024/07/17/making-government-programs-easier-to-access/  read full Whitehouse statement.

Best Dates to Retire from the Federal Government Through 2030

Best Dates to Retire from the Federal Government Through 2030

How do federal employees choose the best date to retire? These are some important financial considerations.

 Retirement planning is a pivotal stage in the life of a federal employee. Choosing the best date to retire can have a substantial impact on your financial well-being. The correct timing can maximize your benefits and ensure a smooth transition.

For federal employees under the Civil Service Retirement System (CSRS) and the Federal Employees Retirement System (FERS), choosing the right retirement date is crucial. While the ideal retirement date varies based on personal circumstances, there are strategic dates that federal employees can consider to maximize their benefits. Follow link to read more. https://bit.ly/463rVG5

FedSmith: TSP Doing Away with Security Questions as Part of Auth Process

FedSmith: TSP Doing Away with Security Questions as Part of Auth Process

Now, what was my security question answer again?

The Thrift Savings Plan announced recently that they will no longer be using security questions as part of their multi-factor authentication. The TSP is joining an increasing number of organizations that are dropping the venerable security question. At least part of the reason that these questions are being dropped is the fact that much of the information needed to answer them can be found on the Internet, either by a public search or due to a data breach. Follow link to read more. https://bit.ly/3Y5B52W