Solving Pressing Issues on Social Security, Earning Limits for Retirements

There are usually a couple of questions bugging retirees’ minds or people close to retirement age. We have put together some of these common questions and addressed them. Please go through them as they would undoubtedly be helpful when making future decisions.

Q1. Are you in haste to file for your Social Security benefit because of a presumed percentage reduction?

Answer: You should stay calm and not rush into anything!

Indeed a lot might happen within the next few years. Retired or approaching retirement age will be unaffected if significant changes to Social Security are passed. The troubles with the Social Security trust fund should not influence your decision to file for retirement benefits.

Whether you’re eligible at age 62-70, it is necessary to reinforce Social Security for future generations.

Q2: Will I receive a cost-of-living adjustment (COLA) for your pension or special supplements if I retire at age 62? 

Answer: Take note that there is a difference between pay adjustments that employees receive annually and the retiree cost-of-living adjustments (COLAs). 

The Federal Employees Retirement System (FERS) supplement is payable to people under 62 years of age who take an immediate, unreduced retirement. It is trimmed back for each month the recipient is under 62.

In short, COLAs do not make these adjustments. The reduction could be made if your total income after retirement goes far above your annual limit.

Q3: At what age must federal firefighters retire? 

Answer: About 60 years of age or above might be the best time.

You might have the same question, but remember that you are not affected by earnings limits since you are a retiree under the special provisions that apply to firefighters. 

So you can receive supplements regardless of post-retirement earnings until you reach your MRA. It may surprise you to learn that the OPM won’t contact you until next spring, even though you’re getting close to that age. You will be sent a survey to determine how much money you’ve made since you reached the full retirement age (FRA).

If the amount is more than the maximum for 2022, your supplement will be cut by one dollar for every two dollars above your maximum wages. This cut commences July 2023 retirement check, to be paid on August 2023.

Q4: Would Medicare be deducted from my monthly OPM government pension check?

Answer: It would be best if you asked that your Part B premiums be taken out of your OPM annuity as long as you don’t get benefits from Social Security or the Railroad Retirement Board.

You may call MEDICARE and tell them you want a deduction like this. The Centers for Medicare and Medicaid Services will send OPM requests to withhold money. The agency can’t stop taking your premiums, even if you or the Social Security Administration ask them to.

You can pay Part B premiums in one of the following ways:

• Acceptance of Medicare credit or debit cards online: You’ll need a copy of your Medicare bill to enter the amount you owe and your credit or debit card information.
• Through your bank’s online bill payment: Also, you can pay your bills directly from your savings or checking account.
• Enrolling in Medicare Easy Pay: This free program deducts monthly premium payments from your savings or checking account.
• Send your payment to Medicare by mail: Lastly, you can fill out and sign the payment voucher with your statement, then return it with a check.

We hope you find some of these solutions so helpful. Please follow the guides to settle your retirement Social Security and earning limits.

Contact Information:
Email: [email protected]
Phone: 9187441333

Bio:
Mark, a lifelong Tulsan graduated from Westminster College, Fulton, Missouri with a Bachelor of Arts in Accounting. Mark served in the United States Army as a Captain in the 486th Civil Affairs BN. Broken Arrow, Oklahoma and retired in 1996. Mark is married to his high school sweetheart Jenny and has four beautiful children. Mark’s passion for his work, which includes over 20 years in the Financial Industry started as an Oklahoma State Bank Examiner. Mark examined banks throughout Oklahoma gaining a vast knowledge and experience on bank investments, small business and family investments. Mark’s experiences include being formally trained by UBS Wealth Management, a global investment firm where he served as a Financial Consultant specializing in Wealth Management for individuals & families. Mark is a licensed Series 24 and 28 General Securities Principal and an Introducing Broker Dealer Financial Operations Principal. Additionally, Mark is a Series 7 and 66 stockbroker and Investment Advisor focusing on market driven investments for individuals, businesses and their families. Mark specializes in providing financial knowledge, ideas, and solutions for federal employees, individuals, families and businesses. We serve as your advocate, and assist you in the design and implementation of financial strategies while providing the ideas to maximize your security and wealth. Our goal is to give you maximum control of your financial future. We provide the expertise to help you with personal issues such as: practical tax Ideas, risk management, investment solutions, and estate preservation. Additionally, we’ve counseled hundreds of employees on their transitions from careers in federal government, and private industry to their next life stage, whether that is retirement or a second career. We specialize in devising strategies that roll your TSP, 401(k), pension plan, to a suitable IRA to meet your objectives.

Disclosure:
Securities offered through GRF Capital Investors, Inc., 6506 South Lewis Avenue, Suite 160 Tulsa, OK 74136 Phone: 918-744-1333 Fax: 918-744-1564 Securities cleared through RBC Capital Markets, LLC. 60 South 6th St., Minneapolis, MN 55402 Member FINRA www.finra.org / SIPC www.sipc.org Broker Check http://brokercheck.finra.org/