According to the Bureau of Labour Statistics, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) climbed 9.4% in the last year t…
What If Your Retirement Savings Aren’t Enough?
After retirement, what if you discover that your retirement income won’t be sufficient to maintain your pre-retirement lifestyle? Many financial advisors recommend aiming for 80% of your pre-retirement income when you…
Fighting the Refusal of an FEHB Claim
You might have seen a time when you got into a dreadful quarrel over your health benefits plan. You wanted medical procedure coverage in the plan, and it was not there for your need. Fortunately, there is a method that would resolve such disagreements. If you disagree with your plan’s decision, …
The Earnings Limit for Disability Retirement
If you’re 60 or older, there are no restrictions on the amount of money you can make while receiving disability retirement. If you’re under the age of 60, you can receive income from work as well as disability retirement benefits. Still, your disability annuity will be terminated if
401(k) and IRA contribution ceilings for 2023
The Internal Revenue Service (IRS) evaluates the impact of inflation and other variables each year to determine the maximum contributions for tax-advantaged retirement plans. They have been the same for some years. However, on occasion, the IRS modifies the amount that can be saved to your 401(k…
IRS regulation 72(t) on withdrawals and penalties and its significance
The term 72(t) originates from a section of the Internal Revenue Code, as you might have thought. It discusses equal recurring payments and how to use them in Individual Retirement Arrangements (IRAs) and employer-sponsored defined contribution plans (such as the…