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Don’t Forget to Schedule Your “Use or Lose” Annual Leave by November 24

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This year federal employees need to schedule their “use or lose” annual leave by November 24, 2018.   Most employees can carry over a maximum of 240 hours of accrued annual leave.  “Use or Lose” annual leave are your excess annual leave hours.  This year all excess annual leave must be “used” by January 5, 2019 or they will “lose” it.

Leave Year Beginning and Ending Dates

The U.S. Office of Personnel Management’s website has additional information on annual leave beginning and ending dates through year 2020.  Below are the leave year dates for most federal employees:

Leave Year Leave Your Beginning Date Leave Year Ending Date Date for Scheduling “use or Lose” Annual Leave
2018 January 7, 2018 January 5, 2019 November 24, 2018
2019 January 6, 2018 January 4, 2020 November 23, 2019
2020 January 5, 2020 Januarys 2, 2021 November 21, 2020

Be sure and check with your agency to verify the beginning and ending dates for each leave year.

Free Retirement Analysis

If you have questions about your benefits and would like a FREE personal benefit review visit our website or call 866-201-7829.

Social Security Announces 2.8% Benefit Increase for 2019

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The Social Security Administration just announced a 2.8% increase in 2019 benefits for more than 67 million Americans.  The 2.8% cost-of-living adjustment (COLA) is the largest in 7 years and will begin with benefits payable to more than 62 million Social Security beneficiaries in January 2019.  Increased payments to more than 8 million Supplemental Security Income (SSI) beneficiaries will begin on December 31, 2018.  The 2019 COLA for those covered in the Federal Employees Retirement System (FERS) will increase by 2% beginning in Januarys 2019.

Related:

Thinking about a Part-Time Job? Social Security and Medicare Implications

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If you are like many federal government or USPS retirees, you are contemplating a part-time job to help supplement your retirement benefits and savings.   Many don’t realize that a part-time job can have Social Security and Medicare implications.  Here are some things to keep in mind:

  • If you start taking Social Security before your full retirement age, earning more than $17,040 from work will reduce your benefits temporarily.
  • Once you’re on Medicare, extra income could potentially trigger surcharges for parts B and D.
  • Also, don’t overlook your required minimum distributions from retirement accounts once you reach age 70½.

Case In Point

We know of a man who took Social Security at age 62 and got a bill from them for $2,000 when he was 65 because his new career made more than his previous one. Of course the new job was too lucrative to quit over the $2,000, but a shocker nevertheless.

Free Retirement Analysis

If you are contemplating returning to work and would like a FREE personal benefit review visit our website or call 866-201-7829.

How Does My Health Insurance Work When I Retire?

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At GPIS we help hundreds of federal employees retire every week and one of the biggest questions we get is: How does my health insurance work when I retire?  When we visit with federal employees, we share the following tips:

  • You must have at least 5 consecutive years going into retirement to carry your Federal Health Plan.
  • Depending upon which federal agency you are employed, there could be increases in cost.
  • You will be able to change your health plan each year after retirement during open enrollment.
  • The employee must have the 5 consecutive years to continue to receive health care benefits, not the spouse
  • The 5 consecutive years does not have to be with the same federal health plan.
  • Some health plans require Part B Medicare and some do not.
  • You should speak with a professional to find out if Medicare is right for you and explore all of your health options.

If you have additional questions on how your health insurance will work when you retire, schedule your FREE Retirement Analysis today.

Each member of our expert staff has extensive background working with the federal government, federal employees, and retirement planning.  GPIS’ top priority is making sure each federal employee retires with the peace of mind that comes from knowing they made the right decisions to plan ahead and maximize their retirement benefits.  We’re here to help!

Federal Retirement Claims Up in 2018

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The Office of Personnel Management released earlier this month the number of federal employees filing retirement claims is on the increase.

The Numbers

Between January and July 2017, 59,987 federal employees had filed retirement paperwork with OPM. But over the same period this year, that number increased to 69,340.

One in seven federal workers is eligible to retire today, a rate that reaches as high as one in five at a few agencies.  The Housing and Urban Development Department, the Environmental Agency and NASA are the federal agencies with the highest proportion of employees eligible to retire.

What Does This Mean?

If you are in the process of filing a retirement claim or thinking about retiring don’t wait any longer to sign up for GPIS’ FREE Retirement Analysis.  We provide professional, practical and individual information in the complex field of retirement planning.

Source: https://www.govexec.com/pay-benefits/2018/08/federal-retirement-claims-nearly-16-percent-so-far-2018-over-same-period-last-year/150310/?oref=channelriver

Retirement Road Map: Tools To Reach Your Retirement Goals

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Roadmap to retirement

When it comes to retirement you must have a plan and a goal. Knowing where you are and having a goal is the first step. Having a road map can make it much easier to reach your goal and retire on time.

Explore All Options

If you’re unsure about which type of retirement account to choose, a good option is to put your money in a Roth IRA. Compared to an employer-sponsored retirement account — such as a 401(k) or 403(b) — or a traditional IRA, the Roth is more flexible and typically likely leads to more money in retirement.

However, if your employer matches contributions to your work-sponsored plan, it’s probably best to take advantage of this free money. You should contribute up to the point that contributions are matched.  After that, send your retirement money to a Roth.

Identify 2017 IRA Contribution Limits

An important tool to use as you plan for your retirement is making a 2017 IRA contribution.  First, you’ll need to determine how much of an IRA contribution you can make.

For either a traditional or Roth IRA, individuals under age 50 can contribute up to $5,500 in 2017.  If you are older than 50, the maximum contribution is $6,500. Keep in mind you cannot contribute the full amount to both a traditional and a Roth IRA. However, you can split the amount between the two, if the total doesn’t exceed the 2017 contribution limit.

Roth IRAs are a great tool for retirement, but there are rules that limit contributions. In 2017, income limits begin phasing out a person’s eligibility for contributing to a Roth IRA at $118,000 for singles and $186,000 for couples. The opportunity to contribute to a Roth IRA disappears altogether once an individual or couple’s income surpasses $133,000 and $196,000.

If your filing status is…

And your modified AGI is…

Then you can contribute…
married filing jointly or qualifying widow(er) < $186,000 up to the limit
≥ $186,000 but < $196,000 a reduced amount
≥ $196,000 zero
married filing separately and you lived with your spouse at any time during the year ≥ $10,000 zero
< $118,000 up to the limit
single, head of household, or married filing separately and you did not olive with your spouse at any time during the year ≥ $118,000 but < $133,000 a reduced amount
≥ $133,000 zero

Schedule Your Free Retirement Roadmap Analysis

For more information on Roth IRA and other tools that can help you plan for retirement, call us at 1-866-201-7829 or visit the GPIS website to schedule your FREE Retirement Roadmap Analysis.

>> Download the GPIS Retirement Road Map Infographic

Get Your FREE Benefit Review Today!

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Free Benefit Review

Our company has a core commitment to providing FREE benefit reviews to all federal employees and FREE informational workshops for federal agencies, federal unions and associations. This is a community service that our professional benefit and retirement counselors here at GPIS are happy and willing to provide to our federal employees who have served our country and community for the bulk of their careers. The funding streams for our company – while associated to the topics we discuss throughout the review and/or workshop process – are not coupled to the free services we provide. Period.

A Brief Explanation

While the federal employee retirement system does offer a limited array of options for you upon retirement, it should come as no surprise that the private market has a much more diverse constellation of options for you and your family to choose from; depending on your lifestyle and legacy preferences. Our professional benefit and retirement counselors are committed to unpacking, reviewing and discussing the VERY BEST options for each of our clients, through either their current government OR private market options. Client financial wealth and health is our counselor’s first and foremost priority.

Many federal employees max out their coverage when they are young and don’t pay attention as it gets increasingly more expensive over the years.  When they are most likely to need it, the costs become prohibitive.  This is where our services come in. We are in the business of ensuring client financial security, longevity and legacy.

How GPIS IS Compensated

Our service professionals receive absolutely ZERO dollars from you or your funds. Zero.  GPIS representatives are compensated only through and from the private companies we represent. Only those companies who have been rigorously vetted for integrity and health are in the selection of options presented to you for consideration. As mentioned before, our primary focus is on providing our services to federal employees; and to ensure our client’s financial health and wellness functions at optimal levels upon retirement. More often than not, the best options for our clients are available through the private market. The choice is yours, we are simply here to serve, discuss and offer our expertise.

We look forward to serving you and your colleagues. Please call us for a review or workshop today!

3 Tips to Protect Yourself Against Holiday Scammers

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Avoid Holiday Scammers

It is a busy time of year- for all of us and for scam artists.  During this holiday season, watch out for these 3 holiday scams:

Holiday Scams:

  1. Gift Card Scams
  2. Fake Charities
    Click here for a list of charities eligible for tax exempt status by the IRS. Click here to see how charities will use your donation.
  3. Delivery Scams

You can protect yourself by following these tips:

  1. Review Statements
  2. Protect Your Information
  3. Do Your Homework

Click here to check a business with the Better Business Bureau

Everyone at GPIS wishes you and your family a safe and happy Holiday!

Giving Tuesday

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Financial professional Johnny Gottstein talked with KMAX about 5 ways you can give back on a budget:

5 Tips for Giving Back on a Budget

1. Crunch the Numbers

2. Start Small

3. Do Some Winter Cleaning

4. Volunteer

5. Get the Tax Deduction

You can research charities through:

Click here for a list of charities eligible for tax exempt status by the IRS.

Click here to see how charities will use your donation.

Less than $15 donations:

https://www.littlekidsrock.org/

https://www.cellphonesforsoldiers.com/

http://www.doctorswithoutborders.org/

www.aspca.org

https://www.stjude.org/