2016 Retirement Benefits Changes
There are many changes that are expected to be brought about in the next fiscal year of the country. The officers that contribute to their retirement benefits will get more choices now for participation as myRA has been introduced. Apart from this, there will be lesser options to claim the social security funds for all the married federal employees (couples). Apart from this, the premium fund of the Medicare has also seen some increase. Let’s shed some light on how the retirement saving plans are set to get altered in 2016:
- You can’t claim your social security after you have done it once. There have been cases where elderly people (66 or above) have been observed to claim their social security benefits a second time. This happened as the first time, they could just go ahead and collect the social payment of their partner and then later on they could receive the benefit that was owed to them by the federal government. In heed of this, no elderly married couples are going to be allowed to claim social security twice in their life tenure.
- Also Read: 3 Major Retirement Planning Errors That Federal Employees Often Make—And How to Avoid Them
- Also Read: 3 Things Every Federal Employee Needs to Know About Divorce and How It Affects Their Retirement Plans
- Also Read: What Federal Workers Are Doing to Keep Their FEHB Coverage Affordable as Costs Continue to Climb
- There has been much noise made about myRA. It’s indeed a new and innovative way of adding funds to your retirement bucket. It got launched in the beginning of the year and there is no hidden fee or any charges that are deduced from the opener’s account. You can only invest in it in one way: via the treasury savings bond with an interest rate that varies over time.
There are some other alterations made in this regard too so if you are a federal employee currently thinking about your post-retirement life then you need to take serious interest in how you are going to be managing your current salary after making some adjustments and contributions to your retirement fund.
