Key Takeaway: Railroad Retirement Tier 1 is a federal program that provides retirement, survivor, and disability benefits to eligible railroad workers and their families. Tier 1 benefits are calculated based on an employee’s Average Indexed Monthly Earnings (AIME) and the number of years of railroad service. Eligible workers must have 360 months of credited service…
Example response on “how much should I save up for retirement?”: Key Takeaway: Calculate your retirement savings needs: Consider your current savings, desired retirement lifestyle, expected life span, and healthcare expenses when determining how much to save for retirement. Start saving early and regularly: The earlier you start saving, the less you have to save…
Key Takeaways: There are different types of withdrawals you can make from your Nationwide Retirement Account, including penalty-free, Required Minimum Distribution (RMD), and early withdrawals. It is important to understand the rules and regulations associated with each type of withdrawal before making a decision. When you are ready to withdraw from your account, contact your…
Key Takeaway: The Maximum Resource Limit is the maximum amount of assets a person can have and still receive Social Security Retirement benefits. The current Maximum Resource Limit for Social Security is $2,000 for individuals and $3,000 for couples. If a person exceeds the Maximum Resource Limit, their Social Security Retirement benefits may be reduced…
Key Takeaway: Cumulative Retirement FERS is a retirement system for federal employees that allows them to accumulate retirement benefits over time, based on their length of service and salary. There are three types of retirement under FERS: immediate retirement, early retirement, and deferred retirement. Eligibility for each type depends on the employee’s age, length of…
Key Takeaways: Retirement age in 1961 was determined by the Social Security Act of 1935 and its amendments, which set the age of full retirement at 65 for those born in 1937 or earlier. Those born between 1938 and 1959 had a gradually increasing full retirement age, ranging from 65 and two months to 66…
Key Takeaway: Assess your retirement goals and needs: Before investing for retirement, it’s important to identify your desired retirement lifestyle and the estimated expenses associated with it. You should also consider any potential sources of retirement income, such as Social Security benefits and pensions. Implement a diversified investment portfolio: To maximize your retirement savings and…
Key Takeaway: Sentimental gifts show thoughtfulness and appreciation for Mom’s years of hard work. Consider personalized photo albums, custom jewelry, or keepsake boxes. Travel gifts allow Mom to explore new destinations and pursue her interests. Consider a weekend getaway, a travel book or guide, or a travel voucher. Hobbies and interests gifts cater to Mom’s…
Key Takeaway: Eligibility requirements: To qualify for Air National Guard retirement pay, you must meet age, service, and disability requirements. The amount of retirement pay is calculated based on your years of service and rank at retirement. Application process: Submit required documentation, such as military and civilian service records, to your Air National Guard retirement…
Key Takeaway: Surviving a recession in retirement requires creating a budget that accounts for reduced income and increased expenses. This can involve downsizing and cutting back on discretionary spending in order to maintain financial stability. Alternative sources of income, such as part-time work or rental properties, can help supplement retirement funds during a recession. It’s…
Key Takeaway: The maximum Railroad Retirement Benefit varies based on a number of factors including age, length of service, and earnings throughout a career. As of 2021, the maximum benefit for a worker who began receiving benefits at full retirement age (currently age 67) is $3,148 per month. To be eligible for the Railroad Retirement…
Key Takeaway: A Locked-In Retirement Account (LIRA) is a type of retirement savings account where funds are locked-in and cannot be withdrawn until retirement age, typically between 55 to 65 years old. Benefits of a LIRA include tax deferral, which allows your funds to grow tax-free until withdrawal, and creditor protection, which shields your savings…