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Stay Up-To-Date On Benefits, Retirement Info & Workshops - right to your email!

Stay Up-To-Date On Benefits, Retirement Info & Workshops - right to your email!

Unlocking the Dream: Four Tips for Retiring Overseas

Social Security beneficiaries and Civil Service Retirement System (CSRS) retirees are expected to receive a 3.2% COLA for 2024, while Federal Employees Retirement System (FERS) retirees, those hired in 1984 or later, will only see a COLA of 2.2%.

https://www.ssa.gov/cola/

Despite this drop, the 3.2 percent COLA is still above the average of the past two decades, which has been 2.6 percent.

“We will mail COLA notices throughout the month of December to retirement, survivors, and disability beneficiaries, SSI recipients, and representative payees,” the Social Security website reads.

For 2024, the earnings limit for workers who are younger than “full” retirement age (see Full Retirement Age Chart) will increase to $22,320. (They deduct $1 from benefits for each $2 earned over $22,320.)

The earnings limit for people reaching their “full” retirement age in 2024 will increase to $59,520. (They deduct $1 from benefits for each $3 earned over $59,520 until the month the worker turns “full” retirement age.

High prices affect retirees’ and seniors’ financial well-being, with over two-thirds reporting a minimum 10 percent rise in household expenses compared to the previous year, based on a survey by The Senior Citizens League. On average, COLAs can’t keep pace with inflation over the long run. Federal employees need to be prepared by making sure they stress test their budget so that in retirement they will be able to sustain the same standard of living they currently enjoy.

To examine your financial future through complimentary financial planning for federal employees, reach out to us here ***link our talk to a specialist page here from the website please*** for a consultation with our network of financial professionals. They are fiduciaries who specialize in government benefits and retirement planning.

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