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The Supplement: All Your Questions Answered — Barfield Financial

WEBJohn’s supplement will be reduced from the $16,000 a year he is currently making to $7,870 ($16,000 - the $8,130 penalty = $7,870). In July of 2024, John’s …

Actived: 5 days ago

URL: https://www.barfieldfinancial.com/new-blog/the-supplement-all-your-questions-answered

Health Savings Account (HSA): The Medical IRA

WEBAfter $3,000, Aetna paid 90% of the medical bills and we paid 10%. The maximum out of pocket for our plan in one year was $10,000 (and only $6,850 if you remain in-network). …

Category:  Medical Go Health

What You Need to Know About Retirement: Back to the …

WEBFor Regular FERS, you get credit for each year you work at 1%. Work 30 years and you get 30%. However, if you work until 62 and then retire, instead of the government paying …

Category:  Health Go Health

Public Safety Officer Deduction Explained — Barfield …

WEBThe Pension Protection Act of 2006 (also known as Public Law 109-280, signed on August 17, 2006) altered the Internal Revenue Code to allow a special …

Category:  Health Go Health

Federal Employee Group Life Insurance (FEGLI) Explained

WEBSince the Basic rate is $.3467 monthly (or $.16 per pay period) per $1,000, Conner’s premiums would be $16.64 per month, or $7.68 per pay period. The 2X pay extra benefit …

Category:  Health Go Health

Reemployed Annuitants--What's this all about

WEBThat’s $23.00 an hour. Multiply that by number of hours worked in a pay period (let’s say 80). Then that equals $1,840 a pay period that is reduced from the …

Category:  Health Go Health

Dispelling Some Financial Myths — Barfield Financial

WEBAnd you had that allocation for all of last year. Let’s also assume you are over 50, so you’re participating in the full catch-up, and your agency matches 5% of your …

Category:  Health Go Health

I CAN'T AFFORD TO RETIRE: part 3 in the letter to federal law

WEBThis is the 3rd and final part of this series. If you haven't read parts 1 and 2, go back and check them out.Today, we'll deal with those who are later in their careers …

Category:  Health Go Health

Roth Thrift Savings Plan Explained: Part Two

WEBThis is the second of a two-part article explaining the Roth TSP. In Part One, we covered contributions, withdrawals, and the weird 5-year waiting rule. In this one, …

Category:  Health Go Health

FERS Survivor Benefit: To Take or Not To Take

WEBMost times (although not always), the simplest financial decision is the best. The FERS survivor benefit is straight forward and it provides lifelong income and health …

Category:  Health Go Health

Can I Change My Spousal Survivor Benefit In Retirement

WEBNo reduction in your annuity check each month in retirement. However, when you die, your benefits die with you. Surviving spouse gets no annuity check and no …

Category:  Health Go Health

Insurable Interest-What's That

WEBDiane is the same age as him and he elects to make her an insurable interest. 10% is his cost because they are the same age. $4,000 - 10% ($400) = $3,600. …

Category:  Health Go Health

OPM Annuity Booklet, aka The Blue Book — Barfield Financial

WEBBut OPM will only front the premiums. When they finalize your paperwork, they pay themselves back. In this case, the total is $1,517.88 so they back that out of …

Category:  Health Go Health

Reemployed Annuitants Not Subject to FERS Supplement Earnings …

WEBSo far so good. When this subscriber turned 57, they understood their FERS Retiree Annuity Supplement (RAS) to be subject to the earnings test. As we all do. They …

Category:  Health Go Health

What Happens If I Die Before I Retire

WEBThat amount is currently around $33,000 ($32,423.56 to be exact). Example: Jim is a FERS employee and dies of cancer after working 4 years. Jim has been married …

Category:  Cancer Go Health

Wait, There are Different Types of Retirements

WEBHere are the rules for an immediate, unreduced retirement: You have reached 62 years of age, and you have done at least 5 years under FERS. You have …

Category:  Health Go Health

Early TSP Withdrawals, Penalty Free! — Barfield Financial

WEBMike can retire on February 1st and be eligible for penalty-free withdrawals. By the way, the early withdrawal penalty is 10% of the withdrawal amount. (Non-LEO …

Category:  Health Go Health

What If I Get Fired

WEBThe calculations would be like this: 12% x $60,000 = $7,200. $7,200 - 25% = $5,400. That is what Mary would get annually. If she wanted to avoid a reduction, she …

Category:  Health Go Health

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