IWO- /m1413: Great. Thanks. Where did you find that Dec 4 date?

Dec 3 is payday for us old guys. (Because the 1st falls on a Saturday, the 2nd is a Sunday, so OPM pays us Dec 3rd) The next day, the 4th, OPM updates their website, and after you logon, you can see the next months annuity details, which will be updated with the new cola increase. When the 1st falls on a weekday, you can find the same info on the 2nd.

Good to know - thanks again.

By the way, you can figure out your new gross annuity, by multiplying the old GROSS amount x .023, which is the new cola percentage. For example, if your current GROSS amount is $2940, multiply by .023, which is $67.62. Drop the 62 cents, and add 2940.00 + 67.00, which would be $3007, your new gross monthly annuity.

OK, I'll try that. I have the new HP premium already and nothing else changes, so what you describe should allow me to calculate the new Net To Bank amount.

I knew the cents were dropped at some point, but wasn't sure I was looking at it correctly, as I use annual figures rather than monthly, but it appears that it is the same as what you say. Thanks for the confirmation.

My OPM check goes into my savings acct. on the 1st of every month no matter what day of the week it falls. Even my allotment to my checking acct. goes in on the 1st of every month even if bank is closed. The bank won't show it until the closing of first business day after the weekend but it's there on the first. You'll feel like you aren't getting paid on the first of the month because of banks delaying their transactions on showing OPM deposit.
By the way, OPM works so well with the retirees and so much the opposite that the Post Office worked with their employees. OPM is great!

When I worked in Finance at the PO, we had problems with banks not crediting our employees' Direct Deposits on the paid date. They'd wait until they actually received the funds. Employees were docked overdraft charges or fees for dropping below minimum balances.

This isn't legal. These institutions are required to make the deposit of Treasury payments to the individual's account on the date specified, regardless of when the bank receives the funds itself.

I wish I had made note of the regulation that spelled it out. I had to quote it a number of times to banks to get them on track with our employees' paychecks. (Once I brought it to their attention, they complied without argument. Either they realized they'd been caught or they were ignorant of the rule.)

ret'd 2/29/04 or I want out, is the cola based on your annuity statement amount shown on the OPM statement or is the gross amount that includes the survivor benefit amount that's not shown on the annuity statement? Seems like our SB is hidden from us once enrolled and was just wondering if it factored in with our gross amount when determining our cola increase.

On the Notice of Annuity Adjustment you got last year showing Gross Monthly amounts, that's what it's based on. It's not based on what you would have got had you not elected survivor benefits.

/m1415 The new annuity statement is available at the OPM site for the new year. I was able to change my federal tax witholding as desired.

After doing so, I tinkered with the Federal Tax Witholding Calculator and discovered a couple of tips if you want to use it.

In the first box, My Monthly Payment Before Deductions, enter 1/12 of your taxable income for '08. In the third box, Number of Allowances I Can Claim, add 1 to whatever you will put on your tax return (same as you could do on Form W-4 if there was only one income earner in the family).

Example: I take an IRA distribution each year in whatever amount will bring our taxable income up to the top of the 10% marginal income tax bracket, simply to max out that lowest bracket. For 2008, that will give us a taxable income of $33,950. The tax on that for married (2) with the standard deduction is about $1,605.

Plugging in 1/12 of $33,950 into the first box, and 3 in the third box calculates a monthly witholding amount of $133, or $1,596 for the year.

Close enough. I like to have to write the IRS a little check each year just so when they cash it I'll know they got my return OK.

I'm 47. I've been officially retired now (OPM-medical retirement) for approximately one year. I had 21 years of service at retirement. What I'd like to know is this...how likely is it that OPM will ask for periodic supportive medical documentation to prove I am still disabled. This could pose a problem if we decide to relocate....as I could lose my close connection with my good long-standing Physician....the one who saw me through the entire ordeal. I had an attorney also, but don't know if that is a plus or not....I mean I know they "can" require periodic or yearly documentation, but percentage-wise, how often does this really happen...and if they 'DO' require it, how comprehensive must it be? Can the Doctor simply state that the patient condition is same and has not changed in regards to the original restrictions?

Haven't visited here for a while, and it's nice to see some familiar names from back in '03 and '04. How are things in the Sunshine state, I Want Out?

Regarding the economic stimulus bill the government is working on for "wage earners"; I read that the House version would not benefit those whose sole income is Social Security.

I wonder if CSRS recipients who have no other income would fall into the same category. I woudn't be surprised. Any thoughts?

Edited by author 01-28-2008 02:34 PM
Bipolar Dave /m1426 I did read recently that those who paid taxes on "income obtained from interest etc" would qualify. Can't remember where I read it.

"But it would leave out about 20 million senior citizens living chiefly on Social Security. They wouldn't get rebate checks unless they have at least $3,000 earned income or pay income taxes based on other sources such as earnings, interest, investments or private pension plans."

http://news.yahoo.com/s/ap/20080125/ap_on_go_co/economy_stimulus

But don't spend it now. The senate has yet to pass its version, and then there's that obstacle in the White House to overcome if it doesn't suit his fancy.

Thanks guys.

As I thought about it more, I think the House may have been intending to exclude SS recipients who have no other income because they usually pay no income tax on those benefits. I don't know if that's fair or not. (I'm sure I'd think it wasn't if I was affected.)