The following is an email from my friend Dick.
“You're the big winner today - anyone without a cent in the stock market held their own today and came out great compared to all the IRA and 401K and stock portfolio types.
Rough month for everyone with any type of stocks and what a great time to run on a platform of changing Social Security to a federal employee type system where there's a very small pension (or no pension) with the majority of a person's retirement account tied to the stock market. The Republicans won't be running that pony around the track for quite a while. That's essentially the FERS system which all new Fed employees are under since the middle 80s. No social security for them - just the FERS system.
Thank God I'm under the old Civil Service Retirement - I do have a Thrift Savings Account or TSP - something like an IRA but for Feds. But my Civil Service annuity is separate and as long as the government can print the checks I'll get my monthly payment. I haven't started taking Social Security yet - I'll only get about $280 since they knock it way down for Fed retirees and mine is based only on the part time work I've done - not based on my time. It would be around $700 if I wasnt' a fed but a provision of the law restricts it to something under half of what it would be for anybody else. I just realized that if I don't take SS next year then I'll have to write checks for Medicare starting next September when I'm 65. I was waiting since it's not a large amount and it goes up some by delaying the start till I reach 66 I think it is. But I also don't want to write out of pocket checks for the $95 for Part B Medicare. I'll have to look at the alternatives. IF you opt out - as you've done - can you change your mind and opt back in at the beginning of each new year?
dick”
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