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It was established to administer the Thrift Savings Plan, which is a retirement savings and investment plan for federal employees and members of the uniformed services, including the Ready Reserve. The Thrift Savings Plan is a tax-deferred defined contribution plan similar to a private sector 401(k) plan.
In January 2025, OPM received over new 16,000 retirement claims and processed 6,700. January usually sees an influx of retirement applications; the month before, OPM received 5,020 and processed ...
Full retirement age: $4,018, up from $3,822. Age 70: $5,108, up from $4,873. The Maximum SSI Benefit Rises, Too. The COLA is also good news for those who rely on SSI.
These days, millions of older Americans collect a benefit from Social Security each month. And for many retirees, that benefit is the only income they have to live on.
See answers to common questions around retirement planning and more. And take a look at our growing library of personal finance guides that can help you save money, earn money and grow your wealth.
Feb. 6 marked the deadline for federal workers to accept the U.S. Office of Personnel Management (OPM) and the Trump Administration's offer of a buyout. These buyouts, or the option of "deferred ...
Workplace retirement plans, like 401(k)s, require you to make all your contributions by the end of the year in question. So your last day to make a 2024 401(k) contribution was Dec. 31, 2024. But ...
Fidelity Research says a 65-year-old retiring in 2024 can expect to spend an average of $165,000 on healthcare and medical expenses throughout retirement — a 5% jump over the previous year and ...