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SPONSORED LINKS: Revolutionary Trading Platform Top Currency Trading Platform Because the CSRS was not designed to coordinate with Social Security, Congress directed the development of a new retirement plan for federal workers. http://www.congressproject.org/retirement2002.pdfMembers of Congress under FERS contribute 1.3 percent of their salary into the FERS retirement plan and pay 6.2 percent of their salary in Social Security taxes. http://usgovinfo.about.com/od/uscongress/a/congresspay.htmMembers of Congress who were first elected before 1984 may be covered under one of four retirement plans:! Dual Coverage. This is full coverage by both CSRS and Social Security.! http://www.senate.gov/reference/resources/pdf/RL30631.pdfDon't forget, our girl, Hillary Rodham Clinton, thanks to the infinite wisdom of New York State voters, now comes under this Congressional Retirement Plan. http://www.snopes.com/politics/socialsecurity/pensions.aspUS Congress question: The congress retirement plan? http://usgovinfo.about.com/library/weekly/aa031200a.htm Congress: Rank-and-File Members' Salary The current salary (2009 ... http://wiki.answers.com/Q/The_congress_retirement_planAmid all the hubbub, keep this in mind: Congress has a pension plan ... and it's not at risk. ... the office, members of Congress have plenty of opportunity to save for retirement http://money.cnn.com/2006/01/20/commentary/wastler/wastler/index.htmNTUF President David Keating describes congressional pensions as extremely generous, the "Rolls Royce" of retirement plans. Besides generous accrual rates for their defined ... http://www.fa-ir.org/alabama/corrupt/Congressional%20Retirement%20Benefits.htmhttp://www.workforce.com/section/00/article/24/62/76.html
This new plan was enacted as the Federal Employees' Retirement Act of 1986. This act created the FERS program, under which new Members of Congress are currently covered. http://en.wikipedia.org/wiki/Congressional_pensionCongressional Retirement Plan ... http://www.narfe.org/departments/guest/articles.cfm?ID=408 http://www.senate ... http://www.cyonic-nemeton.com/CongressionalRetirement.htmlDon't Second Guess Your Retirement Years - You Must Set Goals for Your Retirement!
When you start planning for your retirement, the first thing
you'll need to do is think about how you will be spending your time once you
are retired. Will you spend most of your time golfing, quilting or driving
around the country in your RV? Will you take a lot of trips? Where will you
go? How much will you need to save to pay for all of the things you want to
do?
When you are retired, you will have time to travel wherever you want to go. You will be able to take up hobbies that you never had time for. Think about what you would enjoy doing when you are beginning to save so that you will have an idea of how much you will need. It costs a lot more to travel all over the world than to sit at the side of a pond fishing all day. Another aspect of retirement planning that many people neglect is planning for a healthy retirement. If you are healthy, you will get a lot more enjoyment out of your retirement years. By eating well and exercising regularly, you can keep your body in good shape so that you won't have to limit your activities for health reasons once you reach retirement age. You should also think about who you will spend time with once you retire. If all of your friends are at work, retirement can be pretty lonely. Try to make friends with people who will still be around when you are no longer working, such as neighbors, club members and people from your church. Then, of course, there is the financial planning. Start by checking to see where you are. Check your social security statement (they send one every year) to see how much you can expect to receive once you retire. Do you have any retirement savings already? How much more will you need to save? How many years do you have left to save? Once you have determined how much you need to save, you'll have to figure out how to do it. Talk to a financial planner to get an idea of the kind of return you can expect to get for your investments and to find out how much you will have to set aside each month to reach your goals. Then find a way to fit that amount into your budget and do it.
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