What Surviving Spouses Need to Know: Survivor Benefit Plan (SBP) 2023 Elimination of the Optional Annuity for Dependent Children and Reversion of SBP Annuity to Surviving Spouses Frequently Asked Questions (FAQs) Related to Public Health Emergency (PHE) and COVID-19 Activities. Statista. SeniorLiving.org. As part of our work to identify efficiencies that can speed up processing of requests and reduce costs, we will stop mailing multiple Retiree Account Statements (RAS) during the month. During the Great Recession and its aftermath, retirement rates declined. That means helping the communities where we live and work thrive and grow. (2016, Feb. 18). ppl dimensions. It is a subsidiary of The Pew Charitable Trusts. The share of older White adults who are retired increased 3 percentage points from Q3 of 2019 to Q3 of 2021. Are you enrolled in Medi-Cal? Take Advantage of Your FEDVIP Enrollment Period Someone who is 65 years old today can expect to live about another 20 years. Stats on military retirees. 0000005041 00000 n Your RAS has information about SBP. Click here to download a PDF of the June 2022 Retiree Newsletter 213 0 obj <> endobj 0000014820 00000 n (2021, April). As all the stats above show, retirement really is different for everyone. Words that may come to mind include these: golden years, leisure time, cruises, grandchildren, consulting work, Social Security, 401(k)s, downsizing, divorce, aging in place, and even rebirth. <]/Prev 968663>> (2015). Welcome to the December 2022 Retiree Newsletter! Transamerica Center for Retirement Studies. News from Our Partners: Sutton Extends His Commitment to Public Service after Retiring. CRDP/CRSC Open Season - Frequently Asked Questions Welcome to the December 2022 Retiree Newsletter! Update on askDFAS Online Upload Tools with Status Notification Feature The recovery began in April 2020, and labor markets have tightened. For retirees who still request postal mail from us, each January we mail your 1099-R. Retrieved July 27, 2021, from, Frequently Asked Questions. This sum includes Medicare premiums, copays, deductibles, and, 43% of retiree healthcare spending goes to copayments, coinsurance, deductibles, and similar expenses, 39% of healthcare spending goes to Medicare Part B and D premiums, 18% goes to generic, branded, and specialty drugs, 15%: Percentage of annual expenses retirees can expect to pay on healthcare costs, 33% of the people who take early Social Security retirement at 62 do so to help pay healthcare expenses, 79% of retirees get Social Security income (93% among retirees 65+), 59% receive pensions (68% among retirees 65+), 46% get dividend income, interest, or rental income (50% among retirees 65+), 32% draw from salaries, wages, or self-employment (25% among retirees 65+), 12% get cash transfers that aren't Social Security (7% among retirees 65+), 46.33 million retirees received Social Security in 2020, 90%: Percentage of cash income going to lower-income seniors from Social Security and Supplemental Security Income (SSI), 12.8%: Percentage of seniors 65 and older living in poverty, according to the supplemental poverty measure, $12,261: Poverty threshold for a single senior 65 or older, $15,453: Poverty threshold for couples 65+ with no children, Employer offered matching contributions 24%, Automatic enrollment in employers retirement plan 16%, 75% of self-employed folks feel personally responsible for ensuring adequate retirement income, 45% of self-employed people expect their retirement income to stem from savings and investments (vs. 32% for employed workers), About 75% of non-retired adults have some savings for retirement; just 36% see their savings as being on track, About 25% of non-retired adults have no retirement savings, 54% have defined contribution pensions such as 401(k)s and 403(b)s, 48% possess savings that aren't in retirement accounts, 12% have other types of retirement savings, Regular savings account 55% of survey respondents had this type of account, 401(k) 54% of survey respondents had this type of account, Traditional IRA 20% of survey respondents had this type of account, Roth IRA 19% of survey respondents had this type of account, Certificate of deposit 19% of survey respondents had this type of account, Annuity/life insurance policy 17% of survey respondents had this type of account, Taxable investment account 17% of survey respondents had this type of account, 29% of workers are very confident they will have the resources for a comfortable retirement, 21% strongly agree that retirement prep stresses them out, 49% of all workers have estimated how much money they need monthly for a comfortable retirement, 38% have estimated their health expenses in retirement, 43% plan for emergency expenses when doing retirement savings, 39% have considered the amount of money to withdraw in retirement, 33% are working with a financial professional; 38% who aren't currently working with one expect to later, 51% have thought about how they're going to occupy themselves when retired, 5.57: U.S. retirement readiness index score in 2012 (1 to 10, 10 being the highest score), Forced to retire or no work available 11%, 20 years: Length of time people in the military can serve and receive retirement pay, 2.19 million: Estimated number of military retirees in 2021, 2.28 million: Forecasted number of military retirees in 2031, 53% will work because they need the extra money, 39% say work will be good for their brainpower, 34% point to work as giving them a sense of purpose, 21% like the idea of working since it fosters social connections, 2x: Likelihood that a worker 65 or older is part-time vs. a worker 25 to 64 years old, Farmers, ranchers, and other agricultural managers 12.7%, Bus and ambulance drivers and attendants 12.6%, Real estate brokers and sales agents 11.7%, Musicians, singers, and related workers 10.9%, Access to hospitals and great healthcare 48%, 35 million (or about 70% of seniors): Number of seniors who live alone or with a spouse/partner. Retired in this analysis is based on labor force status. These people were more likely to say they involuntarily retired due to a lack of available work or because their jobs forced them to. Welcome to the June 2022 Retiree Newsletter! Retrieved July 27, 2021, from, Retirement Benefits. For the best web experience, please use Edge or Chrome, as we no longer support updates for Internet Explorer. In regard to specific age groups, in the third quarter of 2021 66.9% of 65- to 74-year-olds were retired, compared with 64.0% in the same quarter of 2019. Welcome to the September 2022 Retiree Newsletter! Retrieved July 27, 2021, from, Traveling in Retirement Is a Dream, but High Costs Could Derail Plans. Retrieved July 27, 2021, from, Vespa, Jonathan, Engelberg, Jeremy, and He, Wan. Transamerica surveyed thousands of working and retired folks in 15 countries to identify top goals. Our Form Wizards take the form out of the form to make it easier to provide the correct information. The large impact of the COVID-19 recession February 2020 to April 2020 on retirement differs from recent recessions and marks a significant change in a long-standing historical trend toward declining or steady retirement rates among older adults. In the third quarter of 2019, before the onset of the pandemic, 48.1% of those adults were retired. The long-standing principle of Airmen taking care of our own has been made a reality by you over the years, and youre still leading todays Airmen and Guardians by example! Forbes. National Park Service. In July 2020, DoD began the transition from the paper-based Uniformed Services Identification (USID) card to a more secure, Next Generation USID card. Local Education Agency Medi-Cal Billing Option Program (LEA BOP) notification of opportunities for COVID-19 testing in schools and the impact on local educational agency LEA BOP reimbursement. PDF. A Federal Reserve survey shed light on where retirees get their income. Our new customer guides explain how to use many of our time-saving tools, including Form Wizards, Online Upload Tools, Status Notifications, and our website. Back to Administrative Claiming Policy and Procedure Letters, Countywide Averages (CWAs) for the First Quarter (Q1) of State Fiscal Year (SFY) 2020-21. Retrieved July 27, 2021, from, Miller, Mark. Participation has also been declining this century among the prime working age population, those ages 25 to 54. Not surprisingly, retirement savings decrease as people actually retire and use the funds they've earmarked. | Conditions of Use FSA Dependent Care: $5000 max/year. U.S. News & World Report. PPL's fourth-quarter 2021 reported earnings were $134 million, or $0.18 per share, compared with reported earnings of $290 million, or $0.38 per share, in 2020. ppl dimensions dimensions Senior Manager - Corporate Relations Lissette Santana (610) 774-3357 | losantana@pplweb.com Providing insight, perspective and analysis of PPL news, strategies and people to engage employees and retirees, encourage dialogue and generate ideas that contribute to the corporation's success. Gray Area Retiree Spotlight Article: Retiring Soon? From one perspective, people enter retirement when they leave the workforce and rely on savings and investments. During that period December 2007 to June 2009 there was a steep decline in the value of financial assets as well as home prices. The retirement rate increased for older adults living in metropolitan areas (2 points) andalso increased for older adults in rural areas (1 point). Local Educational Agency Medi-Cal Billing Option Program (LEA BOP) Interpretation of "Complete 15-Minute Period" Following an Initial Service Increment. The Best Places to Retire in 2021. Annual Performer Review 2019-20. 2018 by PPL CORPORATION CONTENT Cover story 3 Delivering today for a brighter tomorrow PPL's sustainability commitments Retrieved July 27, 2021, from, Report on the Economic Well-Being of U.S. Retrieved July 27, 2021, from, Barthel, Michael, and Stocking, Galen. Retrieved July 27, 2021, from https://www.forbes.com/sites/claryestes/2020/02/26/historic-high-rates-of-stis-among-older-americans/, Brown, Susan L. (2021, May 05). The 2023 Changes to the SBP Optional Annuity for Dependent Children: What Surviving Spouses and Children Need to Know and Do Click here to download a PDF of the December 2022 Retiree Newsletter More than 1/3 dated in the past five years. 0000000016 00000 n DFAS continues to roll out the use of status notifications to keep you in the loop as forms or documents you submit move through the retired pay or annuitant pay processing cycles. The 50 Jobs Where People Work the Longest. Despite COVID-19 Concerns, Many Boomers Plan to Travel in 2021. 0000008229 00000 n .E//m@0$ E%:P,p C1#O8,1_}Xi9\/s1 cQ7%ow>LEo%wR)2}Q~07}sS7zir{k>g` ]p][(*^kSo|O\6N*U&S_\U{g_[9'*cPJ+{5MMMZokuS{hXXfz ^/K,5 Make sure you have everything set up so you can get your tax documents for filing. 248 talking about this. (2020, March 05). (2021, Jan. 14). Women also tend to have a trickier road to navigate since they often work and serve as their children's primary caregivers.7, 6 years: Average length of time by which a wife outlives her husband7, Most folks worry at least a little about what their health will be like in retirement. (2020, Oct. 13). A defined contribution . Pew Research Center. 0000006355 00000 n Retrieved July 27, 2021, from, Rapacon, Stacey. On February 1, 2023, surviving spouses will receive their full SBP payment from DFAS and their full DIC payment from the VA. The stock market did have a sharp sell-off in March 2020 but reached new record highs by August 2020. The recent retirement spike has not been uniform across demographic groups. To avoid any disruption in direct deposit, DFAS allows SBP child annuitants to set up a direct deposit in their own name up to 60 days prior to reaching their 18th birthday. Theres Still Time to Get a Head Start on Tax Season 0000020697 00000 n 0000003003 00000 n News from Our Partners: Recently Retired from Service? (Last updated 2020, Nov. 20). (n.d.). New from DFAS: Helpful Customer Information Guides for Retirees and Annuitants It is very important that a beneficiary or beneficiaries are designated in your retired pay account for your Arrears of Pay, and that the information provided remains up to date, PPL Retirement Plan 28 employees reported this benefit 5.0 4 Ratings Available to US-based employees Change location Employee Comments Showing 1-4 of 4 Mar 10, 2022 5.0 Current Computer Programmer in Allentown, PA, Pennsylvania Great Benefits are given from ppl to their employees Helpful Report Dec 18, 2016 5.0 Employees can sign up for: FSA Healthcare: $2650 max/year. The prior recessions did not disrupt the longer-running trend of rising labor force participation and declining retirement among older Americans that began around 1997. Forecast of the Number of Military Retirees in the United States from 2021 to 2031. In contrast, household wealth has been rising since the onset of the pandemic. Educating Your Beneficiaries Before Your Final Paycheck AOP Survey: Dating & Love Among 55+ in 2021. Direct Deposit Information for SBP ChildAnnuitants Turning 18 What prompts people to start saving for retirement?28, Age people started saving for retirement29, Self-employed conscious of need to save for retirement30, Retirement savings not on track for many25, How much money the different age groups have saved for retirement31. Pakistan Petroleum Limited (PPL) operates 12 producing fields in Sui, Kandhkot, Adhi, Mazarani, Chachar, Adam, Adam West, Shahdadpur, Shahdadpur West. Getting help with UC Retirement At Your Service (UCRAYS) Medical. 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