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Congress gets serious about retirement saving

How congress retirement pay Compares to the Overall Average .. Retirement pay for Congress is not normally a big election year issue, but it might serve as evidence of a disconnect between.

 · Saving for retirement would be a lot less confusing-and probably more achievable-if there was one ideal number t What Your Retirement Savings Should Look.

 · Do Members of congress enjoy free health Care? According to memes, Congressional members and staffers are offered free, no-strings-attached health care, but there’s more to the story.

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Along with saving and planning for retirement, Congress is discussing ways to improve Social Security, which is facing insolvency in the next 16 years. If nothing is done, the program will still pay benefits to the elderly and the disabled, but it will be about 80% of what they’re owed .

 · How Much Should You Save for Retirement?. especially as Congress. is impossible and discouraging them from even starting to save. Many are getting.

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Golden retirement benefits for Congress. Members elected before 2013 pay 1.3 percent of their total salary to FERS and 6.2 percent to payroll taxes up to $113,700. congress pays 18.3 percent toward FERS for members enrolled in FERS prior to Dec. 31, 2012. Members elected after Dec. 31, 2012, pay 3.1 percent to FERS.

Retirement Benefits for Members of Congress Congressional Research Service 2 Job Creation Act of 2012 (P.L. 112-96), all Members of Congress also became eligible for retirement annuities at an earlier age and with fewer years of service than most other federal employees. However, all Members of Congress and congressional staff also paid a higher

Congress Steps Toward New ‘Blended’ Military Retirement. Thus the new plan would pay 60 percent of basic pay after 30 years versus 75 percent. Blended plan participants, however, automatically would be enrolled in a TSP with government matching and be fully vested in.

While extending the payroll tax cut through the end of last year, members of Congress last fall took what many feel was a long overdue whack at the cost of their retirement plan. They bumped up.

 · Congressional Pensions. They are eligible for a pension at age 50 if they have completed 20 years of service, or at any age after completing 25 years of service. The amount of the pension depends on years of service and the average of the highest three years of salary. By law, the starting amount of a member’s retirement annuity may not exceed 80.

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