Episode 002: COLA 2024: Federal Retirement & Health Hikes Featuring Drew Friedman

Navigating Federal Retirement

📌 Did you know the COLA (Cost of Living Adjustment) for federal retirees and social security beneficiaries in 2024 will be 32%? On today’s episode of Navigating Freedom in Federal Retirement, host Jeff Gill interviews Drew Friedman, a Federal News Network reporter focused on the federal workforce and pay and benefits. A D.C. native, she obtained her media studies degree from the University of Virginia. Before FNN, she was a producer for “Government Matters” and worked at ABC-7 TV news station in D.C.

Jeff Gill collaborates with Drew Friedman to unpack the complexities of the 2024 COLA and the rising health insurance implications for federal retirees. They highlight the nuances of CSRS vs. FERS retirement systems and deliver strategic retirement planning insights.

Key Takeaways:

✅ Understanding COLA: Drew elucidates the role of COLA in synchronizing social security benefits and retirement annuities with inflation.

✅ 2024's Whopping Adjustment: The COLA for 2024 is a notable 32%.

✅ COLA Calculation: Based on the average Consumer Price Index (CPI) from July to September each year.

✅ CSRS vs. FERS: Drew distinguishes the variances between these retirement systems and their effects.

✅ Strategic Retirement Planning: The importance of retirement timing and age for claiming social security.

✅ Health Insurance Impact: A 77% increase in health premiums for federal affiliates in 2024 and its ramifications.

✅ Open Season Tips: Drew suggests retirees make timely healthcare coverage changes during the open season.

✅ Resource Pointers: Drew advocates the OPM website's Plan Comparison and the Federal News Network.

✅ Legislative Watch: Two congressional bills might alter COLA calculations.

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