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Kahn, Smith, & Collins
Local 1563's Attorneys
Retirement
Posted On: May 03, 2016
PREPARING FOR RETIREMENT
Below are 2 links that have information on retirement, helpful info for those near retirement, recently retired or even those retired for awhile.
NOTE:  You may have to copy and paste the 1st link into your web browser, it appears it is not loading when you click on it.
We would like to also remind those that will be retiring in 2016 that starting with the first month of retirement you should keep a separate total of the payroll deduction taken out for medical insurance. A program known as  “HELPS” allowed retired public safety workers to deduct the amount spent via of payroll deduction on health insurance to take it off of their total income, up to $3000 per year.  This is a big difference than taking that amount off as an itemized deduction.  Go to
http://www.iaff.org:80/ET/HELPS/HELPS.htm for complete info including sample tax forms.  During the first few years of this we found out  on occasion the IRS actually kicked back a few of the returns, however all matters were settled with a brief explanation.  Also some of the early home software program have not accepted it, but no problems recently. We even had a a few tax preparers unaware of the program.
Also as you prepare for retirement feel free to contact the AA Retired Firefighters if you have any questions etc.  We have members that “HAVE BEEN THERE,  DONE THAT” AND DON’T MIND SHARING SOME EXPERIENCES. This is not in place of professional financial advisor etc. just a few guys and gals that wish to help those following us with their experiences good and bad.
Also a reminder for those vested employees, you are welcome to join us as an associate member for $12 year.  Contact aaretffemail@verizon.net for an application.  Follow us on Facebook (Anne Arundel Retired Firefighters) and subscribe to our group newsletter.  Use same email for that also.
Fraternally,
MIKE WILEY
email coordinator/Communications Officer
AA Ret F/Fs
Retired Active Member Local 1563

 
 
IAFF Local 1563
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