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One of the most visible responsibilities of the DFAS is handling military pay. The DFAS pays all DoD military and civilian personnel, retirees and annuitants, as well as major DoD contractors and vendors.
The Federal Employees' Retirement System (FERS) is the retirement system for employees within the United States civil service. FERS became effective January 1, 1987, to replace the Civil Service Retirement System (CSRS) and to conform federal retirement plans in line with those in the private sector. FERS consists of three major components:
Former spouses can receive their marital share of the retirement benefit directly from the Defense Finance and Accounting Service (DFAS) rather than from the ex-spouse, but to do so must have at least 10 years of marriage to the service member which overlaps the military service.
The IRS considers an individual to be 65 on the day before your 65th birthday. So when claiming your standard deduction for 2023, you can take a higher standard deduction amount if you were born ...
Many retirees plan to earn extra income to supplement their retirement spending. But how much can a retired person earn without paying taxes? The answer to this question varies based on...
If you generate retirement income from working a job, running a business or otherwise earning income, you will pay the same FICA taxes on that money as you did pre-retirement. Here’s what you ...