529 Plans: Saving for Your Child’s College
It is critical to understand the benefits, pitfalls, and types of 529 plans in saving for your child’s higher education.
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The ABC’s of DROP: A Comprehensive Chart
A thorough and easy-to-use chart displaying the four different DROP options side-by-side with examples, descriptions and pros vs cons.
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To DROP or Not to DROP…That is the Question
Florida employees face an important financial decision before officially retiring: select DROP or Second Election? Read more for related pros and cons and sample scenarios.
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Moving Forward by Reaching Backwards: Reverse Mortgages
A reverse mortgage may seem like an ideal way to finance retirement, but knowing the implications and risks can help determine if obtaining one makes financial sense.
read more »Dade County Public Schools Retirement Incentive Program
As a valued FRS member, we wanted to share with you some good news regarding health insurance premium assistance. If you are a Dade County Public School employee, you may be entitled to a lump sum reimbursement for health insurance premium paid each year until your age 65. This incentive program began in 1986 and […]
read more »Pension Reform Bill SB114 Not Approved by the Senate
As a valued FRS member, we wanted to share with you some good news that recently appeared in a Miami Herald article today May 1st, 2014. Luckily, for all future FRS members the Pension reform bill SB114 was not approved by the Senate. This is great news for all FRS members. The bill would have […]
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Understanding Social Security
When should I collect social security? We receive this question on a daily basis. Silverman Financial, Inc. is a local independent financial planning firm that can help you determine the best time to collect your social security benefit based on your individual needs. As a Florida Retirement System member, we can help you determine the […]
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What Pension Options Should FRS Members Consider
Dear FRS Member, Are you wondering what pension option you should take? Silverman Financial Inc. is a local independent financial If you work for the State of Florida and are part of the Florida retirement System, by default you will accumulate benefits in the monthly pension plan. The amount that you will ultimately receive is […]
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What is the Florida Retirement System Investment Plan Hybrid Option?
If you wish to switch to the FRS Plan Hybrid Option, there is no charge. However, you must be vested with the Florida Retirement System. If you were a member of the Florida Retirement System prior to July 1, 2011, you must have 6 years of creditable service to be vested. If you were a […]
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Purchasing Creditable Service With FRS
Members may look into purchasing creditable service with FRS to increase their ultimate retirement benefit while in the Florida Retirement System Pension Plan. The additional service credit applies only for past service. To qualify for the purchase of service credits, members must meet certain requirements. Past service would apply for certain military service, approved leaves […]
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