Are you considering FERS retirement and wondering if this is a possibility? One of the biggest concerns that federal employees face is, “Will I have enough money to sustain my current standard of living?” Retirement Benefits Institute offers a FERS Retirement Calculator to help you answer this question. Over the next few months we will address each of the elements needed to calculate your annual annuity.
Year you were born
In order to use the FERS Retirement Calculator, we will need to verify your Federal Employees Retirement System (FERS) eligibility. Your federal retirement eligibility for a FERS employee is determined by age and length of service. An employee’s minimum retirement age (MRA) is dependent on the year in which they were born. See the chart below to determine your MRA:
|MINIMUM RETIREMENT AGE (MRA) CALCULATION CHART|
|1947 and earlier||55 years|
|1948||55 years and 2 months|
|1949||55 years and 4 months|
|1950||55 years and 6 months|
|1951||55 years and 8 months|
|1952||55 years and 10 months|
|1965||56 years and 2 months|
|1966||56 years and 4 months|
|1967||56 years and 6 months|
|1968||56 years and 8 months|
|1969||56 years and 10 months|
Knowing your MRA will allow you to begin preparing for federal retirement.
Estimated Age at Retirement
FERS employees have 3 levels of federal retirement eligibility. If an employee has at least 30 years of FERS service, they may retire at their MRA. Some federal employees may not plan to work a full 30 years of service, for this reason, there are 2 other eligibility options: FERS employees with at least twenty years of service may retire at age sixty, and any FERS employee may retire at age sixty-two with at least five years of service. Even with thirty years of service, you must still wait until your MRA to retire if you immediately want full benefits. See chart below.
Some employees with very demanding jobs, such as Law Enforcement Officers (LEO), Firefighters (FF), and Air Traffic Controllers (ATC), are covered under FERS Special Provisions and are allowed to retire earlier than other FERS employees without suffering penalties to their federal benefits. Special Provisions employees become eligible for retirement at age 50 with at least 20 years of Special Provisions service, or at any age with at least 25 years of service, at least 20 of which must be Special Provisions service.
*As of the release of this blog, our FERS Calculator does not calculate Special Provisions annuities.
Mandatory retirement ages apply for Special Provisions employees, meaning ATC employees are forced to retire at age 56, while FFs and LEOs must retire at age 57.
|FERS RETIREMENT ELIGIBILITY|
|FERS ELIGIBILITY||FERS SPECIAL PROVISIONS|
|62||5||Must complete 20 years of actual FERS service as a LEO, FF, or ATC|
The year you were born and the age you will retire are two key factors in your FERS Retirement Calculator. Entering this information into the FERS Retirement Calculator will then generate FERS federal retirement eligibility. By completing the FERS Retirement Calculator, this information answers the lingering question of whether federal retirement is even an option, as well as providing an estimate of potential income at various ages.
To begin your personalized FERS Retirement Calculator, click here now!