If you are nearing retirement you probably have a host of questions. One common query we hear at Retirement Benefits Institute is, “What will my pension be in retirement?” While we can’t predict the future we do have a useful tool that may help you address this question. Retirement Benefits Institute uses your FERS MRA in our pension calculator to help federal employees achieve clarity on their retirement.
FERS Minimum Retirement Age
One of the fields our pension calculator asks for is the year you were born. This is key to calculating your pension because we first need to determine your FERS minimum retirement age (MRA). Your minimum retirement age is simply the earliest you can retire with full benefits assuming you meet years of service requirements. A FERS MRA is determined by the year in which an employee was 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|
To retire with full benefits, you must meet one of the three requirements for age and years of service listed below:
- MRA with at least 30 years of service
- Age 60 with at least 20 years of service
- Age 62 with at least 5 years of service
Special Provisions Employees
Special provisions employees such as law enforcement officers, firefighters, air traffic controllers, and customs and border protection officers have different age and length of service requirements. Click here for more information on special provisions.
First Step Toward Planning
The first step toward planning for a successful federal retirement is understanding when you can retire. Your FERS MRA is so important because it answers the first half of this question. Knowing your MRA will allow you to begin calculating your FERS annuity and preparing you for retirement.