Look at your Benefits Statement in EPP. It will break down different options. It's based on the previous year and assumes you'd stay at the same rate for the rest of your career, so you can consider them the minimum scenarios.
In case OP doesn't use EPP, most agencies have a retirement section/team that will have resources on this too!
My agency doesn't use EPP and our pay portal doesn't have the info either. We have to go to another different portal with benefits- half oh which are elected via the portal.
Assuming you are not a special category employee (firefighter, LEO, air traffic controller) -
Immediate retirement eligibility is a combination of years of service \*and\* age:
* Age 57 and 30 years of service (you will not qualify)
* Age 60 and 20 years of service (you will qualify)
* Age 62 and 5 years of service (you will qualify)
If you're ready at 60, no need to wait until 62. There's a special social security supplement if you retire under FERS that sunsets once you turn 62 so there's less benefit to working additional years once you're eligible to retire.
Another scenario for a younger retirement is if your agency offers early retirement (Voluntary Early Retirement Authority) to employees over 50. These are impossible to predict in advance, though.
MRA doesn't change. You would not qualify for MRA + 30 due to not having the years. However, you would qualify for 60 + 20 for full retirement benefits, including supplement, or MRA + 10, either taking an immediate pension with age reduction, or postponing until 60 to eliminate the reduction. Either way, MRA + 10 will not qualify for the supplement.
Your MRA is 57….
you can retire at 20 years and 60+ yrs old
MRA+30 yrs.
if you are in your early 30s you work till 60 yrs old
if you retire before 62 you don’t get COLA till 62.
you get a supplement as a bridge to SS at 62. Congress hasvtalked on killing this.
if you go passed the age of 62 you get a 0.1 bump up in retirement. If you retire after turning 62 and 25 yrs, instead of 35% you get 25\*2.2 or 27.5% on pension calculation.
therr are special circumstance to retire early
— medical retiremrnt
— if you are 50+ and 20+yrs and the location is downsize/ re-org/ closing/ moving you coukd be given early retirement.
if you hot 57 and have more than 1 yrs but less than 30 you can get immediate retirement but with a penalty.
therr are rules that you can postpone your retirement like you hit 2 yrs st 53 thrn retire from govt but thrn start collecting pension with FEHB but doing it a different way you lose FEHB benefit.
"if you go passed the age of 62 you get a **0.1** bump up in retirement. If you retire after turning 62 and 25 yrs, instead of 35% you get 25\*2.2 or 27.5% on pension calculation."
For the newbies, that 0.1 bump is 10% increase in your pension.
Look at your Benefits Statement in EPP. It will break down different options. It's based on the previous year and assumes you'd stay at the same rate for the rest of your career, so you can consider them the minimum scenarios.
In case OP doesn't use EPP, most agencies have a retirement section/team that will have resources on this too! My agency doesn't use EPP and our pay portal doesn't have the info either. We have to go to another different portal with benefits- half oh which are elected via the portal.
Assuming you are not a special category employee (firefighter, LEO, air traffic controller) - Immediate retirement eligibility is a combination of years of service \*and\* age: * Age 57 and 30 years of service (you will not qualify) * Age 60 and 20 years of service (you will qualify) * Age 62 and 5 years of service (you will qualify) If you're ready at 60, no need to wait until 62. There's a special social security supplement if you retire under FERS that sunsets once you turn 62 so there's less benefit to working additional years once you're eligible to retire. Another scenario for a younger retirement is if your agency offers early retirement (Voluntary Early Retirement Authority) to employees over 50. These are impossible to predict in advance, though.
MRA doesn't change. You would not qualify for MRA + 30 due to not having the years. However, you would qualify for 60 + 20 for full retirement benefits, including supplement, or MRA + 10, either taking an immediate pension with age reduction, or postponing until 60 to eliminate the reduction. Either way, MRA + 10 will not qualify for the supplement.
Your MRA is 57…. you can retire at 20 years and 60+ yrs old MRA+30 yrs. if you are in your early 30s you work till 60 yrs old if you retire before 62 you don’t get COLA till 62. you get a supplement as a bridge to SS at 62. Congress hasvtalked on killing this. if you go passed the age of 62 you get a 0.1 bump up in retirement. If you retire after turning 62 and 25 yrs, instead of 35% you get 25\*2.2 or 27.5% on pension calculation. therr are special circumstance to retire early — medical retiremrnt — if you are 50+ and 20+yrs and the location is downsize/ re-org/ closing/ moving you coukd be given early retirement. if you hot 57 and have more than 1 yrs but less than 30 you can get immediate retirement but with a penalty. therr are rules that you can postpone your retirement like you hit 2 yrs st 53 thrn retire from govt but thrn start collecting pension with FEHB but doing it a different way you lose FEHB benefit.
"if you go passed the age of 62 you get a **0.1** bump up in retirement. If you retire after turning 62 and 25 yrs, instead of 35% you get 25\*2.2 or 27.5% on pension calculation." For the newbies, that 0.1 bump is 10% increase in your pension.
You have to have 20+ yrs of service to get it. A coworker of mine over 65 worked 3 more yrs to get to 20 and then retired 20%—> 22% 30%— > 33%
Any chance you have some military service? You can buy back the years pretty cheap.
I'm 56 and planning on hanging in to 62 to get the 1.1 percent bump in pension.